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8/12/2019 58816606 Barriers to Sme Growth in Ghana
1/39
Small Business Economics (2008) 30:385403 Springer 2007
DOI 0!007"s87#007#$04%#
&'e Barriers o ro*' in'ana
+aul ,! -! .o/son
Bernar -! O/eng
-BS&.-1&! &'is paper presens 'e
resuls o orere logi regression moels o'e pro/lems ace / 500 enrepreneurs
rom si regions o 'ana agains 'e
c'aracerisics o 'e enrepreneurs an 'eir
/usinesses an *'e'er 'ese *ere
ssemaicall relae o a lis o 37 acors
'a 'e perceie as limiing 'eir a/ili o
ac'iee 'eir o/6ecies in 'e perio 2002
2005! &'e resuls s'o* 'a 'e eucaion
/u no 'e se or age o 'e enrepreneurs
*ere relae o /usiness /arriers! amil
Businesses gro*ing /usinesses 'ose
proiing raining an 'ose *'ic' i no
spen mone on .9D *ere more liel o
encouner /usiness /arriers! &'e inings o
'e researc' also reeale 'a in general
irms in conur/aions *ere more liel o
encouner /arriers!
;E< =O.DS: Enrepreneurs'ip/usiness /arriers /usiness o/6ecies-rica!
,E> 1>-SSII1-&IO?S: D2 >2 >2%@3!
! Inroucion
&'ere is a as enrepreneurs'ipan small /usiness lieraure*'ic' is concerne *i'eplaining 'e acors /e'insuccessul irms paricularlpapers looing a 'eeerminans o gro*' (>iunenan &o'mo 2003A
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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s o 'e enrepreneurs an 'eir/usinesses an *'e'er 'ese*ere ssemaicall relae o alis o 37 acors 'a 'eperceie as limiing 'eir a/ilio ac'iee 'eir o/6ecies in 'e
las 3 ears an 'e *ere alsogien 'e opporuni o inicae i'ere *ere o'er acors noinclue in 'e lis! .esponensinicae *'e'er 'e acors ellino one o our caegories no
imporanmoeraelimporan
imporan orcruciallimiaion!&'is
acaemicsan alsopolic maersso 'a ourunersaningo
enrepreneurs'ip can /eaance analso 'apu/lic secormone is
aanageousl spen or'e /enei ooseringgro*'! ='ils'e ocus o
'e researc'is 'anacomparisons*i' /usinesspro/lems
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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386 +aul ,! -! .o/son an Bernar -! O/eng
and difficulties in the US, UKand other coun-tries willalso be made in the paper.
This study is
therefore aimed toidentify andunderstand the natureof entrepreneurship inhana and to identifythe problems, whichentrepreneursencountered. !f hana,and "frica more#enerally are to #rowand to achie$e le$elsof prosperity which arecloser to those le$elsen%oyed in de$eloped
countries such as theUS then there is aneed to better under-stand entrepreneursproblems.
The ne&t sectionbrie'y re$iews thepre$ious research. Thethird section describesthe data set andmethodolo#y and thehypotheses, which aretested a#ainst thecharacteristics of thebusi-nesses and theentrepreneurs. Thefourth sectionpresents the mainresearch (ndin#s.)astly, a conclusioncompletes the paper.
2! +reious researc'
Ta#oe et al. *+used si& case studiesto e&amine the impactof (nancial sectorliberali-sation */S)policies on the formalmana#e-ment of smalland medium-si0edenterprises in hana.
Ta#oe et al. *+found that the main(nancial challen#efacin# S12s wasaccess to aordablecredit.
4olf *+5analysed a data set of enter-prises in theformal commercial
a#ricultural andmanufacturin# sectors
in hana. 4olfs *+5 studye&aminede&porters,performanceindica-tors,and the mainbusiness
obstacles.4olf *+5used a si&point scale of7not, little,somewhat,uite, $ery,ande&tremely,and re-portedthe results of9 factors, butdid not relatethese to thecharacteristicsof the
enterprises ortheir owners.She found thatinterest rates*6+:, accessto credit*+:,depreciation*56: andin'ation *53:were the fourmostimportantbusinessobstacles inhana, where
thepercenta#e inparentheseswere thecombined $eryor e&tremelyproblematicscores.
1ambula*++inter$iewed 3+small busi-nessentrepreneursin ;i#eria aswell as#o$ernmentofficials, banie'olm ($$8)oun in eas-rica 'a 'egener o 'eo*ner#manager*as a signiicaneermi#nan o'e surial raeo 'e /usiness! -su
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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3? +aul ,! -! .o/son an Bernar -! O/eng
by Sau and 1anu*+5 reported thatthe hanaian female-owned (rms weremore lihGuali(cations. !t wouldbe #enerally e&pectedthat those entre-preneurs with hi#hle$els of educationencoun-tered fewerproblems than thosewith lower le$els ofeducation.
The education of theentrepreneurs was
cate#orisedaccordin# totheir hi#hestuali(ca-tioninto one of four #roups7 *ipost#raduate,professional
uali(cations,de#rees orA2 H" le$els,where thelater are theuali(cationswhichdeterminesentry touni$ersities inhana and theUK, and areeui$alent tohi#h school#raduation inthe USC *iitechnical,
$ocational andapprenticeshipsC *iii A2 H@le$el whichcorresponds tothose with aneducation upto 6 years ofa#eC and, *i$
%unior schoolcerti(-cates,or noeducation.
3!2! >ocaion
!n the UK $ariousstudies ha$efound thatsmallbusinesseswhich werelocated inmore Haccessi-ble rural areasperformedbetter thantheircounterpartsin the urbanareas *Keeble,+3.
=owe$er,similar studiesunderta
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the perfor-mance and#rowth of smallbusinesses by loca-tion. The closenessbetween (rms andtheir customers canpro$ide impetus forde$elopment due tothe ease with which
the (rms can identifycustomer needs. Thus,it is e&pected thatthose (rms inconurbationsencounter fewerbarriers than othertypes of locations.
4! .esuls
The entrepreneursindicated if each ofthe fac-tors was notimportant, moderately
important, important,or of crucial important./or ease of interpretation of theresults it was feltdesirable to combine
to#etherimportant andcrucial for thesummarystatistics,althou#h inthe re#res-sionmodels thefourcate#orieswere retained
and estimatedby orderedlo#it models.
Tests formulticollinearity usin#correlationmatrices,tolerancestatistics and$ariancein'ationfactorssu##est thatthis is not aproblem in themodels.Table !shows the listof barriers,
which wereencounteredin tryin# tomeet theirbusiness
ob%ecti$eso$er the last 3years.
The hi#hrate of in'ation wasthe most per-cei$edlimitation and
it wasmentioned by9.5: of therespondents.
This wasfollowed bytoo hi#hinterest rateswhich wasmentioned by68.: of therespondentsand the hi#hrate of thedepreciationof the Aedi
occupied thethird positionwith 63.:.
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&'e Barriers o ro*' in 'ana 3?
T"B)2!
)imitations encounteredby entrepreneurs in
achie$in# their businessob%ecti$es o$er the last 3
years, *: report-in#important, or crucial
limitation
/actor
inance!nadeuate access to debt (nance
!nadeuate access to euity (nance
!nterest rates too hi#h
Go not ha$e collateral to
secure ban< loan
Gifficult to meet loan criteria
!nadeuate family (nance
@are!nadeuate demand
Too many competin# (rms
Aompetition from imported
#oods
=i#h ad$ertisin# costs
!nadeuate mar
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*See Tables !!EF!!.1ore speci(callyfamily businesseswere more li
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3$2
T"B)2
encounteredb
yentrepreneursinachie$in
#theirbusine
s
s ob%ecti$es o$er the last three years, by (nancial factors
!nadeuateaccess
!nadeuate accessto !nterest rates
to debt (nance euity (nance too hi#h
rowth ).6 *.5 ).5 *.a
1anufacturin# ).6?? *.+3a ).53*.+88
Ser$ices ).8+ *.+6a ).+59*.+?
Si0e *)o# .6? *.+6a ).*.+9?
2&porter ).3 *.+3 .+?8 *.+3
!nno$ator ).3 *.+8 ).368*.+56
IG ).36+ *.+39 .?5 *.++
Trainin# .9 *.? .3+6*.++?
/amily Business .59 *.+9c .++?*.+56
ender ).9 *.+8 .53 *.36
"#e .66? *.88c ).9*.??5
=i#h school #raduation plus ).+65 *.++ .9? *.+8
TechnicalJ Foc ).36*.+ ).533*.+?9
H@ )e$els ).88*.+99 ).5*.3+?
Aonurbation .+5 *.+3+ .69 *.+9
)ar#e Town .+ *.+89 .63 *.353
)o# li
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foreduca
tionthee&clu
dedcomparison
#roupisDunio
rSchoolAertifi
cate *plus no education, 3 obser$ationsC for location thee&cluded comparison #roup is small towns.
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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+aul
,!-!.
o/son
an
0
Bern
ar0-!
O/en
g
&'e Barriers o ro*' in 'ana
&-B>E III
Esimaes o an orere logi moel o 'e limiaions encounere /enrepreneurs in ac'ieing 'eir /usinesso/6ecies oer 'e las 'ree ears /
mare relae acors
Inaeuae &oo man 1ompeiion rom ig' aerising Inaeuaeeman compeing irms impore goos coss mare researc'
ro*' 0!004 (0!004) 0!003 (0!004) 0!0% (0!005)a
0!008(0!005)c
0!00(0!005)@anuacuring )0!2%4 (0!25% ) 0!75 (0!25) )!52 (0!28)
a0!454(0!2%4)
c)0!%5(0!257)
Serices )0!223 (0!2%0) 0!250 (0!255) )!543 (0!2$5)a
0!430(0!2%8) )0!287(0!2%2)Sie (>og) )0!7$ (0!2%)
a)0!334 (0!25) )0!3$0 (0!287) )0!322(0!2%5) 0!8(0!2%%)
Eporer 0!502 (0!230)/
)0!300 (0!220) 0!223 (0!255) 0!050(0!230) 0!04$(0!233)Innoaor )0!387 (0!202)
c0!2$$ (0!207) 0!3$ (0!237) )0!335(0!2 )0!5(0!25)
.9D )0!28% (0!233) )0!87% (0!22%)a
)0!%2% (0!27)/
0!77(0!225) )0!334(0!234)&raining 0!22 (0!$2) )0!20 (0!$) 0!07$ (0!222) 0!22(0!$5) )0!4(0!20)
amil Business 0!402 (0!22)c
0!3$3 (0!208)c
)0!44% (0!235) 0!27(0!28) 0!%$8 (0!23)a
ener )0!37% (0!27%) 0!37$ (0!278) 0!0% (0!322) )0!358(0!2%7) )0!005(0!288)-ge 0!%22 (0!87$) )!857 (0!85%) )0!454 (0!$$2)
/)!307(0!8$5) 0!7$(0!$05)
ig' sc'ool )0!053 (0!245) )0!5%4 (0!247)/
0!3$4 (0!28)c
)0!25$(0!25) )0!0(0!2%)grauaion plus
&ec'nical"Goc 0!053 (0!24) )0!40$ (0!248)c
0!47% (0!284)c
0!428(0!247)c
0!53% (0!255)/
HO >eels )0!373 (0!280) )0!473 (0!2%3)c
0!374 (0!307) )0!0%3 (0!274) )0!003 (0!288)1onur/aion 0!3 (0!224) 0!584 (0!22$)
/!300 (0!30)
a)0!7%2(0!233)
a)0!382(0!24)
>arge &o*n )0!2%4 (0!278) 0!%32 (0!27$)/
0!$82 (0!355)a
)0!7$$(0!283)a
)0!24(0!2$5)
>og lieli'oo )5%2!40 )58$!%08 )442!84% )552!237 )505!434
? 443!a
Sig
niicanaFleel!
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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/
Signiica
na5Fleel!c
Sig
niicana0Fle
el!
results showed nostatistically si#ni(cant rela-tionship with familybusinesses. !n e&aminin#the infrastructure factorsand socio-cultural factorsa#ainst family and non-family businesses shown in
TableF!!, the data re$ealedthat hi#h transport costsand the use of businessresources to support familywere the only statisticallysi#ni(cant results. Theresults are consistent withpre$ious researchers whoha$e established lin
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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supply, which were bothinfrastructure barriers showninTableF!!C and more li
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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3$4
&-B>Ere /
enrepreneursi
nac'ieing'eir/us
inesso/6eciesoer'elas'reeea
rs
/managerialanec'nical
acors
S'orage o ig' *ages -ccess o ne*
sille la/our or sille la/our ec'nolog
ro*' 0!007 (0!004) 0!0(0!004)a
0!00%(0!004)@anuacuring )0!378 (0!25$) 0!380(0!255) 0!533 (0!248)
/
Serices )0!04 (0!2%0) 0!2$5(0!25$) )0!%4(0!254)
Sie (>og) 0!238 (0!2%%) 0!5(0!257) 0!82(0!25)Eporer )0!0$5 (0!242 0!54(0!227) 0!44(0!224)
Innoaor )0!%4 (0!22)a
)0!570 (0!203)a
)0!024(0!207)
.9D )0!27 (0!240) )0!57%(0!22%)a
)0!%4%(0!227)a
&raining 0!32 (0!202) 0!055(0!$2) 0!8(0!$4)amil Business 0!%00 (0!225)
a0!$07 (0!20)
a0!4%$ (0!2$)
/
ener )0!344 (0!275) )0!3(0!277) 0!452(0!283)-ge !32 (0!$2%) 0!7%(0!875) 0!80(0!880)
ig' sc'ool )0!035 (0!258) )0!43%(0!242)c
)0!447(0!25)c
grauaion plus)0!%&ec'nical"Goc 0!472 (0!255)
c0!0$(0!243) (0!24%)
HO >eels 0!377 (0!28) )0!204(0!274) 0!034(0!27$)
1onur/aion )0!83 (0!238)a
)0!342(0!234) )0!34$(0!233)>arge &o*n )0!253 (0!288) )0!37(0!288) 0!2%$(0!288)
>og lieli'oo )520!04$ )575!%%7 )5%2!883
? 443!a
Si
gniicanaFleel!/
S
igniicana5Fleel!c
Si
gniican
a0Fleel!
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+aul
,!-!.
o/son
an
0
Bern
ar0-!
O/en
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T"B)2F
2stimates of an ordered lo#it model of the limitationsencounteredbyentrepreneur
sinachie$in#theirbusinessob
%ecti$eso$erthelastthreeyear
s,byin
putsre-lated
factors
=i#hcost =i#h cost ofof local imported raw
raw materials materials
rowth .*.a
.3 *.1anufacturin# ).38*.+6 ).+5 *.+6
Ser$ices ).3?9*.+6?a ).93 *.+9a
Si0e *)o# ).6*.+66/ ).33 *.+6
2&porter ).+*.++? .8 *.++/
!nno$ator .?*.++ .5? *.+5/
IG ).36*.+3 ).5+ *.+35c
Trainin# .353*.++c . *.++a
/amily Business .355*.+ ).68 *.+
ender .99*.+8 .6 *.+?3
"#e ).+39.8? ).9?6 *.8?9/
=i#h school ).655*.+3/
).53 *.+
#raduation plus
).+8 ).53TechnicalJ Foc. *.+5 *.+6
H@ )e$els ).3*.+98/ ).3+8 *.+8
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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Aonurbation ).6*.+38/ .63 *.+53/ ).+5*.+3? ).36
)ar#e Town ).9?+*.+?+a ).59 *.35 ).+66 *.35 .+
)o# li
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&'
eB
arriers
(o)ro*
('
in)'
an
a
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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3$5
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3?6 +aul ,! -! .o/son an Bernar -! O/eng
&-B>E GI
Esimaes o an orere logi moel o 'e limiaions encounere / enrepreneurs in ac'ieing 'eir /usinesso/6ecies oer 'e las 'ree ears / economic"regulaor acors
ig' rae o ig' epreciaion ig' a an .egisraion" 1orrupioninlaion o 'e cei impor uies >icensing".e ape
ro*' 0!004(0!005) 0!00%(0!004) 0!004 (0!004) 0!07(0!004)/
0!00%(0!005)@anuacuring )0!357(0!252) )0!044(0!24%) 0!7$5 (0!25)
a0!3(0!2%2) )0!455 (0!252)
c
Serices )0!507(0!25%)/
)0!0$(0!252) 0!77% (0!257)a
0!2%0(0!2%%) )0!582(0!2%)Sie (>og) )0!2$4(0!252) 0!2% (0!250) )0!00% (0!255) )0!2(0!2%$) )0!08(0!2%%)Eporer )0!030(0!22%) )0!7(0!2$) 0!333 (0!22$) )0!5(0!238) )0!205(0!23%)
Innoaor )0!00(0!20%) 0!070(0!202) 0!284 (0!204) 0!450(0!23)/
0!74(0!23).9D )0!04(0!225) )0!304(0!225) )0!$0 (0!222) 0!32 (0!234) )0!2$0(0!23$)&raining 0!270(0!$4) 0!04(0!$0) 0!338 (0!$5)
c0!44$(0!203)
/0!20(0!20)
amil Business 0!0%7 (0!24) 0!0$ (0!2) )0!087 (0!22) 0!548(0!234) 0!57$(0!228)
ener )0!3$%(0!282) )0!020(0!27$) 0!033 (0!283) )0!0%%(0!2$4) )0!45(0!285)-ge )0!80$(0!878) )!%28(0!857)
c0!008 (0!852) 0!38(0!$5) 0!387(0!$4)
ig' sc'ool )0!7$(0!250) )0!078(0!247) 0!2 (0!248) 0!570(0!2%0)/
0!05(0!258)grauaion plus
&ec'nical"Goc! )0!074(0!250) 0!7$(0!250) 0!002 (0!24%) 0!%4(0!2%0) )0!05%(0!258)HO >eels )0!84(0!2%8) 0!0% (0!2%3) )0!040 (0!2%%) 0!25$(0!27%) 0!87(0!28)
1onur/aion 0!082(0!22%) 0!278(0!224) !023 (0!23)a
0!504(0!24)/
0!4$4 (0!235)/
>arge &o*n )0!54(0!28)c
)0!44(0!277) 0!370 (0!27%) 0!0%$(0!2$5) )0!78(0!2$%)
>og lieli'oo )55!22 )584!703 )572!444 )4$3!285 )503 !73
? 443!aSigniican a F leel!
/Signiican a 5F leel!
cSigniican a 0F leel!
of business resources to support family*See Table F!!. These results support the
earlier (ndin# of 1ead and )iedholm*??8 who reported that micro (rmse&perienced hi#her closure rates than thesmall and medium (rms due to a lac< ofdemand and the shorta#e of wor
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&'e Barriers o ro*' in 'ana 3?9
!n hana it is e&tremelydifficult for the small businessowner-mana#er to secure euity
loans from the stoc< mar
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si#ni(cant at the : le$el orbetter7 inadeuate access todebt (nance, interest rates toohi#h, no collateral to secureban< loans, the difficulty to meetloan criteria, and inadeuatefamily (nance. !n four inputsmodels sector was statisticallysi#ni(cant at the : le$el andthey were7 the hi#h cost of localraw materials, the hi#h cost ofimported raw materials,inadeuate supply of rawmaterials, and the poor ualityof local raw materials.
!n contrast, ser$ice sector (rmswere much more li
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3$8
&-B>E
encounere/en
repreneursinac'ieing'eir/usines
so/6eciesoer'e
l
as 'ree ears / inrasruc#ure an socio#culural acors
ig' cos o uili >ac o inusrial ig' ranspor >o* uali o +oor elecommunicaio
c'arges sies coss elecrici"*aer ne*or:ssuppl
ro*' 0!04 (0!004)a
0!00(0!005)/
0!008 (0!004)c
0!005 (0!004) )0!005 (0!005)@anuacuring 0!773 (0!254)
a!00 (0!282)
a)0!40$ (0!243) !0$3 (0!2%)
a0!3$0 (0!270)
Serices 0!72% (0!258)a
0!%% (0!287)/
)0!387 (0!250) 0!802 (0!2%3)a
0!57% (0!275)
Sie (>og) )0!828 (0!258)a
)0!354 (0!270) )0!523 (0!25%)/
)0!08 (0!257) 0!020 (0!2%4)
Eporer )0!247 (0!28) )0!00$(0!230) 0!$8 (0!222) )0!288 (0!22) )0!00 (0!23)Innoaor 0!53$ (0!203)
a0!28%(0!22) 0!225 (0!20) 0!5%2 (0!208)
a)0!04 (0!2)
.9D 0!040 (0!22%) #0!47(0!240)c
0!52 (0!22%) 0!3$8 (0!225)c
0!300 (0!228)&raining 0!278 (0!8$) 0!230(0!200) 0!0$4 (0!$) 0!50 (0!$3)
a 0!3$% (0!20)amil Business )0!04% (0!2) 0!405(0!2$) 0!373 (0!20$)
c0!44$ (0!2$) 0!575 (0!22%)
ener )0!04 (0!285) 0!533(0!2%0) )0!224 (0!277) )0!5$4 (0!273)/
)0!275 (0!28%)
-ge !%8 (0!877)c
0!053(0!$02) )!00 (0!872) !0% (0!857) !%55 (0!8$2)
ig' sc'ool 0!54 (0!24%) #0!%82(0!2%0)a
)0!35% (0!243) )0!00 (0!24$) 0!588 (0!2%)grauaion plus
)0!044 )0!20 )0!28&ec'nical" Goc! (0!245) (0!25) 0!287 (0!247) (0!250) 0!274 (0!2%)HO >eels )0!25% (0!2%$) )0!58 (0!288)
/)0!05 (0!272) )0!48 (0!27%) 0!455 (0!28)
1onur/aion 0!427 (0!22%)c
0!%5% (0!245)a
0!22$ (0!22%) 0!40 (0!23)c
)0!240 (0!240)>arge &o*n 0!053 (0!27$) 0!35(0!302) )0!228 (0!27%) 0!$ (0!287) )0!88 (0!2$8)
>og lieli'oo )580!27$ )52$!233 )58!532 )5%2!04% )508!2%8
? 443!a
SigniicanaFleel!/
Signiicana5Fleel!c
Signii
can
a0Fleel!
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+aul
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ern
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&'e Barriers o ro*' in 'ana 3??
supply, and poortelecommunication networ
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mana#ers.
4!! Eucaion
!n the models the e&cludedcomparison #roup was %uniorschool certi(cates. There were$ery few relationships between
secondary school certi(cates, ortechnical and $ocational uali(-cations compared to %uniorschool le$els of education andthe business barriersC only fourmodels showed ne#ati$elysi#ned statistically si#ni(cant
relationships. !ncontrast thoseentrepreneurs withle$els of educationassoci-ated with "le$els or hi#her,correspond to#raduatin# from hi#hschool in the US, weremuch less li
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5 +aul ,! -! .o/son an Bernar -! O/eng
the hi#h cost of localraw materials,outmoded euipment,the hi#h cost of replacin# oldeuipment, thedifficulty in (ndin#
appropriateeuipment and thepoor uality of imported rawmaterials.
The model resultscon(rm the analysis ofthe crosstabulations ofeducation a#ainst thebusi-ness barriers andthat thoseentrepreneurs whoha$e stayed on andachie$ed a formalle$el of educationassociated with an 8year old, or hi#her, aremuch less liocaion
The results show thatlocation plays animpor-tant part ine&plainin# theli
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were more li
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&'e Barriers o ro*' in 'ana 5
percenta#e of respondents whoindicated that thiswas an important or a
crucial problem. Thestudy found thatbusinesses whichemployed familymembers were moreli
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conditions for anentrepreneurialeconomy in hanathey ha$e clearly hada short term ad-$erseimpact on business.
The (ndin#s doallow #o$ernment to
loo< at those factorswhere they can maonon:
,essica ;ingsle+u/lis'ers!
Barringer B! .! ! !,ones an D! O!
?eu/aum 2005 -Juaniaie
1onen -nalsis o'e 1'aracerisicso .api ro*'
irms an &'eirouners ,ournalo BusinessGenuring 20(5)%%3%87!
Barle =! an G!Buic 200Barriers o S@Ero*' inSloenia @O1@OS& 77$5!
Baes &! $$0
Enrepreneur uman
1apial Inpus an
Small Business>ongei &'e
.eie* o Economics
an Saisics
72(4) 5555$!
Broos/an D! 2000HSel#Emplomenan Small irmsK
in S! 1arer an D!,ones#Eans
(es!) Enerprise
an SmallBusiness:
+rinciples +racicean +olic >onon:inancial &imes+renice all!
Brou*er E! -!;leinnec' an ,!O! ?! .ei 6nen
$$3 Emplomenro*' anInnoaion a 'eirm >eel
,ournal oEoluionarEconomics 3(2)535$!
Buame S! ;! $$%Enrepreneurs'ip:
- 1oneual+erspec#ie!
Discourses an+rais o
Enrepreneurial
-ciiies =i'in 'eInsiuional1one o 'ana>un: >unCniersi +ress!
1os' -! an -!
ug'es 2003
HSie -ge ro*'
Business
1onsrains an
@anagemen
1'aracerisicsK in
-! 1os' an -!
ug'es (es!)
Enerprise1'allenge: +olic
an +erormance
in 'e Briis' S@Es
Secor $$$2002
1am#/rige: ES.1
1enre or
Business
.esearc'
Cniersi o
1am/rige!
8/12/2019 58816606 Barriers to Sme Growth in Ghana
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402 +aul ,! -! .o/son an Bernar -! O/eng
Aosh, "., ". =u#hes and 1.4eeer-formance, /irm Si0e,and 1ana#ement>roblem Sol$in# ,
,ournal o Small Business@anagemen 38*5, 5+E8.Iobb, ". and D. 4ol
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US".
Sau, K. and T. 1anu, +5,HStrate#ic Aapabilities ofha-naian /emale Business@wners and the >erformanceof Their Fentures , 1imeo,@ntario, Aanada, Broc