research proposal. group 1 - copy

The characteristics of students starting small businesses after graduation: a quantitative

analysis of CTI/MGI level Three students at theBloemfontein Campus

Research report submitted in partial fulfilment of the requirements for the Bachelor for Commerce

atCTI EDUCATION GROUP

Compiled byBridgette Tiisetso Modise

Buhle QomoyiKeneilwe Mathe

2016

Acknowledgements

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The researchers want to express their gratitude towards our supervisor Ms Jacobs for her continuous support of our research study, her motivation and continuous feedback. We are proud to say that her guidance helped us a lot in this study. The researchers would also like to thank the CTI Bloemfontein Campus Ethics committee for approving our study. Furthermore we would like to express our gratitude towards all individuals who voluntarily participated in this study.

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Contents

1.1 Background....................................................................................................................11.1 Problem statement........................................................................................................11.3 Purpose of the research.................................................................................................2

1.3.1 Aim.........................................................................................................................21.3.2 Research objectives................................................................................................21.3.3 Scope, limitations and exclusions...........................................................................21.3.4 Significance of the research....................................................................................3

1.4 Key theoretical concepts................................................................................................31.5 Research design and methodology................................................................................3

1.5.1 Research design......................................................................................................31.5.2 Research methodology...........................................................................................41.5.3 Research strategy...................................................................................................41.5.4 Population...............................................................................................................41.5.5 Data collection method...........................................................................................4

2. Literature Review..............................................................................62.1 Characteristics needed for starting small businesses....................................................6

2.1.1 Assertion.................................................................................................................62.1.2 Risk taking..............................................................................................................6

2.2 Creativity and innovation...............................................................................................62.2.1 Tenacity..................................................................................................................7

3. Sampling...........................................................................................83.1 Non-Probability sampling...............................................................................................83.2. Probability sampling..................................................................................8

4. Data collection and findings...............................................................94.1 Purpose.....................................................................................................94.2 Design......................................................................................................94.3 Nature and size of population.......................................................................94.4 Distribution................................................................................................94.5 Results of primary data collection..................................................................95. Data analysis and Findings...............................................................106. Conclusions and Recommendations..............................................11

BIBLIOGRAPHY ............................................................................................................................12

APPENDIX 1: Questionnaire ........................................................................................................13

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1. Introduction An entrepreneur is somebody who establishes his or her own small enterprise through a creation of new or existing ideas that will be or bought to the consumer’s attention through marketing (Corbin & Strauss, 2008:20). Entrepreneurs are risk takers who contribution to the growth of the economy in a country (Corbin & Strauss, 2008:22). In this research the characteristics of successful entrepreneurs are explained in detail to provide a better understanding of how graduates are able to start small businesses after graduating.

1.1 Background According to Herbert and Link (2010:15), the earliest form of entrepreneurial activities involved trading food and resources across tribes and clans for survival purposes. In the beginning of the 21st century, the field of management has taken on a new vision on entrepreneurship in business schools and in academy all over the world (Herbert and Link, 2010:15).

It is estimated that 2 200 entrepreneurial courses are offered by universities around the world (Herbert &Link, 2010:20). Entrepreneurial activities have existed since the ancient and medieval societies to overcome various risks and external constraints and societies.

1.2 Problem StatementAccording to Corbin and Strauss (2008:51) the success of small businesses trusts on human capital of their owner.

Graduates starting small businesses could offer business markets something they’d never achieve in-house which is a fresh perspective, youthful enthusiasm, close proximity to new technologies and understanding the needs and wants of young people (Maxwell, 2009:43).

According to Madhok and Michelle (2012:1) graduates starting businesses is an advantage for businesses to see themselves in their future lance (young people), rather than the business’s present and their past.

Research has shown that the success of an entrepreneur largely depends on traits of the entrepreneur, however there are different opinions regarding the degree of importance amongst these various traits (Corbin & Strauss, 2008:1)

This study is conducted to identify characteristics that are important to have in order to succeed in starting your own business, and to judge on whether CTI/MGI level 3 students portray these characteristics

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1.3 Purpose of the researchIn this study, research is conducted to make CTI/MGI level 3 students aware of different characteristics required in becoming a successful entrepreneur, to make students aware of the highly competitive market and encourage them to start small business instead of being employed.

1.3.1 AimThe researchers aim in this study is to encourage students who aspire being entrepreneurs to work on acquiring the characteristics required for starting small businesses. Researchers do this by emphasizing the significance through literature.

1.3.2 Research objectives

To identify the most important traits (such as youthful enthusiasm, risk taking abilities, persistence and creativity and innovation) needed in order to be a successful entrepreneur.

To criticize whether CTI/MGI level 3 students have the enthusiasm, risk taking abilities, risk taking and the innovation skills.

To Assure CTI/MGI level 3 students adapt these above mentioned characteristics needed in starting small businesses.

1.3.3 Scope, limitations and exclusionsLimitations of this study include the analysis of data that can be influenced by missing data. Due to a limited population the researchers will make use of the convenience sampling. A limited budget and time constraints are also among the constraints face.

Limitations: This research excludes CTI/MGI higher certificate students, level 1 and level 2 students.

Scope: This research includes CTI/MGI level 3 students

1.3.4 Significance of the researchThis study is conducted to investigate whether CTI/MGI level 3 students portray the characteristics required for becoming a successful entrepreneur.

This study is also conducted to find out whether graduates obtain the initial work experience to become successful in entrepreneurship, which is key amongst graduates.

1.4 Key theoretical concepts

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Entrepreneur: according to Corbin and Strauss (2010:1), an entrepreneur is somebody who creates new, competitive markets and businesses through innovation which leads to job creation and an increase in the economy.

Characteristics: a feature or quality belonging typically to a person, place or thing and serving to identify those (Barringer & Ireland, 2012:32).

1.5 Research Design and Methodology

1.5.1 Research Design

This study will follow a deductive approach. According to Cloete (2015:61) deductive approach to research is when a researcher(s) starts with a theory, then explores current literature and develops a research strategy, in order to test the initial theory. Thus the deductive approach is applicable because the researchers started with a theory which leads to their research problem. Thereafter literature was gathered and analysed followed by questionnaires to test or support the initial theory.

1.5.2 Research Methodology

Corbin and Strauss (2013:5) define research methodology as “a systematic way to solve a problem”. McLeod (2009:1) stated that research methods and research data, can be organised into two groups namely quantitative and qualitative research.

Creswell (2013:21) describes qualitative research as an approach to the exploration and understanding of different meanings and views of individuals and groups. Creswell (2014:4) describes quantitative research as an approach to testing theories, by means of examining the relationship between different variables. Newton (2009:8) stated that quantitative research is based on and expressed in numbers. In contrast qualitative research makes use of words and opinions or views of individuals or groups.

Quantitative methods offer summaries of data that support generalisations about the study. Also quantitative research usually involves prescribed procedures to ensure validity and reliability (Creswell, 2010:1). This study will use quantitative research methods as the main research instrument, which will consist of a questionnaire, since numerical data will be used to prove the different characteristics required for CTI/MGI level 3 students in starting small businesses after graduation

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1.5.3 Research Strategy

According to Barringer and Ireland (2012:65) research strategy can be defined as “the general plan of how the researcher will go about answering the research questions.” Barringer and Ireland (2012:68) suggested that a particular research strategy has to be decided on based on three conditions; the nature of the research questions, the amount of control that the researcher has over real behavioural events, as well as the level of focus on current or past events. Creswell (2011:3) identifies some of the most widely used research strategies such as questionnaires, case studies, action research, grounded theory, archival research, longitudinal studies and participative enquiries. Based on the three conditions in combination with the selected research methodology, which is quantitative research, this study will make use of questionnaire research as a method of quantitative research.

1.5.4 Population

According to Creswell (2010:81) population can be defined as “the entire group of persons or set of objects and events that the researcher wants to study.” The population that will be included in this study is identified as currently enrolled level 3 students at CTI/MGI at the Bloemfontein campus.

A sample can be defined as “a part of the entire population – a selected group of elements from a defined population” (Cloete, 2015:54).The sample will exist of currently enrolled Level 3 CTI/MGI students at Bloemfontein campus; these individuals are available to the researchers. Students within the sample will be between the age of 18 and 25 years older.

1.5.5 Data collection Method

A questionnaire is a brief discussion or interview with individuals regarding a specific topic (Creswell, 2010:43). A questionnaire can be considered a type of written interview. In this study questionnaire method of primary data collection will be used. More specifically a semi-structured questionnaire will be used to collect primary data. Semi-structured questionnaires include both structured and open-ended questions. Results obtained from completed questionnaires will be analysed through the use of Microsoft Office Excel. The results will be analysed, interpreted and compared to the literature the researchers have gathered.

Survey as a design/strategy

A survey is used to gather information about individuals.it is commonly used in psychology research to collect self-report data from study participants. It may focus on facts about individual or it might aim to obtain the opinions of the survey takers (Krill, 2013:1)

Questionnaire

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In this study we are using a questionnaire as a primary data collection instrument, in that way, each person is asked to answer the same set of questions in the same order (Krill, 2013:1). This questionnaire will be used to assess whether the 30 elements drawn from the population have the required characteristics of becoming a successful entrepreneur.

According to Finn and Jacobson (2008:1), questionnaires are best used because its administration is reasonably low-cost and easy even when gathering data from large numbers of people spread over extensive geographic areas. Some people feel more comfortable responding to a survey than participating in an interview (Finn & Jacobson, 2008:1).

Questionnaires have the disadvantages of low response rate as the respondents may not complete their surveys (Cloete, 2016:43). Questions may not mean the same to all respondents as not all have the ability to read (Cloete, 2016:43).

2. Literature Review2.1 Characteristics needed for starting small businesses

According to Blanchard (2013:1) entrepreneurship is used in many contexts to describe an individual or a business that can be seen as exceptional in a way.

2.2 AssertionThe main character needed for a successful entrepreneur is the ability to generate and create ideas, to have locus of control and perseverance (Nandrall, 2009:1).

According to Nandrall (2009:1), Assertion is seen as vital skill to have as it portrays self-confidence. However, according to Simon (2010:3), there is no evidence that supports the motion that entrepreneurs are more self-confident than non-entrepreneurs; he states that being over-confidence is not good for the business of a business as it promotes overthrowing of power. In contrast to Simon (2009:1), Othman (2010:1) states that self-confidence is the main psychological characteristics of a successful entrepreneur.

2.3 Risk TakingAccording to Blanchard (2013:3) , an entrepreneur should be able to undertake uncertainty in a specific market and be willing to exploit it, bearing in mind that profit should be made however not forgetting to focus on the product and customers.

According to Steven Jobs (2013:1) an entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople. They are obsessed with making products that can satisfy customer needs.

2.4 Creativity and innovation

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According to Barringer & Ireland (2012:23), an entrepreneur should be able to foresee product or service opportunities.

An entrepreneur should be able to generate new ideas and process them though a character of innovation (Barringer & Ireland, 2012:3).

In this phase, the vision of the entrepreneur and direction of the business are the same (Hannon, 2013:1).an entrepreneur should have the ability to fashion a new creative idea into a viable business.

2.5 Tenacity According to Blanchard (2013:12), it is natural that entrepreneurs fail in starting up their businesses; however they should have the courage of not giving up. It is evident that developing a new idea may require a lot of experimentations, hard work and effort before it starts being successful.

3. Sampling 3.1 Non-Probability sampling: it is relevant to use when the population is larger, where the sample might not be representative of the population (Krill, 2013:21).

3.2 Probability sampling: this sample consists of a list of population which gives the researcher a chance to randomly select a sample (Krill, 2013:21).

We cannot use probability sampling in this study because possible members of units are different from one another, which decrease the effectiveness of the technique.

4. Data CollectionPrimary data collection instrument

4.1. Purpose The purpose of using primary data in this research is to prove that there are certain characteristics required that CTI/MGI students should portray when starting small businesses after graduation.

4.2 Design This study will make use of questionnaire research as a method of quantitative research. Survey Monkey was used to design the survey that was to be handed out to respondents who voluntarily participated in this study. Both structured and open ended questions were used in the questionnaire.

4.3 Nature and size of the population The population that will be analysed in this study is identified as currently enrolled level 3 students at CTI/MGI at the Bloemfontein campus. The sample used in this study exists of currently enrolled CTI/MGI students at CTI Bloemfontein campus; these individuals are available to the researchers. Students within the sample are between the age of 18 and 25 years and older. The sample group will include individuals from different ethnic groups and with differing income levels, in order

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to be representative of the population

4.4 Distribution Thirty questionnaires were printed to be handed out to respondents. The respondents included students enrolled in the Information Technology, Psychology and Graphics Design course. 24 questionnaires were completed, 4 incomplete and 2 was invalid. Students were approached in class time, the questionnaire was explained to each group by the researchers and students were informed that participation is voluntary; all questionnaires were received back and were correctly completed.

4.5 Results and findings of data collection

Table 1: Questionnaire data summary

TenacityOption provided to respondents: Response:

I would work on something repeatedly, without getting bored?Strongly agree 12Agree 10Strongly disagree 1Disagree 7

I can handle school related setbacks well?Strongly agree 11Agree 10Strongly disagree 0Disagree 3

I believe that persistence pays off in a professional settingStrongly agree 11Agree 11Strongly disagree 1Disagree 1I am able to handle most of my significant school related disappointments wellStrongly agree 3Agree 14Strongly disagree 4Disagree 3

Even if the odds are against me, I could stay on an idea or project for longer than expected

Strongly agree 8Agree 7Strongly disagree 3Disagree 6

Adaptability and Flexibility On a scale of 1 to 5. How well can you adjust to a fellow peers working style in

order to complete a group project or achieve objectives1 1

10

2 23 54 135 3How well can you handle a situation where you had to adjust to changes over

which you had no control of?1 02 23 124 95 1How would you handle a situation where you have to effectively embrace a new system, process, technology or an idea introduced in your school work, even if

the change is a major departure from the original way of doing things?1 02 13 84 105 5

How was your transition from high school to university?1 12 63 44 95

If I do not meet desired objectives at school with my current action plan, I would be able to adapt my plan to my needs

Strongly agree 4Agree 18Strongly disagree 1Disagree 0

Problem solvingI would rate my problem solving skills as being?

Excellent 6Good 12Fair 5Poor 0

I can analyse information and make recommendations accordingly Strongly agree 9Agree 15Strongly disagree 0disagree 0

I follow particular steps to study a problem before making decisionsAlways 8Sometimes 14Never 1

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I would find a way to work around an odd or unusual idea to meet specific objectives

Strongly agree 8Agree 13Strongly disagree 0Disagree 3It is essential to break out of routine (a standard way of doing things) in order

to complete a taskStrongly agree 7Agree 10Strongly disagree 4Disagree 3

Assurance On a scale of 1-5 rate yourself-confidence

1 02 13 74 105 6

Do you do what is expected of you, rather than what you believe is right?Not at all 1Rarely 8Sometimes 11Often 3Very often 1

If something looks difficult, I would avoid doing itNot at all 4Rarely 10Sometimes 10Often 0Very often 0

Risk taking Which of the following would you choose in terms of ventures that do not pay? Let it go (quit) 5Try again (get another solution) 8Ask someone else to do it 10

Are you willing to risk time and money on unknowns? Yes 6No 12Maybe 6

How comfortable are you with uncertainty?Poor 5Average 15Excellent 3

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What describes your motivation best?Money 6Best performance 4Growth 10Other 4Total respondents for all questions: 24

Demographics Please indicate your age?

18-21 422-24 1925 or older 1

Gender Male 12Female 12

Race Asian 1Black 19Coloured 4Indian 0White 0Other 0I choose not to indicate 0Total respondents for all questions 24

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4.6 Data Findings and Analysis

Tenacity

Tenacity refers to the quality of being determined to do something or the persistency one has to complete a desired task (Prahalad & Krishnan, 2008:8). Tenacity is one of the characteristics required for entrepreneurs to start their ventures and enter the world of business (Prahalad & Krishnan, 2008:8). Therefore in order to determine if CTI/MGI students obtain the required characteristics to start small businesses after graduation, participating respondents were asked to indicate how they would handle situations in certain cases and therefore test their tenacity towards such. Looking at figures 1 below, it indicates that the majority of final year students at CTI/MGI have the tenacity required as a characteristic of entrepreneurs in starting small businesses after graduation, while the rest show a mere less percentage of having tenacity as a quality of starting a small business. The reason being for the mere less percentage of students not having tenacity as a characteristic may be a result of not being interested in starting a small business after graduation. Figures 1 therefore prove that CTI/MGI students obtain the required tenacity to start small businesses after graduation.

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TENACITY

Figure 1: The quality of being determined/ persistent

According to figure 1, research shows that the majority of CTI/MGI students portray the quality of being determined or persistent.

Adaptability and Flexibility

Being adaptable and flexible refers to adjusting to different roles, responsibilities and tasks which is vital for business survival for all entrepreneurs (Hamel, 2007: 99). Flexibility allows individuals to respond to changing tastes and market conditions which is essential as one has the ability to say, ‘This isn’t working’, the more honest an individual is to themselves, the better they are able to pivot and adapt (Robinson, 2014:1). Therefore respondents were asked to indicate on a scale of 1 to 5 (1 being poor and 5 being excellent) about how they handle changes in their environments, Figure 2 to 6 indicates the findings. From the findings below it can be proven that majority students are able to adapt to changes and become flexible to different roles and tasks.

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4%8%

21%

54%

13%

ADJUSTING TO STYLE

8%

50%38%

4%

Adjusting to changes you can't control

Q12

Figure 2: Adjusting to style Figure 3: Adjusting to changes

Figure 2 on adjusting to style shows that majority of 54% of CTI/MGI level 3 students have the ability to adjust to a working style in order to achieve objectives. Figure 3 with regards to adjusting to changes shows that the least of 4% of CTI/MGI students can adjust to changes they cannot control, while 50% of the majority students can adjust to changes they cannot control.

4%

33%

42%

21%

HANDLING A SITUATION WHERE YOU HAVE TO EFFETIVELY EMBRACE A NEW SYSTTEM

Q13

4%

25%

17%38%

17%

TRANSITION FROM HIGH SCHOOL TO UNIVERSITY

Q14

Figure 4: Handling a situation Figure 5: Transition from high school

Figure 4 in the graph above shows data of an average 33% of CTI/MGI level 3 students can handle a situation where they have to efficiently embrace a new system.

Figure 5 with regards to the transition from high school the graph shows that the majority of 37% of level 3 students at CTI/MGI rated their transition from high school to university.

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Strongly agree Agree Strongly disgree DisagreeADAPTING ABILITY

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ADAPTABILITY AND FLEXIBILITY

Figure 6: If I do not meet a desired objective at school with my current action plan, I would be able to adapt my plan to meet my needs?

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Problem solving

Problem solving is the process of finding solutions to issues and it is therefore essential that the right tool is used for the specific problem in hand (Educational Business Articles, 2016:1). Having the ability to solve a problem as an entrepreneur not only reduces risks but eliminates them before they occur, analyzing them and spending time to resolve those issues so it doesn’t happen again (Goldman & Van Der Linde, 2008:244). Students that participated in the questionnaire were asked to indicate how they would reason according to their problem solving skills and the following information found that a large number of students study a problem first before making a decision, therefore their problem solving skills are good and hence give a good reason for them to start small businesses after graduation as they posses problem solving skills as a characteristic to become a successful entrepreneur. Figure 7 to 9 below proves this statement.

Excellent Good Fair Poor

Q16

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RATING PROBLEM SOLVING SKILLS

Figure 7: I would rate my problem solving skills as being:

Figure 7 shows data of a majority of CTI/MGI level 3 students rated their problem solving skills to be good.

Strongly agree Agree Strongly disgree DisagreeQ17

0

4

8

12

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Analysing information and making recom-mendations

Figure 8: I can analyze information and make recommendations accordingly

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Always Sometimes Never

Q18

0

2

4

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8

10

12

14

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Studying problems before making decisions

Figure 9: I follow particular steps to study a problem before making decisions

Creativity and innovation

Creativity refers to conceiving something original or unusual while innovation refers to implementing something new (Burrus, 2013:1). As an entrepreneur, you want to have a competitive edge in the market and doing so requires creativity which means you don’t copy what others do; you use innovative ideas from others as a spring board to come up with unique solutions, products and services that attract customers and provide them with satisfaction (Burrus, 2013:1). Participants were asked to comment on how they feel when it comes to their creativity and innovation which allowed researchers to test whether they posses these traits to start small business after graduation. From the graphs below on figures 10 and 11, there is a good indication showing that more students are able to be creative and innovative which makes them part of the mass portraying characteristics to start small businesses after graduation.

Strongly agree

Agree Strongly disgree

Disagree

Q19

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WORKING AROUND UNUSUAL IDEAS TO MEET OBJECTIVES

Figure 10: I would find a way to work around an odd or unusual idea to meet specific objectives

According to figure 10, research shows that the majority of level 3 CTI/MGI students would find a way to work around an odd or unusual idea to meet specific objectives.

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Strongly agree Agree Strongly disgree

Disagree

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BREAKING ROUTINE

Figure 11: It is essential to break out of routine (a standard way of doing things) in order to complete a task

Assurance

Assurance is the state of being sure/ certain about something and this is quite important for entrepreneurs to have this quality as a characteristic when starting small business (Burrus, 2013:1). Assurance allows entrepreneurs to be certain about the decisions they make and the risks they take when starting small businesses (Burrus, 2013:1). Participants were therefore asked to respond and rate themselves on a scale regarding their confidence levels, what they believe in and how they make decisions when they are difficult, do they avoid them or tackle them. Figure 12 below proves that majority students are confident of themselves while Figure 13 and 14 proves that majority of students were a bit unsure of themselves when it comes to what is expected of them therefore more students responded sometimes as to expectations and when something looks difficult whether they would avoid doing it.

Self-confidence

1 2 3 4 5

Figure 12: On a scale of 1-5 (1 being poor and 5 being excellent) Rate your self-confidence.

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12Assurance

Figure 13 (Right): Do you do what is expected of you, rather than what you believe is right?

Figure 14 (Left): If something looks difficult, I would avoid doing it.

According to figure 12, research shows that the majority of CTI/MGI LEVEL 3 students portray the self-confidence character needed for starting small businesses.

Risk taking

Risk taking refers to actions which might have undesirable outcomes that may be a disadvantage to an individual (Burrus, 2013:1). Desmarias (2014:1) found that risk takers climb the company ladder faster than others and therefore make more money; having the ability to take risks in business gives one opportunities for accelerated learning and accelerated compensation versus somebody whom much rather finds comfort in their place and sets perches right there. Participants were asked to respond to the following questions as to how they would handle matters in order to assess their risk taking abilities and from the results in figure 15, researchers found that majority students (43%) would rather ask someone else to finish what they started in terms of ventures that do not pay off while 35% will try again which proves that final year CTI/MGI students do not possess risk taking as a characteristic to start a small business after graduation. Figure 16 shows that majority students are not willing to risk time and money on unknowns proving their risk taking ability to be low, figure 17 gives a majority percentage of average when students were asked how comfortable they are with uncertainty while figure 18 shows growth as a bigger motivation factor for majority students. From the results found in figures 15 to 18, CTI/MGI students do not attain risk taking as characteristic to start a small business after graduation.

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22%

35%

43%

Ventures not paying off

Q24 Let it goQ24 Try againQ24 Ask someone else

Figure 15: Which of the following would you choose in terms of ventures that do not pay off?

Yes No MaybeQ25

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RISKING TIME AND MONEY ON THE UNKNOWN

Figure 16: Are you willing to risk time and money on unknowns?

Poor Average ExcellentQ26

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UNCERTANITY

Figure 17: How comfortable are you with uncertainty? Rate yourself

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WHAT DESCRIBES YOUR MOTIV-ATION BEST

Figure 18: What describes your motivation best?

According to figure 16, it is evident that the majority of CTI/MGI level 3 students said “no” in risking time and money on the unknown.

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5. Time frame of the research

Research Week Activity Person Responsible1. Compile and develop

questionnaire Keneilwe Mathe; Tiisetso Modise and Buhle Qomoyi

2. Distribute questionnaire to participants

Keneilwe Mathe; Tiisetso Modise and Buhle Qomoyi

3. Collect the questionnaire Keneilwe Mathe; Tiisetso Modise and Buhle Qomoyi

4. Analyse and interpret results by managing responses and interpreting by drawing comparisons, conclusions, findings and recommendations


5. Present the results graphically


6 Conduct statistical process and identify validity, bias etc.


7. Draft research report – edit Keneilwe Mathe; Tiisetso Modise and Buhle Qomoyi

8. Compile research report – completed


9. Submit research report Keneilwe Mathe; Tiisetso Modise and Buhle Qomoyi

10. Present final research report


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6. Conclusions and Recommendations

This research was based on identifying the most important characteristics of successful entrepreneurs and to identify whether final year CTI/MGI students have the identified characteristics.

The data showed that a large number of students are determined/ persistent, can adjust well to different roles and tasks and show a great deal of conceiving something unusual & implementing something new. They however slightly lack in problem solving and the state of being sure/certain about things.

Through the data analysis it can be recommended that CTI could host events speakers to encourage entrepreneurship, have courses to boost skills, in order to develop successful entrepreneurs capable of going on to establish, viable, competitive business.

In this study, entrepreneurs and authors such as Steve Jobs and Barrigner & Ireland state that graduate students should have certain programs that teach them to work around boundaries. These authors/ entrepreneurs believe that students should be encouraged to be creative and innovative to know that even if an idea seems implausible, they should be persistent regardless limitations.

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Bibliography Barrington, R.B, & Ireland, D. (2012). Entrepreneurship:successfully launching new ventures. Fourth Edition. Pearson Education Group

Blanchard, D. (2013) Corporate entrepreneurship: innovation in emerging markets. Entrepreneurship & regional development. Second edition. Pearson Education Group

Burrus, D. 2013. Creativity and Innovation: Your Keys to a Successful Organization. [Online] Available at: http://m.huffpost.com/us/entry/4149993. [Accessed 11 September 2016].

Corbin, T. & Strauss, E. (2008). Entrepreneurial activities: Corporate framework of entrepreneurial success. Journal of entrepreneurship training, 51.

Cloete, D. (2016). Entrepreneurial Orientation on organisational performance: A proposed Research Framework. International Journal of Business Administration. ( 13).

Educational Business Articles. 2016. Systematic Problem Solving Strategies: Improving Customer Satisfaction and Efficiency. [Online] Available at: http://www.educational-business-articles.com/problem-solving-strategies/ [Accessed 11 September 2016].

Finn, K. Jacobson, T. (2008). Developing framework of entrepreneurial success: Journal of enterprising communities, Vol 3, no 1, page 8-24

Hanson, J. (2005). Management through innovation characters of small businesses, 10: (1) Journal of entrepreneurship

Hamel. G. 2007. The Future of Management. Boston: Harvard Business School Press.

Jobs, S. (2013). Important Characters and innovation skills of small businesses and it's owners:Cross border entrepreneurship

Krill, F. Characteristics of successful entrepreneurs: A framework of business development. second edition. Pearson Education Group

Madhok, S. Michelle, K. (2012) Student Innovation Methods: Focus on gaining competitive advantage. Print House

Nandrall, B. (2009). Corporate entrepreneurship, Operations core competency and innovation in emerging economies. International Journal of Operations, (1)

Othman, L. (2010) Entrepreneurship and research development: Mediating roles of organisational excellence

Prahalad, C.K. and Krishnan, M.S. 2008. The New Age Innovations. New York: McGraw Hill Professional.

Simon, V. (2010). Entrepreneurship in Southern Africa: important traits of entrepreneurs. McGregor Hill

Simon, J. (2009). Quotes and Characters of small business owners: A fresh perspective. Print house

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http://www.educational-business-articles.com/problem-solving-strategies/

http://www.educational-business-articles.com/problem-solving-strategies/

http://m.huffpost.com/us/entry/4149993

Appendix AQuestionnaire

Details of researchersBuhle Qomoyi, Keneilwe Mathe and Bridgette Tiisetso Modise are CTI students, enrolled in a Bachelor of Commerce degree. The research project forms part of the Research Methodology course, which is to be completed as part of their qualification.

Participants should be aware of the following:

• The results of the study are going to be used for academic purposes only. Should the participant request to view the summary of the findings, the information shall be provided.

• Credibility and confidentiality will be ensured, answers given to the respondent will remain anonymous.

• The identity of the participant will not be asked in any form.

• The questionnaire consists of 23 questions that will take approximately take 20 minutes to complete.

The research:

The purpose of this research is to identify the characteristics of successful entrepreneurs and to analyse whether final year students of CTI/MGI students (Bloemfontein campus) possess these characteristics.

Signed informed consent form:

The research requires your consent to participate. Please sign this page to indicate that:

• You agree to voluntarily take part in this research and that you are 18 years or older

• You grant the researchers permission to use the information provided in the questionnaire

• You have read and understood the information granted

• You are aware that you can draw out from the research should you feel the need to, at any given time

Participants’ signature:

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Date:

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Thank you for your participation!

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Please indicate your age group:

o 18-24o 25-30o 30 older

Please indicate your ethnic group:

o Asiano Blacko Coloured o Indian o Whiteo Othero I choose not to indicate

Please indicate your gender:

o Maleo Female

Tenacity

I would work on something repeatedly, without getting bored.

o Strongly agree o Agreeo Strongly disagreeo Disagree

I can handle school related setbacks well.


I believe that persistence pays off in a professional setting.


I am able to handle most of my significant school related disappointments well.


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Even if the odds are against me, I could stay on an idea or project for longer than expected.


Adaptability and Flexibility

On a scale of 1 to 5 (1 being poor and 5 being excellent). Please rate the following questions. Mark the appropriate box with an X.

How well can you adjust to a fellow peers working style in order to complete a group project or achieve objectives.

1. 2. 3. 4. 5.

How well did you handle a situation where you had to adjust to changes over which you had no control of?

1. 2. 3. 4. 5.

How would you handle a situation where you have to effectively embrace a new system, process, technology or an idea introduced in your school work, even if the change is a major departure from the original way of doing things?

1. 2. 3. 4. 5.

How was your transition from high school to university?

1. 2. 3. 4. 5.

If I do not meet a desired objective at school with my current action plan, I would be able to adapt my plan to my needs.

o Strongly agree o Agreeo Strongly disagreeo disagree

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Problem solving

I would rate my problem solving skills as being:

o Excellento Goodo Fairo Poor

I can analyse information and make recommendations accordingly.


I follow particular steps to study a problem before making decisions.

o Always o Sometimeso Never

Creativity and innovation

I would find a way to work around an odd or unusual idea to meet specific objectives


It is essential to break out of routine (a standard way of doing things) in order to complete a task


Assurance

On a scale of 1-5 (1 being poor and 5 being excellent). Rate your self-confidence. Mark the appropriate box with an X

1. 2. 3. 4. 5.

Do you do what is expected of you, rather than what you believe is right?

o Not at allo Rarelyo Sometimes

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o Ofteno Very often

If something looks difficult, I would avoid doing it.

o Not at allo Rarelyo Sometimeso Ofteno Very often

Risk taking

Which of the following would you choose in terms of ventures that do not pay off?

o Let it go (quit)o Try again (get another solution)o Ask someone else to do it

Are you willing to risk time and money on unknowns?

o Yes o No o Maybe

How far would you go in terms of risk taking? Rate yourself on a scale of 1 being poor and 5 being excellent. Please mark the appropriate box an X.

1. 2. 3. 4. 5.

How comfortable are you with uncertainty? Rate yourself

o Poor o Average o Excellent

What describes your motivation best?

o Money

o Best performance

o Growth

o Other

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research proposal. group 1 - copy

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