The effect of entrepreneurial skills on the improvement of standards of living of small-scale entrepreneurs (SSE’S)

Abstract

This paper seeks to examine whether entrepreneurial skills are responsible for the improvement of standards of living of Small Scale Entrepreneurs. The researcher focused on Entrepreneurial skills which include innovation, creativity and management skills. The study based on how entrepreneurial skills are vital tools in improving standards of living of Small Scale Entrepreneurs. This study was inspired by the fact that the researcher wanted to know more about entrepreneurship because it is the back born of Uganda’s economy. The study was carried out on a sample of twenty five entrepreneurs in Kayabwe Town to assess whether entrepreneurial skills are responsible for the improvement of standards of living of Small Scale Entrepreneurs. Using an analytical design, information was got from a sample of twenty five entrepreneurs through questionnaires, focused group discussions, interviews, observation and data was analyzed. Tables and figures were used to analyze the data collected, conclusions, recommendations and implications were made and provided for entrepreneurs. Results from the research indicated that entrepreneurial skills are responsible for the improvement of standards of living and also capital is a major factor in starting a business. Application of entrepreneurial skills increases the profits of entrepreneurs through increased sales, customer satisfaction and customer loyalty. Entrepreneurs are able to meet medical bills, pay school fees and cater for their personal needs hence better standards of living. For Small Scale Entrepreneurs to improve their standards of living, they have to adopt entrepreneurial skills like innovation, creativity and management skills. Entrepreneurs in Kayabwe and Uganda at large should acquire entrepreneurial skills to boost their businesses and strengthen the areas of weaknesses.