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Data in Brief ∎ (∎∎∎∎) ∎∎∎–∎∎∎

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4 Data in Brief
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7 journal homepage: www.elsevier.com/locate/dib
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Data article
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12 Q1 Data on the relationships between financing
13 strategies, entrepreneurial competencies and
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15 business growth of technology-based SMEs in
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Nigeria
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19 Ayodotun Stephen Ibidunni a,n, Oladele Joseph Kehinde a,
20 Oyebisi Mary Ibidunni b, Maxwell Ayodele Olokundun a,
21 Falola Hezekiah Olubusayo a, Odunayo Paul Salau a,
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Taiye Tairat Borishade a, Peter Fred a
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a
24 Q2 Department of Business Management, Covenant University, Ota, Ogun State, Nigeria
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Department of Accounting, Bells University of Technology, Ota, Ogun State, Nigeria
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28 a r t i c l e i n f o abstract
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30 Article history: The article presents data on the relationship between financing
Received 18 January 2018 strategies, entrepreneurial competencies and business growth of
31 Received in revised form technology-based SMEs in Nigeria. Copies of structured ques-
32 28 March 2018
tionnaire were administered to 233 SME owners and financial
33 Accepted 29 March 2018
managers. Using descriptive and standard multiple regression
34 statistical analysis, the data revealed that venture capital and
35 Keywords: business donations significantly influences profit growth of
36 Financing strategies technology-based SMEs. Moreover, the data revealed that tech-
Entrepreneurial competencies
37 nology-`based firms can enhance their access to financing through
Technology-based SMEs
38 capacity building in entrepreneurial competencies, such as
SMEs business growth
39 SME performance acquiring the right skills and attitude.
40 & 2018 The Authors. Published by Elsevier Inc. This is an open
41 access article under the CC BY license
(http://creativecommons.org/licenses/by/4.0/).
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Corresponding author.
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E-mail addresses: ayodotun.ibidunni@covenantuniversity.edu.ng (A.S. Ibidunni),
48 oladele.kehinde@covenantuniversity.edu.ng (O.J. Kehinde), ogundanaoyebs@gmail.com (O.M. Ibidunni),
49 maxwell.olokundun@covenantuniversity.edu.ng (M.A. Olokundun),
50 hezekiah.falola@covenantuniversity.edu.ng (F.H. Olubusayo), odunayo.salau@covenantuniversity.edu.ng (O.P. Salau),
51 taiye.borishade@covenantuniversity.edu.ng (T.T. Borishade), fred.peter@covenantuniversity.edu.ng (P. Fred).
52 https://doi.org/10.1016/j.dib.2018.03.136
53 2352-3409/& 2018 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license
54 (http://creativecommons.org/licenses/by/4.0/).

Please cite this article as: A.S. Ibidunni, et al., Data on the relationships between financing
strategies, entrepreneurial competencies and business growth of technology-based SMEs in
Nigeria, Data in Brief (2018), https://doi.org/10.1016/j.dib.2018.03.136i
2 A.S. Ibidunni et al. / Data in Brief ∎ (∎∎∎∎) ∎∎∎–∎∎∎

55 Specifications Table
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57 Subject area Strategic Management, Entrepreneurship
58 More specific Entrepreneurial Competencies, SMEs, Technology Management
59 subject area
60 Type of data Table, figure
61 How data was Researcher made questionnaire analysis
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acquired
63 Data format Raw, analyzed, descriptive and statistical data
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Experimental – Samples consist of Owner and Financial managers of technology-based SMEs in
65 factors Lagos State, Nigeria.
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– In this paper, the relationship between financing strategies, entrepreneurial
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competencies and growth of technology-based SMEs was examined.
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Experimental Understanding the hierarchical importance of financing strategies and the influ-
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features ence of entrepreneurial competencies is a critical factor for enhancing the growth
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of technology-based SMEs
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Data source Owner and Financial managers of technology-based SMEs in Lagos State, Nigeria
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location
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Data accessibility Data is included in this article
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77 Value of the data
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79
 The data presented describe demographic attributes of owners and financial managers of tech-
80 nology-based SMEs, especially those in Lagos state. This could be used by other researchers.
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 The data describe the hierarchical order of importance of financing towards enhancing the growth
82 of technology-based SMEs in Nigeria. Consequently, the data could provide insights for other
83 researchers.
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 The data allows other researchers to extend the statistical analysis.
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87 1. Data
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89 Table 1 shows that 52.6% (121) of the respondents are male and 47.4% (109) of the respondents are
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female. 21.4% (47) of the respondents are single, 56.8% (125) of the respondents are married, while
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20.6%(48) respondents are in other categories, such as divorced, widowed or separated. 29.8% (67) of
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Table 1
94 Demographic characteristics of respondents.
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96 Parameter Characteristics Number (Percentage)
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Gender Male 121 (51.9)
98 Female 109 (46.8)
99 Marital status Single 47 (20.2)
100 Married 125 (53.6)
101 Others 48 (20.6)
Age bracket 21–30 67 (28.8)
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30–40 130 (55.8)
103 41–50 20 (8.6)
104 51 years and above 8 (3.4)
105 Educational qualification WAEC/O’level 72 (30.9)
106 NCE/HND 60 (25.8)
HND/BSC 56 (24.0)
107 Postgraduate 30 (12.8)
108

Please cite this article as: A.S. Ibidunni, et al., Data on the relationships between financing
strategies, entrepreneurial competencies and business growth of technology-based SMEs in
Nigeria, Data in Brief (2018), https://doi.org/10.1016/j.dib.2018.03.136i
A.S. Ibidunni et al. / Data in Brief ∎ (∎∎∎∎) ∎∎∎–∎∎∎ 3

109 Table 2
110 Standard multiple regression of financing strategies and technology-based SMEs business growth.
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Profit growth Sales growth Employee growth
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113 Ind. variable β P-value β P-value β P-value
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115 Personal savings −.076 .411 −.026 .786 −.052 .599
Bank loan .109 .255 .037 .703 .048 .635
116 Venture capital .149 .087 *
.033 .713 .127 .165
117 Business .141 .071* −.019 .815 .132 .110
118 Donations
119 R 0.260 .047 .202
R2 .067 .002 .041
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Adj R2 .051 −.015 .024
121 F-value 4.125 (4, 228); .124 (4, 228); 2.421 (4, 228);
122 p ¼ 0.003 p ¼ 0.974 p ¼ 0.049
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125 Table 3
126 Standard multiple regression of entrepreneurial competencies and financial strategies of technology-based SMEs.

127 Bank loan Venture lapital Business lonations


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129 Ind. variable β P-value β P-value β P-value
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Skills .152 .011*** .186 .006*** .367 .000***
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Attitude .062 .307 .089 .197* .184 .003***
132 Knowledge .010 .871 −.019 .784 −.009 .885
133 R 0.230 .244 .502
134 R2 .053 .059 .252
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135 Adj R .040 .047 .242
F-value 4.264 (3, 229); 4.827 (3, 229); 25.696 (3, 229);
136 p ¼ 0.006 p ¼ 0.003 p ¼ 0.000
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138 ** p r 0.05,
139 *
p r 0.1,
***
140 p r 0.01
*
141 p r 0.1
the respondents are between the age of 21–30 years, 57.8% (130) of the respondents are between the
142 age of 30–40 years, 8.9% (20) of the respondents are between the age of 41–50 years and 3.6% (8) of
143 the respondents are 51 years and above. 33% (72) of the respondents have WAEC/O Level results as
144 their highest educational qualification, 27.5%(60) of the respondents have OND/NCE as their highest
145 educational qualification, 25.7% (56) of the respondents have B.SC/HND as their highest educational
146 qualification, 12.8% (30) of the respondents have obtained a postgraduate degree.
147 Table 2 contains data on the effect of financing strategies on technology-based SMEs’ business
148 growth. It also reflects which financing strategy is perceived to have the greatest contribution to
149 technology-based SMEs business growth. From the data, venture capital and business donations
150 Q3 (β ¼ 0.149, β ¼ 0.141, r2 ¼ 0.260) respectively, have effect on SMEs profit growth (Table 3).
151 Table 2 contains data on the influence of entrepreneurial capacities on accessibility to financing
152 strategies by technology-based SMEs’ operators. From the data, skills significantly influences bank
153 loan (β ¼ 0.152), venture capital (β ¼ 0.186) and business donations (β ¼ 0.367). Attitude also
154 significantly relates with venture capital (β ¼ 0.089) and business donations (β ¼ 0.184).
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157 2. Experimental design, materials and methods
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159 Survey method was adopted to gather data. 233 owners and financial managers of technology-
160 based SMEs in Lagos State, Nigeria were included in the research. Technology-based SMEs are globally
161 recognized to be significant to enhancing global economies, especially through their contribution to
162 GDP, advancement of economic competitiveness and tax revenue generation [1–3,9]. However, in

Please cite this article as: A.S. Ibidunni, et al., Data on the relationships between financing
strategies, entrepreneurial competencies and business growth of technology-based SMEs in
Nigeria, Data in Brief (2018), https://doi.org/10.1016/j.dib.2018.03.136i
4 A.S. Ibidunni et al. / Data in Brief ∎ (∎∎∎∎) ∎∎∎–∎∎∎

163 Nigeria, there is still dearth in literature, especially with data evidence about the financing strategies
164 that are most significant to facilitating the activities of technology-based SMEs and the role of
165 entrepreneurial competencies on their business growth [8,10]. This research benefitted from the ideas
166 of existing research studies. Questions that pertained to entrepreneurial competencies was developed
167 based on [4], while items of SMEs’ growth was developed based on [5,6]. Financing strategy ques-
168 tionnaire was developed based on [7]. The collated data were coded and entered in SPSS version 22.
169 Data analysis was performed applying descriptive statistics and structural equation modelling (SEM).
170 Ethical consideration in the research process was ensured because administering the questionnaires
171 to respondents was based on their willingness to respond to the research instrument. Moreover,
172 confidentiality and anonymity for participants in the study was assured.
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175 Acknowledgements
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177 Authors of this research work express sincere appreciation to the Management of Covenant
178 University for giving full sponsorship to the publication of the research work in this journal.
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181 Q4 Transparency document. Supporting information
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183 Transparency data associated with this article can be found in the online version at https://doi.org/
184 10.1016/j.dib.2018.03.136.
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187 References
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Please cite this article as: A.S. Ibidunni, et al., Data on the relationships between financing
strategies, entrepreneurial competencies and business growth of technology-based SMEs in
Nigeria, Data in Brief (2018), https://doi.org/10.1016/j.dib.2018.03.136i