This study examines the influence of educational background and mentorship on the entrepreneurial effectiveness of successors in intragenerational small and medium-scale enterprises (SMEs) in Lagos State, Nigeria, through the lens of Stewardship Theory. Using qualitative in-depth interviews with a purposive sample of SME successors, the study reveals that formal education significantly enhances business communication, strategic decision-making, and credibility, particularly in engaging diverse and sophisticated customers. Complementing formal education, mentorship, early exposure, and generational knowledge transfer emerged as vital for operational effectiveness, resilience, and long-term sustainability. While some successors questioned the direct utility of formal education, the findings underscore the multidimensional nature of entrepreneurial preparedness, combining academic knowledge with practical, experiential learning. By emphasizing the alignment of successor interests with business goals, Stewardship Theory provides a framework for understanding how successors internalise organizational objectives and exercise responsibility for long-term business sustainability. The study contributes to family business literature by highlighting the synergistic role of education and mentorship in enhancing successor stewardship and SME performance in a developing economy context. Implications for policy and practice include fostering structured mentorship programmes and integrating vocational and formal education to prepare successors for sustainable business leadership.
Olalekan et al. (Sun,) studied this question.