A study on how a change in strategy can help a small-scale business grow into a limited medium/large-scale enterprise
Mwangi, Leah Mumbi (2020)
Mwangi, Leah Mumbi
2020
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202004245826
https://urn.fi/URN:NBN:fi:amk-202004245826
Tiivistelmä
The aim of the study was to establish how a change of strategy can help a sole proprietor grow into a private limited company. The study was guided by two general objectives which highlighted the factors that shape the entrepreneurial mindset and why enterpreneurs hind their own growth past 20 employees. The beneficiaries for the present study include family business owners, sole proprietors, and community members.
Purposive sampling was used to select participants for the study. The study utilized a sample of 10 business that comprised of seven men and three women from family-owned businesses across Nairobi Kenya. The qualitative study used face to face interviews as data collection instrument. Collected data were analysed using the SPSS software.
The study established that several factors shaped the mind-set of a sole proprietorship. Some of the factors included, motivational influence, established relationship, adequate capital, operational policies, innovation and goal setting, positive and strategic thinking.
Additionally, the study established that employee turnover, inadequate funds and lack of training are fundamental factors which contributed to the lack of growth in the number of small business past 20 employees. In conclusion, sole proprietorship should acquire the necessary skills, training and ensure access to adequate funds to effectively run their business.
Purposive sampling was used to select participants for the study. The study utilized a sample of 10 business that comprised of seven men and three women from family-owned businesses across Nairobi Kenya. The qualitative study used face to face interviews as data collection instrument. Collected data were analysed using the SPSS software.
The study established that several factors shaped the mind-set of a sole proprietorship. Some of the factors included, motivational influence, established relationship, adequate capital, operational policies, innovation and goal setting, positive and strategic thinking.
Additionally, the study established that employee turnover, inadequate funds and lack of training are fundamental factors which contributed to the lack of growth in the number of small business past 20 employees. In conclusion, sole proprietorship should acquire the necessary skills, training and ensure access to adequate funds to effectively run their business.