FACTORS AFFECTING THE SUCCESS OF SMALL BUSINESS IN
FACTORS AFFECTING THE SUCCESS OF SMALL BUSINESS IN MANDEVILLE, MANCHESTER, JAMAICA. By Sachin Pilli, Ph. d, Sylbourne Meikle, 4 th year (Finance), Shaneil Wilson, 4 th year (Accounting), Kimoy Wright, 4 th year (Accounting).
• “Success is liking yourself, liking what you do, and liking how you do it. ” Maya Angelou
STATEMENT OF THE RESEARCH PROBLEM • SMALL BUSINESSSES ARE ESSENTIAL TO THE HEALTH OF THE ECONOMY • PROVIDES EMPLOYMENT FOR DIFFERENT GROUPS • HIGH FAILURE RATE IN MANDEVILLE
BACKGROUND OF THE STUDY • DEFINITION OF SMALL BUSINESSES • MANDEVILLE, A STRATEGIC LOCATION FOR BUSINESSES • SMALL BUSINESSES NOT LIVING UP TO THEIR EXPECTATIONS • LIFE SPAN OF SMALL BUSINESSES HAVE BEEN REDUCED • COMMUNITY DEPENDENCE ON SMALL BUSINESSES
Research Question What are the best predictors of the independent variables (marketing strategy, employee training, funding and agility), on the success of small businesses in Mandeville, Manchester?
LITERATURE REVIEW DEFINITION OF THE DEPENDENT VARIABLE WHAT IS THEORY FACTORS AFFECTING THE DEPENDENT VARIABLE INDICATORS OF THE DEPENDENT VARIABLE DEFINITION OF THE INDEPENDENT VARIABLES HISTORICAL BACKGROUND OF THE INDEPENDENT VARIABLES • PRIOR RESEARCH OF THE INDEPENDENT VARIABLE • • •
THEORETICAL FRAMEWORK • THE FOLLOWING FACTORS INFLUENCE SMALL BUSINESS SUCCESS: • MARKETING STRATEGY • EMPLOYEE TRAINING • FUNDING • AGILITY
METHODOLOGY • • SAMPLE INSTRUMENT DATE-COLLECTING PROCEDURE ETHICAL CONSIDERATIONSDATE ANALYSIS
LIMITATIONS • • NON-RESPONSE TIME CONSTRAINTS QUESTIONNAIRES SAMPLE SIZE
DELIMIMITATIONS • • CONTEX OF THE STUDY CHOICE OF RESPONDENTS DURATION OF THE STUDY CHOICE OF LITERATURE
RESULTS • TREATMENT OF THE DATA • FINDINGS PERTAINING TO THE RESEARCH QUESTIONS
Best Predictors Coefficientsa Model Unstandardized Coefficients (Constant) MKTG_ST 1 EMP_TRNG Standardized Coefficients B Std. Error 1. 224 1. 470 . 394. 200. 082. 201 . 003 FNDG. 205 AGTY a. Dependent Variable: BUS_SUCS . 229. 227 t Sig. Beta. 422. 099 . 832 1. 971. 405 . 415. 063. 690 . 003. 195 . 015. 905 . 988. 376
Final Model for Success of Small Business Model Unstandardized Coefficients B Standardized Coefficients Std. Error 1. 224 1. 470 MKTG_ST . 394 . 200 a. Dependent Variable: BUS_SUCS Sig. Beta (Constant) t . 832 . 415 . 422 1. 971 . 063
IMPLCATIONS • EMPLOYEE TRAINING AND FUNDING SHOW LITTLE SIGNIFICANCE • MARKETING STRATEGY AND AGILITY ARE GREATR INDICATORS OF SMALL BUSINESS SUCCESS
RECOMMENDATIONS • FOR ORGANISATIONS • FOR RESEARCHERS
Thank You
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