Proceedings of The 6th International Conference on Advanced Research in Management, Business and Finance
Year: 2023
DOI:
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Entrepreneurial Competencies of SMMEs in Gauteng Province
Patrick Ebong Ebewo, Elona Ndlovu-Hlatshwayo, Khensane Maluleke
ABSTRACT:
Entrepreneurial competencies of SMMEs are critical for sustainable growth during the unpredictable fluctuations of business cycles. SMMEs in South Africa are vulnerable to various disruptions in the market. Disruptions like COVID-19 had ramifications that required SMMEs to develop competencies in which problem-solving is approached in a nuanced manner that can sustain business growth and development. In a digital Gauteng incubation program, we examined the entrepreneurial competencies of incubated SMMEs. Data was gathered from 176 SMMEs that were virtually incubated during the COVID-19 lockdown. Using descriptive statistics, regression analysis & multi-variate analysis to answer what competency needs are vital for business growth in disruptive markets we were able to see that out of the 9 (nine) entrepreneurial competencies regressed against business growth; lack of marketing skills will severely impact business growth. Financial management skills and technical skills are found to positively contribute towards business growth for SMMEs in Gauteng. Identifying the specific entrepreneurial competencies that stimulate business growth will benefit entrepreneur support organizations seeking to understand the challenges faced by South African SMMEs. This will contribute to a better global understanding of the areas that need to be prioritised for the advancement of resilient and sustainable SMMEs in South Africa.
keywords: business growth, digital incubators, incubators, entrepreneurial competencies, sustainable SMMEs