Factors impacting on entrepreneurial success in Durban.

Abstract

The goal of the study was to determine whether the factors that drive entrepreneurship in Durban, South Africa, are sufficient to promote economic development. In order to gain business perspective of the factors contributing to the success of business a non–probability sampling was conducted. A non-probability sample of 100 respondents was drawn from local entrepreneurs and some of the people who were interested in establishing their own businesses in Durban. The sample was composed of 44% males and 56% females. Of the sample, 17% was a snowball sample, which was made of 13% females and 4% males, and convenience sample, which was composed of 40% males and 43% females. Of the sample, 83% were entrepreneurs and 17% were would-be entrepreneurs. The convenience sampling was viewed to be the perfect approach to gather information from the subjects who were conveniently available to supply it. In addition to that, convenience sampling was the best manner of acquiring some basic information fast and efficiently. On the contrary, to collect data utilizing probability sampling could be minimal and could take long time to collect information. To save time and costs, non-probability sampling was appropriate. Initially contact was made with two persons who then picked up sample elements known by them. A questionnaire was developed to gather data. Statistical analysis showed that the variables presented significant relationships. The findings showed that lack of entrepreneurial background and government support impeded success of entrepreneurs. It was recommended that the government through Small Enterprise Development Agency (SEDA) and other agencies, and University of KwaZulu-Natal (UKZN) Graduate School of Business conduct more workshops for people who intend to start their own enterprises. This study could benefit the community in identifying factors that could help boost success of their businesses and develop confidence in them.