Publication: New Concepts for Business Acceleration for Africa
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2018
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Mount Kenya University
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Abstract
Small business owners usually have no business management expertise. They aim
at making “fast money” through whatever means, even if unethical. Systematic
education of small business owners includes mentorship. The “survival of the fittest”
syndrome is the norm in small business with no business ethics. Business owners
can go to extraordinary lengths to make sure that their businesses thrive. They can
attack other businesses or individuals that threaten their survival. Inappropriate cash
management: accounts receivable not in sync with accounts payable (Cash purchases
versus credit sales). The survival tactics include; exorbitant pricing – Following from
the mentality to get rich quickly, the business owners tend to increase their prices
believing that the higher the prices, the sooner they will get rich. However, they do
not understand the law of demand and supply. Deceit of customers – Some business
owners go to the extent of deceitfully luring customers to their shops on the basis
of giving the customers value for money. Anxiety to get rich and lack of patience –
Business owners do not take their time to perform their businesses systematically
usually resulting in customer dissatisfaction. Lack of business education results in low
business performance leading to attacks on other businesses such as the xenophobic
attacks in South Africa in 2008 and April 2015.Business education courses may be
offered to entrepreneurs by capable tertiary educational institutions. Mentorship by
big business should be done in return for government rebates.
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Keywords
Business management expertise, Systematic education, Customer dissatisfaction, Business education courses