TIME MANAGEMENT AND BUSINESS SURVIVAL: EMPIRICAL REVIEW

Abstract

Research has been conducted in the field of time management and its association with business survival. For businesses to survive in this global economy, there is need to master the art of time management to aid goal setting and delegation. Therefore, the purpose of this study is to examine the impact of time management on business survival while the specific objective was to (i) examine the effect of goal settings on business growth, (ii) determine the impact of delegation on customers satisfaction and (iii) assess the effect of conducive environment on market share. The study adapted a survey research design. The population of study consisted of 44,800 of student business in University of Ilorin was 44,800 from which 397 were sampled using multi stage sampling techniques. Quantitative data were collected using questionnaires and were analyzed with the aid of SPSS. Findings revealed that goal settings has a high positive correlation with the growth of business with R2 = 0.946 and p-value of 0.000<0.005 for goal clarity, goal commitment and goal feedback respectively. Delegation has a high positive impact on customer satisfaction with R2 = 0.985 and p-value of 0.000<0.005 for lateral delegation, general and formal delegation respectively. Lastly, conductive environment has a high positive relationship market share with R2 = 0.982 and p-value of 0.000<0.005 for elimination of distractions, ergonomics and reduction of noise respectively. The study concluded that goal setting, has significant impact on business growth. The study recommended that student business owners should set meaningful goals for their business so as to achieve business growth and development.