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IMPACT OF AWARENESS AND KNOWLEDGE ON THE FINANCIAL BOOTSTRAPPING STRATEGIES UTILIZED BY IMMIGRANT ENTREPRENEURS IN SOUTH AFRICA
Corresponding Author(s) : Robertson Khan Tengeh
Humanities & Social Sciences Reviews,
Vol. 8 No. 3 (2020): May
Abstract
Purpose of the study: This paper investigated the extent to which the awareness and knowledge of financial bootstrapping determined the techniques used by immigrant entrepreneurs in the retail clothing sector in the Cape Town metropolitan area.
Methodology: A quantitative research approach was used to collect and analyze data. Through self-administered questionnaires, 135 respondents participated in the study. The data obtained were analyzed using the Statistical Package for the Social Sciences (SPSS) software, version 24.
Main Findings: The results point to the fact that while the respondents made use of a wide range of financial bootstrapping techniques, there was no sufficient evidence to support the fact that this was influenced by their level of awareness and knowledge of these methods. Even the respondents with limited or no knowledge of the concept of financial bootstrapping applied the strategies in their businesses.
Applications of this study: This paper may directly benefit immigrant entrepreneurs, besides informing future research and policy.
Novelty/Originality of this study: This paper validates the extent to which awareness and knowledge of financial bootstrapping influences the strategies utilized by immigrant entrepreneurs in South Africa.
Keywords
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- Alcock, J. & Steiner, E. (2017). Unexpected Inflation, capital structure, and real riskâ€adjusted firm performance. Abacus, 53(2):273-298. https://doi.org/10.1111/abac.12102 DOI: https://doi.org/10.1111/abac.12102
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- Bhide, A. (1992). Bootstrap finance: the art of start-ups. Harvard Business Review, 70(6):109-117.
- Blackburn, R. & Ram, M. (2006). Fix or fixation? The contributions and limitations of entrepreneurship and small firms to combating social exclusion. Entrepreneurship and Regional Development, 18(1):73-89. https://doi.org/10.1080/08985620500419566 DOI: https://doi.org/10.1080/08985620500419566
- Blackburn, R. & Rutherford, R. (1999). Enterprise for culturally diverse communities: a survey of ethnic minority businesses in the AZTEC area. Kingston: Surrey.
- Bollingtoft, A., Ulhoi, J.P., Madsen, H. &Neergaard, H. (2003). The effect of financial factors on the performance of new venture companies in high tech and knowledge-intensive industries: an empirical study in Denmark. International Journal of Management, 20(4):548-556..
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- Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2):261-283. https://doi.org/10.1016/S0883-9026(03)00029-6 DOI: https://doi.org/10.1016/S0883-9026(03)00029-6
- Chandra, V., Moorty, L., Nganou, J.P., Rajaratnam, B. & Schaefer, K. (2001). Constraints to growth and employment in South Africa. Report No. 2: Evidence from the small, medium, and microenterprise firm survey. Washington, DC: World Bank.
- Chrysostome, E. (2010). The success factors of necessity immigrant entrepreneurs: in search of a model. Thunderbird International Business Review, 52(2):137-152. https://doi.org/10.1002/tie.20320 DOI: https://doi.org/10.1002/tie.20320
- Crush, J. & Tawodzera, G. (2017). Comparing Refugees and South Africans in the Urban Informal Sector. Ontario: Southern African Migration Programme. https://doi.org/10.1108/13552550910967930 DOI: https://doi.org/10.2307/j.ctvh8r397
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- Ebben, J. 2009. Bootstrapping and the financial condition of small firms. International Journal of Entrepreneurial Behavior & Research, 15(4):346-363. https://doi.org/10.1108/13552550910967930 DOI: https://doi.org/10.1108/13552550910967930
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- Fatoki, O. (2014). The financial bootstrapping methods employed by new micro-enterprises in the retail sector in South Africa. Mediterranean Journal of Social Sciences, 5(3):72-80. https://doi.org/10.5901/mjss.2014.v5n3p72 DOI: https://doi.org/10.5901/mjss.2014.v5n3p72
- Fatoki, O. & Patswawairi, T. (2017). The motivations and obstacles to immigrant entrepreneurship in South Africa. Journal of Social Sciences, 32(2):133-142. https://doi.org/10.1080/09718923.2012.118930599. DOI: https://doi.org/10.1080/09718923.2012.11893059
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- Hite, J.M. & Hesterly, W.S. (2001). The evolution of firm networks: from emergence to the early growth of the firm. Strategic Management Journal, 22(3):275-286. https://doi.org/10.1002/smj.156 DOI: https://doi.org/10.1002/smj.156
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- Katila, S. & Wahlbeck, Ö. (2012). The role of (transnational) social capital in the start-up processes of immigrant businesses: the case of Chinese and Turkish restaurant businesses in Finland. International Small Business Journal, 30(3):294-309. https://doi.org/10.1177/0266242610383789 DOI: https://doi.org/10.1177/0266242610383789
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- Lose, T. & Tengeh, R.K. (2015). The sustainability and challenges of business incubators in the Western Cape Province, South Africa. Sustainability.7, 14344-14357. https://doi.org/10.3390/su71014344 DOI: https://doi.org/10.3390/su71014344
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- Nestorowicz, J. (2011). Known knowns and known unknowns of immigrant self-employment: selected issues. CMR Working Papers (No. 45/103). Warsaw: University of Warsaw.
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- Ram, M., Theodorakopoulos, N. & Jones, T. (2008). Forms of capital, mixed embeddedness, and Somali enterprise. Work, employment, and society, 22(3):427-446. https://doi.org/10.1177/0950017008093479 DOI: https://doi.org/10.1177/0950017008093479
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References
Alcock, J. & Steiner, E. (2017). Unexpected Inflation, capital structure, and real riskâ€adjusted firm performance. Abacus, 53(2):273-298. https://doi.org/10.1111/abac.12102 DOI: https://doi.org/10.1111/abac.12102
Alvi, M. (2016). A manual for selecting sampling techniques in research.https://mpra.ub.uni-muenchen.de/70218/1/MPRA_paper_70218.pdf.
Asoba, S.N. & Tengeh, R.K. (2016). Analysis of start-up challenges of African immigrant-owned businesses in selected craft markets in Cape Town. Environmental Economics, 7(2):97-105. https://doi.org/10.21511/ee.07(2).2016.10 DOI: https://doi.org/10.21511/ee.07(2).2016.10
Åstbro, T. & Bernhardt, I. (2005). The winner’s curse of human capital. Small Business Economics, 24(1):63-78. https://doi.org/10.1007/s11187-005-3097-y DOI: https://doi.org/10.1007/s11187-005-3097-y
Bakari, M. & Diala-Nettles, I. (2015). Microenterprise owners: challenges with initialization, growth, and success. International Journal of Advancements in Research & Technology, 4(7):78-82.
Bhide, A. (1992). Bootstrap finance: the art of start-ups. Harvard Business Review, 70(6):109-117.
Blackburn, R. & Ram, M. (2006). Fix or fixation? The contributions and limitations of entrepreneurship and small firms to combating social exclusion. Entrepreneurship and Regional Development, 18(1):73-89. https://doi.org/10.1080/08985620500419566 DOI: https://doi.org/10.1080/08985620500419566
Blackburn, R. & Rutherford, R. (1999). Enterprise for culturally diverse communities: a survey of ethnic minority businesses in the AZTEC area. Kingston: Surrey.
Bollingtoft, A., Ulhoi, J.P., Madsen, H. &Neergaard, H. (2003). The effect of financial factors on the performance of new venture companies in high tech and knowledge-intensive industries: an empirical study in Denmark. International Journal of Management, 20(4):548-556..
Carter, R.B. & Van Auken, H. (2005). Bootstrap financing and owners’ perceptions of their business constraints and opportunities. Entrepreneurship & Regional Development, 17(2):129-144. https://doi.org/10.1080/08985620500067548 DOI: https://doi.org/10.1080/08985620500067548
Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, 19(2):261-283. https://doi.org/10.1016/S0883-9026(03)00029-6 DOI: https://doi.org/10.1016/S0883-9026(03)00029-6
Chandra, V., Moorty, L., Nganou, J.P., Rajaratnam, B. & Schaefer, K. (2001). Constraints to growth and employment in South Africa. Report No. 2: Evidence from the small, medium, and microenterprise firm survey. Washington, DC: World Bank.
Chrysostome, E. (2010). The success factors of necessity immigrant entrepreneurs: in search of a model. Thunderbird International Business Review, 52(2):137-152. https://doi.org/10.1002/tie.20320 DOI: https://doi.org/10.1002/tie.20320
Crush, J. & Tawodzera, G. (2017). Comparing Refugees and South Africans in the Urban Informal Sector. Ontario: Southern African Migration Programme. https://doi.org/10.1108/13552550910967930 DOI: https://doi.org/10.2307/j.ctvh8r397
Dalhammar, T. (2004). Voices of entrepreneurship and small business: immigrant enterprises in Kista, Stockholm. Unpublished Ph.D. thesis. Stockholm: KungligaTekniskahögskolan.
Ebben, J. 2009. Bootstrapping and the financial condition of small firms. International Journal of Entrepreneurial Behavior & Research, 15(4):346-363. https://doi.org/10.1108/13552550910967930 DOI: https://doi.org/10.1108/13552550910967930
Fatoki, O. (2013). An investigation into the financial bootstrapping methods used by immigrant entrepreneurs in South Africa. Journal of Economics, 4(2):89-96. https://doi.org/10.1080/09765239.2013.11884968 DOI: https://doi.org/10.1080/09765239.2013.11884968
Fatoki, O. (2014). The financial bootstrapping methods employed by new micro-enterprises in the retail sector in South Africa. Mediterranean Journal of Social Sciences, 5(3):72-80. https://doi.org/10.5901/mjss.2014.v5n3p72 DOI: https://doi.org/10.5901/mjss.2014.v5n3p72
Fatoki, O. & Patswawairi, T. (2017). The motivations and obstacles to immigrant entrepreneurship in South Africa. Journal of Social Sciences, 32(2):133-142. https://doi.org/10.1080/09718923.2012.118930599. DOI: https://doi.org/10.1080/09718923.2012.11893059
Freear, J., Sohl, J.E. & Wetzel Jr, W.E. (1995). Angels: personal investors in the venture capital market. Entrepreneurship & Regional Development, 7(1), pp.85-94. https://doi.org/10.1080/08985629500000005 DOI: https://doi.org/10.1080/08985629500000005
Gosling, S.D., Gaddis, S. & Vazire, S. (2007). Personality impressions based on Facebook profiles. Icwsm, 7:1-4. https://doi.org/10.1037/e633982013-216 DOI: https://doi.org/10.1037/e633982013-216
Gebru, H. (2009). Financing preferences of micro and small enterprise owners in Tigray: does POH hold? Journal of Small Business and Enterprise Development, 16(2):322-334. https://doi.org/10.1108/14626000910956083 DOI: https://doi.org/10.1108/14626000910956083
Greco, A., & De Jong, G. (2017). Sustainable entrepreneurship: Definitions, themes, and research gaps. Centre for Sustainable Entrepreneurship, University of Groningen, The Netherlands. Retrieved from http://www.rug.nl/cf/pdfs/wps6angela.pdf
Harrison, R.T., Mason, C.M. & Girling, P. (2004). Financial bootstrapping and venture development in the software industry. Entrepreneurship & Regional Development, 16(4):307-33. https://doi.org/10.1080/0898562042000263276 DOI: https://doi.org/10.1080/0898562042000263276
Hite, J.M. & Hesterly, W.S. (2001). The evolution of firm networks: from emergence to the early growth of the firm. Strategic Management Journal, 22(3):275-286. https://doi.org/10.1002/smj.156 DOI: https://doi.org/10.1002/smj.156
Honig, B. 1998. Immigrant America? How foreignness "solves" democracy's problems. Social Text, 56(16):1-27. https://doi.org/10.2307/466763 DOI: https://doi.org/10.2307/466763
Kalitanyi, V. & Visser, K. (2010). African immigrants in South Africa: job takers or job creators? South African Journal of Economic and Management Sciences, 13(4):376-390. https://doi.org/10.4102/sajems.v13i4.91 DOI: https://doi.org/10.4102/sajems.v13i4.91
Katila, S. & Wahlbeck, Ö. (2012). The role of (transnational) social capital in the start-up processes of immigrant businesses: the case of Chinese and Turkish restaurant businesses in Finland. International Small Business Journal, 30(3):294-309. https://doi.org/10.1177/0266242610383789 DOI: https://doi.org/10.1177/0266242610383789
Khosa, R.M. & Kalitanyi, V. (2014). Challenges in operating micro-enterprises by African foreign entrepreneurs in Cape Town, South Africa. Mediterranean Journal of Social Sciences, 5(10):205. https://doi.org/10.5901/mjss.2014.v5n10p205 DOI: https://doi.org/10.5901/mjss.2014.v5n10p205
Kushnirovich, N. & Heilbrunn, S. (2008). Financial funding of immigrant businesses. Journal of Developmental Entrepreneurship, 13(02):167-184. https://doi.org/10.1142/S1084946708000910 DOI: https://doi.org/10.1142/S1084946708000910
Kloosterman, R. & Rath, J. (2001). Immigrant entrepreneurs in advanced economies: mixed embeddedness further explored. Journal of Ethnic and Migration Studies, 27(2):189-2. https://doi.org/10.1080/13691830020041561 DOI: https://doi.org/10.1080/13691830020041561
Lose, T. & Tengeh, R.K. (2015). The sustainability and challenges of business incubators in the Western Cape Province, South Africa. Sustainability.7, 14344-14357. https://doi.org/10.3390/su71014344 DOI: https://doi.org/10.3390/su71014344
Mosakowski, E. (2017). Overcoming resource disadvantages in entrepreneurial firms: When less is more. Strategic entrepreneurship: creating a new mindset. Ed. Hitt, M.A., Ireland, R.D., Camp, S.M., & Sexton, D.L. New York: Wiley. 106-126. https://doi.org/10.1002/9781405164085.ch6 DOI: https://doi.org/10.1002/9781405164085.ch6
Neeley, L. & Van Auken, H. (2009). The relationship between owner characteristics and the use of bootstrap financing methods. Journal of Small Business & Entrepreneurship, 22(4):399-412. https://doi.org/10.1080/08276331.2009.10593462 DOI: https://doi.org/10.1080/08276331.2009.10593462
Nestorowicz, J. (2011). Known knowns and known unknowns of immigrant self-employment: selected issues. CMR Working Papers (No. 45/103). Warsaw: University of Warsaw.
Payne, W.H. 2007. Bootstrapping your business. Kauffman eVenturing: the entrepreneur’s trusted guide to high growth. http://www.eventuring.org.
Perry, J.T., Chandler, G.N., Yao, X. & Wolff, J. (2011). Bootstrapping techniques and new venture emergence. New England Journal of Entrepreneurship, 14(1):35-45. https://doi.org/10.1108/NEJE-14-01-2011-B003 DOI: https://doi.org/10.1108/NEJE-14-01-2011-B003
Ram, M., Theodorakopoulos, N. & Jones, T. (2008). Forms of capital, mixed embeddedness, and Somali enterprise. Work, employment, and society, 22(3):427-446. https://doi.org/10.1177/0950017008093479 DOI: https://doi.org/10.1177/0950017008093479
Rian, M. 2017. Why immigrants succeed. Johannesburg: Institute for Race Relations. http://www.politicsweb.co.za.
Robert, A., Blackburn, M. & Wainwright, H. (2013). Small business performance: business, strategy, and owner-manager characteristics. Journal of Small Business and Enterprise Development, (20)1: 8-27. https://doi.org/10.1108/14626001311298394 DOI: https://doi.org/10.1108/14626001311298394
Roberts, P., Priest, H. & Traynor, M. (2006). Reliability and validity in research. Nursing Standard, 20: 41-45. https://doi.org/10.7748/ns2006.07.20.44.41.c6560 DOI: https://doi.org/10.7748/ns2006.07.20.44.41.c6560
Saunders, M., Lewis, P. & Thornhill, A. (2009). Research methods for business students. 6th ed. Harlow, Essex: Pearson education.
Seghers, A., Manigart, S. & Vanacker, T. (2012). The impact of human and social capital on entrepreneurs’ knowledge of finance alternatives. Journal of Small Business Management, 50(1):63-86. https://doi.org/10.1111/j.1540-627X.2011.00344.x DOI: https://doi.org/10.1111/j.1540-627X.2011.00344.x
Szerb, L. & Acs, Z.J. 2011. The global entrepreneurship and development index methodology. https://doi.org/10.2139/ssrn.1857985 DOI: https://doi.org/10.2139/ssrn.1857985
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