MANAGEMENT COMPETENCIES OF AN ENTREPRENEUR:

AN EXAMINATION OF MANAGING QUALITIES OF WOMEN

ENTREPRENEURS BASED IN KHULNA CITY

MANAGEMENT COMPETENCIES OF AN ENTREPRENEUR:

AN EXAMINATION OF MANAGING QUALITIES OF WOMEN

ENTREPRENEURS BASED IN KHULNA CITY

(SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS OF

MBA PROGRAM)

Supervised By:

Md. Enamul HaqueAssociate Professor

Submitted By:

Jafrin KhanID: MBA-130327

Submitted To:

ChairmanResearch and External Affairs Committee

KHULNA UNIVERSITYBusiness Administration Discipline

MBA ProgramCourse: Master’s Thesis

Course No: BA-5407

28th August, 2016.

August 28, 2016

ChairmanResearch and External Affairs CommitteeBusiness administration DisciplineKhulna University, Khulna

Subject: Submission of thesis paper

Dear Sir:

It is a great pleasure for me to submit the thesis paper, which is a requirement for the completion of MBA program. I was assigned to submit the report under the topic titled “Management Competencies of an entrepreneur: An Examination of managing qualities of women entrepreneurs based in Khulna City”.

Throughout the study, I have tried with the best of my capacity to accommodate as much information, relevant issues as possible. This paper has given me the opportunity to apply my theoretical knowledge throughout the period, which will be a great help for me in the future. I am apologizing for any kind of mistake. I will be available for facilitating any point or part of this paper any time when you asked me to do so.

I am grateful to you for your guidance and kind cooperation at every. I shall remain deeply grateful if you would kindly accept the paper and evaluate my performance.

Sincerely yours,

_________________________Jafrin KhanID: MBA- 130327

Supervised by:

_________________________Md. Enamul HaqueAssociate professorBusiness Administration DisciplineKhulna University

ACKNOWLEDGMENT

This work comes in to end by the support, assistance, recommendation, advice,

instructions and encouragements of many individuals and organizations. To begin

with, I would like to thank Md. Enamul Haque, Associate Professor, Business

Administration Discipline, Khulna University, my supervisor, for his vital

instructions, guidance, and constant effort and prompt attention as and when required

for accomplishing this report. Secondly, I am really grateful to the women

entrepreneurs of Khulna city, who have helped me by answering my survey questions

and they have also provided valuable information which were very essential for

fulfilling my survey.

Table of Contents

Abstract vii

Chapter-1: Introduction1.1.Background of the Study 81.2. Origin of the Study 81.3. Objectives of the Study 91.4. Significance of the Study 91.5. Rationale of the Study 91.6. Scope of the Study 101.7. Limitations of the Study 10

Chapter-2: Literature Review2.1. Scenario of Entrepreneurship in Bangladesh 122.2. Women Entrepreneurship in Bangladesh 132.3. General Traits of Women Entrepreneurs all over the World 142.4. Theories of Entrepreneurship 142.5. Theories Discussing about Women Entrepreneurship 152.6. Management Skills Required for Starting and Operating a Venture 172.7.Different Theories of Entrepreneurship Capabilities Affecting

New Business Success 192.8. Previous Studies on This Issue 212.9. Future Contribution of This Study 22

Chapter -3: Methodology3.1.Research Design 243.2 Population and Sample 243.3.Sampling Technique 243.4.Instrument Development 243.5.Questionnaire 253.6.Data Collection 253.7.Data Analysis 26

Chapter- 4: Analysis4.1.Tools and Techniques for Analysis 284.2.Correlation analysis 28

4.2.1 Planning skills 294.2.2 Motivating skills 294.2.3 Controlling skills 294.2.4 Budgeting skills 294.2.5 Team Building skills 304.2.6 Networking skills 304.2.7 Marketing skills 304.2.8 Decision making skills 30

4.2.9 Personality Traits 314.2.10 Risk assuming skills 314.2.11 Analytical skills 314.2.12 Dedication to Work 31

4.3.Regression 324.4.Descriptive Statistics 36

4.4.1. Measures of Dispersion of Planning skills 374.4.2. Measures of Dispersion of Motivating skills 384.4.3. Measures of Dispersion of controlling skills 394.4.4. Measures of Dispersion of budgeting skills 404.4.5. Measures of Dispersion of team building skills 414.4.6. Measures of Dispersion of Networking skills 424.4.7. Measures of Dispersion of Marketing skills 434.4.8. Measures of Dispersion of Decision Making skills 444.4.9. Measures of Dispersion of Personality Traits 454.4.10. Measures of Dispersion of Risk assuming Skills 464.4.11. Measures of Dispersion of Analytical Skills 474.4.12. Measures of Dispersion of Dedication to Work 48

Chapter- 5: Concluding Part5.1.Findings 495.2.Conclusion 50

AppendixReferences 51

vii

Abstract

Purpose- The objective of this paper is to identify managing competencies of women

entrepreneurs and find out the relationship between women’s entrepreneurial venture

and management competencies.

Methodology/approach- To identify evaluation of management competencies of

female entrepreneurs of Khulna city, quantitative approach is incorporated. A survey

is conducted and a convenient sampling technique has been employed to collect data.

As well, variables for management competencies are selected from the literature

review and are evaluated from the response of the women entrepreneurs. Those

variables are women entrepreneurship, planning skills, controlling skills, budgeting

skills, motivating skills, networking skills, marketing skills, team building, personality

traits, risk assuming skills, decision making skills, analytical skills and dedication to

work. So as to judge the perception of entrepreneurs, 5 point Likert scaled

questionnaire is provided to female entrepreneurs of Khulna city.

Findings- This study found that there are highly significant and positive correlations

with planning skills, motivating skills, marketing skills, personality traits, risk

assuming skills, dedication to work and women entrepreneurship. Moreover,

managerial skills explain 87.60% (R square =.876) variation of women

entrepreneurship. It is also found that respondents rated planning skill, motivating

skill, controlling skill, team building skill, networking skill, decision making skill,

personality traits and dedication to work quite high.

Value- This research has been conducted on the observation of management

development of women entrepreneurs, basing a country or continent or particular city.

With this study, government, non-government organization, corporate sector and

community will be aware of women entrepreneur’s management capability.

Consequently, knowledge will aid in improving and supporting women

entrepreneurship.

Keyword- Management competencies, Women entrepreneurs, Personality traits,

Entrepreneurial venture, Management development, Planning skill

1

2

CHAPTER -1

INTRODUCTION

Page | 9

1.1. Background of the Study:

Bangladesh has been suffering from various problems as a developing country after

the war of 1971. It faced many challenges for developing existing business sector and

initiating something new in this sector. From then, entrepreneurship is important

ingredient that fostered the economic growth of Bangladesh (Mamun and Islam, no

date). It is precondition for sustained economic development. Women entrepreneurs

are becoming a dynamic and powerful strength in the world. It plays an important role

in developing the economic situation by creating wealth and field of innovation

(Dragusin & Mariana, 2007). Women are considered weaker in all respectwhich acts

as a barrier to entry into business. Despite all the hurdles, ability to learn quickly,

persuasiveness, open style of problem solving, willingness to take risks and chances,

ability to motivate people, knowing how to win and lose gracefully which are the

strengths of women entrepreneurs help them to face challenges, compete for success,

exploit opportunities, explore new avenues and contribute to the progress of society

and nation (Goyal and Parkash, 2011, Kalim, 2012, Sharma et al., 2012 and Veena et

al., 2012). GEM report (2004) reported that low-income countries favor

entrepreneurship as a motivational factor for women entrepreneurs in the creation of

new business ventures. Financial resources, entrepreneurial skill, marketing strategy,

technological resources, and government support are factors contributing in the

success of entrepreneurship (Bird, 1988). But if these techniques are not appropriately

managed then become worthless. So to achieve the organizational goal effectively and

efficiently,there is a necessity of management qualities and demonstrate those

management skills into their business.

1.2. Origin of the Study:

This thesis paper has been prepared for fulfilling the requirement of the thesis

program. The heading of the report is “Management Competencies of an

entrepreneur: An Examination of managing qualities of woman entrepreneurs

based on Khulna city.” This topic has been assigned by my honorable supervisor,

Md. Enamul Haque (Associate Professor, Business Administration Discipline,

Khulna University), to make the theoretical knowledge more fruitful and long lasting

the practical knowledge, which opportunity is offered by Khulna University for its

potential business students to get three months practical experience through Internship

Program.

Page | 10

1.3. Objectives of the Study:

The Primary objective of this study is to find out the relationship between women’s

entrepreneurial venture and management competencies.

The Secondary Objectives of this study are-

∑ Identify management competencies of women entrepreneurs.

∑ To assess the relationship between women’s entrepreneurial venture and

management competencies

∑ To investigate the magnitude of relationship between women’s entrepreneurial

venture and management competencies.

1.4. Significance of the Study:

It is clearly seen that, many research have been undertaken relating managing skills,

women entrepreneurs and sustainable business development basing a country or

continent. But there is no direct and solo research like this study that is identified

relationship among them based on any particular city of this country with samples

taken focusing only on female entrepreneurs. Therefore, this study can act as a role

model for interpreting the practices of managing skills in women entrepreneurship

and developing business. With this study, female entrepreneurs can be able to find

their weakness and thereby take necessary steps to develop their skills and to compete

in better ways.

1.5. Rationale of the Study:

Female participation in business and decision-making has increased in recent years.

Women entrepreneurs prefer to initiate their business in a sector where other female

employees can be hired. The choice of the sector is narrow by many factors such as

resource deficiency, female unwillingness for taking risks etc. which forces them to

get involved in activities with very low entry and exit barriers as well as low financial

hurdles like food processing and or clothing and textile sector (Sultana 2012). Female

entrepreneurship contributes more on employment creation, GDP growth, poverty

alleviation, gender discrimination reduction, utilization of creativity and full-

employment opportunities for women and succession of all these sectors indicates

Page | 11

economic development. There are many women who want to be successful

entrepreneurs and economically independent. To be a succsessful and famous

entrpreneur , women must have the managing skills or capabilities (Ahmad, 2007). If

it is possible to use their managing skills, knowledge and qualities with combination

of proper utilization of resources then rapid economic change and development will

bring about in Bangladesh as well. Therefore, this study tried to clarify how the uses

of managing skills develop entrepreneurship and that will add some value to the

existing literature.

1.6. Scope of the Study:

The report is intended to assess the influence of managing capabilities on female

entrepreneurs. The report is also prepared with the intention of providing a rational

view regarding whether applying different managing skills have any effect on

development of female entrepreneurship. For this purpose, the survey will conducted

on one hundred women entrepreneurs from different enterprise and service providing

organization of Khulna city. This study has focused on in what ways women exercise

those skills. A brief description of entrepreneurship capabilities affecting new

business success and theories and concepts on techniques regarding developing

entrepreneurial and management capabilities among male and female entrepreneurs

will also be established in this study.

1.7. Limitations of the Study:

Even though all the possible cautions are maintained during planning of study and

selection of methods and techniques, the study is not free from limitations. The study

is confined only in Khulna. As convenient sampling technique is used, the study is

suffering from sampling bias and its not representing entire population. Certain

businesses are not represented appropriatley in the sample due to regionalization of

women entrepreneurship and there is every possibility of generalizing the result of the

study.

CHAPTER - 2

LITERATURE REVIEW

Page| 13

2.1. Scenario of Entrepreneurship in Bangladesh:

Bangladesh was in a devastated economy after the war of 1971. After the war, most of

the mills, factories and manufacturing companies were shut down. Our agricultural

production was broken up and facilities of infrastructure like bridges, power stations,

roads, railways, gas services, telephone communication and other national facilities

were broken down. Government had nationalized the entire establishment just after

the war because political obligation and another reason was these establishments were

owned by foreign owners (Chowdhury, 2012). After few years of the liberation war,

government had given importance on the role of the country’s private sectors because

the government policies had been changed in the mean time. The privatization and

disinvestment policies of government have gave the right to the Bangladeshi

entrepreneurs to own large, medium as well as small industrial enterprises and those

entrepreneurs have started dominate this sector. Their ownership has promoted to

develop a new state of entrepreneurship. Afterward, Bangladeshi government has

brought changes into industrial and trade policies as well as monetary policies. The

import policies and controls were relaxed in order to reduce protection and encourage

efficiency to allocate resources to promote domestic industries’ competitive

advantages. (Islam and Akter, 2014).

In recent years, many economic reforms have been taken place to restore confidence

among the entrepreneurs and these reforms help potential and prospective

entrepreneurs to come forward and set up their new venture. Many industrial policy

reforms have been also carried out in different years to create and investment friendly

environment to encourage entrepreneurship development easily. Like industrial policy

reform, many reforms also carried out in fiscal policy, import policy as well as

taxation policy to boost up both foreign and local investment. (Akhter, 2012).

According to Moazzem (2008), a considerable high rate of development achieved in

sectors like agro-based and agro-processing industry, readymade garments,

pharmaceuticals, computer, telecommunication, software and ICT goods, leather

goods and tourism, poultry industry indicate that there are enterprises, which can

provide perfect evidence of successful entrepreneurship. As short list of these

enterprises include Oran Group, Nestle, BRAC, Grameen Danone Foods Ltd in agro

processing; Cell Bazaar, Bikroy.com, Rokomary.com in ICT; Map Agro and Waste

Page | 14

Concern in waste management; Bengal Travel and Tours in tourism. Besides these

examples, there are many other enterprises which run successfully in rural and urban

areas of this country and they also can endow with guidance to other enterprises for

entrepreneurship.

2.2. Women Entrepreneurship in Bangladesh:

Women entrepreneurship in the most recent concept and it is very emerging power of

the developing owrld. Women entrepreneurship is intended for developing and

upgrading the condition of women as well as it works as the driving factor for the

economic growth of the country (Vossenberg, 2013). In Bangladesh, women face lots

of problem and barriers if they want to be entrepreneur. They struggle for coming out

for conventional and stereotyped social custom which prevent them to come out from

home. In the first stage when they start their business, they work only for their

survival (Haidar & Akhtar, 1999). Among lots of constraints, most crucial are lack of

capital access capability, basic knowledge deficiency about industry and product

market, quality and managerial control skills and skill of access to market (World

Bank, 2003). They have also lack of knowledge of measuring business risk which

plays the most important role in developing women entrepreneurship. (Nawaz, 2009).

In Bangladesh, women entrepreneurs are the most deprived group in the society. They

face challenges in every step of life to overcome the constraints to make some

income. Many encumbrances are surrounded them in their way of development. But

after policies reforms, there are many prospective sectors have emerged where they

can start working as entrepreneur to achieve prosperity (Chowdhury, 2001).

According to Akhtaruddin (1999), Personal attributes of women entrepreneurs can

affect the failure and success of these entrepreneurs but he basically focused on

economic and social factors and attributes of the women entrepreneurs. Nevertheless,

the remarkable achievement of women entrepreneurship stakeholders point to that as

in significant and untapped resource of economic development and expansion

(Minniti & Naudé, 2010) as well as they need to focus on foreign investment rather

than aid in developing women entrepreneurship as the key factor for the development

and growth (Isaac, 2012).

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2.3. General Traits of Women Entrepreneurs all over the World:

Women entrepreneurship is now a buzz world. This sector is developing vastly not

only in Bangladesh abut also in UK, US as well as other parts of the world. But the

most interesting things are what make these women able to take this leap to come

forward.

Singh (1992) has found that most of the women entrepreneurs possess high level of

confidence and they also have decision making skills, managerial skills as well as

they are independent now. In general, they are not that much credit orientation and

they have low risk preference. They are not emotionally matured as well. According

to Shah (1993), at the initial stage of entrepreneurship, women prefer to take low risk.

Hisrich and Brush (1988) discussed about the fact that women entrepreneurs are

generally enthusiastic, creative, adaptable and instinctive in nature. They have to deal

with numerous problems like hiring, firing and training employees, meeting payrolls,

satisfying creditors, facing cash deficiency, asset deficiency and instability as well.

Often they deal with emotional, financial and personal sacrifices. Farouk (1983) cited

in Hossain (2006) that women entrepreneurs of Bangladesh are naturally hard

working, dutiful, honest, trustworthy, little educated, reliable and simple.

Nimalathasan (2008, p.355) stated that Bangladeshi women entrepreneurs have

certain traits like they seek opportunities, they are commited to their work,

persistence, they demand efficiency and quality and they take risks but with lack of

visionary.

2.4. Theories of Entrepreneurship:

Entrepreneurship is the practice of creating new venture through sorting out vital

opportunities and resources in view of risk and rewards. People use the terms

"entrepreneur" and "entrepreneurship" interchangeably. Entrepreneur is she or he who

is going to start his or her own business. The proper definition of entrepreneurship is

still not clear, so it is defined from the concept of various theories of entrepreneurship.

According to Richard Cantillon (1755), this theory of entrepreneurship does not

represent an entrepreneur as the production factor. But s/he plays a role of agent who

takes risk and help to equilibrate demand and supply of the economy. According to

Page | 16

neo-classical theory, the function of an entrepreneur represents that of the

optimization of residual claimant, as example- owner of the business who hires labor

and rents capital from the workers and landlords in uncertain production and demand.

The crucial fact about the recent business is that its managers cannot play the strong

social role played by the entrepreneur. (Schumpeter, 1989). Schultz (1975) argues that

entrepreneurship is closely related to the disequilibrium situation of economy and

entrepreneurship is the way and ability of dealing with this disequilibrium situation.

In this disequilibrium situation, agents act sub-optimally and they can modify their

main resources to gain a high level of contentment. Entrepreneurship is generally the

capability to coordinate the modification or reallocation of resources effectively and

this can be possible because of presence of different entrepreneurial abilities.

According to Schultz (1975), in this disequilibrium situation, we know that

opportunities to increase satisfaction level exist but the reallocation of resources

requires some time. A better modification or allocation of the resources can be done

by either trial or error experimenting or by endowing inhuman capital. Again

according to Schultz (1975), entrepreneurship exists in all aspects of our life. It is the

capacity for investment, expansion as well as innovation in new market segments,

techniques and products (Leff, 1980). So, if consider different thoughts

simultaneously Entrepreneurship is new entry into or creation of new organization,

aiming to initiate, maintain and increase profit by taking advantage of opportunity

combining resources in those ways which can create impact on market.

2.5. Theories Discussing about Women Entrepreneurship:

Women can use entrepreneurship as a vehicle of making themselves self-

sufficient.Women empowerment relies on getting involved in diverse development

actions. In other words, the participation of women in many entrepreneurial activities

has allowed them in social, economic and cultural fields in our country. The authority

of and right to taking proper decisions have augmented for the women in our country,

within and outside of their family. Yet, women entrepreneurship development varies

across rural and urban areas. (Nawaz, 2009).They are agent of changes and possess

some common entrepreneur traits.

Developing women entrepreneurship is crucial to flourish as economically dominant

nation in the contemporary high-tech world. Consequently, conception of platforms as

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well as networks for culture of entrepreneurship are important issues worldwide

(Kalim, 2012).Women entrepreneurs encompass approximately one third of all

entrepreneurs worldwide. The Government of India has defined women entrepreneurs

as - “an enterprise owned and controlled by women having a minimum financial

interest of 51% of the capital and giving at least 51% of the employment generated in

the enterprise to women” (Goyal and Parkash , 2011, p. 196). Here, it can be said that

women entrepreneurs are the women or group of women who initiatize, own, run

and control the enterprise (Goyal and Parkash , 2011). Entrepreneurship is a vision or

idea that women can hold to optimize and explore which can help them to create new

jobs as well as economic advancement among her fellow beings. (Kalim, 2012).

Simply, woman entrepreneurship is the practice of starting new business by women.

The basic features of women entrepreneurship are –

∑ Economic Agent: The term “Entrepreneurship” is mostly an economic role

because it involves the creation and maneuver of any venture (Naudé, 2010).

∑ Creative: Entrepreneurship is a inventive responses to new things of the

environment. It involves introduction or innovation of something new, better

and up to date. In entrepreneurship, an entrepreneur plays the role of change

agent (Baumol, 1990).

∑ Risk Taker: Risk is an inherent, intrinsic and undividable part of

entrepreneurship. Entrepreneur can assume the risk and uncertain incidents of

upcoming time. In search of profits there is every chance of loss (Block and

Koellinger, 2009).

∑ Innovative: Entrepreneurship is an innovative function as it involves doing

things in better and new way. Thinking/doing something new or innovation

can take several forms like creating a new product, a new resource of raw

material, a fully new market segment, a new process of production and so on

(Acs. and Armington, 2002) .

∑ Dynamic: Entrepreneurship is a dynamic function. Entrepreneurs thrive on

changes in the environment which can bring functional prospects for

enterprises. Entrepreneurs always need to take different dynamic decisions

(Nawaz, 2009).

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2.6. Management Skills Required for Starting and Operating a Venture:

It is said that competency means a proper mix of skill, knowledge as well as attitude

which is required for the employees to perform efficiently in their duties (Stoof,

2005). According to Gibb (1990), “an ability to perform certain tasks for which

knowledge, skills, attitudes and motivations are necessary”. Sanchez (2011) have also

distincted competency as “a cluster of related knowledge, traits, attitudes and skills

that affect a major part of one’s job; that correlate with performance on the job; that

can be measured against well-accepted standards; and that can be improved via

training and development”. The executives of any entrepreneurial company should

work thoroughly to identify, attract as well as recognize this type of workforce during

the entire hiring process. Those entrepreneurial capabilities are-

∑ Self Confidence: The most important probably first trait should have in a

successful entrepreneurs is belief, belief in her/himself. They like to solve

their problem her/himself and never seek for any help from anybody. They

believe that they can be the best solver of their issues and this belief always

works for them and capable them to run their business successfully (Baum,

Locke, and Smith, 2001).

∑ Networking Skill: This is another main focus of a successful entrepreneur. A

successful entrepreneur should work on their networking skill. The more an

entrepreneur gets involved with people, the more they can get opportunities

will bring in. so it will be wise to build up a good relationship with successful

and professional people (Begley. and Boyd, 1987).

∑ Planning Skill: The ability to project the upcoming events and make a good

plan accordingly to accomplish the objective is one of the important traits

which can establish an entrepreneur successfully. Effective future planning can

guide a business and it is all about what an entrepreneur is. A skilled and

professional business planner can know which plan will be effective and when

to execute for attaining which goal. They can make plans which are flexible

and changeable immediately if needed. This effectual planning can be defined

as art or skills which should be present in a successful entrepreneur (Gartner,

1988).

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∑ Motivating Skill: Entreprenurs should posses motivating trait so that they can

direct their employees and in this way those staffs can achieve organizational

objectives. According to basic characteristics of an entrepreneur, they should

be future-oriented, enthusiastic as well as positive. Entrepreneurs should have

the faith that they can take necessary risk with their available resources to gain

the ultimate profit. They may be highly energetic and impatient sometimes.

They can create willpower into other staffs (Man, et al. 2002).

∑ Personal Effectiveness: Entrepreneurs should have the ability to manage time

to care of their personal issues effeciently so as to trim down work stresses.

They should be alert about their personalalities as well as skills of

communicating with others. Moreover, they should know how to cut the

cream with their inner strengths and weaknesses (Sadler and et al. 2003).

∑ Leadership Skill: This is one of the most needed skills of a good

entrepreneur. A successful entrepreneur must have the ability to create a vision

for their business. They should have the ability to lead their team accordingly

to reach that vision.

∑ Basic Management Skills: An entrepreneur can manage each component of

the business. If s/he hire employees to conduct necessary task, s/he should

have the ability to manage, monitor, allocate tasks properly. They should have

proper knowledge about how much resources are needed to accomplish which

task.

∑ Budgeting Skill: Budget means estimating essential financial resources

needed to complete any task. A budget should be made by keeping in mind the

economic surpress and peak. Projecting profit, anticipated expenses and

revenues as well as needed cash flows which are necessary to prepare an

effective budget.

∑ Analytical Skill: A good entrepreneur can identify and define any problem in

business as well as s/he can generate proper ideas for problem solving and

tactics and work accordingly to get rid of those problems. This is called

analytical ability. According to the definition of this ability, entrepreneurs will

evaluate the solutions of problems anfter solving it.

∑ Risk Management Skill: While applying new ideas into businesses, an

entrepreneur should be concerned about the potential challenge. They are

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exposed to the uncertainity but yet they take these risk by taking decision

which may bring them success or failure. Without this risk taking skill, an

entrepreneur can never be successful. In the business sector, there are many

challenges, they have to face to bring profit.

∑ Team Building Skill: Entrepreneurs generally need to work in a team to

achieve efficiency. The team is obviously made of expert and skilled people

and they are assigned for certain task. An entrepreneur should have the skill to

manage a team and work with the team members.

∑ Marketing Skill: There are numbers of entrepreneurs in the world but all of

them are not successful. They initiate a business but became unsuccessful to

market their product or services in the market and unable to fetch profit for

their enterprise. So an entrepreneur need to have a clear idea about what

product they have to produce, for which and where they have to place the

product.

Every entrepreneur doesn’t have all of these skills which can ensure the success of

their business. As an example, they may look for helps from any outside professionals

for accounting, finances, solving legal problems, marketing problems and strategic

business planning.

2.7. Different Theories of Entrepreneurship Capabilities Affecting New Business

Success:

There are a lot of entrepreneurship capabilities which directly or indirectly affect the

business success. Those capabilities or success factors can be also used by

development assistance agencies, venture capitalists and foundations which can help

them to verify the probability that a project will succeed as well as those can guide

decisions about levels of investment and support. If these capabilities or success

factors are in place, a new enterprise is more likely to attract the necessary

investment, financing to get the enterprise up, and running. Those capabilities or

success factors are:

The commitment for work and desire of continuity to coordinate all the tasks of a

venture or business is called leadership. Within all start-up enterprises, a dominant

leader helps to organize the business and staffs as well as encourage them to get

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involved into development and functional work through which the ultimate success

will be achieved. Coordinators of an enterprise should be able to take care of all the

parts and sector of the business to support the level of community and the leader

should have the skill of negotiation with local government and local markets. Dealing

to government official is very important for leadership and an entrepreneur should be

very good leader if s/he wants to be successful (Liao, Welsch & Pistrui, 2001.).

Employee management technique is also important for entrepreneurs. To evaluate the

potentiality of employees, entrepreneurs should possess this skill. They need to hire

them, fire them as well as train according to necessity. They should have the skill of

judging common characteristics of people by taking their interviews. This ability will

help them to find the appropriate one for any certain position. Once employees are

hired, an entrepreneur should have the skill to manage them to minimize on-the-job

conflicts and provide necessary training to get maximum performance (Wikipedia,

2015).

Marketing and business planning skill are also necessary for establishing a business

successfully. An entrepreneur should have marketing and business planning skill in

order to identify the market opportunities and threats as well as company’s strengths

and weaknesses. A business plan will demonstrate the business goals and objectives,

what the company’s executives have planned to do for success and how much they

want to spend for profit. They project where to invest and where to cut the cost.

Investment planning is another important factor which represents what the investors

want and identifying what are the major challenges they organization can face (Shariff

and Peou, 2008).

Entrepreneurs must have long term as well as short term benefits management skills.

Short term benefits includes keeping the stakeholders committed for the company

until the long term benefits are gained for achieving business success. A good

entrepreneurs generally plan for offering short term benefit if the company needs a

considerable lead time before gaining any tangible benefit ors/he can proceed for a

genuine strategy to keep everyone working for achieving long term benefit

(Wikipedia, 2015).

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Long term sustainability and success are tied with involvement of local beneficiaries

and stakeholders. Top entrepreneurs of the world have been found that community

level training is very essential for further success and expansion of the business.

Forming enterprise into a formal, political and legal community helps to get access

into non-enterprise related advantages like education, health care, and many other

basic needs (Swierczek and Ha, 2007).

The techniques of managing or minimizing risks are important for business success.

The enterprises which project risk for future uncertainty and plan accordingly often

able to see the unwanted issues related to the business which can be handled properly

if taken into consideration (Carter and Shaw, 2006).

2.8. Previous Studies on This Issue:

There is a huge aspect of women entrepreneurship in Bangladesh. There are number

of articles have been written as empirical and theoretical studies and those have been

published in many journals and discussed by many academicians.

According to Balakumar and Devanesan (2014), there are several managerial traits

present in Southern Indian women entrepreneurs. There is a crucial relationship

between educational qualification, age and family background which can influence

the managerial skills level of micro enterprises’ women entrepreneurs. Their research

revealed that women entrepreneurs’ managerial skills and competencies vary with the

nature of business. Their educational background and previous experience play

important role for adopting key managerial competencies.

Researchers have found that women entrepreneurs tend to feel that their social

dexterity as well as interpersonal skills is the strongest assets for self development

(Birley et al., 1987). According to the research of Collerette and Aubrey (1990),

women entrepreneurs have lacking of financial skill which is possessed by most male

entrepreneurs.

In the study of Mulyaningrum et al. (2008) shows that another important managerial

skill is systematic planning and their study also show that 24.3% of women

entrepreneurs are very good in breaking a vast task into several small tasks. 40.8%

women entrepreneurs possess influencing strategies that means they can influence

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people easily and think about approaches which can be advantageous while attaining

their own goal.

According to Aktaruddin (1999), entrepreneurial failure and success depends upon the

personal attributes. These are the key of success. In his researches, he has identified

the related factors for developing entrepreneurship in rural area through the program

of micro credit. By using multivariate analysis, their research showed that skill of

financial management as well as the identity of women borrowers play significant role

in rural women entrepreneurship in Bangladesh.

Jalil, Roksana and Alam (2014) discussed about the necessity of managerial

competencies development to boost up competitive efficiencies and values of women

entrepreneurs in SME of the progressing economy of Bangladesh. They also pointed

out risk management, integrated management skills and credit control, quality and

productivity management, social responsibilities and safety measures should be

considered as the key factor to describe the comprehended pattern of management

development tools.

2.9. Future Contribution of This Study:

It is clearly seen that, though many research have been researched on the observation

of management development of women entrepreneurs, basing a country or continent

or particular city, there are no such direct and solo research like this study that is

based on this perspective of Khulna city. Therefore, this study will act as a role model

for interpreting the necessity of management development of women entrepreneurs on

the development of Khulna city such as employment creation and poverty reduction.

With this study, government, non-government organization, corporate sector and

community will be aware of women entrepreneur’s management capability.

Consequently, knowledge will aid in improving and supporting women

entrepreneurship and proper authorities may be able to find gaps and thereby take

necessary steps to remove challenges and to compete in better ways.

CHAPTER - 3

METHODOLOGY

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Methodology section discusses how the necessary data needed for this research was

gathered. The section provides information on the research methodology and

techniques used to conduct the study. It defines the population from which the sample

is selected and describes the sampling procedures used to select the sample. It also

discusses the research design and the method of data collection, which mainly

involved survey. Data organization and analysis were also included in this chapter.

3.1. Research Design:

In this study, the research design incorporates quantitative approach to identify

Evaluation of Management Competencies of female Entrepreneurs of Khulna City.

The survey is conducted to probe the respondents. A survey is used to collect primary

data for describing representative sample of target population. In this study, the

information will be collected through self-administered questionnaires distributed

personally to the subjects.

3.2 Population and Sample:

The population of the research is entire women entrepreneurs of Khulna city. The

respondents are best matched who are women entrepreneurs and owner of business.

Sample size is 100 women entrepreneurs. Samples are taken from different parts of

Khulna city.

3.3. Sampling Technique

A non-probability sampling design, convenient sampling is followed to select the

participants. The purpose of using convenient sampling is to the selection of sample

units left primarily to the interviewer and often, respondents are chosen for the reason

that they happen to be in the right place on right time (Malhotra and Dash, 2011).

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3.4. Instrument Development

Main instrument of this study is questionnaire. Besides secondary literature and prior

research on this field, questionnaire is used to obtain research objective. The study is

conducted through survey methodology with one structured close-ended

questionnaires having total 65 questions. A sample of the questionnaires has been

given in Appendix.

3.5. Questionnaire

The questionnaire is used to collect the data. One set of questionnaires was prepared

for this study. Questionnaire is made on managing skills of women entrepreneurs. The

variables are selected for managing skills are planning skills, controlling skills,

budgeting skills , motivating skills, networking skills, marketing skills, team building,

personality traits, risk assuming skills, decision making skills, analytical skills and

dedication to work. Items are selected to measure these variables were adopted from

previous studies and literature conducted on women entrepreneurs.

Part I includes questions to collect demographic information and type of business.

Part II aims at measuring respondent thoughts and passion about entrepreneurship.

Part III has been designed to measure whether female entrepreneurs are acquiring

those managing skills to develop their business. This part includes 13 variables and

each variable involves 5 items. On the basis of these variables the survey asks

entrepreneur to evaluate each variable. A Likert type of scale is used, 1 to 5, with 5

being most significant and 1 the least.

3.6. Data Collection:

Data has been collected from both primary and secondary sources. The secondary

data includes information that has been collected from different reports, articles,

bulletins, published literature, journals, books etc. The primary data was collected

through survey on the questionnaire.

In this study, secondary data are used to identify the problem, to better define the

problem, to develop the approach to the problem, to formulate an appropriate research

Page | 27

design, to interpret primary data more insightfully. For this study, personal method of

survey is used, because the respondents have been asked and interviewed face to face.

3.7 Data Analysis

Descriptive statistics (mean and standard deviation), coefficient of correlation and

regression have been computed and presented in table form. Mean and standard

deviation, regression and correlation of coefficient for the different variables have

been computed using SPSS (version 16.0).

Correlation Analysis: The Pearson co-efficient of correlation is most widely used for

summarizing the degree and direction of relationship between two variables and the

value always lies between ± 1(Gupta and Gupta, 2005). Gupta and Gupta (2005) and

Morgan et al. (2004) cited in Siddiqi (2011) stated that:

∑ -1.0 (a perfect negative correlation)

∑ 0.0 (no correlation)

∑ +1.0 (a perfect positive correlation)

This study is based on this mechanism. The correlation procedure has been subject to

two tailed tests of statistical significance at two different levels- highly significant

(p<0.01) and significant (p<0.05).

Regression Analysis: There is a dependent variable that is tried to give explanation

along with a single or more independent variables which are associated with it. One of

the measures of how well the model explains the data is the R2 value. Regression

analysis allows an independent variable which has another number attached to it in

the regression outcome that is known as p-value or significance level. Generally

variables are accepted with a p-value of less than .05 or .01 as significant (IDRE-

UCLA, 2014).

CHAPTER -4

ANALYSIS

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4.1 Tools and Techniques for Analysis

This chapter reports and presents the results of Pearson Correlation to test

the relationship between women entrepreneurship and managing skills, and the results

of the regression analyses to test the possible effect of all variables in the independent

variables on the dependent variable. Descriptive statistics is also used for analysis.

The data was then analyzed using a statistical package for social scientist (SPSS)

version 16.0 to increase the accuracy of the results.

4.2 Correlations Analysis

Correlations analysis is used to find out whether planning skills (A), motivating skills

(B) , controlling skills (C), budgeting skills (D), team building skills (E), networking

skills (F), marketing skills (G), decision making skills (H), personality traits (I), risk

assuming skills (J), analytical skills (K), and dedication to work (L) and women

entrepreneurship are correlated. Table presents result of correlation analysis.

Table 4.2.1: Correlation between Women Entrepreneurship and Managing skills

Correlations

WE A B C D E F G H I J K L

WE Pearson

Correlation1 .083 .457** -.267** .095 .051 -.330** .287** -.010 .225* .368** .038 .222*

Sig. (2-tailed) .009 .000 .007 .350 .612 .001 .004 .922 .024 .000 .710 .027

N 100 100 100 100 100 100 100 100 100 100 100 100 100

**. Correlation is significant at the 0.01

level (2-tailed).

*. Correlation is significant at the 0.05

level (2-tailed).

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4.2.1 Planning skills (A)

The ability to plan is a key skill for women entrepreneurs to run a business. They

must be able to develop plans to meet goals in a variety of areas including finance,

marketing, production, sales and personnel hiring and maintaining productive and

satisfied employees. To be a successful women entrepreneur planning skills is needed.

Here, it is seen that the coefficient of planning skills is positive and statistically

significant (r = 0.083, p<0.05). The positive relationship implies that the planning

skill and women entrepreneurship will move in same direction.

4.2.2 Motivating skills (B)

An entrepreneur should possess the motivating skills to direct, persuade, encourage

the employee. Motivating skill is found to be significantly and positively correlated

with women entrepreneurship (r = 0.457, p<0.01). The positive relationship implies

that the motivating skill and women entrepreneurship will move in same direction.

4.2.3 Controlling skills (C)

Controlling skills are also important for women to run a successful enterprise. The

coefficient of controlling skills is negative and significant, (r = -0.267, p<0.01),

indicating that controlling skills and women entrepreneurship will move in opposite

direction.

4.2.4 Budgeting skills (D)

Entrepreneurs need to make sure they always have enough of liquid asset on hand to

meet its day-to-day financial requirements or obligations. They have to budget and

forecast properly to ensure profit. Table shows that the coefficient of budgeting skills

is insignificant and positively correlated with women entrepreneurship (r = 0.095,

p>0.05), indicating that budgeting skills and women entrepreneurship will move in

same direction but this relationship is insignificant.

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4.2.5 Team Building skills (E)

Because of entrepreneurs usually assemble a team of skilled people who help them

achieve business success, they must be able to effectively develop and manage the

team. Team building skill is found to be insignificantly and positively correlated with

women entrepreneurship (r = 0.051, p>0.05), indicating that team building skills and

women entrepreneurship will move in same direction but this relationship is

insignificant.

4.2.6 Networking skills (F)

Entrepreneurs should be able to explain, discuss, sell and market their good or service.

It is important to be able to interact effectively with their business team. Additionally,

entrepreneurs need to maintain good relationship with their suppliers and customers.

The table shows that networking skill is to be highly significant but negatively

correlated with women entrepreneurship (r = -0.330, p<0.01). The negative

coefficient indicates that networking skills and women entrepreneurship will move in

opposite direction.

4.2.7 Marketing skills (G)

A business’s achievement depends on whether the business reaches the market (its

potential customers), interests the market and results in those in the market deciding

to buy. Good marketing skills- that result in people’s demand to buy the good or

service are critical for entrepreneurial success. Referring to the table, negotiation skill

is to be significant and positively correlated with women entrepreneurship (r = 0.287,

p<0.01). The positive coefficient indicating that marketing skills and women

entrepreneurship will move in same direction

4.2.8 Decision making skills (H)

The entrepreneur must be able to make the right decision at the right time. Referring

to the table, decision making skills is insignificant and negatively correlated with

women entrepreneurship (r = -0.010, p>0.05). It indicating that decision making

Page | 32

skills and women entrepreneurship will move in opposite direction but this

relationship is insignificant.

4.2.9 Personality Traits (I)

In order to handle the stresses of women’s busy lifestyles, women entrepreneurs must

have the skill to manage time well and to take care of personal business efficiently.

Entrepreneurs must also pay attention to such things as personal appearance and

telephone skills. Additionally, entrepreneurs benefit a great deal by being aware of

their own strengths and weaknesses. It can be observed in the table that personality

traits is significantly and positively correlated with women entrepreneurship (r =

0.225, p<0.05), indicating that personality traits and women entrepreneurship will

move in same direction.

4.2.10 Risk assuming skills (J)

Risk is a natural, inherent and joined element of entrepreneurship. An entrepreneur

presumes the uncertainty of future. To gain profits, entrepreneurs have to take risk for

loss. The table shows that risk assuming skills is significant and positively correlated

with women entrepreneurship (r = 0.368, p<0.01). It indicates that risk assuming

skills and women entrepreneurship will move in same direction.

4.2.11 Analytical skills (K)

Entrepreneurs should have the ability to recognize and define the problem, formulate

problem solving tactics. The table shows that analytical skills is insignificant but

positively correlated with women entrepreneurship (r = 0.038, p>0.05). It indicates

that analytical skills and women entrepreneurship will move in same direction but in

insignificant way.

4.2.12 Dedication to Work (L)

Starting a business is one thing; but sticking to the entrepreneurial process is another.

Nothing good comes easy; they must give a good fight and working hard for that to be

successful in a business world. Referring to the table, dedication to work is significant

and positively correlated with women entrepreneurship (r = 0.222, p<0.05). It

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indicates that dedication to work and women entrepreneurship will move in same

direction.

4.3. Regression

Regression analysis method has been used to measure the strength of relationship

between dependent variable (Women entrepreneurship) and independent variable

(managerial skills).

Table 4.3.1. Model Summary of Regression

Model R R Square Adjusted R SquareStd. Error of the

Estimate

1 0.936a 0.876 0.859 0.20865

a. Predictors: (Constant), planning skills, motivating skills, controlling skills, budgeting skills,

team building skill, networking skills, marketing skills, decision making skills, personality

traits, risk assuming skills, analytical skills and dedication to work.

In the table- the model summary shows R =0.936 which shows there is a significant

relationship between the independent variable and dependent variable. R-Square =

0.876 indicates that 87.60% of dependent variable (Women entrepreneurship) can be

explained by the independent variables (planning skills, motivating skills, controlling

skills, budgeting skills, team building skill, networking skills, marketing skills,

decision making skills, personality traits, risk assuming skills, analytical skills and

dedication to work). The adjusted R-square penalizes the addition of extraneous

predictors to the model. The adjusted R-square 0.859 is very close to R-square

(0.876), no explanatory variables are missing. It implies that the variation in women

entrepreneurship has been fully measured.

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Table 4.3.2: Regression Statistic on different Managing skills of Women

Entrepreneurship

VariableUnstandardized Coefficients (B)

StandardizedCoefficients (β)

Sig

Planning skills (A) 0.302 0.117 0.110Motivating skills (B) 1.437 0.871 0.000Controlling skills (C) -0.510 -0.351 0.017Budgeting skills (D) -2.094 -1.176 0.000

Team Building skills ( (E) -2.511 -2.112 0.000Networking skills (F) 0.252 0.213 0.257Marketing skills (G) -0.719 -0.470 0.012

Decision making skills (H) 0.318 0.268 0.137Personality traits (I) 0.459 0.344 0.010

Risk assuming skills (J) 1.416 1.241 0.000Analytical skills (K) -1.409 -1.068 0.000

Dedication to work (L) 1.441 1.392 0.000

The regression coefficient (B) value between planning skills and women

entrepreneurship is 0.302 (p= 0.110 > 0.05, statistically insignificant) shows that

planning skills has positive influence on women entrepreneurship. The standardized

coefficient (β) = (0.117) indicates that women entrepreneurship will change 0.117

standard deviations as a result of one standard deviation changes in planning skill.

The regression coefficient between motivating skills and women entrepreneurship

(WE) is 1.437 (p=0 .000 < 0.05, statistically significant) shows that motivating skill

has positive influence on women entrepreneurship. The standardized coefficient (β) =

(0.871) indicates that women entrepreneurship will change 0.871 standard deviations

as a result of one standard deviation changes in motivating skill.

The regression coefficient, B value between controlling skills (C) and women

entrepreneurship is negative (-0.510) and the relationship is statistically significant

(p=0.017<0.05). It shows that controlling skills has a negative influence on women

entrepreneurship. The standardized coefficient (β) = (-0.351) indicates that if

controlling skills increases by 1 standard deviation, women entrepreneurship will

decrease by 0.351 standard deviations.

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The regression coefficient, B value between budgeting skills (D) and women

entrepreneurship is negative and the relationship is statistically significant (p<0.05).

It shows that budgeting skills has a negative influence on women entrepreneurship.

The standardized coefficient (β) = (-1.176) indicates that if budgeting skills increases

by 1 standard deviation, women entrepreneurship will decrease by 1.176 standard

deviations.

The regression coefficient, B value between team building skills (E) and women

entrepreneurship is -2.511 (p= 0.000) shows that team building skills have a negative

influence on women entrepreneurship. The standardized coefficient (β) = (-2.112)

indicates that if team building skills increases by 1 standard deviation, women

entrepreneurship will decrease by 2.112 standard deviations.

There is an insignificant positive association between networking skills (F) and

women entrepreneurship with p-values of 0.257, as B value is 0.252 that means

networking skills has positive influence on women entrepreneurship. The β (0.213)

indicates that if networking skills increases by 1 standard deviation, women

entrepreneurship will increase by 0.213 standard deviations.

The regression coefficient between marketing skills (G) and women entrepreneurship

is negative and the relationship is statistically significant (p<0.05). There is significant

association between them. The β indicates that marketing skills has negative

association with women entrepreneurship which represents that if marketing skills

increases by 1 standard deviation, women entrepreneurship will decrease by 0.470

standard deviations.

Decision making skills (H) exhibits an insignificant positive correlation with women

entrepreneurship with p-values of 0.137. There is insignificant association between

them. The β (0.268) indicates that if decision making skills increases by 1 standard

deviation, women entrepreneurship will increase by 0.268 standard deviations.

The regression coefficient between personality traits (I) and women entrepreneurship

is 0.459 (p= 0.010 < 0.05, statistically significant) shows that personality traits have a

positive influence on women entrepreneurship. The standardized coefficient (β) =

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(0.344) indicates that if personality traits increases by 1 standard deviation, women

entrepreneurship will increase by 0.344 standard deviations.

Risk assuming skills (J) exhibits a significant positive correlation with women

entrepreneurship with p-values of 0.000. The regression coefficient, B value is 1.416

shows that risk assuming skill has positive influence on women entrepreneurship. The

β (1.241) indicates that if risk assuming skill increases by 1 standard deviation,

women entrepreneurship will increase by 1.241 standard deviations.

The regression coefficient between analytical skills (K) and women entrepreneurship

is negative (-1.409) and the relationship is statistically significant (p=0.000 <0.05). It

shows that analytical skills have a negative influence on women entrepreneurship.

The standardized coefficient (β) = (-1.068) indicates that if analytical skills increases

by 1 standard deviation, women entrepreneurship will decrease by 1.068 standard

deviations.

Dedication to work (L) exhibits a significant positive correlation with women

entrepreneurship with p-values of 0.000. The regression coefficient is 1.441 shows

that dedication to work has positive influence on women entrepreneurship. The β

(1.392) indicates that if Dedication to work increases by 1 standard deviation, women

entrepreneurship will increase by 1.392 standard deviations.

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4.4. Descriptive Statistics:

The responses are on a five point Likert scale [5 = strongly agree, 4 = agree, 3 =

neutral, 2 = disagree, 1 = strongly disagree].

4.4.1 Measures of Dispersion of Planning Skills (A):

Table 4.4.1: Mean and Standard Deviation of Planning Skills

Planning Skills (A) Mean Standard Deviation Skewness Kurtosis

I’m able to plan how to operate my business

4.67 0.472 -1.111 -0.782

I try to utilize my experience to make any plan

4.64 0.482 -0.940 -1.140

My subordinates can easily understand my plan

3.74 0.504 -0.950 -0.132

I use my theoretical knowledge while planning 3.80 0.492 0.002 -0.875

I plan for business by forecasting possible outcome 4.16 0.368 2.375 1.712

Overall planning skills 4.202 0.240 0.090 -0.318

From table 4.4.1, the overall mean score of Planning skills is 4.20 (SD = 0.240) which

is in agree level in the 5 point scale. From table it can be seen that the ability to

operate own business makes sure the growth of women entrepreneurship because it

has high mean score (4.67) and most of the respondents strongly agree with this. The

respondents are indifferent (mean=3.74) about the ability of their subordinates that

they understand business plan properly. The overall distribution is positively skewed.

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4.4.2. Measures of Dispersion of Motivating Skills (B):

Table 4.4.2: Mean and Standard Deviation of Motivating skills

Motivating skills (B) Mean Standard Deviation Skewness Kurtosis

I try to make my subordinates ambitious

3.97 0.361 -0.925 1.179

I have the ability to encourage people 4.04 0.196 1.767 1.144

I can convince people quickly 3.56 0.742 0.218 -1.670

I like to persuade my subordinates to do a task 4.30 0.482 0.122 -2.026

I’m able to use my motivation skill to achieve my goal of business 4.29 0.477 0.653 -0.850

Overall motivating skills 4.03 0.325 0.285 -1.612

From table 4.4.2, the overall mean score of motivating skills is 4.03 (SD = 0.325)

which is in agree level in the 5 point scale. From table it can be seen that the ability to

influence the subordinates makes sure the growth of women entrepreneurship because

it has high mean score (4.30) and most of the respondents strongly agree with this.

The respondents are indifferent (mean=3.56) about the convincing power. The overall

distribution is positively skewed.

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4.4.3. Measures of Dispersion of Controlling Skills (C):

Table 4.4.3: Mean and Standard Deviation of controlling skills

Controlling skills (C) Mean Standard Deviation Skewness Kurtosis

I’m able to control bad situation in my organization 4.03 0.222 -0.850 1.850

I am concerned about external and internal environment 4.17 0.377 2.375 3.712

I am responsive to other’s good suggestion 4.11 0.399 -0.104 0.772

I observe others’ performance to control them 4.26 0.613 -0.184 -1.192

I’m able to bring change in plan if needed 4.53 0.501 0.122 -2.026

Overall controlling skills 4.22 0.259 -0.498 -0.555

From table 4.4.3, the overall mean score of controlling skills is 4.22 (SD = 0.259)

which is in agree level in the 5 point scale. From table it can be seen that the ability to

bring immediate change in plan makes sure the growth of women entrepreneurship

because it has high mean score (4.53). The overall distribution is negatively skewed.

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4.4.4. Measures of Dispersion of Budgeting Skills (D):

Table 4.4.4: Mean and Standard Deviation of budgeting skills

Budgeting skills (D) Mean Standard Deviation Skewness Kurtosis

I can estimate costs properly to set a budget 4.01 0.100 1.883 1.578

I make budget in order to achieve estimated profit 3.94 0.422 -0.337 3.410

I am aware of economic instability while preparing budget 4.03 0.501 -0.136 -0.452

I can properly allocate resources to gain profit 3.93 0.607 -0.002 -0.088

My knowledge adds value for preparing budget 3.91 0.350 -1.418 1.816

Overall budgeting skills 3.96 0.281 -0.481 -0.418

From table 4.4.4, the overall mean score of budgeting skills is 3.96 (SD = 0.281)

which is in neutral level in the 5 point scale. From table it can be seen that the

awareness regarding economic condition makes sure the growth of women

entrepreneurship because it has high mean score (4.03) and most of the respondents

strongly agree with this. The respondents are indifferent (mean=3.91) about

importance of having personal knowledge for preparing financial plan. The overall

distribution is negatively skewed.

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4.4.5. Measures of Dispersion of Team Building Skills (E):

Table 4.4.5: Mean and Standard Deviation of team Building skills

Team Building skills (E) Mean Standard Deviation Skewness Kurtosis

I am able to develop team effectively 4.14 0.348 0.784 -1.415

I am always sincere while working in a team

4.55 0.538 -0.884 -0.639

I am able to manage team according to any specific situation 4.08 0.860 -0.054 -1.223

I have trust on my subordinates 3.81 0.419 -0.607 -0.936

I can easily achieve targeted sales margin when work in a team

3.72 0.494 0.048 -0.385

Overall Team Building skills 4.06 0.417 -0.461 -0.989

From table 4.4.5, the overall mean score of team building skills is 4.06 (SD = 0.417)

which is in agree level in the 5 point scale. From table it can be seen that the sincerity

to work in a team can make sure the growth of women entrepreneurship because it has

high mean score (4.55) and most of the respondents strongly agree with this. The

respondents are indifferent (mean=3.72) about the ability of achieving target as a

team. The overall distribution is negatively skewed.

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4.4.6. Measures of Dispersion of Networking Skills (F):

Table 4.4.6: Mean and Standard Deviation of Networking Skills

Networking skills (F) Mean Standard Deviation Skewness Kurtosis

I can easily express my ideas in front of my subordinates 4.35 0.796 -0.979 -0.604

I have sound communication with supplier 4.03 0.673 -0.057 -0.578

I have good relation with my customers 4.59 0.494 -0.041 -2.040

I always listen all details explained by my peers 4.17 0.620 0.039 -0.852

I am able to understand all the business contracts 4.39 0.510 -0.293 -0.902

Overall Networking skills 4.30 0.460 0.179 -1.802

From table 4.4.6, the overall mean score of networking skills is 4.30 (SD = 0.460)

which is in agree level in the 5 point scale. From table it can be seen that maintaining

sound relationship with customers makes sure the growth of women entrepreneurship

because it has high mean score (4.59). The overall distribution is positively skewed.

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4.4.7. Measures of Dispersion of Marketing Skills (G):

Table 4.4.7: Mean and Standard Deviation of Marketing skills

Marketing skills (G) Mean Standard Deviation Skewness Kurtosis

I have designed the product or service in order to achieve expected profit 4.24 0.429 1.236 -0.482

I can maintain high quality of the product and service 3.94 0.582 -0.061 -0.514

I am able to grab more customers to buy our product 4.27 0.468 0.747 -0.654

I always achieve targeted sales margin every month 3.44 0.498 0.492 -0.914

I am very responsive with the change of customers’ demand 3.79 0.671 0.067 -0.298

Overall Marketing skills 3.93 0.346 -0.105 -1.862

From table 4.4.7, the overall mean score of marketing skills is 3.93 (SD = 0.346)

which is in neutral level in the 5 point scale. From table it can be seen that the ability

to gaining more customers can make sure the growth of women entrepreneurship

because it has high mean score (4.27) and most of the respondents strongly agree with

this. The respondents are indifferent (mean=3.44) about the ability of achieving

monthly sales target. The overall distribution is negatively skewed.

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4.4.8. Measures of Dispersion of Decision Making Skills (H):

Table 4.4.8: Mean and Standard Deviation of Decision Making Skills

Decision Making skills (H) Mean Standard Deviation Skewness Kurtosis

Major decisions are taken by me 4.08 0.661 -0.391 -0.904

I use available information properly while taking decision 4.08 0.544 -0.450 -0.836

I can make decisions quickly 4.07 0.655 -0.092 -0.496

I try to learn from past mistake while taking better decision for future 4.25 0.500 -0.148 -0.933

I always evaluate the alternative to choose the best 4.28 0.473 -0.110 -0.609

Overall Decision Making skills 4.21 0.475 0.131 -1.033

From table 4.4.8, the overall mean score of decision making skills is 4.21 (SD =

0.475) which is in agree level in the 5 point scale. From table it can be seen that

evaluating alternative options for business success makes sure the growth of women

entrepreneurship because it has high mean score (4.28). The overall distribution is

positively skewed.

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4.4.9. Measures of Dispersion of Personality Traits (I):

Table 4.4.9: Mean and Standard Deviation of Personality Traits

Personality Traits (I) Mean Standard Deviation Skewness Kurtosis

I like to work creatively 4.24 0.429 0.458 -1.827

I am happy when I do my task 4.05 0.538 -0.186 -0.530

I prefer quick feedback of my task 4.47 0.501 -0.329 -1.931

I am very optimistic 4.54 0.520 -0.785 -0.832I have faith in my abilities 4.65 0.479 -1.052 -0.912

Overall Personality Traits 4.39 0.365 -0.272 -1.110

From table 4.4.9, the overall mean score of personality traits is 4.39 (SD = 0.365)

which is in agree level in the 5 point scale. From table it can be seen that high extent

of self-confidence on self-abilities makes sure the growth of women entrepreneurship

because it has high mean score (4.65). The overall distribution is negatively skewed.

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4.4.10. Measures of Dispersion of Risk Assuming Skills (J):

Table 4.4.10: Mean and Standard Deviation of Risk assuming Skills

Risk assuming Skills (J) Mean Standard Deviation Skewness Kurtosis

I always induce new ideas in my business 4.13 0.338 1.784 1.206

I like to take risky decision 3.83 0.792 -0.191 -1.543

I am aware of after effect of unsuccessful risky decision 4.04 0.530 0.078 0.380

I am able to deal with risks 4.07 0.685 -0.403 -1.011

I am willing to accept both financial and career risks when necessary 3.82 0.672 0.098 -0.783

Overall Risk assuming Skills 3.97 0.445 0.680 -0.697

From table 4.4.1o, the overall mean score of risk assuming skills is 3.97 (SD = 0.445)

which is in neutral level in the 5 point scale. From table it can be seen that the ability

of introducing new thoughts into business makes sure the growth of women

entrepreneurship because it has high mean score (4.13) and most of the respondents

strongly agree with this. The respondents are indifferent (mean=3.82) about the

willingness to take financial and career risk to be successful entrepreneur. The overall

distribution is positively skewed.

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4.4.11. Measures of Dispersion of Analytical Skills (K):

Table 4.4.11: Mean and Standard Deviation of Analytical Skills

Analytical Skills (K) Mean Standard Deviation Skewness Kurtosis

I like to see problems as challenges 4.24 0.429 -0.060 -0.379

I can solve any problem quickly 3.65 0.715 0.798 -0.472

I can properly identify the reason of problem 3.86 0.603 0.015 -0.169

I love to deal with problem 3.77 0.664 -0.234 -0.639

I have a good understanding of how to manage a business 4.09 0.621 -0.371 -0.680

Overall Analytical Skills 3.92 0.366 0.650 -0.972

From table 4.4.11, the overall mean score of analytical skills is 3.92 (SD = 0.366)

which is in neutral level in the 5 point scale. From table it can be seen that the ability

to take challenge can boost up the growth of women entrepreneurship because it has

high mean score (4.24) and most of the respondents strongly agree with this. The

respondents are indifferent (mean=3.65) about the fast problem solving capability.

The overall distribution is positively skewed.

Page | 48

4.4.12. Measures of Dispersion of Dedication to Work (L):

Table 4.4.12: Mean and Standard Dedication to Work

Dedication to Work (L) Mean Standard Deviation Skewness Kurtosis

I always try to complete every project I start, regardless of obstacles and difficulties

4.33 0.472 0.122 -2.026

I am willing to do something even when other people belittle me for doing it

4.29 0.498 0.103 -1.477

I am responsible and sincere about a task 4.26 0.463 0.103 -1.477

I am willing to work 50 hours or more per week 3.85 0.821 -0.156 -1.641

My family supports my going into business 4.09 0.683 -0.460 -0.967

Overall Dedication to Work 4.16 0.458 0.020 -1.379

From table 4.4.12, the overall mean score of dedication to work is 4.16 (SD = 0.458)

which is in agree level in the 5 point scale. From table it can be seen that the

willingness to finish task in time successfully can make sure the growth of women

entrepreneurship because it has high mean score (4.33) and most of the respondents

strongly agree with this. The respondents are indifferent (mean=3.85) about working

for long time in a week for running business continuously. The overall distribution is

negatively skewed.

Page | 49

CHAPTER 5

cONCLUDING PART

FINDINGS

CONCLUSION

Page | 50

In this chapter, the major findings are summarized; conclusion is drawn based on the

findings.

5.1 Findings

In this study, it was designed to assess whether exercising different managing skills

have impact on entrepreneurs. It was also tried to address whether those managing

capabilities helps women entrepreneurs to achieve business goals. A sample of 100

women entrepreneurs were taken for the study using convenient sampling. In the

process of answering the basic questions, one questionnaire was designed in a closed

ended and likert scales. After the data has been collected, it was analyzed using

statistical techniques (correlation and regression) and descriptive statistics (mean and

standard deviations). Based on 100 respondents and survey results acquired from the

women entrepreneurs, the major findings of this study are summarized as follows.

This study found that there are highly significant and positive correlations with the

some managing skills and women entrepreneurship which means that entrepreneurs

are exercising those skills. Again, the correlation between planning skills (A),

motivating skills (B), marketing skills (G), personality traits(I), risk assuming skills

(J), and dedication to work (L) and women entrepreneurship is positive and

significant. Consequently, it means that these skills are playing a significant role to

ensure the growth of women entrepreneurship and they are more or less applying

those skills to improve themselves and also use these to achieve business goals. While

controlling skills (C), networking skills (F), decision making skills (H) and women

entrepreneurship in negatively correlated.

Table-4.3.1 shows that the independents variables (managerial skills) explain 87.60%

(R square =.876) variation of dependent variable (women entrepreneurship). The

result of regression analysis shows that a significant (p= 0.000) linear relationship

exists between the women entrepreneurship and managing qualities. As shown,

motivating skills (B), personality traits (I), risk assuming skills (J) and dedication to

work (L) have the positive and significant impact on women entrepreneurship where

planning skills (A), networking skills (F) and decision making skills (H) found to be

not significant with women entrepreneurship.

Page | 51

According to descriptive statistics, it is found that respondents rated planning skill,

motivating skill, controlling skill, team building skill, networking skill, decision

making skill, personality traits and dedication to work quite high. Besides that

respondents moderately agreed on budgeting skill, marketing skill, risk assuming skill

and analytical skill as managing skills.

5.2 Conclusion

In recent years, female entrepreneurs are increasing significantly. They are involving

with business, decision making and taking leadership for economic freedom. Women

entrepreneurs have overcome the first stage of starting new venture. To be a

successful entrepreneur they must have some skills and inherent qualities. From this

study it is observed that planning skills, marketing skills, motivating skills, marketing

skills, personality traits, risk assuming skills and dedication to work are significantly

and positively correlated with women entrepreneurship. These managerial skills play

important role and help the women to be successful entrepreneurs. By utilizing these

managerial skills, they are leading towards economic freedom. Planning skills,

motivating skills, networking skills, decision making skills, personality traits, risk

assuming skills and dedication to work have influence on the extent of being

successful woman entrepreneur. But all the skills pointed in this study are not being

exercised by the women entrepreneurs. To improve more and achieve success, women

have to acquire more and more skills. A number of organization and Government

should take initiatives on women empowerment. The management development

organizations need to come forward in our country to generate successful female

entrepreneurs. Government should pay attention by providing management

development training to the women entrepreneurs to establish successfully. They have

to design and implement need based training program and also have to supervise the

training course for the women entrepreneurs countrywide. After that, performance of

the participants should be assessed after successful completion of training. Poor

performers should be taken for repeating the process. The management practice

should be designed according to business pattern and environment so that women

entrepreneurs of our country can establish a better relationship with the business

environment.

Page | 52

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QUESTIONNAIRE

Management Competencies of an entrepreneur: An Examination of managing qualities of woman entrepreneurs based on Khulna city. (Dear respondent, this research is being conducted for academic purposes. No personal information will be disclosed)

Part I: General Information

Name of Respondent (Optional):

Types of Business : Manufacturing Retail Service Others

Please put ( ¸ ) tick the score that closely matches your opinion

Educational Level: Below S.S.C. S.S.C H.S.C. Graduate Post Graduate

Age (years): Below 20 20-40 41-60 Above 60

Income (PerMonth): 0- 30000 31000- 50000 51000 –100000

Above 100000

Part II: Woman Entrepreneurship

Q Woman Entrepreneurship 1 2 3 4 5

1. I do it as my full time job

2. I am doing own business to fulfill my dream

3. My business is to supplement the family income

4. I have invested most of my savings into this business

5. I want to continue my business to be more independent

Please carefully read each descriptive statement and put ( ¸ ) tick the score that closely matches your opinion.

Where, 1 = Strongly Disagree, 2 = Disagree, 3 = Neutral, 4=Agree, 5 = Strongly Agree

Page | 59

Part III: Managing Qualities

A. Planning Skill 1 2 3 4 5

1. I’m able to plan how to operate my business

2. I try to utilize my experience to make any plan

3. My subordinates can easily understand my plan

4. I use my theoretical knowledge while planning

5. I plan for business by forecasting possible outcome

B. Motivating Skill 1 2 3 4 5

1. I try to make my subordinates ambitious

2. I have the ability to encourage people

3. I can convince people quickly

4. I like to persuade my subordinates to do a task

5. I’m able to use my motivation skill to achieve my goal of business

C. Controlling Skill 1 2 3 4 5

1. I’m able to control bad situation in my organization

2. I try to utilize my experience to make any plan

3. I am responsive to other’s good suggestion

4. I observe others’ performance to control them

5. I’m able to bring change in plan if needed

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D. Budgeting Skill 1 2 3 4 5

1. I can estimate costs properly to set a budget

2. I make budget in order to achieve estimated profit

3. I am aware of economic instability while preparing budget

4. I can properly allocate resources to gain profit

5. My knowledge adds value for preparing budget

E. Team Building Skill 1 2 3 4 5

1. I am able to develop team effectively

2. I am always sincere while working in a team

3. I am able to manage team according to any specific situation

4. I have trust on my subordinates

5. I can easily achieve targeted sales margin when work in a team

F. Networking Skill 1 2 3 4 5

1. I can easily express my ideas in front of my subordinates

2. I have sound communication with supplier

3. I have good relation with my customers

4. I always listen all details explained by my peers

5. I am able to understand all the business contacts

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G. Marketing Skill 1 2 3 4 5

1. I have designed the product or service in order to achieve expected profit

2. I can maintain high quality of the product and service

3. I am able to grab more customers to buy our product

4. I always achieve targeted sales margin every month

5. I am very responsive with the change of customers’ demand

H. Decision Making Skills 1 2 3 4 5

1. Major decisions are taken by me

2. I use available information properly while taking decision

3. I can make decisions quickly

4. I try to learn from past mistake while taking better decision for future

5. I always evaluate the alternative to choose the best

I. Personality Traits 1 2 3 4 5

1. I like to work creatively

2. I am happy when I do my task

3. I prefer quick feedback of my task

4. I am very optimistic

5. I have faith in my abilities

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Thank You

J. Risk assuming Skills 1 2 3 4 5

1. I always induce new ideas in my business

2. I like to take risky decision

3. I am aware of after effect of unsuccessful risky decision

4. I am able to deal with risks

5. I am willing to accept both financial and career risks when necessary

K. Analytical Skills 1 2 3 4 5

1. I like to see problems as challenges

2. I can solve any problem quickly

3. I can properly identify the reason of problem

4. I love to deal with problem

5. I have a good understanding of how to manage a business

L. Dedication to Work 1 2 3 4 5

1. I always try to complete every project I start, regardless of obstacles and difficulties

2. I am willing to do something even when other people belittle me for doing it

3. I am responsible and sincere about a task

4. I am willing to work 50 hours or more per week

5. My family supports my going into business