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.

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 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 The Impact of Strategic Planning on Growth of Small Businesses in Nigeria.

2019 ◽  
Vol 2 (1) ◽  
pp. 69-84
Author(s):  
Babandi Ibrahim Gumel
Keyword(s):  
Strategic Planning ◽  
Small Business ◽  
Small Businesses ◽  
Word Of Mouth ◽  
Planning Process ◽  
Single Case ◽  
Shared Vision ◽  
Business Growth ◽  
Small Business Growth ◽  
The Impact

Purpose- There is a need to develop a framework that will improve the understandings of business planning and performance and its effects on growth particularly during the stages of small business development. The study attempted to fill in the gap stated.  Design - The single case qualitative study relates small business growth with strategic planning where financial performance, market share, sales, and profits or instead return on investment is used to measure the growth. Existing literature fails to establish a concrete relationship between strategic planning and growth of small businesses which indicates a gap in the literature that will help understand the steps of managing the organizational transition of small business growth.  Findings - The study fails to establish a significant relationship between formal planning and transitional growth, but instead found the influence of the planning process in communication the owner’s goals, vision, mission, and intentions to both internal and external stakeholders of small businesses. The study influence of the shared vision with customers on making them loyal and advertisers through word of mouth. The study revealed how customers’ word of mouth increased the customer base of small businesses thereby increasing the product demand and eventual expansion of capacity leading to the growth of small businesses. The growth of small businesses will result in an increased reduction in the unemployment rate which will reduce the poverty rate in the Nigerian economy.  Practical Implications- Answering the primary and supporting questions will help small business owners to understand how strategic planning is essential in the transitional growth of their businesses.

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 Financing Options and Sustainable Small Business Growth in Uganda: An Optimal Model

2021 ◽  
Vol 14 (10) ◽  
pp. 85
Author(s):  
Geoffrey Nuwagaba ◽  
Festo Nyende ◽  
David Namanya
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Rank Correlation ◽  
Business Growth ◽  
Cross Sectional ◽  
Debt Finance ◽  
Equity Finance ◽  
Small Business Growth ◽  
The Relationship ◽  
Positive Significant Correlation

Small businesses in Uganda continue to lag behind trends in terms of sales turnover profitability, employee growth, while others rarely live to celebrate their first birthday due to various constraints of which financing is at the forefront. This study set out to determine the relationship between various financing options and sustainable small business growth so as to suggest an optimal financing model to ensure sustainable small businesses. The study adopted a cross-sectional descriptive survey design to analyse a sample of 399 small businesses which were selected using stratified random sampling from Kampala Metropolitan Area. Data were collected using a researcher administered structured questionnaire and analysed using descriptive statistics. The relationship between the variables was determined using Spearman&rsquo;s rank correlation coefficeint. The study established that there is a weak positive significant correlation between traditional debt finance and sustainable small business growth, a strong positive significant correlation between asset-based finance and sustainable small business growth, and a strong positive significant correlation between crowdfunding and sustainable small business growth. The study further established that there is a moderate positive significant relationship between equity finance and sustainable small business growth. The study concluded that improving on the available financing options would improve on the sustainable small business growth. It is recommended that the ideal model for financing small businesses should be the integration of the financing options, but giving priority to; asset based lending, crowdfunding, equity finance and lastly traditional debt finance.

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>

SMALL BUSINESS SUPPORT: DEALING WITH THE IMPEDIMENTS TO GROWTH

2002 ◽  
Vol 10 (04) ◽  
pp. 241-256 ◽  
Author(s):  
ROB SIMS ◽  
JOHN BREEN ◽  
SHAMEEM ALI
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Management Training ◽  
Metropolitan Region ◽  
Business Growth ◽  
Small Business Growth ◽  
Support Programmes ◽  
The Right ◽  
Survey Responses ◽  
Training And Support

There is much evidence in the literature that small business growth has long been regarded as critically important for the economy and for employment growth. This paper focuses initially on an analysis of the impediments to business growth identified from the survey responses of small businesses in the western metropolitan region of Melbourne. From the survey information 25 small businesses were then selected for case study analysis to further examine the nature of impediments to growth and to examine how innovative and successful small business operators dealt with these impediments. A number of common impediments were identified, especially problems accessing finance, getting the right employee skills and the low use of support services. Analysis of the case studies yielded some insights as to: ▪ how successful small business operators deal with such impediments or obstacles to their innovation and growth; ▪ the low level of awareness and expectations small business operators generally have of the support programmes and services currently available to them; ▪ the nature of support small businesses would like to have to overcome perceived impediments to growth; ▪ strategies needed to successfully engage small businesses in support initiatives and to encourage innovation and growth. The findings have significant implications for small business development initiatives, including the provision of management training and support for small business operators.

scholarly journals Small Business Policy Index Traction And Movement In Rankings Of States Update: 2000 To 2016

2016 ◽  
Vol 15 (5) ◽  
pp. 259-264
Author(s):  
P. K. Shukla ◽  
Monica P. Shukla
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Rank Correlation ◽  
State Level ◽  
The United States ◽  
Term Limits ◽  
Business Growth ◽  
Business Policy ◽  
Main Driver ◽  
Entrepreneurial Activities

Given the volatile economic climate faced in the United States and globally since 2015, there is a desire by politicians in 2016 to increase state economic and business growth.  As small businesses are the main driver of business growth in state economies, focus is placed upon the policy environment of a state to encourage state level growth in entrepreneurial activities aimed at small business creation and survival.The Small Business and Entrepreneurship Council an advocacy and research organization dedicated to protecting small business and promoting entrepreneurship has annually prepared a “Small Business Policy Index” that ranks states according to some of the major government-imposed or government-related costs affecting investment, entrepreneurship and business.  This study presents updated results to 2016 from an original 2013 analysis of the rankings of states on the Small Business Policy Index (SBPI) from 2000 to 2016 that focuses upon three categories of states: overall ranking gainer states, those states that are stable in ranking, and overall ranking decliner states, the percentage in each category, and conclusions.  The paper also includes a rank correlation analysis of periods of time to measure the extent of traction and mobility in the SBPI state rankings. As states vary by governor length of years in their governor term and also by term limits or not on governor terms allowed there is an analysis of impact of governor years of term on changes in SBPI ranking and an analysis of impact of governor term limits on changes in SBPI ranking.

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