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Abstract
The study examined the relationship between strategic thinking and small business growth of the promise fast food, Bori The descriptive survey method was adopted , the population of the study is 108, the taro yemen formula was used to deduce the sample size of 85. The primary and secondary data were used. A self design questionnaire was for data collection. The simple percentage was used to analysed the research questions. Finding of the study revealed that there is a significant relationship between intent and small business growth of the promise fast food, Bori, there is a significant relationship between intellectual opportunism and small business growth of the promise fast food, Bori and that there is a significant relationship between time consciousness and small business growth of the promise fast food, Bori. Based on the finding of the study it is recommended that organization should endeavour to embrace the principles of strategic planning which is embedded in strategic management, the managers of the organization should be committed to institutionalizing the practice of strategic management in its culture by ensuring that strategic planning permeates every nook and cranny of the organization and making sure that strategies planned are implemented else it will be a waste of time and resources and employees should be made accountable for various aspects of the plan assigned to them.
Table of Contents
Title page 35
Cover Page 35
Declaration Error! Bookmark not defined.
Certification 35
Dedication 35
Acknowledgements 35
Abstract 35
Table of Contents 35
List of Tables 35
List of Figures 35
CHAPTER 1 1
INTRODUCTION 1
1.1 Background to the Study 1
1.2 Statement of the Problem 4
1.3 Objectives of the Study 4
1.4 Research Question 5
1.6 Significant of the Study 5
1.7 Scope of the Study 5
1.8 Delimitation of the Study 6
1.9 Definition of Related Terms 6
CHAPTER 2 8
LITERATURE REVIEW 8
2.1 Conceptual Framework 8
2.1.1 Concept of Strategic Thinking 8
2.1.2 Dimensions of Strategic Thinking 9
2.1.3 Concept of Small business growth 11
2.1.4 Measures of Enterprise Success 14
2.2 Theoretical Framework 19
2.3 Empirical Review 21
CHAPTER 3 23
RESEARCH METHODOLOGY 23
3.1 Research Design 23
3.2 Population of the Study 23
3.3 Sample Size Determination 24
3.4 Sampling Techniques 25
3.5 Source and Method of Data Collection 25
3.6 Methods of Data Collection 26
3.7 Questionnaire Design 27
3.8 Data Analytical Techniques 27
3.9 Reliability and Validity Error! Bookmark not defined.
CHAPTER 4 Error! Bookmark not defined.
DATA PRESENTATION AND ANALYSIS Error! Bookmark not defined.
4.1 Data Collection and Presentation Error! Bookmark not defined.
4.2 Data Analysis Error! Bookmark not defined.
4.3 Hypotheses Testing Error! Bookmark not defined.
4.4 Discussion of Findings Error! Bookmark not defined.
CHAPTER FIVE 28
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 33
5.1 Summary 33
5.2 Conclusion 33
5.3 Recommendation 34
REFERENCES 35
Appendix I 35
Appendix II 35
List of Tables
Table 4.1: Questionnaire Administration and Retrieval Error! Bookmark not defined.
Table 4.2: showing the age of respondents Error! Bookmark not defined.
Table 4.3: Showing the Sex of Respondents Error! Bookmark not defined.
Table 4.5: Showing the Marital Status of Respondents Error! Bookmark not defined.
Table 4.4: Showing the Educational Qualification of the Respondents Error! Bookmark not defined.
Table 4.6: Intent influence Small business growth in Small Scale Businesses Error! Bookmark not defined.
Table 4.7: Intellectual Opportunism influence Small business growth Error! Bookmark not defined.
Table 4.8: Time Consciousness Associate with Small business growth. Error! Bookmark not defined.
List of Figures
Fig 2.1 The conceptual framework on strategic thinking and small business growth Error! Bookmark not defined.
CHAPTER 1
INTRODUCTION
1.1 Background to the Study
In order to survive, a small business must first make profit. Beyond this point of survival, “success in small business” may be defined from two perspectives. One perspective suggests growth as a measure for success (Smallbone & Wyer, 2000; and Dobbs & Hamilton, 2007). Success is measured by growth in revenues and number of employees; and consequently an increase in asset base. The second perspective proposes that over time the growth path of a small business may not continue upward (Tan et al, 2009). Indeed, entrepreneurs may become less growth oriented as their personal motivations change (Westhead & Wright, 1999). They become satisfied with a certain level of performance and income. Their desire to maintain control leads to a decision to not grow further. Support for this perspective was found in the further analysis of research to be reported here (Hunter & Kazakoff, 2008; and Hunter & Kazakoff, 2012). Representatives of 11 small businesses were interviewed to document management issues. Some of the research participants were content with the volume of their operations. Others realized that a small increase in the volume of output (house building) would lead to a significant increase in expenses (more sub-trades), which in turn could financially ruin the small business.
In general, few small businesses survive for very long. Zontanos & Anderson (2004) report that over two thirds of small businesses close within the decade they open. More specifically, Industry Canada (2010) reported that 30% of small businesses fail within one year and up to 75% after 9 years. In the United States (Small Business Administration, 2010) 33% of start-ups have failed by the end of the second year and 50% have failed after 4 years. Further, very few small businesses exist for a long time. The attrition rate is quite high. According to Cater et al (2006) only 30% of small businesses are passed to the second generation with only 12% being passed to the third. Further, only 4% make it to the fourth generation.
If a small business is going to exist for a long time there needs to be a focus on empowering employees and facilitating the development of a culture that promotes a learning environment (De Geus, 2002). Given this focus, the small business will retain employees who will adopt an attitude of continuing to search for improvement. Burlingham (2006) identified entrepreneurs who rejected the opportunity for growth. These individuals did not necessarily want to do more. They were content with simply doing better. Note that this attitude does not discount taking an innovative approach to conducting business.
In firms, strategic thinking is seen as a process that fosters the identification of strategy (Casey and Goldman, 2010). In this context, Heracleous (1998:485 p.) defines the purpose of strategic thinking as to discover novel, imaginative strategies which can re-write the rules of the competitive game and to envision potential futures significantly different from the present.
Although the awareness about the relevance of strategic thinking in firms has increased during the last decades, still there is no agreement on a definition of the concept or on a full description of its process.
Strategic thinking is a way of solving problems that combines the rational and convergent approaches with creative and divergent thought processes and is intertwined with ongoing action processes, (Bonn, 2005:338; Ratcliffe, 2006:40; & Vila, 1998:16). According to Abraham (2005:5), strategic thinking is the process of finding alternative viable strategies or business models of competing or delivering customer value that is done as part of the strategic planning process. Its challenge is to find a different way to do what the organisation now does or to adopt a business model different from its competitors. This is “finding your own race to run and win it”. It is about “walking in your customer’s shoes”, spotting where value lies then organising to deliver it. This translates to a common definition of entrepreneurial thinking: ability for opportunity identification, satisfaction of needs and creation of value. “Organising to deliver” equates to mobilisation/combining of resources to create and deliver value. This approach to strategic thinking is multi-dimensional, integrating the micro-domain’s focus on individuals and groups with the macro-domain’s focus on: organisations and their context (Bonn, 2001:63, 2005:340); futures thinking; scenario thinking and creativity (Ratcliffe, 2005:48); and learning (Senge, 1996). The role of strategic thinking is to seek innovation and imagine new and very different futures that may lead a company to redefine its core strategies and even its industry (Graetz, 2000).
Indeed, the concept has been often used as a higher category in strategic planning or even as a synonymous of it (Heracleous, 1998). In this course, we consider the perspectives of Mintzberg (1998), Liedtka (1998), and Heracleous (1998), suggesting that strategic planning and strategic thinking are two different processes.
Strategic thinking is usually associated with the competitiveness of the organisation, while entrepreneurial thinking is associated with innovation and creativity to capture opportunities. Strategic thinking is usually isolated as the “thinking” part of the strategic planning process. This wrongly implies the removal of the behavioural or “action” component of strategy thinking from the construct. Strategic thinking, just like the entrepreneurial thinking, is a mindset that encapsulates thinking, state of mind and way of behaviour. From the foregoing therefore, the study seeks to examine the relationship between strategic thinking and small business growth of the of the promise fast food Bori.
1.2 Statement of the Problem
Expanding industrial activities have been ascribed incompletely as causualisation of specialists (Kalejaiye, 2014). Taking the small business as a case, as related to the extent to which the issue can be seen. Considering the impart of strategic thinking in an organization and how people view the concept, it becomes imperative to conduct a research in order for organizations, association and the public to appreciate the concept. This study also seeks to explain the effectiveness of strategic thinking in an organization and also the methods available in managing small business growth. Many organizations in Nigeria are tormented by a bunch of issues and illnesses created by wasteful and incapable administrative style or strained relationship amongst management and employees (Fapohunda, 2012). The general business problem is that some individuals embark on small business initiatives without adequate preparation or information. The specific business problem is that some small-business owners lack the skills, knowledge, and strategies to succeed in business beyond 5years (Neumark, Wall, & Junfu, 2011). This study empirically evaluates the relationship between strategic thinking and small business growth of the promise fast food, Bori.
1.3 Objectives of the Study
The aim of the study is to examine the relationship between strategic thinking and small business growth of the promise fast food, Bori. The specific objectives of the study are to:
1. Examine the relationship between intent and small business growth of the promise fast food, Bori.
2. Determine the relationship between intellectual opportunism and small business growth of the promise fast food, Bori.
3. Ascertain the relationship between time consciousness and small business growth of the promise fast food, Bori.
1.4 Research Question
The following research questions were proposed to guide the study.
1. To what extent does intent influence small business growth of the promise fast food, Bori?
2. To what extent does intellectual opportunism promote small business growth of the promise fast food, Bori?
3. To what extent does time consciousness enhance small business growth of the promise fast food, Bori?
1.5 Significant of the Study
This study will assist organizational managers on the tools techniques to employ in managing small business in their respective organizations in the Eleme Local Government Area.
This study is pertinent to trade unionist in their respective organizations. This study is justified because it will assist in the stability and relative profitability in the organization particularly in the period of economic recession.
This study will also contribute in enriching the literature in industrial relations particularly in management sciences in general.
1.6 Scope of the Study
The study is delimited under the following headings; content scope, geographical scope and unit of analysis.
Content Scope: The content of this study involves on investigation to ascertain the relationship between strategic thinking and small business growth of the promise fast food, Bori. The dependent variable is measure by intent, intellectual opportunism and time consciousness while the independent variable is measure by increase sale, increased capital size and innovativeness.
Geographical Scope: This study is delimited to strategic thinking and small business growth of the promise fast food, Bori which include Elo-Soft Services Limited located at No. 12A Opp. Salvation Ministries, East-West Rd. Akpajo – Eleme, L.G.A. Rivers State, Ada Jesus Cyber Café located at East West Road Akpajo Eleme Rivers Nigeria and Osolax Global Resources located at No. 34, Alode Road, Nchia Eleme, Eleme, Rivers, Nigeria
Unit of Analysis: The unit of analysis involved the owner of small scale business. The scope of this study is to ascertain the relationship between strategic thinking and small business growth.
1.7 Delimitation of the Study
In carrying out this work, the researcher must of necessity be faced with some constraints.
Firstly. The time constraints, the time frame provided for this study was short.
Secondly. Financial constraints. Usually, a study of this nature involved some level of expenditure therefore; finance was also a limiting factor.
Thirdly. Poor response from the respondent and inability to access the entire population under study.
1.8 Definition of Related Terms
Strategic Thinking: Is the process of finding alternative viable strategies or business models of competing or delivering customer value that is done as part of the strategic planning process.
Time consciousness: is the continuous awareness and use of the strategic relationship between past, present and future.
Intelligent opportunism: regards the openness to strategic opportunities within the intent-driven focus of the firm.
Increased Sales: The amount by which the average sales volume of a company’s products or services has grown, typically from year to year.
Innovativeness: Is the successful introduction of a better thing or method. It is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or services.
Capital size: Is the total amount of stock, both common and preferred, that a public company has the authorization to issue. Capital size is the number of shares that can ever be outstanding or held by shareholders.