Faculty research: Management fundamentals , strategic thinking, global business, innovation and change, leadership.
As a result, joint degree programs and international student exchanges have become increasingly commonplace. Training topics include space fundamentals , electronic fundamentals , computer science , space vehicle systems , ground processing systems. Prerequisites : Completion of high school with courses Fundamentals is also the first text of its kind to make talent management processes a core study.
This 5th Edition has been updated with practical personnel techniques, real company examples, and new material on business sustainability. Tasnim B. Common problems faced by small business owners include managerial incompetence and inadequate financial resources [3] [4] [5] [6], marketing issues [7] [8] and business operations [9] [10], access to capital1 and higher failure rate2 [11].
Small business development has shown that the rate of failure in business depends on the level of economic development; it is higher in developing countries than in the developed ones. Essentially this should be the fact since economic differences between developed and developing countries create difference in many things like culture infrastructures, institutional arrangement.
But also within developing countries still there are differences. Indeed, generally, researchers agreed on some factors which appear to cut across. Therefore for proper policy development, scholars need to identify different factors as they appear in different geographical location, cultures or regions [12]. This paper therefore went deep in finding challenges facing entrepreneurs in initiating their business ventures taking retail shops in Arusha district as a case in point.
The paper proposes solutions to the technical hitches which entrepreneurs are experiencing when initiating small business. Hence the contributions of this paper lie in increasing the knowledge on how to create favourable business environment for the small enterprises.
The Concept of Entrepreneurship and Entrepreneurs An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them [13]. Entrepreneurs use innovation to exploit or create change and opportunity for the purpose of making profit.
They do this by shifting economic resources from an area of lower productivity into an area of lower productivity and greater yield, accepting a high degree of risk and uncertainty in doing so. Entrepreneur also defined as an individual who takes risks and starting something new [14]. According to Kuratko [7], entrepreneurs are individuals who recognize opportunities where others see chaos or confusion. Types of entrepreneurs There are different kinds of entrepreneurs, they include; Opportunity entrepreneurs, those who start businesses because they have spotted an opportunity in the market place.
Necessity entrepreneurs, those who start businesses because they cannot find work any other way, Serial entrepreneurs, those who repeatedly start businesses and grow them to a sustainable size before striking out again push this characteristics to the maximum. The majority of serial entrepreneurs are people who start a company, manage its growth until they get bored, and then sell it to start another.
Parallel entrepreneurs , are people who start and manage several companies at once [13]. There are five types of entrepreneurs who are; Idealist entrepreneur, the one who likes innovation and enjoys working on something new or creative. Hard workers entrepreneur this category includes persons who enjoy putting in long hours to build a larger more profitable business. They like the challenge it presents and of course reap the most rewards if the business turns out to be a multi-million dollar enterprise.
Juggler entrepreneur likes the concept that the business gives them a chance to handle everything themselves, they are usually people with lots of energy and exist on the pressure of meeting deadlines, paying bills and of course making payroll.
And the last one is Sustainers entrepreneur, this consists of people who like the thought of balancing work and a personal life, most often they do not wish the business to grow too large where it will cut into their personal life too much [13]. The concept of Small Business A business is an enterprise which provides goods or services which people need, and at the same time gives the suppliers of material or labour and the owner sufficient payment for the supplies, hours of work or investment that they may have provided [15].
The Small Business Act passed by the United States Congress in defined a small business as one which is independently owned and operated and not dominant in its field of operation has come to be of greatest importance in most attempts to specifically define a small business [16].
Then Steinhoff simplified this by saying that a small business is one which possesses at least two of the following four characteristics; Management of the firm is independent, usually the managers are also the owners.
Capital is supplied and the ownership is held by an individual or a small group. The area of operations is mainly local, with the workers and owners living in one home community, however the markets need not to be local. And lastly the relative size of the firm within its industry must be small when compared with the biggest units in its field.
This measure can be in terms of sales volume, number of employees, or other significant comparisons. However Scarborough [13], added that small business is the one which is independently owned and operated and not dominant in its field of operation. Small businesses undertake common activities such as manufacturing, mining, wholesaling, retailing and services. Due to the level of development in Tanzania most of her entrepreneurs can be classified as small enterprises.
Mostly their businesses are owned by individuals or small group of individuals with small capital in local environments. In these circumstances they are faced with many challenges. Serviced land or business premises are in short supply in most of the cities and towns, especially for industrial use [17]. Empirical studies. Van der Merwe and Lebakeng [18], in their survey they empirically investigated the important role that entrepreneurship play to combat unemployment, wealth creation and the alleviation of poverty.
This study which was undertaken in Lesotho, revealed that key problems that women entrepreneurs are facing include; lack of business management, lack of education and training. Others are Inter-role conflict, lack of female role models, lack of timely business information, risk adverse great fear of failure , and pressure of child care, also Inequality of access to credit lack of self-confidence, Inhibiting laws and regulations, Family pressures, Isolation from business network, socio-cultural environment.
Okpara, et al [19] did a study on factors that determine small business growth constraints sub- Saharan economies. They narrated lack of financial support, poor management, lack of capital, corruption, weak infrastructure, and poor recordkeeping the principal constraints to success.
They recommended that policy makers and venture capitalists consider the Grameen Bank model3 to counteract the problem of collateral and lending issues. Chu et al [20], in their empirical study of Nigerian entrepreneurs: success, motivations, problems, and stress, determine the effect of success and family support on entrepreneurs stress. He summarised them into categories as; the macro-economic and 3 A group based credit approach on which small loans commonly known as microcredit or "grameencredit" are issued to impoverished without requiring collateral.
It uses the peer-pressure within the group to ensure that borrowers follow through and use caution in conducting their financial affairs with strict discipline, ensuring proper loan repayment and developing good credit standing in the side of borrowers.
They categorized the major factors hindered the performance of women entrepreneurs in Tanzania in MSE sector. Women in the MSE sector are concentrated in the informal, micro, low growth, low profit areas where competition is intense. The growth rate of their MSEs is very low — indeed much lower than that of male-owned enterprises [22]. The research gap While we acknowledge the many challenges and constraints that are facing MSEs, little is known about the retail businesses as to what challenges do they experience upon initiating their ventures and planning for sustainable growth.
California Management Reviw. Hadiyati, Ernani, Jurnal Manajemen Gajayana, Vol. Hamel, Gary. K Prahalad Everett E. Growth Begins. Handoyo, Agus, Tesis Semarang : Universitas Diponegoro. Hunger, J. D and Wheelen, T L,. Strategic Management. Fiveth Editions. Addison-Wesley Publishing Company, Inc. Agung J. Manajemen Strategis.
Erich A. Teknik Analisis Keuangan. Edisi Kedepalan. Husnan, Suad. Inkeles, Alex. David H. Harvad USA : Paperback. Istanto, Yuni. Buletin Ekonomi, Vol. Supranto, Pengantar Akuntansi Manajemen. Edisi ke enam. Jilid 1. Alih Bahasa Frederikson Saragih. Jakarta: Penerbit Erlangga.
Josephson Michael, Teaching Etchical Decission Making and Principled reasoning. Ethics: Easier Said Than Done. Jurgen Kocka Hg , Burgertum im 19 Jahrhundert. Kaplan, Paul F. Filipina : Universitas Cincinati. Kaplan, Robert S.
0コメント