The literature reveals that 40 per cent of new business ventures fail in their first year, 60 per cent in their second year, and 90 per cent in their first 10 years of existence. The research problem of this study is suggested by this high rate of business failure. This study investigates whether lack of marketing and managerial skills in business owners contributes to the high rate of business failure in South Africa.It is evident from the results that small business owners lack certain managerial skills, including financial, marketing and human-resource management skills, needed to operate their businesses successfully. The findings confirm that small business owners are in need of support services such as training, counselling, and financial assistance. They also show that small businesses are constrained not only by financial factors but also specifically by non-financial factors such as lack of education, inadequate managerial skills, poor access to markets, lack of information and unreliable infrastructure. The analysis also indicates that the managerial skills possessed by the respondents do not correlate with those that they preferably should have to run a successful business. The study concludes that a lack of MARKETING AND managerial skills has a negative impact on the success, viability and development of small businesses. The challenge is to improve the managerial skills of small business owners, since the small business sector is widely considered to be the ideal site for the solving of South Africas unemployment problems and the rejuvenation of its stagnating economy. JEL M13
Entrepreneurship scholars have attempted to explain performance by investigating the relationship between entrepreneurial orientation and firm performance. Therefore, the study will look at how entrepreneurial orientation impact on business performance. Questionnaire was used to collect data from 500 SMMEs owners. The findings from the survey among 500 SMME owners were modelled through a categorical regression model with business performance as dependent variable. The level of significance of the eight variables out of twelve variables suggests that entrepreneurial orientation be classified as the strongest predictor of business performance. The ability to adjust one's business model to adapt to changed economic circumstances is an important thing as it dictates performance in increasingly competitive economic environment.
The aim of this article is to shed light on the entrepreneurship education currently offered at higher education institutions in South Africa (SA). The major questions addressed are: What is the state of entrepreneurship education in SA universities? And how should entrepreneurship be taught? The entrepreneurship programs offered at South African universities, both in terms of content and methods, do not appear to achieve the desired outcomes. Results indicated that South African universities are adhering to the old, traditional teacher-centered way of teaching this program. Research recommends use of interactive methods like simulation for students to practice analytical and decision-making skills.
The relationship between entrepreneurial orientation and business performance using 500 small- and medium-sized enterprises (SMEs) in Gauteng province, South Africa was tested. Questionnaire was used to collect data from 500 SME owners. The findings from the survey among 500 SME owners were modelled through a categorical regression model with business performance as dependent variable. The level of significance of the 8 variables out of 12 variables suggests that entrepreneurial orientation be classified as the strongest predictor of business performance. The ability to adjust one’s business model to adapt to changed economic circumstances is an important thing as it dictates performance in increasingly competitive economic environment.
The study examined the relationship between entrepreneurial intention and business performance using 500 small, micro and medium enterprises (SMMEs) in Gauteng province, South Africa. A questionnaire was used to collect data. The findings from the survey were modelled through a categorical regression model with business performance as a dependent variable. The level of significance of eight out of twelve variables suggests that entrepreneurial intention be classified as the strongest predictor of business performance. These findings, depicting the magnitude of the business environment in the study area, clearly confirm the positive impact of entrepreneurial intention on business performance.
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