scholarly journals HIRINGLAB.io: An exploration into the commercial potential of an innovative connection service that provides work experience opportunities for young adults to drive small business growth

2021 ◽  
Author(s):  
◽  
Darshana Patel
Keyword(s):  
Young Adults ◽  
Small Business ◽  
Work Experience ◽  
Small Businesses ◽  
Design Thinking ◽  
Small Business Owners ◽  
Business Growth ◽  
Start Up ◽  
Small Business Growth ◽  
Development And Validation

<p>Technology has changed the way that young adults begin their careers. Exploring potential work opportunities is easier to do now than 20 years ago with the rise of technology. However, with the rise of job accessibility a number of challenges for young adults looking to get ahead have arisen. Work experience is crucial in making the transition from simply getting a job, to starting a career that will have meaning and impact. In contrast, technology has affected the way that small businesses survive, and then grow. It can be challenging for small businesses to grow with limited resources, in a competitive commercial environment. Small business owners in the start-up and growth phases in particular struggle, to fill the gaps in their capabilities with little time, money or the necessary skills and expertise.   This research, in partnership with Accenture, explores the commercial potential of an innovative connection service. The proposed service will provide work experience opportunities for young adults that will drive small business growth. Research involved the application of lean start-up methodology and service design thinking principles across three phases; Phase One Market Development and Validation, Phase Two Service Development and Validation, and Phase Three Business Case Development. Phase One involved interviewing 20 young adults and 10 small business owners to identify the specific market segments that the service could benefit. Phase Two involved matching two pairs of suitable young adults and small businesses from Phase One, to trial the prototyped service solution. Phase Three involved conducting a retrospective focus group with the trial participants to understand thoughts and feelings about the service as potential customers.  Findings from each research phase indicate that young adults and small businesses are suitable markets for the service and that the service concept is feasible. A major finding from Phase One was that certain characteristics improved the potential of some market segments for the proposed service over others. For young adults this meant having the necessary knowledge, skills and confidence to solve a small business problem. For small businesses those with zero employees in particular had suitable gaps to fill and were open to young adults helping them. In Phase Two, critical success factors were identified for the service, most significantly a key indicator of success for the relationship was understanding a person’s work purpose, culture and values. Phase Three found that the success of the match reflected on perception of service quality. It highlighted that young adults and small businesses preferred short term, meaningful engagements.   Research findings led to recommendations of suitable development strategies and a proposed business model for the service. A key recommendation is to incorporate both lean start-up methodology and service design thinking as the main development strategy, for fast iteration with the customer at the centre of decisions made. It was also recommended that the service adopt a freemium marketplace business model where users are able to view potential jobs, at no cost but engage in the customised matching service on a subscription basis. The implementation and success of this service could ultimately change how young adults seek work experience and differentiate themselves in competitive job markets. For small businesses, the service could offer an affordable tool in seeking talent to overcome business shortcomings and ultimately achieving growth.</p>

scholarly journals HIRINGLAB.io: An exploration into the commercial potential of an innovative connection service that provides work experience opportunities for young adults to drive small business growth

2021 ◽  
Author(s):  
◽  
Darshana Patel
Keyword(s):  
Young Adults ◽  
Small Business ◽  
Work Experience ◽  
Small Businesses ◽  
Design Thinking ◽  
Small Business Owners ◽  
Business Growth ◽  
Start Up ◽  
Small Business Growth ◽  
Development And Validation

<p>Technology has changed the way that young adults begin their careers. Exploring potential work opportunities is easier to do now than 20 years ago with the rise of technology. However, with the rise of job accessibility a number of challenges for young adults looking to get ahead have arisen. Work experience is crucial in making the transition from simply getting a job, to starting a career that will have meaning and impact. In contrast, technology has affected the way that small businesses survive, and then grow. It can be challenging for small businesses to grow with limited resources, in a competitive commercial environment. Small business owners in the start-up and growth phases in particular struggle, to fill the gaps in their capabilities with little time, money or the necessary skills and expertise.   This research, in partnership with Accenture, explores the commercial potential of an innovative connection service. The proposed service will provide work experience opportunities for young adults that will drive small business growth. Research involved the application of lean start-up methodology and service design thinking principles across three phases; Phase One Market Development and Validation, Phase Two Service Development and Validation, and Phase Three Business Case Development. Phase One involved interviewing 20 young adults and 10 small business owners to identify the specific market segments that the service could benefit. Phase Two involved matching two pairs of suitable young adults and small businesses from Phase One, to trial the prototyped service solution. Phase Three involved conducting a retrospective focus group with the trial participants to understand thoughts and feelings about the service as potential customers.  Findings from each research phase indicate that young adults and small businesses are suitable markets for the service and that the service concept is feasible. A major finding from Phase One was that certain characteristics improved the potential of some market segments for the proposed service over others. For young adults this meant having the necessary knowledge, skills and confidence to solve a small business problem. For small businesses those with zero employees in particular had suitable gaps to fill and were open to young adults helping them. In Phase Two, critical success factors were identified for the service, most significantly a key indicator of success for the relationship was understanding a person’s work purpose, culture and values. Phase Three found that the success of the match reflected on perception of service quality. It highlighted that young adults and small businesses preferred short term, meaningful engagements.   Research findings led to recommendations of suitable development strategies and a proposed business model for the service. A key recommendation is to incorporate both lean start-up methodology and service design thinking as the main development strategy, for fast iteration with the customer at the centre of decisions made. It was also recommended that the service adopt a freemium marketplace business model where users are able to view potential jobs, at no cost but engage in the customised matching service on a subscription basis. The implementation and success of this service could ultimately change how young adults seek work experience and differentiate themselves in competitive job markets. For small businesses, the service could offer an affordable tool in seeking talent to overcome business shortcomings and ultimately achieving growth.</p>

Entrepreneurial motivation and small business growth in Rwanda

2015 ◽  
Vol 7 (3) ◽  
pp. 212-240 ◽  
Author(s):  
Emiel L Eijdenberg ◽  
Leonard J Paas ◽  
Enno Masurel
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Family Background ◽  
Primary Data ◽  
Small Business Owners ◽  
Business Growth ◽  
Developed Country ◽  
Content Type ◽  
Entrepreneurial Motivation ◽  
Small Business Growth

Purpose – The purpose of this study is to investigate the relationship between entrepreneurial motivation and small business growth in one of the poorest emerging countries: the African least developed country (LDC), Rwanda. Design/methodology/approach – On the basis of theoretical resources and a pre-study of interviews with local experts in Rwanda, the authors developed a survey for this study. Based on primary data from 133 Rwandan small business owners, the authors conducted an exploratory factorial analysis to uncover the underlying factors. Subsequently, the authors conducted regression analyses to test the hypotheses. Findings – The analyses show that the predictors for the growth of small businesses can be divided into three factors: one factor with a mix of motivations related to family background, necessity and opportunity motivations; one factor with items predominantly related to opportunity motivation; and one factor with items related to necessity motivation. The first factor has the strongest positive effect on small business growth followed by the second factor. The factor concerning necessity motivation was irrelevant for further inclusion in the regression model, due to insufficient reliability. Research limitations/implications – The study contributes to the debate in the literature about which entrepreneurial motivations affect the growth of small businesses in LDCs. Practical implications – The results reported in this study also have implications for how small business growth in LDCs can be supported and stimulated by policy-making practice. Originality/value – This study shows that entrepreneurial motivation is not a clear distinction between necessity and opportunity, but that a mix of motivations is important to assess the growth of small businesses in an LDC, which is an understudied context.

scholarly journals Focused training programmes for solving growth problems of very small businesses

2008 ◽  
Vol 8 (1) ◽  
Author(s):  
S. Perks ◽  
E. E. Smith
Keyword(s):  
Small Business ◽  
Financial Management ◽  
Small Businesses ◽  
Computer Training ◽  
Black Business ◽  
Business Growth ◽  
Specific Focus ◽  
Growing Pains ◽  
Small Business Growth ◽  
Training Programmes

Purpose and objectives: The purpose of the study is to investigate the various types of focused training programmes that should be designed for eliminating or preventing small business growth problems. To help achieve this main objective, the following secondary goals are identified : To highlight the role and nature of entrepreneurial training. To identify possible focused training programmes for solving very small business problems. To determine how training programmes should be structured to target very small business growth problems. To explore which other method(s), besides training programmes could be uitilised for solving very small black business entrepreneurs' growth problems. To provide trainers with guidelines in designing focused training programmes for solving very small business problems.Problem investigated: South African entrepreneurs have a poor skills record, which inhibits small business growth. The needs of a business changes as the business grows, resulting in growing pains for the very small business entrepreneur. Successful entrepreneurs are not necessarily academically inclined and often learn in a more dynamic, non-linear environment, therefore various specific focused training programmes need to be designed that can assist very small business entrepreneurs in eliminating or preventing small business growth problems.Methodology: A qualitative study was done, in which an empirical survey was conducted by means of a series of in-depth interviews with ten very small black business entrepreneurs.Findings: The empirical results identified seven types of training programmes focusing on financial management computer training, operations management, people management, marketing management, management and investment management. Other training programmes indicated were stress management, time management and security management. Within each of these types of training programmes specific focus areas were identified.Value of the research: The value of the research lies in the fact that specific focus areas were identified within the training programmes. Other studies have attempted to identify training programmes but the content thereof was not necessarily linked to the problems that very small businesses experienced, especially when attempting to grow. Time-, staff- and financial constraints regarding training programmes can be overcome.Conclusions: Training programmes should focus on specific training areas, be after hours and be well publicised. Computer training should preferably be on site on a one-to-one basis. Training programmes should suit the skills level of the very small business entrepreneurs and be broken up into smaller sessions to ensure understanding and meeting time constraints.

scholarly journals Effect of Microfinance Products on Small Business Growth: Emerging Economy Perspective

2018 ◽  
Vol 5 (1) ◽  
pp. 59
Author(s):  
Prince Gyimah ◽  
Williams Kwasi Boachie
Keyword(s):  
Small Business ◽  
Emerging Economies ◽  
Financial Services ◽  
Small Businesses ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Emerging Economy ◽  
Microfinance Institutions ◽  
Business Growth ◽  
Small Business Growth

Small businesses play significant role to the economic stability and development of emerging economies, and access to financial services is crucial to their growth and performance. This study seeks to ascertain whether microfinance products such as loans, savings, insurance, and education effects small business growth in Ghana. The study uses descriptive and inferential statistics on responses of 248 small business owners for data analysis. Using a multiple linear regression analysis, the study found that all the microfinance product or services positively affects small business growth, and the greatest influence is micro loans. This study contributes massively to exact literature to the growth of microfinance institutions (MFIs) and small businesses in emerging economy, Ghana. The study can assist MFIs to assess the effectiveness of their product or services, and can also serves as a guide to an effective utilization of available scarce resources leading to growth of small businesses in emerging economies.

scholarly journals Managerial Competencies and Small Business Growth: Empirical Evidence From Microfinance Participants

2014 ◽  
Author(s):  
Syamsuriana Sidek ◽  
Mohd. Rosli Mohamad
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Structural Equation ◽  
Business Performance ◽  
Growth Management ◽  
Business Growth ◽  
Managerial Competencies ◽  
Managerial Skills ◽  
Conceptual Skills ◽  
Small Business Growth

A large number of studies have been conducted on small business performance. However, potential influence of managerial competencies on small business growth, particularly among microfinance participants is hardly existent. In fulfilling the literature gap, this study provides some insight into the relationship between managerial competencies and small business growth. Using data collected from microfinance participants in Kelantan and Terengganu and applying the Structural Equation Modelling approach, this study found that all the managerial competency dimensions – technical, generic and conceptual skills – had positive and significant impacts on small business growth. While consolidating the theories that managerial competencies explain business growth, this study has several limitations. Future studies should delve into, through qualitative research, why managerial skills are significant for small business growth. Sampling should also include small businesses in other parts of Malaysia, instead of Kelantan and Terengganu.   Keywords: Small business, growth, management competencies, generic skills, technical skills, Conceptual Skills, Microfinance.  

scholarly journals Existence of Licence, Infrastructure, and Energy Recources in Increasing Small Business Capacity in Sidoarjo District in The New Normal 4.0

2020 ◽  
Vol 3 (2) ◽  
pp. 23-35
Author(s):  
I Putu Artaya ◽  
Tubagus Purworusmiardi ◽  
I Gede Arimbawa ◽  
Made Kamisutara
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Renewable Energy Sources ◽  
Energy Resources ◽  
Small Business Owners ◽  
Potential Growth ◽  
New Normal ◽  
Small Business Development ◽  
Infrastructure Provision ◽  
Small Business Growth

This research was conducted in Sidoarjo Regency which has a lot of potential to grow and develop small businesses in three regions that is Krembung, Jabon, and Tulangan. The problem is one of the potential growth and development of small business activities in these three districts which has been supported by increased speed in business licensing, adequate infrastructure and the availability of renewable energy sources (gas) for smooth running and assistance for small businesses in the regions. To prove this, this research requires an increase in licensing, provision and improvement of infrastructure, and energy resources that can support its development activities for small business growth in the new normal 4.0. Of the three regions that were the object of research, at random there were 173 small business owners who were subjected to data collection in the field. As a basis for making decisions in an effort to overcome the above problems, the method used in this study is Crosstabs analysis, to test and determine whether there is a linearity between the potential for small business development with the availability of licensing management facilities, infrastructure provision, and supply of energy resources. the main pillar of the smooth running of small businesses in developing business activities, distribution and marketing of their products. From the test results, it turns out that the three facilities mentioned above, all have a linear relationship with the growth of small businesses in the three districts.

scholarly journals Small Business Owners’ Perception of Balanced Scorecard for Business Survival and Growth

2021 ◽  
Vol 9 (10) ◽  
pp. 14-33
Author(s):  
Dr. Emad Ahmed ◽  
Dr. Medhat Alsafadi
Keyword(s):  
United States ◽  
Small Business ◽  
Balanced Scorecard ◽  
Small Businesses ◽  
The United States ◽  
Business Owners ◽  
Small Business Owners ◽  
Business Growth ◽  
Business Survival ◽  
The Balanced Scorecard

The United States Small Business Administration (SBA) defines Small Business Enterprises (SMEs) business establishments that are independently owned managed or operated. Small business organization indicates that some of them have found the Balanced Scorecard to be very significant in boosting general performance in two key perspectives: higher complexity and management capability and drives change and enhance rapid growth. However, in the recent past, there has been increased study on the adoption of BSC in small organizations. The objective of this study was to determine the how small business owners in the United States perceive the aspects of balance score card in regard to business survivability, growth and competitiveness. Hypotheses that were to be answered include H1: Small business owners’ perceive learning and growth as the most significant perspective for their business survival, growth, and competitiveness beside the financial perspective. H2: Small business owners’ perceive customers as the most significant perspective for business growth, survival, and competitiveness. H3: Small businesses owners perceive internal business processes as the most significant perspective for their business growth, survival, and competitiveness. The philosophy adopted is positivist with explanatory and descriptive strategies. The approach of the research is quantitative using ANOVA analysis. The 100 sample companies were selected from the Best 100 small business in the SBA website and survey questionnaire sent online to this selected companies. The result of the research indicated that the most significant Balanced Scorecard perspective is the customer. At the end of the research, it was deciphered that all initiatives that the small business listed in SBA undertake when applying the BSC, customer focus is always the guiding force. Therefore, it can be stated overly that there a significant positive perception of the Balanced Scorecard as a tool to enhance growth and survivability among small businesses.

scholarly journals The impact of personal attitudes on the growth ambitions of small business owners

2017 ◽  
Vol 24 (4) ◽  
pp. 850-862 ◽  
Author(s):  
Paul Braidford ◽  
Ian Drummond ◽  
Ian Stone
Keyword(s):  
Small Business ◽  
Critical Realism ◽  
Business Owners ◽  
Perceived Barriers ◽  
Small Business Owners ◽  
Business Growth ◽  
Content Type ◽  
Personal Attitudes ◽  
Small Business Growth ◽  
The Impact

Purpose The purpose of this paper is to provide an empirical evidence in support of widespread calls for new approaches to understanding small business growth, by exploring the use of non-positivist methods (e.g. critical realism) to analyse how owners’ innate dispositions shape growth in practice. Design/methodology/approach In 2014, a telephone survey was used to inform two focus groups and 29 in-depth interviews with small business owners throughout England, covering attitudes towards growth, the use of particular strategies and perceived barriers. Discourse analysis was used to develop a multi-layered explanatory model incorporating key ideas from critical realism and the work of Bourdieu. Findings Bourdieusian analysis reveals the existence of orientations among small business owners towards or against business growth. Such attitudes tend to impact upon their response to perceived barriers. Growth-inclined owners were willing to strategise for long-term benefit, in return for lower returns in the short term. Growth-resistant owners were more likely to view obstacles as absolute, stating that they cannot grow their firms as a result. Practical implications Removing or reducing obstacles may not encourage growth if motivations and attitudes of owners do not change to embrace more growth-oriented positions. Banks’ lending practices, for example, were seen by many as problematic, but growth-oriented owners were more willing to seek and use alternatives to raise funds for growth. Originality/value The authors suggest that entrepreneurship researchers should look beyond positivist research to epistemologies that provide more multi-layered modes of explanation.

scholarly journals The “Fairness Paradox” and “Small-Firm Growth Resistance Strategies”

2015 ◽  
Vol 11 (3) ◽  
pp. 154-175 ◽  
Author(s):  
Farid Ullah ◽  
Robert Smith
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Firm Growth ◽  
Peer Group ◽  
Small Business Owners ◽  
Employment Practices ◽  
Content Type ◽  
Business Context ◽  
The Family ◽  
Small Business Growth

Purpose – The purpose of this paper is to examine and explore why “Small-Businesses” resist employing outside the immediate family and investigate the employee as an outsider and entrepreneurial resource. Design/methodology/approach – The authors review the literature on barriers to small-business growth concentrating on key empirical and theoretical studies. The authors use empirical data from the Federation of Small Business in which informants commented on growth and employing outside the family. Findings – The findings suggest that small business owners adopt a polemical stance, arguing that a barrage of employment regulations deters them from employing outsiders because doing so brings trouble in terms of costs such as insurance, taxes, paperwork, leave (maternity and paternity) entitlement, etc. They argue that employing from inside the family or ones peer group is much cheaper, convenient and less hassle. This ignores the entrepreneurial employee as a potential ingredient of growth and points to a paradox whereby the very values and emotions characterized by fairness of which of “smallness” and “familialness” is composed compound the issues of discrimination central to the debate. Research limitations/implications – The paper offer important insights for growth issues among small businesses and challenge the contemporary equilibrium in terms of small “family-orientated” business philosophy relating to employment practices. Ideologically, the entrepreneur is an “outsider” fighting the establishment, yet paradoxically, in a small-business context s/he becomes the establishment by employing outsiders. This results in the fairness vs unfairness paradox. Originality/value – The paper contributes to the existing knowledge and understanding on growth issues among small businesses by illuminating a paradoxical insider vs outsider tension.

scholarly journals Achieving Sustainable Development in Business Productivity in Nigeria: An Equity Financing Model Approach

2020 ◽  
pp. 249-256
Author(s):  
Ihemeje J. C. ◽  
Efanga Udeme Okon ◽  
Umoh Emmanuel Alphonsus ◽  
Okafor M. C. ◽  
Egwu Emmanuel Makoji
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Least Square ◽  
Small Business Owners ◽  
Equity Financing ◽  
Ordinary Least Square ◽  
Start Up ◽  
Increase Productivity ◽  
Ordinary Least Square Regression ◽  
The Government

Equity financing is one of the sources of funding available to non-bank financial institutions which is quite prevalent in developed financial markets for small or start-up firms. This study empirically determined the effect of the Equity Financing Scheme on a sustainable increase in productivity of agro-allied small businesses in Nigeria. Data for this study were elicited through the use of a questionnaire structured in a five-point likert scale. The evaluation of the relationship between the dependent and independent variables was performed using the Ordinary Least Square regression technique. The study revealed that the equity financing scheme had a positive and significant effect on the sustainable productivity of agro-allied small businesses in South-South Nigeria. The study recommended that efforts should be made to educate the small business entrepreneurs on the benefits of equity financing as a viable option towards business growth and expansion and that the government through the various intervention agencies should restructure the long-term loan policies to give access to more growth-oriented agro-allied businesses, to increase their presently low capacity to procure heavy-duty technology to increase productivity and achieve food security in Nigeria. Small business owners should take advantage of the membership of cooperative societies and as well maintain good business relationships with suppliers; this will guarantee a continuous supply of needed materials and uninterrupted operations of the business.

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