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DIE VERHOUDINGSVOORNEME VAN MOTORKOPERS IN DIE VRYSTAATMentz, Margaretha Henriëtta 05 September 2008 (has links)
Die hoofdoel van die studie is om vas te stel of die verhoudingsvoorneme van motorkopers in die
Vrystaat as basis vir marksegmentering gebruik kan word ten einde te bepaal of klante ân
positiewe verhoudingsvoorneme toon en derhalwe in ân verhouding met die onderneming wil
verbind (sien afdeling 1.7). Die sekondêre doelwitte om hierin te slaag was om:
ô Die bedryfsinisiatiewe binne die verhoudingsbemarkingkonteks van die Suid-
Afrikaanse motorbedryf te ondersoek. ân Literatuurstudie is onderneem en die resultate
word in hoofstuk 1 bespreek. Die bevindinge uit hoofstuk 1 is toegepas op die
aanbevelings van verhoudingsvoorneme van kopers van nuwe motors in die Vrystaat;
ô Verhoudingsbemarking te definieer en die ontstaan, ontwikkeling en rasionaal
daarvan te ondersoek. ân Literatuurstudie is onderneem en die resultate is in hoofstuk 2
bespreek. Die bevindinge uit Hoofstuk 2 is toegepas op die aanbevelings van
verhoudingsvoorneme van kopers van nuwe motors in die Vrystaat;
ô Die dimensies van verhoudingsvoorneme te ondersoek. ân Literatuurstudie is
onderneem en elke dimensie van verhoudingsvoorneme (betrokkenheid, verwagtinge,
vergewensgesindheid, terugvoer en risiko vir verhoudingsverlies) is bespreek. Die
resultate wat uit die literatuurstudie verkry is, is in hoofstuk 3 bespreek en is gebruik in
die ontwikkeling van die vraelys wat klante se verhoudingsvoorneme meet;
ô Marksegmentering en teikenbemarking te ondersoek en verhoudingsvoorneme as Å
nuwe basis vir marksegmentering voor te stel. ân Literatuurstudie is onderneem en al
die beginsels van marksegmentering is ondersoek. Die resultate is in Hoofstuk 4
bespreek. Die verskillende segmenteringsbasisse, wat ook verhoudingsvoorneme en
winsgewendheid insluit, is bespreek. Die bevindinge uit hierdie hoofstuk is gebruik in
die ontwikkeling van die vraelys wat ten doel gehad het om ân profiel van klante met ân
verhoudingsvoorneme te bepaal;
ô Om die verhoudingsvoorneme van kopers van nuwe motors in die Vrystaat te
ondersoek en aanbevelings aan die Suid-Afrikaanse motorbedryf te maak ter
verbetering van aksies. ân Aangepaste vraelys is ontwikkel om die verhoudingsvoorneme
van kopers van nuwe motors in die Vrystaat te bepaal. Hierdie vraelys is
gebruik tydens ân opname onder kopers van nuwe motors in die Vrystaat. Die
navorsingsmetodologie en empiriese resultate is in Hoofstuk 5 bespreek. In Hoofstuk 6 is gevolgtrekkings en aanbevelings afgelei vanuit die resultate in Hoofstuk 5.
Hierdie navorsing het dus suksesvol verloop en bogenoemde doelwitte is bereik.
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FINANSIÃLE BEHEER EN VERANTWOORDING BY PLAASLIKE OWERHEDE IN SUID-AFRIKALaubscher, Laetitia Hendrina 23 September 2008 (has links)
At present municipalities in the Republic of South Africa are under pressure as
a result of poor financial control and accountability that give cause to
extensive corruption and financial mismanagement with the subsequent
detrimental consequences for effective and efficient rendering of goods and
services to the inhabitants. Hence, it is of the utmost importance that serious
attention be given to the implementation of effective and efficient financial
control and accountability at municipalities.
Financial control and responsibility are definitely of the utmost importance in
determining either the success or failure of local government in the Republic
of South Africa. Financial control and accountability serve as important
building blocks for a democratic dispensation relying on effective and efficient
municipal government and administration.
It is imperative that financial control should take place continuously and that a
guiding and guarding hand should be held upon the manner in which money is
spent or has been spent. This must then be reported to the municipal council
who in turn must report to the inhabitants of the municipality. In order to
account to the inhabitants regarding the functions and activities of municipal
officials it is of vital importance that a council should execute sound control
over the activities of its officials. Sound financial management will enhance a
positive attitude and trust among the inhabitants towards the council.
Accountability is in fact a responsibility that has to be accepted by everyone
who has come into a position of authority. This implies that accountability has
to be accepted in the manner of which the acquired responsibility is executed.
The inherent aim of financial management at municipalities is to account for
expenditure in public. The taxpayer has to be in a position to determine
whether the money as appropriated in the budget has been used for that
specific purpose. This purpose should be for the service rendering of particular goods and services bearing in mind the scarcity of funds and the
complexity of needs.
Statutory financial control at the sphere of local government consists of two
components, viz. an external component (preparation of the budget, control
over loans, expenditure, revenue, and external auditing) and an internal
component (internal auditing, reporting, ethical conduct, and financial
regulations). By means of these, it can be determined whether funds for
approved programmes have been spent effectively and efficiently and whether
the local community has received value for money.
Several issues exist that can make it more difficult for the effective and
efficient financial management at municipalities in the Republic of South
Africa. These issues inter alia, include a lack of expertise, inability to collect
arrear debt, extensive corruption, and exorbitant salaries and bonuses. In
order to eliminate these issues it is necessary to create a basic set of ethical
principles and values. Ethics is linked to the evaluation of specific forms of
human behaviour or decisions that determine what is right or wrong, good or
bad, or acceptable or not acceptable for the inhabitants of a particular
municipality. Ethical conduct and the acceptance of proper values can
prohibit municipal councillors and officials to be attracted to corrupt activities.
A new positive development at the local government sphere is the
implementation of Municipal Public Accounts Committees at municipalities in
Gauteng. This body will enforce accountability at the local government
sphere. A Municipal Public Accounts Committee is a committee of the
municipal council that is appointed by the council to investigate financial
issues and to report to the council. The media can also play an important role
with the functions of this committee as it will keep the inhabitants informed
about issues investigated by the committee.
The effective and efficient enforcement of financial control measures of public
accountability can ameliorate the occurrence of corruption and financial
mismanagement at municipalities. This surely serves as a guarantee for excellent municipal financial management and can add to the public opinion
and interest â the fundamental objectives of a democratic local government
and management. The execution of proper financial control over municipal finances in order
to enforce accountability at local municipalities to avoid
maladministration and corruption and to contribute towards efficiency and
effectiveness at local government level in the Republic of South Africa.
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TEORIE EN PRAKTYK VAN DEURSIGTIGHEID IN DIE OPENBARE SEKTORPretorius, Marlize Carine 25 September 2007 (has links)
The principles of accountability and transparency serve as important building
blocks for a democracy that wants to enhance sound and efficient governance.
The South African government experiences increased allegations of insufficient
public accountability, corruption and maladministration against them and
therefore it is essential to pay in-depth attention to the role of public transparency
in the enhancement of sound democratic governance.
Transparency is not merely an aim in itself, but serves as a means to reach the
planned government objectives and to make effective and efficient participation
of all role-players possible. Open and transparent governance refer to, amongst
other, access to information, participation in public decision-making and the
freedom of the media. An excellent relationship of trust between the public
sector and the public should continuously be developed and maintained. This
makes it essential to keep the public well-informed about the management of
national and regional public institutions, how well they perform, the money spent
by them to reach the approved public objectives and how control is exercised to
ensure successful implementation of the approved government programmes.
Correct and sufficient information must be available to the citizens to enable them
to determine the quality of public goods- and service delivery and to therefore
contribute to improved service delivery by the public sector. A public institution
can be viewed as transparent when it can deliver information to various roleplayers
and/or stakeholders, as prescribed by different Acts, for example the
Promotion of Access to Information Act, 2000 (Act 2 of 2000). By being
transparent, a public institution confirms its respect towards the countryâs Acts;
justifies its mere existence; confirms its willingness to follow the strategies of the
government-of-the-day and to strive towards the improvement of the public
welfare. Public accountability in a democratic government means that the political officebearers
and public officials must account to the taxpayers for the collection and
spending of public money. Public accountability therefore forms a central theme
in the theory and practice of public transparency and the basis for sound public
administration, as the taxpayer has a right to know how public money has been
collected and spent.
The South African government must implement well-planned programmes and
projects to fight corruption in their strive towards the establishment of
transparent, corruption-free and responsible governance. It is essential that the
government-of-the-day itself fight corruption by adhering to a policy of zero
tolerance towards corrupt officials, irrespective of who the individual is, and to
involve the media as a partner that can publish information about corrupt
practices in order for the public to be well-informed.
Ethics and transparency are closely related. Ethical behaviour can lead to
greater transparency in the activities of public officials. In a democratic
government there is no place for keeping secrets and for confidentiality when it
comes to activities which are financed with public money. Not always serving the
publicâs interest, but rather its own, is unfortunately part of human nature. It is
therefore essential to develop and implement control mechanisms, for example
auditing and reporting techniques, which will contribute to public officials adhering
to the requirements of transparency and openness. It is the duty and
responsibility of all public institutions (political and administrative) to continuously
exercise their actions in a transparent and open manner.
Transparency is the so-called oxygen of politics and the public life. In the
Republic of South Africa it is important to ensure transparent governance to
establish equal and effective goods- and service delivery to the citizens; to
establish excellent accountability and the involvement of citizens in public
decision-making; to improve a legitimate government-of-the-day; to improve the policy formulation and implementation processes; to increase international
investments and lastly to decrease the rate of corruption in the country.
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PREDICTING FINANCIAL DISTRESS IN IT AND SERVICES COMPANIES IN SOUTH AFRICA.Kidane, Habtom Woldemichael 29 September 2005 (has links)
The study of bankruptcy is becoming more relevant and important as even large companies
are failing that cause economic and social problems to the society. Using financial distress
models to predict failure in advance is for most businesses absolutely essential in their
decision making process. Hence, this study involves a critical investigation in the applicability
of the Altman (1968) and Springate (1978) z-score models in predicting financial distress in IT
and Services companies of South Africa.
The Altman and Springate models were however developed in a different economic
environment, time horizon, industry and country. Testing these models in the South African
context is important to determine the practical applicability and relevance of the models. The
main objective of the study is to test the Altman and Springate models in determining
practical predictive ability of failure in selected South African IT and services companies listed
on the Johannesburg Security Exchange and to comment on the models applicability
according to the empirical results. The study is designed into three sections. The first section
will discuss the theoretical aspects of the study. The second part will be the discussion of the
research results, and finally the conclusion and recommendations of the study will be
presented.
The first sample companies was 24 failed and 46 nonfailed information technology and
services companies listed on the Johannesburg Security Exchange from 1999 to 2003. The
failed companies were matched to two nonfailed companies in the same sector according to
their turnover size. Additional nonfailed real estate and information technology companies
were added to evaluate the prediction ability of the models in these sectors using substantial
samples, as the first sample results were inconsistent, especially on the nonfailed companies.
Therefore, the final sample of the study is composed of 86 (24 failed and 62 nonfailed)
services and information technology companies. The study employed an analysis of financial
statements and derived the z-score of the sampled companies to test the predictive ability of
the models in forecasting bankruptcy. The analysis utilized ratios, which are related to the
models in the study.
The results reported in the empirical study for total failed and nonfailed sample companies
show these models fail to predict failure and non-failure amongst South African service and
information technology sample companies. The study is also extended to predict failure and
non-failure to investigate if the models are more applicable to predict failure in some sub-sectors
of the sampled services and information technology companies. The results are not
consistent as the models predicted failure but not nonfailure, or vice versa. Therefore, the
models are not successful to predict any sub-sector correctly.
It is generally assumed bankruptcy prediction models are useful regardless of industry, time
horizon, and country. The findings reported in the study for each model indicated that the
overall accuracy of the Altman and Springate z-scores models accuracy rate were reduced when used on the South African service and information technology sample, which is
different from those companies used to develop the original models. Therefore, the study
concluded that the Altman and Springate bankruptcy prediction models are not justifiable to
be applied to predict bankruptcy in the South African service and information technology.
Hence, it is not advisable to use these models in predicting failure in the non-manufacturing
firms, especially in South African services and information technology companies.
Important recommendations were outlined based on the results of the study. Some of the
recommendations are the development of practically applicable bankruptcy prediction models
in the IT and services companies of South Africa to elevate inappropriate financial decisions,
incorporation of other important indicators of financial well-being during bankruptcy prediction
process, checking the practical applicability of prediction models after some period of time.
The future research work based on this study is also suggested as developing models to the
database in the study, developing new bankruptcy prediction model to the services and
information technology companies of South Africa, testing the Altman and/or Springate
models on the South African manufacturing and retailing companies, and testing bankruptcy
prediction models to the non-listed relatively smaller turnover sized firms where the incidence
of business failure is greater than larger corporations.
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MEAN VARIANCE OPTIMISATION, STOCHASTIC SIMULATION MODELLING AND PASSIVE FORMULA STRATEGIES FOR EQUITY INVESTMENTS.Pawley, Mark Gary 30 September 2005 (has links)
The research is a quantitative study that formulates an approach to future
portfolio asset allocations within the South African domestic equity market, and
the diversification of assets across global markets, specifically the U.S.A. The
research takes the view that investors are rational, have a long term investment
horizon and seek investment wealth maximisation by applying a sustainable
investment strategy towards the ongoing management of the portfolio.
Investors experience a significant negative divergence in investment outcomes
relative to the potentially achievable result. This negative divergence is a result
of the lack of a strategic approach to, and an understanding of asset allocations,
and the lack of a sustainable approach to the management of a portfolio.
Repetitive sub-optimal investment performance, below the levels of inflation, is
an investment disincentive with negative micro and macro implications.
The purpose of the study is therefore to address the issue sub-optimal
investment performance through the effective application of a strategy that
includes the integration of the mean-variance model through the use of a mean-variance
optimiser, using resampled data inputs, the mean reversion of
markets, passive investment management, appropriate asset class selection
and the ongoing management of a portfolio, using both calendar and contingent
rebalancing techniques, and passive formula strategies.
The challenge is accordingly to develop a reliable asset allocation model that
accommodates past performance, and which is stable enough to produce
optimised forward-looking investment portfolios, which are able to address the
issue of optimal asset allocation and selection, within a global context, and
which produce optimised investment outcomes, taking cognisance of the fact
that the future is unknowable and dynamic.
The research methodology makes a positivist assumption that something exists
and can be numerically tested. In this regard various portfolios are constructed,
using passive investment instruments, in accordance with mean-variance model
principles, using resampled data inputs to minimise the instability of the mean-variance
optimiser. This resampling process is fundamental to the research,
and incorporates the use of a stochastic simulator. A unique aspect of the
research was solving the issue of multiple market integration particularly when
the domestic markets are comprised of multiple asset classes. Finally, the
resultant resampled efficient portfolios are compared to control portfolios in
order to ascertain whether the resampling process indeed offers a return
premium.
Due to the dynamic nature of equity markets contingent and calendar
rebalancing strategies are applied to the asset allocation in order to maintain an
optimal portfolio. This dynamism may necessitate the adjustment of asset
allocations. The test for asset allocation optimality takes the form of measuring
portfolio outcome correlations to the actual market outcome. Where the portfolio is sub-optimal the asset allocations are redetermined, otherwise the portfolio is
merely rebalanced to the original asset allocations.
Regarding the management of the portfolio a value averaged passive formula
strategy is applied. This process acknowledges that markets may behave
stochastically over the short term, therefore a predetermined value line is
derived that the portfolio is to achieve. This value line is based on a long term
equity premium plus inflation. Should the portfolio breach the value line on the
upside a portion of the investment is liquidated, conversely when the portfolio
fails to reach the value line the portfolio is elevated to the value line by means of
increasing the investment.
The results of the research manifest unambiguous results in favour of
resampled portfolios. In this regard, therefore, data resampling does seem to
produce stable portfolio results that are effective at capturing a higher
proportion of future returns than a simple market portfolio. Furthermore, the
rebalancing process, although not absolutely perfect, does provide a level of
adjustment to the asset allocation to ensure optimality. Finally, management of
the portfolio through value averaging unambiguously provides an internal rate of
return in excess of a portfolio that is allowed to stochastically rise and fall.
In summary, the integration of the identified processes clearly provides a
performance premium in excess of alternative approaches, and within a
framework that is sustainable from period to period.
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THE ROLE OF CULTURAL DIVERSITY IN BRAND MANAGEMENT SUCCESS IN THE SOUTH AFRICAN CELLULAR INDUSTRYRammile, Nthabeleng 11 July 2011 (has links)
The focus of this study was on cultural diversity and its possible impact on brand
management in the cellular industry. The study showed that cultural diversity, as one of
the important aspects in the consumerâs environment, is important to consider when
carrying out brand management and branding activities. Doing so will play a role in
influencing consumers to make favourable purchasing decisions.
Data were collected from Free State Province individuals (510). Cross-tabulations, factor
analysis and cluster analysis were carried out on the database. The study resulted in
the identification of four clusters. The cultural diversity components used to identify
these clusters were: age, gender, race, social class and lifestyle. These clusters had
different characteristics from one another. In each cluster there was a difference in
lifestyle characteristics and perception of brand equity. There was also a difference in
the reasons why a cellular phone is used.
The results about the clusters show that no single approach can be used to target
them. There has to be different approaches of which each can also be an opportunity
for marketing managers to differentiate their branding activities. The manner in which
clusters were identified is complex and yet gives insightful information which will help
marketing managers make better decisions. In other words simple segment approaches
should be avoided. Also, the clusters are not constant; they evolve over time. It is
therefore suggested that such an activity should be reviewed more often.
The main contribution of this study is that cultural diversity is an integral part of brand
management from the perspective of the consumer. Furthermore, consumers can no
longer just be defined by cultural diversity components in isolation, i.e. age, gender,
race, social class and lifestyle. Their definition will vary depending on the industry in
concern. In other words, the consumers will need to be defined by the unique clusters
they belong to and these clusters will be different depending on the industry concerned.
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FOREIGN DIRECT INVESTMENT OF CHINESE SMEs IN THE FREE STATENgam, Emmanuel Fru 18 August 2011 (has links)
According to the Global Entrepreneurship Monitor survey, South Africa has a low early stage
entrepreneurial activity rate of 7.8%, which is significantly lower than the average for all
efficiency-driven economies (11.4%) as well as the average for all middle to low income
countries (13.2%).Also, high levels of poverty, income inequality and unemployment are major
issues that impact the economic growth of South Africa. Pahad (2008) acknowledged that South
Africaâs social-economic goals are to reduce inequalities, reduce wealth and asset gaps between
rich and poor, halve unemployment by 2014 and meet the Millennium Development Goals.
However, one way of solving these issues is to encourage more foreign SMEs as they are
capable of providing investment injections in various sectors of South Africaâs economy, such as
agriculture, industry, education, and health. Likewise, these foreign SMEs can help eradicate
poverty, improve employment and reduce income inequality and wealth disparity between the
rich and poor.
The main objective of this study was to investigate the motives of Chinese SMEs foreign direct
investment in the Free State Province (FSP) and their perception about the external business
environment in South Africa. The study examine empirically the motives of Chinese SMEs
operating in the Free State province and determined if they were driven by the supply/resourcebased
or the market driven factors. The study also identified the external environmental factors
which can hinder foreign SMEs from investment in South Africa.
Across-sectional study using the survey method was used to collect the data. Simple random
sampling method and a non-probability snowball sampling method were used to determine the
sample size of Chinese SMEs in the Free State province. A standard questionnaire was designed
after a detailed literature review of the business environment and foreign SMEs investments.
Data was gathered through self-administered questionnaires. The specific methods of data
analyses used include descriptive statistics, cross-tabulations, frequency tables and T-tests.
Reliability was tested using the Cronbachâs Alpha. Pre-testing the research instrument in a pilot
study was used to determine the validity of the research. The research findings showed that the motives of the Chinese SMEs foreign direct investment in
the Free State was predominantly market-seeking FDI. The findings also showed that the many
external factors were impacting the operation of the foreign businesses negatively with crime,
corruption, labour regulations and xenophobia being reckoned as the main external factors
severely impacting the businesses. In addition, the Chinese SMEs had a negative perception
about the external business environment of South Africa with 86% of them indicating that they
had suffered from crime. Furthermore, the empirical findings revealed that SMEs in the
manufacturing sector employed the highest number of employees and have stayed in SA for a
longer period. Similarly, most of the exporters were in the manufacturing sector. However, the
majority of those who were unsatisfied about their investment decisions and were willing to
leave South Africa were in the manufacturing sector.
The study provided some recommendations to improve the external business environment of SA
so that more effective and efficient FDI is attracted. The recommendations include the need to
improve the fight against crime as it is seen as the number one factor impacting and deterring
away FDIs from SA. To attract sufficient supply/resource-based FDI, the government also needs
to improve its labour regulations, thus easing the hiring process. To add, South Africa has to
make its legal system more efficient by shortening the long procedures and duration of court
judgments as well as making it more affordable. A better legal system can reduce crime,
corruption and unethical behaviour.
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AN EVALUATION OF BUSINESS SUPPORT SERVICES TO SMMEs IN THE FREE STATEMathibe, Motshedisi S 17 October 2011 (has links)
In the past twenty years there has been major change in the way business support services are rendered in the global economy. These shifts have brought new insights into the process of business support services. Six main changes in the approach to business support were identified. First, permanent government or donor funding was replaced by a mere start-up funding approach in order to provide sustainable business support services. Second, a larger range of market-driven and market-priced services that were delivered at a quality/price mix determined by end-users replaced the high costs of a limited range of services that used to be subsidised. Third, historically, literature shows that government and donors could not reach all small business but a limited number, and therefore a targeted client approach was introduced in order for the government and donors to reach them effectively. This paradigm shift was intended to place an emphasis on service providers in the private-sector. Fourth, the emphasis on the impact of poverty changed from one of short-term benefits to one of long-term benefits to providers and clients, indirectly benefiting the poor through job creation. Next, the mainly male clientele was replaced by small-enterprise owners which included females. Finally, there was a significant shift towards being demand-driven in respect of the needs of enterprises. This meant both that the range of services was expanded and that they were mostly delivered on a cost-recovery basis. It is against this background that South African Small Micro and Medium Enterprise (SMME) policy aims to address the issues of SMME support and development in the country.
SMMEs in South Africa were operating in the era of the apartheid regime but were not given enough support and were not a priority. Before democratic transition, the South African government was mainly giving attention to large businesses as well as state-owned enterprises. It was only in the late 1970s and the early 1980s that the South African government realised the importance of the small enterprise sector and its contribution to the countryâs economy. The democratic regime of the early 1990s gave SMMEs an opportunity to participate in the South African economy. A White Paper of 1995 came up with the strategy to promote and develop SMMEs in South Africa and to design an SMME policy framework that will focus its attention on supporting and developing SMMEs. The aim was to enable SMMEs to grow as a way of creating a balance in the economy (away from state-owned and large enterprises) As a result, different support mechanisms have been implemented to support and develop SMMEs in the country since the democratic government took over in 1994.
The study focused primarily in the Free State Province, aiming to identify how the SMME policy intends to address the issues of supporting and developing SMMEs, and how the business support programmes assist in supporting and developing SMMEs in the province.
Some of the empirical findings suggest that the world-wide shifts in business support programmes have not always filtered through to South Africa. Therefore policies were largely designed to address the equity issues related to SMMEs. The inherent approach of policy and practice was thus on the supply side and not on the demand side. Consequently, not all the lessons from the international experience were incorporated. In addition, the SMME policy and practice have had limited success and in many cases not measurable due to the absence of appropriate M&E systems.
In conclusion, the study recommend that there is a need for business support programmes to learn more directly from the international paradigms and practice and apply the relevant practices of business support services in order to develop and promote SMMEs in the Free State and in the process review the SMME policy and make it focus mainly on the demand-driven approach. Moreover, the study recommends that there should be M&E systems available to document the quality of the service delivery to SMMEs in order to ensure compliance with the international standards.
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AN ANALYSIS OF THE PROCESS FROM INNOVATION TO COMMERCIALIZATION - A SOUTH AFRICAN PERSPECTIVEBooysen, Karen 17 October 2011 (has links)
Economies, organizations (small, medium and large) and individuals must discover and
commercialize new products in order to compete and prosper in the 21st century global
economy. The importance of introducing new products to the market can be seen in the
fact that it builds a sustainable competitive advantage for economies, organizations and
individuals. Furthermore, these new products do not only lead to profits for individuals
and organizations, but it also improves the quality of life of all individuals and generate
further economic opportunities.
Through the commercialization of innovation, the gap between the needs of the market
and the inventions which innovators have can be bridged. However, it remains a key
challenge to all innovators to take an invention from the idea phase to the market in
order to produce economic returns. Ideas or inventions cannot generate economic
returns for the innovator. It is only once the invention is successfully absorbed into the
marketplace that the inventor can benefit from its profit, and therefore the importance of
commercializing inventions is highlighted.
Globally the failure rates of new products are especially high, preventing innovators
from gaining financial benefits. New product failure rates are estimated at between 50-
80% and even major companies with sufficient resources struggle with the
commercialization of inventions.
The high failure rates of inventions can be attributed to a wide variety of factors,
including limited access to resources, failure of innovators to sufficiently protect their
inventions or weak marketing efforts, among others. One such reason for failure,
however, is the fact that innovators are unsure about the steps to follow in
commercializing an invention. Innovators either take false steps and waste valuable
time, or they leave out critical steps in the process.
It is important for innovators to know what the steps in the commercialization process
are and to follow them, in order to ensure that they follow a logical process; plan for all
the important aspects regarding commercialization and are aware of what will be
required of them at the different stages in the process.
South Africa is not doing well in bringing new research discoveries to the market and
there may be many reasons for this problem. In order to introduce new inventions to the
market successfully through commercialization, it is important to know what the
problems/barriers are that innovators experience during the commercialization process.
It is also important to identify the need for a common framework understood by
government, higher education, research councils, technology organizations and venture
capital to help identify roles and functional relationships in the system of innovation. This study aimed to acquire information regarding the problems and/or barriers
confronting entrepreneurs in the commercialization process, by determining how
successful individuals and SMMEs were in commercializing their innovation. The client
base of the Centrum for Rapid Prototyping and Manufacturing (CRPM) and the
Technology Station (PDTS) for 2005 to 2010 were used in this study. The secondary
objectives were to investigate the steps the entrepreneur followed in the
commercialization process; to identify the factors, both positively and negatively, that
influence the commercialization of innovation; to determine the problems/mistakes that
entrepreneurs made in the commercialization process; and to determine the success
factors for entrepreneurs in the commercialization process.
The results showed that the minority of the respondents (20%) managed to
commercialize their inventions successfully. The remaining 80% of the respondents
were either still busy moving through the commercialization process or had become
stagnant.
Furthermore, the results indicated that the typical innovator does not follow the
chronological order of the steps in the commercial process, as indicated in the literature.
Many of the steps in the commercialization process were not completed as thoroughly
as needed and some of the steps were omitted completely.
The reasons most often cited by the respondents for their lack of progress and/or
stagnation in the commercialization process are a lack of funds and a lack of support. In
other words, the respondents did not have sufficient capital to commercialize the
invention on their own and either did not know where to go to obtain the financial aid
needed or were not successful in their application for funding. The lack of support the
respondents referred to include support in terms of knowledge regarding the
commercialization process, i.e. what each step in the commercialization process entails
as well as what should be done next in the commercialization process. These two
reasons were the most often cited barriers to the successful commercialization of the
respondents.
Several recommendations are made at the end of this study that could bridge the
abovementioned barriers. The focus falls mainly on the Government, and various
recommendations regarding government support institutions are made that could better
aid innovators through the commercialization process.
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CHALLENGES FACED BY URBAN ZIMBABWEAN WOMEN ENTREPRENEURSNani, Gwendoline Vusumuzi 15 August 2012 (has links)
The primary objective of this study was to investigate the challenges that urban Zimbabwean
women entrepreneurs face. The study was motivated by the theoretical findings that women
have always been discriminated against politically, economically, socioâculturally, legally,
educationally and at work. Scholars of gender studies assert that despite the fact that over the
last decades women had attained educational levels comparable to those of men, women still
remained in relatively low paying jobs (Wirth, 2001:49; Carter & Silva, 2010:19, 20â1). Due to
frustrations and challenges faced in the workplace, some women in both developed and
developing countries had left formal employment to start their own businesses. According to
Coulter (2000:114), even in business where women had opted to be, they continued to face
challenges.
A review of literature further indicated that the historical background of women in developed
countries differed from that of women in developing countries because of differences in
environmental factors (Adler & Israeli quoted by Woldie & Ardesua, 2004:79). However, the
challenges that women faced were similar except that in developed countries more gains had
been registered in improving womenâs lives compared to developing countries.
Theoretical findings about Zimbabwe showed that historically, women were excluded from
actively participating in politics and in decision making. Economically, women were denied
ownership of resources such as land and were thus dependent on men who were regarded as
bread winners. Socioâculturally, activities were arranged according to gender; thus, there were
activities strictly done by men and others reserved for women. Legally, women were regarded
as minors and for that reason women could not enter into any contractual obligations in their
own right. In regards to education, girls were encouraged to take up subjects that were not
strategically linked to the mainstream economy, while boys were channeled towards subjects
that would enable them to occupy meaningful and strategic positions in the workplace.
However, it was worth noting that the Government of Zimbabwe, just like governments in
other countries had instituted legal amendments to redress discrimination on the basis of sex and positive developments had been achieved. These developments had enabled women to
start their own businesses.
According to Ministry of Small and Medium Enterprises (SMEs), Zimbabwe, 2010), in Zimbabwe,
there are 20 665 registered urban women entrepreneurs. In the light of the statement by
Coulter (2000:114) that in business women continued to face challenges, it was fundamental
that the challenges faced by urban Zimbabwean women entrepreneurs be identified, hence the
need for this study. Identification of these challenges would enable the government of
Zimbabwe and other stakeholders to devise specific policies and strategies to minimise the
impact of these challenges on women owned businesses. This would enable women
entrepreneurs to operate viable and sustainable businesses. An empirical study was therefore
conducted to investigate what the challenges women entrepreneurs faced were.
This study was a combination of quantitative research design and descriptive research in which
the simple random sampling technique was used to draw the sample. The sample comprised
580 registered women entrepreneurs drawn from the Small and Medium Enterprises sector in
the four major cities of Zimbabwe, namely, Harare, Bulawayo, Gweru and Masvingo. The survey
method was adopted as the data gathering method where a self constructed and self
administered questionnaire was used as the data gathering instrument. A pilot study was
conducted before the questionnaires were distributed for the main study. Reliability testing of
the questionnaire showed a Cronbachâs Alpha value of 0.802 for all Likert questions based on
the background of women of Zimbabwe and business challenges. These results indicated that
the questionnaire was reliable as a data collecting instrument.
Data collected was transformed for statistical analysis through the use of Excel software. After
data processing, the Statistical Packages for Social Sciences (SPSS) was used for data analysis.
Statistical techniques used in this study included frequencies, percentages, cross tabulations
and Pearson chiâsquare tests, descriptive statistics and Analysis of Variance (ANOVA). Relating to respondentsâ demographic profile, empirical results showed that 50.4 percent of the
respondents in this study are married compared to 24.5 percent single and 25.1 percent
separated, divorced or widowed. Results further indicated that 83.8 percent of the respondents
have children and 73.2 percent have dependent children. The average number of children is
2.26 and the average number of dependent children is 1.50. The average age of respondents in
this study was 38.0 years. Results further indicated that respondents in this study are highly
qualified, with 51.5 percent having tertiary education. The dominant religion in this study was
Christianity.
Most of the respondents owned businesses in the services sector compared to âotherâ
businesses (67.2 percent and 32.8 percent respectively). Results indicated that 54.7 percent of
the respondents had been in business for 5 years and below. Results also showed that 37.2
percent of the respondents had relevant startâup experience. In terms of startâup capital,
women entrepreneurs in this study used internal more than external sources of finance (79.2
percent and 20.8 percent respectively). Findings also indicated that women entrepreneurs were
predominantly sole proprietors compared to those in partnership.
The following empirical findings were indicated regarding womenâs background. Firstly, women
can now actively participate in politics and decision making processes in spite of the fact that
women have more confidence in male than female political leaders. Secondly, economically,
women can own property in their own right and the majority of women are no longer
financially dependent on men. Thirdly, socioâculturally, women are more confident than they
were historically and can now challenge men on religious issues. Fourthly, women can now
engage in activities that were previously done by men only, such as being formally employed.
Men can also perform duties that were previously done by women only. Fifthly, legally, men
and women are equal before the law. Sixthly, after 18 years of age, women can make any legal
decisions without consulting male members of the family. Seventhly, some men do not accept
women as their equals. Eighthly, some men still abuse their wives because they have paid
lobola (bride price) for them. Ninthly, despite their legal rights, married women predominantly still have to consult their husbands before making any business decisions. Tenthly, regarding
education, girls are now given equal educational opportunities by their parents and at school
girls are free to study subjects and embark on courses of their choices. However, there are still
some cultures and religions that expect girls to leave school young to marry.
Finally, at work, both in the private and public sectors, there are equal job opportunities for
both men and women. There are also fair promotional opportunities for both men and women
in the public and private sectors. Men and women doing the same jobs are remunerated at the
same levels and there is equal taxation for both men and women. There are no jobs exclusively
reserved for women both in the government and private sectors. However, there are more
educated men than women in the job market.
According to empirical results, women started their businesses due to opportunity (pull) and
necessity (push) factors. Findings also showed that some women have left formal employment
to start their own businesses due to work related factors such as the âglass ceilingâ that blocked
their access to top executive ranks; gender role stereo typing, negative societal influences and
pay differentials, lack of acceptance by men, sexual harassment, balancing home and family
responsibilities, and stress.
The following empirical results were revealed about the market environment: First, customers
no longer look down upon women owned businesses. Second, male workers now respect
women who have employed them. Third, suppliers now offer both men and women
entrepreneurs the same credit terms. Fourth, bank officials in Zimbabwe give women the same
treatment as men when applying for loans. Fifth, women entrepreneurs can easily access
established private business networks. Sixth, male auditors have developed a positive attitude
towards women running businesses. Finally, some men entrepreneurs have accepted women
entrepreneurs as equal business partners.
The study also revealed some challenges that women entrepreneurs still have to contend with
in the market environment. Women still have a problem of lack of collateral. Another challenge that women entrepreneurs face is that of becoming members of formal business organisations.
Women also find it difficult to access government networks. According to empirical findings on
the macro environment, women now have equal chances of getting business tenders as men.
On the socioâcultural front women indicated that their religions allowed them to run their own
businesses. There are now support services to enable women to operate their own businesses.
Respondents also indicated that they registered their businesses without legal problems and
that women can now own property in their own names. Women entrepreneurs also confirmed
that amended laws have brought equality between men and women entrepreneurs.
However, empirical results also indicated that at economic level, women still find it difficult to
enter male dominated sectors like construction. Socioâculturally, most women entrepreneurs
indicated that they still face the challenges of balancing home and business responsibilities.
Despite the availability of support services, the HIV/AIDS pandemic has also exacerbated their
workload. Married women still have to request their husbands to coâsign before they can get
any loans.
Conclusively, empirical findings indicate that most of the cases of discrimination highlighted in
the problem statement in Chapter 1 Section 1.4, and in the historical background of
Zimbabwean business women, have been reduced and in some cases eliminated.
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