Internal Factors Of Socio-Business Development

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2.4. Internal Factors
Internal factors are those factors which may affect young graduates internally, when they want to create and to develop SMEs in Bujumbura, Burundi.
2.4.1. Education
Education is needed to create and to run small and medium enterprises. In Burundi, most of those who are carrying out SMEs are not well equipped in terms of education and skills. King and McGrath (2002) in their study suggest that those with more education and training are more likely to be successful in the SMEs sector. As such, for small medium enterprises to do well in Burundi, entrepreneurs need to be well informed in terms of education, skills and management. In every country even in Burundi, those who want to run or develop their business need to have
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According to him, socio-cultural setting is made up of collection of activities, and the relationships people engage in their personal and private lives which include population features, age, ethnicity, religion, values, attitude, lifestyles and associates. These activities and relationships influence the decision of creating new businesses. Therefore, culture, as distinct from political, social, technological or economic contexts, has relevance for economic behaviour and business performance (Shane, 1993; Shapero & Sokol,…show more content…
Values are guiding principles that influence people’s decision making, they are stable trans-situational goals, they vary in importance, and they motivate behavior that are similar to them (Schwartz & Bardi, 2001, 2003; De Dreu & Nauta, 2009; Schwartz, 2005). Roccas et al (2002) believed that values capture a part of personality that is pertinent to motivation. However Hofstede (2001) postulated that values is the inclination to choose certain states of affairs to others. Certain values are universal and relate to the society, family and to one’s work life (Kilby, 1993; Kluckhohn, 1951). Business owners’ success measures often reveal their value orientations (Georgievski et al., 2011, p. 11). Then values affect young graduates when they want to run their
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