Influence of Selected Factors on The Growth of Exhibitions: A Survey of Machakos Central Business District, Kenya
DOI:
https://doi.org/10.53819/81018102t5335Abstract
It is envisaged that sustained growth of small and medium enterprises is the greatest tool to economic growth and poverty reduction in developing nations. In the rapidly changing global business environment the competitive success of micro and small enterprises arises from the continuous development and reconfiguration of the enterprise’s specific asset with a view of achieving sustainable competitive advantage. In light of this fact, this study sought to examine the influence of selected factors on the growth of exhibitions in Kenya through a survey of Machakos Central Business District in Machakos town. Among the factors under study were the influence of financial records management; recruitment; pricing and the business environment on the growth of exhibitions. To achieve this, the study employed the use of a descriptive survey that targeted all the exhibition owners thus a census study. A structured questionnaire was used to gather data from the respondents. The study targeted all 150 exhibition traders and was able to draw the participation of 127 respondents. All the quantitative data gathered during the study was analysed with the aid of Statistical Package for the Social Sciences, while the qualitative data was analysed through content analysis. The findings revealed that good financial record management, good recruitment and selection processes, an effective pricing strategy and a conducive business environment all positively impact on the positive growth of exhibition centres. The results of this study provide an in-depth understanding of the operations of exhibitions by stakeholders. The study concludes that despite experiencing significant growth, exhibition traders still face numerous challenges related to the four selected factors influencing business growth, including lack of basic accounting skills, inadequate human resource management skills, unsupportive by-laws, and limited financial skills, which collectively hinder the growth of exhibition businesses. The study recommends that the County government establish a "One Stop Business Development and Solution Centre" to address the integrated challenges facing Exhibition Centres (ECs) and SMEs. In addition, business owners and employees should seek out trainings and workshops to enhance their management and record-keeping skills. Furthermore, County Governments are advised to review and develop business-friendly policies and regulations to create a supportive ecosystem for ECs and SMEs.
Keywords: Financial records management, recruitment, pricing, business environment, growth, Exhibition Centres, Machakos town Central Business District, Kenya
References
Acar, E., & Yazici E.O. (2006). Competitive micro environment of small residential contractors. Proceedings of the 1st International CIB Student Chapters Postgraduate Conference: Built Environment and Information Technologies, Andolsun, S., Temizsoy, A. & Uçar, M. (eds.), March 16-18, Middle East Technical University, Ankara, pp. 433-447.
Amram, M. (2005). Financial management. Melbourne Business School Library bibliographies, 1-12.
Analoui, F., & Karami, A. (2003). Strategic management in small and medium enterprises. London: Thomson Learning.
APEC. (2002). CEO Summit. Asia-Pacific Economic Cooperation Approaches. (2nd ed.).Thousand Oaks, CA: Sage.
Aris, N. M. (2007). SMEs Building blocks for economic growth', Department of Statistics, Malaysia.
Ashour, A., & Bontis, N. (2004). Intellectual capital in Egyptian software firms. The Learning Organization, 11(4, 5), 332-346. https://doi.org/10.1108/09696470410538233
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17, 99- 120. https://doi.org/10.1177/014920639101700108
Becker, G. (1964). Human Capital. New York: Columbia University Press.
Berg, B. L., Lune, H., & Lune, H. (2004). Qualitative research methods for the social sciences (Vol. 5). Boston, MA: Pearson.
Bosma, N. M., Prag. R., Thurik., & de Wit, G. (2004). The Value of Human and Social Capital Investments for the Business Performance of Startups. Small Business Economics 23(3), 227-236. https://doi.org/10.1023/B:SBEJ.0000032032.21192.72
Brink, A., Cant, M.C., & Ligthelm, A. (2003). Problems experienced by small scale businesses in South Africa. Retrieved from: http://www.cecc.com.au/ programs/resource_manager/accounts/seaanz_papers/NewdocCant.pdf
Bruderl, J. P., & Preisendorfer, R. Z. (1992). Survival chances of newly founded business organizations. Amer. Sociol. Rev. 57(2) 227-242. https://doi.org/10.2307/2096207
Brush, C. G., de Bruin, A., & Welter, F. (2009). A gender-aware framework for women’s entrepreneurship. International Journal of Gender and Entrepreneurship, 1(1), 8-24. https://doi.org/10.1108/17566260910942318
Burns, A., & Groove, B. (2003). The Practice of Nursing Research: Conduct, critique and utilization. 4th edition. W. B. Saunders Company.
Cabrita, M., & Bontis N. (2008). Intellectual capital and business performance in the Portuguese banking industry, International Journal of Technology Management, 43, 1/2/3, 212-237. https://doi.org/10.1504/IJTM.2008.019416
Chang, J. Y., Tseng, C. W., Chu, Y. C., Wattal, S., Partell, M., & McCluskey, E. J. (1998, April). Experimental results for IDDQ and VLV testing. In VLSI Test Symposium, 1998. Proceedings. 16th IEEE (pp.118-123). IEEE. https://doi.org/10.1109/VTEST.1998.670858
Chea, C. Y., & Chew, D. A. (2005). Dynamics of strategic management in the Chinese construction industry. Management Decision, 43(4), pp. 551-567. https://doi.org/10.1108/00251740510593558
Churchill, N. C., & Lewis, V. L. (2007). The five stages of small business growth. Harvard Business Review, 61, 30-50.
Codjia M. (2012). The Relationship between Internal Controls and Cash Management, eHow.comhttp://www.ehow.com/facts_6816356_relationship-internal-controls-cash management, html#ixzz23bAZSJ8S
Collins., & Jarvis (2002). Importance of Preparing a Cash Flow Statement, eHow.com http://www.ehow.com_info 8147192 importance preparing cash-flow statement.html#ixzz23bGEIWLn
Colombo, M. G., & Grilli, L. (2005). Founders' human capital and the growth of new technology-based firms: a competence-based view, Research Policy, 34, 795-816. https://doi.org/10.1016/j.respol.2005.03.010
Cooper, D. R., & Schindler, P. S. (2006). Business Research Methods, 9th, edition. McGraw-Hill Publishing, Co. Ltd. New Delhi-India.
Cooper, D. R., & Schindler, P. S. (2011). Business Research Methods, 11th, edition. McGraw-Hill Publishing, Co. Ltd. New Delhi-India.
Daley, J. (2001). The intangible economy and Australia. Australian Journal of Management, 26(3) Special August Issue. https://doi.org/10.1177/031289620102601S01
Dess, G. G., Lumpkin G. T., & Eisner, A. B. (2010). Strategic management: Creating competitive advantages. 5th ed. New York: McGraw-Hill Irwin.
European Commission. (2003). Entrepreneurial Attitudes in Europe and the United States: Flash Euro barometer Survey, http://europa.eu.int/comm/enterprise/ enterprise policy/survey/eurobarometer134 en.pdf
Fatoki, O., & Garwe, D. (2010). Obstacles to the growth of new SMEs in South Africa: a principal component analysis approach. [Online] available from: http://www. academicjournals.org/AJBM/PDF/pdf2010/May/Olawale%20and%22Garwe.pdf
Hall, C., & Harvie, C. (2003) A comparison of the performance of SMEs in Korea and Taiwan: policy implication for turbulent times, Conference paper, 16th Annual Conference of Small Enterprise Association of Australia and New Zealand, Ballarat.
Harris, M. L., & Gibson, S. G. (2006).Determining the common problems of early growth of small businesses in Eastern North Carolina. Journal SAM Advanced Management.
Harvie, C., & Lee. G.(2005).Sustaining Growth and Performance in East Asia: The Role of Small and Medium Sized enterprises, Volume III, Edward Elgar,Cheltenham, UK. https://doi.org/10.4337/9781845425630
Hessel, J., & Terjesen, S. (2008). Entrepreneurial Carrier Capital, Innovation and New Venture Export Orientation.
Hisrich, R. D., & Drnovsek, M. (2002). Entrepreneurship and Small Business Research. Journal of Small Business and Enterprise Development, 9, 172-222. https://doi.org/10.1108/14626000210427348
Huang, Y. C., & Wu, Y. C. (2010).Intellectual capital and knowledge productivity: the Taiwan biotech industry, Management Decision, Vol (48).No(4), 580-599. https://doi.org/10.1108/00251741011041364
Hunger, J. D., & Wheelen, T. L. (2003). Essential of strategic management.3rd ed. New Jersey: Prentice Hall.
Iraj, H., & Besnik, A. K. (2011).Entrepreneurship and SME growth: evidence from advanced and laggard transition economies, International Journal of Entrepreneurial Behaviour & Research, 17, pp.456-460. https://doi.org/10.1108/13552551111158817
Islam, M. Z., Ahmed, S. M., Hasan, I., & Ahmed, U. (2011). Organizational culture and knowledge sharing: Empirical evidence from service organizations. African.Journal.Business.Manage.5 (14): 5900-5909.
Jasra,J. M., Khan, A., Hunjra, M., Rehman, R., & Azam, I. (2011). Determinants of Business Success of Small and Medium Enterprises. International Journal of Business and Social Science 2.20 274-280.Available at: http://works.bepress.com/ahmed_hunjra/21
Kinyanjui, M. N. (2005). Overcoming barriers to Enterprise Growth: The experience of MSEs in Rural Central Kenya Nairobi, Kenya.
Kombo, D. K., & Tromp, D. L. (2006). Proposal and Thesis Writing: An Introduction. Paulines Publications’ Africa, Nairobi.
Kothari, C. (2004). Research Methodology: Methods and Techniques, 2nd edition. New Age International Publishers, New Delhi, India.
Kothari, C., & Garg G. (2014). Research methodology: methods and techniques, 3rd edition. New Age International Publishers.
Kotler, P. (2004). Marketing management; analysis, planning, implementation and control. Ninth edition. United Sates. Pearson education Inc.
Kuratko D. F., & Hodgetts, R. M. (2008).Entrepreneurship in the millennium, New Delhi, India: Southwestern, Akash Press.
Langford, D., & Male, S. (2001). Strategic management in construction. 2nd ed. London: Blackwell Science. https://doi.org/10.1002/9780470690291
Lavrakas, P. J. (2008). Encyclopaedia of Survey Research Methods. (Volume 1). Thousand Oaks, CA: Sage Publications. https://doi.org/10.4135/9781412963947
Lefebvre, E., & Lefebvre, L. A. (2002). Determinant of export performance and behaviour: A longitudinal study of manufacturing SMEs in Kleinknecht. Econometric Explorations of Survey Data, 5(1): 281-309.
Lev, B. (2001). Intangibles management, measurement and reporting. Washington: The Brookings Institution.
Li, D. (2005). Review of SMEs’ international cooperation in Southern SuZhou. Business Modernization 451: 33-35.
Lin, J. D., Lin, Y. W., Yen, C. F., Loh, C. H., & Chwo, M. J. (2009). Received. Understanding and satisfaction of national health insurance premium subsidy scheme by families of children with disabilities: A census study in Taipei City. Research in Developmental Dissabilities, 30(2), 275-283. https://doi.org/10.1016/j.ridd.2008.04.004
Lind, P. (2005). Competitiveness through increased Added Value: A Challenge for Developing Countries, Journal Comparative International Management, Vol. 8, No. 1, pp. 42-57.
Lyles, M. A. (2004). Venture survival in a transitional economy. Journal of Management, 30(3): 351-375. https://doi.org/10.1016/j.jm.2003.03.001
Man, M. K., & Wafa, S. A. (2007). The relationship between distinctive capabilities, innovativeness, strategy types and the performance of small and medium-size enterprises (SMEs) of Malaysian manufacturing sector. Retrieved, from http://infotech.monash.edu.au/research/centres/cdsesr/paperspdf/a104.pdf
Martin, G., & Staines, H. (2008). Managerial Competencies in Small Firm. From http://www .emraldinsight.com/insight/viewcontentitem.do?contenttype
McChlery, S., & Godfrey, L. M. (2005). Barriers and Catalysts to Sound Financial Management Systems in Small Sized Enterprises. CIMA Research Executive Summaries Series, London. https://doi.org/10.1108/96754260580001040
McNamara, C. (2012). All About Financial Management in Business, from Managementhelp.org: http://managementhelp.org/businessfinance/index.htm
Mugenda, O. M., & Mugenda, A. G. (2008). Research Methods: Quantitative and Qualitative Approaches, Acts Press, Nairobi-Kenya.
Nagayya, D. D., & Rao, T. V. (2011). Enabling Small and Medium Enterprises to Target Globalization. IUP Journal of Managerial Economics, 9(4), 15-32.
National SME Development Council (2011).SME annual report 2009/10', Kuala Lumpur.
Nevado, P. D., & Lopez R, V. (2002). El capital intellectual: Valoracion Medicion. Madrid: Prentice Hall.
Neuendorf, K. A. (2002). The Content Analysis Guidebook Online
Niemen, G.H., Hough, J., & Nieuwenhuizen, C. (2003). Entrepreneurship: A South African Perspective. Pretoria: Van Schaik Publishers.
NSDC. (2009). SME Annual Report 2008. From: http://www.smecorp.gov.my/node/1188
OSMEP. (2007). Situation and Structural Indicators of SMEs in 2008 and 5-Year Changes, White Paper on SMEs 2007.
OSMEP. (2008). Situation and Structural Indicators of SMEs in 2008 and 5-Year Changes, White Paper on SMEs 2008 and Trends 2009.
Parijat, U., Saeed, J., & Pranab K. D. (2011). Factors influencing ERP implementation in Indian manufacturing organisations: A study of micro, small and medium-scale enterprises. Journal of Enterprise Information Management, 24(2), 130-145. https://doi.org/10.1108/17410391111106275
Polit, D. F., & Beck, C. T. (2003). In Nursing Research: Principles and Methods. (7th Edition) (413-444). Philadelphia: Lippincott Williams & Wilkins.
Porter, M. (2004). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.
Republic of Kenya. (2007). Sessional Paper No. 2 of 2005 on Development of Micro and Small Enterprises for Wealth and Employment Creation for poverty reduction. Nairobi: Government Printer.
Republic of Kenya. (2012). Micro and Small Enterprises Act. Nairobi: Government Printer.
Reymen, I. M. M. J., Hammer, D. K., Kroes, P. A., Van Aken, J. E., Dorst, C. H., Bax, M. F. T., & Basten, T. (2006). A domain-Independent descriptive design model and its application to structured reflection on design process. Research in Engineering Design, 16(4), 147-173. https://doi.org/10.1007/s00163-006-0011-9
Saunders, M., Lewis, P., & Thornhill, A. (2009). Research methods for business students. (5th Edition). London: Prentice Hall.
Schlogl, H. (2004). Small and medium enterprises: seizing the potential, Observer,No. 243, pp. 46-8.
Schuler, T. (2000). Social and human capital, the search for appropriate techno Methodology, policy studies Vol. 21 No. 1, pp. 25-35. https://doi.org/10.1080/014428700113991
Schultz, T. W. (1961). Investment in Human Capital. American Economic Review, 51, 1-17.
Sha, S. (2006). An investigation into problems facing small to medium sized enterprises in achieving growth in the Eastern Cape: Enhancing the strategy for developing small ‘growth potential’ firms in the Eastern Cape. Retrieved from: http://eprints.ru.ac.za/288/1/Sha-TR06-146.pdf
Sullivan, A., & Sheffrin, D. M. (2003). Economic Principles in Action. Upper Saddle River , New Jersey: Pearson Prentice Hall.
Swierczek, F. W., & Ha, T. T. (2003). Entrepreneurial orientation, uncertainty avoidance and firm performance: an analysis of Thai and Vietnamese SMEs. International Journal Entrepreneurship and Innovation, 4(1), 46-58. https://doi.org/10.5367/000000003101299393
Thomas, E., & Magilvy, J. K. (2009). Qualitative rigor or research validity in qualitative research. Journal for Specialists in Paediatric Nursing, 16(2), 151-155. https://doi.org/10.1111/j.1744-6155.2011.00283.x
Tomecko, J., & Dondo, A. (2001). Improving the potential of small scale and informal sector. Nairobi: K-REP and GTZ.
Waalkens, J. (2006). Building capabilities in the construction sector: Absorptive capacity of architectural and engineering medium-sized enterprises. PhD Thesis. University of Groningen.
Wanjohi, A. M., & Mugure, A. (2008). Factors affecting the growth of MSEs in rural areas of Kenya: A case of ICT firms in Kiserian Township, Kajiado District of Kenya.
World Bank. (2002). Doing Business in 2004: Understanding Regulations, Washington, DC: World Bank.
World Bank, (2010). Bank Financing to Small and Medium Enterprises: Survey Results from Argentina and Chile. Mimeo.
Zikmund, G. W., Babin, B. J., Carr, C. J., & Griffin, M. (2010). Business Research Methods 8th ed. South-Western, Cengage Learning.
Zivkovic, Z., & Zivkovic, D. (2009). Determinants of Entrepreneurial Activities in Serbia, Entrepreneurship & Innovation Journal, Vol. 1, No.1, pp. 162-174.
