To gain business insight into the factors that contribute to a company's success is a non-. The study's findings could benefit people planning to start their own businesses, as well as entrepreneurs and government officials working on SMME issues.
Significance of the Study
The reason for this is that whether someone becomes an entrepreneur or decides to become an employee is the result of many factors. The research shows that there are some elements that have an effect on predicting entrepreneurial behavior.
Problem Statement
Objectives
Research Methodology
Twenty-five questions will be developed, giving respondents the opportunity to choose answers ranked from one to seven, with one being strongly disagree and seven being strongly agree. These analyzes would allow for the assessment of the linear relationship between variables and Cronbach's alpha will be used to assess internal consistency and reliability in the study.
Research Question
This study will use quantitative analysis to analyze what factors contribute to entrepreneurial success in Durban.
Limitations of the Study
Summary
Introduction
Definitions of entrepreneur
The second description is that entrepreneurs are people with the ability to start a business that never existed. Another description is that of a person who: creates his or her own business; is in charge of his or her own enterprise;.
Types of entrepreneur
Strategic goals can be explicit and employees can be invited to make a personal investment in the future of the company. They serve a variety of end markets and their businesses may be based on high-tech products.
Personality factors on entrepreneurial performance
Definition of personality
Physical - personality is a psychological concept, but it derives from physical (anatomical and neurophysiological) processes, especially, but not exclusively, in the brain. Regular - an individual's personality is stable over time and leads to consistent patterns of behavior;
Essential Personality Traits
Studies show that a strong motivational influence for an entrepreneur to start a business is being independent. Kroon (1998) points out that successful entrepreneurs are driven internally by their own need to achieve the standards and goals they have set for themselves.
The role of the family in business
Therefore, this suggests that the understanding and cooperation of all members of your family is crucial for the survival of the business. For example, if family members in the business can take time off for their children's graduation, so should non-family employees (Katz and Green, 2009).
Financing new ventures
Moonlighting
But when the entrepreneur is satisfied that the company is paying better, he can now deal with new business all the time (Kaplan, 2001). The advantage of using this type of resource is that the more efficient and aware the entrepreneur becomes, the more opportunities there are to access additional financing (Kaplan, 2001).
The role of the government in developing and enabling small business environment
Consequently, this led to the establishment of the Accelerated and Shared Growth Initiative of South Africa (AsgiSA), which aimed to halve unemployment and poverty by 2014 (Venter, Urban and Rwigema, 2008). They further state that the objective of the National Small Business Empowerment Act is the establishment of a positive and conducive environment for the merger and development of MSMEs (Nieman et al., 2008).
The role of the Industrial Development Corporation
And it is the leading economic driver in KwaZulu-Natal, contributing more than half of the province's output, employment and income. According to Singh (2009), Mkhwanazi Xolani, chairman of BHP Billiton, SA, revealed that a study by the Department of Trade and Industry indicated that MSMEs contribute more than 42% of the country's gross domestic product.
Business agencies and support programmes
- The role and functions of Ntsika
- The involvement of Khula Enterprise Finance Limited in business
- The Local Business Service Centre Programme
- Umsobomvu Youth Fund
This is achieved through practical program partnership between all three levels of government, local communities and the private sector (Nieman et al., 2008). In contrast to training, consulting is a specifically tailored service provided to an individual company or to small groups of companies, usually addressing a specific problem (Nieman et al., 2008).
The impact of technology on the entrepreneur
The role of knowledge management in developing business
Venter, Urban and Rwigema (2008), argue that a new venture often requires capital to start the business. Therefore, keeping up to date with the latest information, laws and regulations affecting entrepreneurs can help promote business growth.
Understanding strategies for business expansion
Entry into new markets
Equally important, entrepreneurs should enhance their education, for example by pursuing an MBA, to acquire appropriate entrepreneurial and innovative strategic management skills. He further states that to gain a sustaining advantage, diversifying businesses requires setting up something different, something that is impossible for the competitor to perform.
Tax implications for entrepreneurs
Equally important, an entrepreneur without strategic and entrepreneurial skills may not be able to decide which customer group and market segments the company should focus on. An entrepreneur must know how to maintain and expand business despite competitive pressures, for example, know ways to expand with a new market entry.
The importance of insurance in business
Buying an existing business can offer a greater chance of success
The importance of suppliers
Conclusion
Introduction
Aim and Objectives of the Study
Data Collection Strategies
This method is recommended as the researcher clearly knows in advance what he is looking for. The method is relevant as the study will use statistics to present the results, and as it allows data to be collected and analyzed fairly quickly.
Research Design and Methods .1 Research Design
- Construction of Instrument
- Recruitment of Study Participants
- Pretesting and Validation
- Administration of the Questionnaire
The researcher in this scenario would not interfere with the normal activities of the respondents. The researcher explained the purpose of the research and how the community would benefit.
Analysis of the Data
Summary
The researcher made initial contact with a small group of people relevant to the research topic and used these to establish contact with others.
PRESENTATION OF RESULTS
Introduction
Biographical Data
The graph above also shows that young people aged 21-30 and 31-40 together contributed 77% of the total respondents.
Gender Participation
Cronbach’s Alpha
The alpha test is shown in the tables below. a) Listwise deletion based on all variables in the procedure. The table below provides descriptive statistics (mean, standard deviation, and N) for the variables to be correlated.
An entrepreneur’s primary motivation for a starting business is to be independent The table below shows the results for “A motivation for a starting a business is to be
You view yourself as a successful entrepreneur
The table above shows that most of the participants 40% agree; 37% said they fully agree; 11% agree easily; 10% were neutral; 1% disagree easily; and finally, 1% strongly disagreed.
Personality is a reliable predictor of future behaviour in business
Establishment or expansion of your business is important to you
You can acquire funds needed to open/ expand your business
The graph above indicates that the majority of participants are able to obtain the funds needed to open or expand their businesses.
You know the funding requirements
From the table above, it is clear that the majority of respondents are familiar with the requirements of funding sources. Entrepreneurs should plan in advance how they will get funding to start their business.
You can start a project in spite of a myriad of obstacles
You understand strategies for your business expansion
Entry into new markets is now too difficult
The table above clearly indicates that the majority of respondents find it difficult to enter new markets. The findings of this study illustrate that the respondents who said that entry into new markets is difficult were as follows: 26% agreed; 23% slightly agree; 15% strongly agree; 14% were neutral; 12% disagree; 5% said it was slightly different, and finally, 4%.
Your family members help you in the day-to-day running of your business The table below shows the results for ‘Your family members help you in the day-to-day
Your parents funded in part of the start-up of your business
The graph above shows that the majority of respondents disagree that part of their business was funded by their parents.
Your parents were entrepreneurial
The table above shows the number of parents of entrepreneurs who were involved in their business.
Lack of suppliers can deter you from opening/expanding your business The table below shows the results for ‘Lack of suppliers can deter you from opening/
Knowledge drives today’s global economy
You are a confident person
The research findings produced by this analysis show that the majority of respondents are confident.
Competition can deter you from expanding your business
62% strongly agreed; 32% agreed; 2% somewhat agreed and were neutral respectively; and finally, 1% disagreed and strongly disagreed, respectively. The above table illustrates the respondents' results regarding competition, showing that 28% agreed that competition deters businesses; 20% who strongly disagreed;
Insurance minimises financial impact
Buying an existing business can offer you a greater chance of success
The table above clearly indicates that the majority of respondents feel that purchasing an existing business can offer them a greater chance of success. The above results indicate that most people agree that buying an existing business can offer greater chances of success.
You are optimistic about your country’s economic future
From the table above, it is clear that the majority of respondents are optimistic about their country. Some people are pessimistic about their country, while others are optimistic.
The government provides support for your businesses
The government had programs designed to help small businesses access funds and run their businesses: however, low scores show that the government is supportive. It is clear from the table that the majority of respondents do not receive any support from the government.
Business agencies provide support for your business
The table above indicates that almost half of the respondents show that they do not get support from business agencies. The results show that 24% agreed; 20% disagree; 16% disagree; 13% slightly agreed and were neutral respectively; 7% slightly disagree, and finally 5% strongly agree.
Looking ahead five years, your business would have developed
The table above clearly illustrates that the majority of respondents are optimistic about their businesses. Entrepreneurs are self-confident people and they have a belief that they will ultimately achieve their goal, which is to be successful in their businesses.
Provision of technology will help your business
From the above graph, the majority of people agree that offering technology helps in running businesses.
Tax regulations can deter you from developing your business
You keep abreast with the latest laws and regulations that impact entrepreneurs The table below shows the results for ‘You keep abreast with the latest laws and
The table above clearly indicates that the majority of respondents understand that it is important to stay up-to-date with the laws and regulations related to business. The findings indicate that 35% agreed; 30% strongly agree; 15% were neutral; 13% slightly agreed, and finally 2% slightly disagreed.
Correlation Analysis
- You are a successful entrepreneur and personality is a predictor
- Technology supports business and your business will develop
- Business is important and you are confident
- You know funding requirements and you can start a project
- You can acquire funds and you know requirements
- Knowledge drives economy and business is important
- Government supports businesses and agencies support businesses
The tables below confirm the important relationship between the requirements "you know" and you can start the project. The tables above confirm the important relationship between the "you know" requirements and you can start the project.
Regression Analysis
The range of comprehension strategies (b = 0.15, p = .918) is significant and the coefficient is positive, showing that comprehension strategies are associated with the range of success. The study shows a positive correlation between the above predictors and the dependent variable "you are successful".
Conclusion
In this study, a high percentage of success could be associated with a high level of understanding strategies, a high level of technology that supports businesses, a high level of government support for businesses, a high level of business importance, a high level of legal awareness, and a high level of purchasing an existing business. Technological support (b = 0.38, p = .827) is significant, and the coefficient is positive, demonstrating that for receiving technological support, the scope of success is more developed. The level of government support (b = 0.05, p = .944) ) is significant and the coefficient is positive.
DISCUSSION OF FINDINGS
- Introduction
- Discussion of Findings
- Incapability to enter new markets
- Lack of personal support
- Inadequate government support
- Lack of agents support
- Limitations of the study
- Summary
- Conclusion
The survey also shows that the majority of respondents do not receive financial support from their families. The survey shows that the majority of respondents seek agent support, but affordability is the obstacle.
APPENDICES QUESTIONNAIRE
