Entrepreneurship and Small Business Management: Critical Success Factors of Entrepreneurs and Small Business Managers (original) (raw)

2020, International journal of academic research in business & social sciences

The contribution of Entrepreneurs and owner managers in the creation of wealth and employment and overall economic growth is immense. Who is an Entrepreneur, what makes Entrepreneurs successful and what are the factors that contribute to the growth of Small businesses are the main aims of this study. It is also helps to give a clearer understanding of the antecedent, social, economic and demographic factors that influence success of start-ups in Bamenda, as perceived by local Entrepreneurs. Design The initial research framework, which emanated from a systematic literature review, was empirically investigated using a two-stage design, which incorporated both quantitative and qualitative approaches. The rationale behind the two-stage methodology was firstly to avoid common-method bias; and, secondly, to seek to illuminate findings arising from the survey by providing individual insights. Approaches were employed in succession with the findings from the quantitative phase informing the qualitative phase. Initially, a paper and online survey questionnaire was administered to a population of Small businesses. This survey was used in order to validate the initial conceptual framework and gain some insights on the perceptions of Entrepreneurs of the factors influencing the performance of Small businesses. Following the quantitative phase, fifteen in-depth face-to-face semi-structured interviews were conducted with selected creators of startups, forming a judgmental sample, to explore their knowledge, experiences, beliefs, and attitudes with respect to the drivers of success. Findings & Conclusions Three main factors wer4e considered that can lead to the success or failure of Entrepreneurs. These were Antecedent factors particular to the Entrepreneur, personal characteristic of the entrepreneur and Socio-Demographic Characteristics of the entrepreneur. The quantitative phase of the study found that age, education, experience, family background, need for achievement, risk-taking propensity, managerial competences, and functional competences of the Entrepreneur were significantly related to business success. These factors can be grouped under the category of 'Entrepreneurial attributes'. Findings of the two phases of the study showed that a host of internal as well as external factors, which are usually moderated by other variables, seem to influence business success in Bamenda. These findings added substantially to the understanding of Entrepreneurs' views of the factors that contribute to business success in the context of Bamenda,