Academic literature on the topic 'Entrepreneurship Small business Business education'

This study examined the relationship between success of small businesses and the educational backgrounds of their owners. A survey composed of questions concerning demographics, educational backgrounds, and business success was mailed to 1100 businesses in Dallas, Denton, and Tarrant counties in Texas. There were 228 usable responses which were analyzed by using the Statistical Package of Social Sciences (SPSS12). Data were sorted so that educational level, sales volume, number of employees, and longevity, were identified on a 5-point ordinal scale. Educational major was identified on a 5-point nominal scale. Pearson's correlation was used to determine whether relationships existed between founders' educational background and small business success. Spearman's correlation was used to determine the direction and strength of the relationships. Then educational level and major were combined with age, gender, ethnicity, and industry, to determine the relationships between founders' educational background, and business success. For this purpose a canonical correlation was used. Five opinion questions concerned influence of college education on business success among college graduates and non-college graduates were identified on a 5-point Likert scale and tested using one-way ANOVA, and independent sample t-test. When educational level and major were the only predictors of business success, a statistically significant relationship was found between years of formal education, and sales volume. When educational level and major were combined with age, gender, ethnicity, and industry, a statistically significant relationship was found between founders' educational level and age, and business success. A statistically significant and negative relationship was found between founders' educational major and industry, and business success. All opinion questions revealed statistically significant relationships between owner's college education and business success. These relationships indicate the ability for the owner to learn, adapt and maintain a successful business. The influence of a college education on small business success was noticeable and reflects the continuing need for higher education to cope with technological advances, business competition, and the changing global economy.

<p> Over 35 years of gross economic mismanagement and business failures led Liberia&rsquo;s gross domestic product to collapse by 90% in less than two decades. As a result of a general lack of business skills, up to 80% of Liberian small-business entrepreneurs fail in business beyond the first year. Based on the theory of constraints, the purpose of this exploratory multiple case study was to explore the business skills that Liberian small-business entrepreneurs used to succeed in business beyond the first year. Data came from semistructured face-to-face interviews with 5 central regional Liberian small-business entrepreneurs who had succeeded in business beyond the first year. Participant observation, the use of company documents, and the use of member checking allowed for methodological triangulation and verification of the themes. Analysis of data involved using pattern-matching technique and date coding to evaluate, organize, code, and analyze the raw data. There were 3 prominent themes that emerged among entrepreneurs during data analysis: business knowledge, bookkeeping, and pricing skills. The data from the results indicated, within this particular context, Liberian small-business entrepreneurs used business skills for knowledge, finance, and marketing. Focusing on these practices may lead to increased profit and business success beyond the first year for other Liberian small-business entrepreneurs. The findings from the study could provide mechanisms for social change by giving Liberian small-business entrepreneurs additional ideas for using their business skills in their businesses. Furthermore, the findings may aid the Liberian communities to create training programs and curriculums for numerous Liberian colleges and institutions for future Liberian small-business owners. </p>

Owners of small business restaurants experience a high failure rate. Many small business restaurants fail within 5 years of inception because of inadequate business plans, ineffective strategies for changing markets, and a lack of financial capital to achieve profitability, growth, and long-term survivability. The purpose of this multiple case study was to explore the financial strategies that some owners of small business restaurants used to sustain operations for longer than 5 years. The resource-based view was the conceptual framework for this study. Participants in this study consisted of 5 owners of small business restaurants in northern California who implemented successful strategies to survive in business longer than 5 years. Data were collected through face-to-face interviews with participants, member checking, and a review of company documents. Using Yin's 5-phase data analysis process of compiling, disassembling, reassembling, interpreting, and concluding the data, 3 emergent themes were identified: financing strategy, cash-flow-management strategy, and customer-retention strategy. The implications of this study for positive social change include the potential for owners of small business restaurants to reduce the failure rate of small restaurants, decrease local unemployment rates, and increase economic stability for local families and organizations through the implementation of effective financial strategies.

Successful small businesses are critical to the success of the global economy, but they continue to fail at high rates. Mentoring is a technique proven to improve the performance of new entrepreneurs and their businesses. Building on the conceptual framework of adult learning theory, the purpose of this multiple case study was to explore how millennial generation small business owners participating in the Futurpreneur mentoring program used mentors to improve the performance of their small businesses. Data included semistructured interviews with 6 successful participants of the mentoring program, experience profiles of these participants, and public information about Futurpreneur. The intent was to examine the phenomenon from a Canadian perspective, drawing from unique perspectives of program participants previously identified as success stories. Manual coding, cross case comparison, and thematic analysis revealed a variety of salient themes. Themes supported the tenets of adult learning theory and existing literature on mentoring. The primary themes that emerged were (a) Futurepreneur mentors played common roles in successful mentoring relationships and (b) there are common conditions for building healthy mentoring relationships within the Futurepreneur program. Implications for positive social change include improving how entrepreneurs select and learn from mentors, how mentors approach mentoring relationships, and how mentoring organizations design mentoring programs for millennial generation entrepreneurs.

Small and Medium Enterprises are the engines of economic development. In developing countries, they play an irreplaceable role in poverty alleviation through creation of jobs and contribution towards the countries’ gross domestic products. South Africa is faced with a challenge of high failure rate of SMEs despite the efforts by government to support and grow this sector. For a country to have a strong sustainable economy, sustainable and successful SME sector is necessary. Literature reviews have demonstrated that incorporating sustainability aspect into entrepreneurship improves the performance of businesses. Research on implementation of sustainability principles by SMEs is limited and SMEs have been left out in sustainability teachings and monitoring. The purpose of the study was to analyse the role played by entrepreneurial mind-set and entrepreneurial education on sustainability of SMEs. The research was conducted amongst 10 SME owners/managers with businesses located in the Buffalo City Metropolitan Municipality. Case study method using a semi-structured interview guide was conducted. Results were transcribed, analysed and interpreted. Results of the research demonstrated that SME owners/managers possess entrepreneurial mind-set, which is a necessity to run a successful business. There was also evidence that entrepreneurial education enhances entrepreneurial mind-set of SME owners/managers. SMEs owners/managers also demonstrated that they implement sustainability principles informally with no guiding documents. With regards to implementation of sustainability principles, there was no noticeable difference between SME owners/managers who had undergone entrepreneurship education and the ones who had not gone through entrepreneurship education. This highlighted the need to incorporate sustainability issues in entrepreneurship education courses. The study brings contribution towards building sustainable SMEs.

The emergence of an entrepreneurial spirit is the most significant economic development in the twenty-first century. Entrepreneurship education was introduced in Grades 10-12 as part of the optional subject Business Studies. There are problems across the country encountered by educators in imparting entrepreneurship skills and knowledge to learners. The integration of entrepreneurial programmes into the education system in secondary schools is a prerequisite to develop the necessary skills to start and run a business successfully. It is the responsibility of the government to ensure that entrepreneurship education is included in the curriculum as a separate subject so as to develop the entrepreneurship skills at secondary school level. The formal employment sector is no longer able to provide jobs for the increasing number of unemployed people. Fewer jobs are available for the economically active population of the South African economy especially the school leavers. The primary objective of this study is to assess the current entrepreneurship education programmes offered at secondary schools in Grade 10-12 levels in Motherwell. The purpose is to learn from global trends and to improve the current entrepreneurship education programmes. A literature review was done to establish global trends and also South African trends concerning entrepreneurship education programmes. A mixed research approach and cluster sampling was used to select the twelve Motherwell senior secondary schools in the Motherwell township of Port Elizabeth. The findings of the study were that strategic skills, operational skills, competitions, labour entrepreneurial skills, management skills, creativity and innovation were taught to a limited extent by educators. The practical exposure of learners was deficient because of the limited involvement of local businesses and organisations. Learners were also not encouraged to operate simulated businesses. The study recommends that the Outcome Based Education, National Curriculum Statement and Curriculum Policy Statement which have been introduced by the Department of Education be followed but adjustments must be made to the iii teaching methods to follow the interactive approach required by entrepreneurship. Policy makers should incorporate comprehensive entrepreneurship education programmes from primary school to secondary school to vocational and university and adult education centres. Finally, entrepreneurship education should be offered as an optional separate subject to all learners and involvement of local businesses and organisations should be encouraged.

The goal of this project is to review the literature on how to buy an existing business and to synthesize the material into a written instructional manual that a regular individual or aspiring entrepreneur can use in understanding the process necessary to buy an existing small business.

<p> This quantitative research study was developed in response to challenges small-business owners face with high stress, corporate devastation, and burnout. The research examines burnout and self-care practices among small-business owners to foster psychological well-being. Many studies exist on professional burnout; however, to date, the researcher has not been able to uncover published research related to small business owners&rsquo; exhaustion and burn out. Theories in academic literature on self-care, managing transitions, and psychological well-being can be applied to small-business owners experiencing burnout, while leading through corporate life cycles. </p><p> This research study utilizes a quantitative, correlational, design approach to examine the levels of burnout in the domains of exhaustion, cynicism, and professional efficacy. Purposive sampling was used for small-business owner selection. The Maslach Burnout Inventory-General Survey (MBI-GS-4^th Edition) was conducted to assess burnout and demographic data was collected from 66 participants. Pearson Correlations determined the relationship between levels of burnout among small-business owners and whether relationships exist between the burnout domains and participant&rsquo;s demographic characteristics. </p><p> Results from this study indicated two significant findings. Correlations indicated higher levels of exhaustion for small-business owners who were younger. Secondly, correlation analysis indicated a significant negative correlation between respondent&rsquo;s length of time in business and their level of exhaustion. The results of this research study may provide direction to where further research may be needed. Recommendations include the development of long-term workable stratagem for small-business owners to manage corporate life cycles, and enhance professional performance. Findings from this quantitative research can be used to enhance the quality of life, and improve corporate success of small-business owners, in the United States.</p><p>

Thesis (MTech (Entrepreneurship))--Cape Peninsula University of Technology, 2015.<br>Entrepreneurship continues to play a quintessential role in the economies of many developing countries as well as in South Africa. One of the drivers of the economy is the creation of small business ventures, which has greatly affected the economic growth, created jobs as well as increased the national competitiveness of the nation in the world business market. In South Africa, entrepreneurship presents opportunities for bringing together the relatively younger population and to redress the past social and economic differences among its citizens. However, the lack of efficient educational and professional training in entrepreneurship is hampering the ability of South Africa to benefit from these opportunities that are associated with sustainable small business start-ups. The aim of this study was to evaluate entrepreneurship education in transferring entrepreneurial knowledge and skills to learners in selected high schools in the Cape Town area. The main questions are: Is the current entrepreneurship education in high schools effective in the development of transferable entrepreneurial knowledge and skills among school leavers? Secondly, what do successful business people deem important to study by high schools learners in order to be able to start up businesses? Finally, what are the learners’ perceptions of entrepreneurship education in transferring entrepreneurial knowledge and skills? These questions were answered by using mixed research methods. A self-administrated questionnaire was distributed to 403 school learners in Grades 10-12 and nine Teachers of Business Studies, to assess the current entrepreneurship education and examine Learners’ perceptions of the current curriculum. Interviews of 30 business owners were conducted to determine the factors that entrepreneurs deem important to study in order to start up and run sustainable businesses. A purposive sampling method was used to select the schools for the case study. Both quantifying and non-quantifying data analysis methods were used to interpret the data. Descriptive analysis techniques were also used to analyse the survey data. The researcher being also an observer in the field explains all his/her observations. Data sets were subjected to multivariate statistical analyses including Chi square, and Kruskal-Wallis statistics test analysis was carried out using the Past (Paleontological Statistics) software. The results of this study indicated that high school learners from middle income schools are enthusiastically interested in becoming entrepreneurs. An overwhelming majority of learners (73%) agreed that they are ready to start up businesses from the knowledge and skills gained in the entrepreneurship education received. On the other hand, 55.6% of the teachers agree that the earners would be capable of starting a business from the knowledge gained. A majority of the teachers (89%) would advise their learners to be employees rather than employers. Small business owners recommended that aspects such as creativity, self-reliance and problem solving skills should be incorporated in the curriculum of entrepreneurship education. Finally, in order to improve the teaching of entrepreneurship education in high schools, all stake holders, business owners as well as parents must be involved. This study recommends the inclusion of hands on practical simulations in the curriculum for the improvement of entrepreneurship education in high schools in South Africa.