Factors Affecting Growth of Small Business Enterprises
Publication Date: 05/12/2020
Author(s): Naftaly Gisore.
Volume/Issue: Volume 3 , Issue 3 (2020)
Abstract:
The aim of this study was to establish the determinants that influence the growth of second-hand products enterprises. Small business enterprises (SBEs) are faced with threat of failure with past statistics indicating that three out of five fail within the first few months. The second-hand products enterprises studied were appraised with respect to the financial features and non-financial features that influence growth. The objective was achieved by employing descriptive research design. The data was analyzed using frequency tables, bar and pie charts and graphs. Estimation of the inferential statistics showing the regression coefficient results and the Pearson chi-square test of relationship was also conducted. The findings established that most of second hand products businesses were experiencing minimal expansion. Inadequate managerial skills, rise in trade competition and constraints in accessing finance were established as significant in influencing the slow growth of these small business enterprises. The study exclusively recommends that public policy makers and stakeholders should team up and provide business training programmes geared at improving management skills to the entrepreneurs and employees of these businesses, and help avail financial assistance which could be channeled through SBEs member groups.
Keywords:
Second Hand Products, Small Business Enterprises, Capital Credit, Management Skills, Trade Competition
