Purpose Many business management researchers regard the small and mediumsized enterprise sector as the pillar and primary impetus of economic growth, particularly in developing countries. As a result, most governments throughout the world now place a strong emphasis on small business development in order to spur economic growth. The purpose of this study was to see how education and training affected the success of small businesses. Methodology: This study uses a qualitative research approach to collect and analyses data. The study's 20 small business owners and managers in South Africa were selected using a non-probability sampling approach. Data was collected through interviews, and the results were analyzed using subject analysis. Findings: This study's findings reveal that a lack of human capital education and training is one of the primary causes of SMEs' high failure rate, which also explains why these enterprises fail so frequently in most countries. It is clear that small business owners and managers, particularly in most developing nations such as South Africa, should consider spending more on business education and training in order to gather information that would help them establish unique business strategies. Originality/Value: The impact of education and training on the success of small and medium-sized enterprises.
Small and Medium Size Enterprises are increasing playing an important role in economic development of most countries all over the world nowadays. For these small businesses to grow and be sustainable, they require sufficient capital in the form of financial resources to go operational because the lack of funding or access to finance could hamper their growth. The lack of access to finance has been reported to be one of the major causes of small business failure and discontinuity in South Africa. The purpose of this study is to identify the available sources of financial support for the growth of SMEs in South Africa. The study anticipates to find out why despite government's effort to offer financial support for the growth of the SME sector, the rate of small business failure and discontinuity in South Africa is still one of the highest in the world. A qualitative methodological approach was utilized and interviews were conducted on SME managers on the subject under investigation. It was found that most SME managers in South Africa are ignorant about available sources of finance offered by government to boost the sector. It is imperative for the relevant authorities to revise and improve on the means and mechanisms used to support SMEs such that all small business managers are aware of the availability of this assistance and where and how to access it. In this regard, the government need to set up education and training facilities in different communities where intending and existing small business managers would be educated on the available sources of finance and how to access this funding to start up and grow their businesses.
Most people start up small businesses without the knowledge of effective management which is one of the major causes of the high rate of Small and Medium Size Enterprises (SMEs) failure and discontinuity in South Africa. The purpose of this study was to establish an effective management approach for enhancing the success of SMEs. This study adopts a quantitative method of data collection and analysis. The research instrument used for this study was a questionnaire, which was administered to 400 small business managers in the North West province of South Africa, and Statistical Package for the Social Sciences (SPSS) was used to analyse the data. It was found that only 41.5% of SMEs in the North West province are likely to be sustainable whereas the majority of 58.5% is likely not to be sustainable due to ineffective management. This is so because SMEs which are effectively managed are most likely to succeed and be sustainable while those that are poorly managed are most likely to fail and discontinued. It is imperative for small business managers to uphold the prescripts of strategic management to be visionary, dynamic, goal orientated, transformational and tactical in applying the effective management measures to manage SMEs for them to succeed and be sustainable.
In today's dynamic and competitive business world, small and medium-sized enterprises require strategic planning as a business tool. The purpose of this study was to determine requirements that a small business must meet to successfully implement a strategic business plan. The study employs a qualitative research approach for collecting and analysing data. A non-probability sampling method was used to select the 20 small business owners and managers who participated in the study. The data collection was done through the conduction of interviews and thematic analysis was carry out to analyse the data. The findings demonstrate that strategic business planning helps small businesses in analysing their existing contexts, examining how current trends could affect them, and determining best practices to overcome potential barriers to success. The study equally portrays those small businesses that implement strategic business planning into their operations have a higher chance of success than those that do not.
In the past decades, household debt in both developed and developing countries have been increasing. With an increase in the standard of living, household debt is also bound to increase. This paper examines the cointegration and causal link among household disposable income, household savings, and debt service ratio, lending interest rate, consumer price index and household debt in South Africa. An Autoregressive Distributed Lag and Granger causality techniques was used to analyse data collected from the South African Reserve Bank and Quantec from 1984 to 2014. The results of Autoregressive Distributed Lag test revealed cointegrating relationships between household debt and debt service ratio as well as household debt and lending interest rate. However, there is no long run cointegrating relationship between household disposable income, household savings and consumer price index with household debt. The Granger causality results revealed that household disposable income, household savings, debt service ratio, lending interest rate, consumer price index do Granger cause household debt in South Africa. Policy makers should thus target these variables in order to reduce household debt in South Africa.
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