Philippine E-Journals

Assessing the Relationship between Entrepreneurial Resources and Competencies Controlling for Entrepreneurial Improvisation in Select Micro and Small Businesses

Ernell B. Gutierrez | Eden U. Alberto | Edgar L. Chang | Jayson C. Jucom | Ramon M. Marticio

Discipline: business studies

 

Abstract:

Sustaining resources has been a challenge for businesses, particu-larly those highly dependent on raw materials derived from the natural environment. The roles of competencies and improvisation are crucial in adapting to and sustaining entrepreneurial activities, including, but not limited to, production, sourcing, and operations. Thus, this research is conducted to determine and assess the extent of entrepreneurial re-sources, entrepreneurial competencies, and entrepreneurial improvi-sation among select micro and small businesses. The research is de-scriptive and correlational in nature. The simple mean is used to assess the extent of entrepreneurial practices in terms of Resources, Compe-tencies, and Improvisation, while Partial Correlation is used in deter-mining the relationship between resources and competencies while controlling for business improvisation. Results revealed that for Entrepreneurial Resources, the select busi-nesses agreed on the importance of resources with respect to entrepre-neurial activities, specifically for Financial, Human, Physical, and Envi-ronmental. At the same time, Strong Agreement is expressed on Entre-preneurial Competencies, specifically for Systematic Planning and Mon-itoring, Opportunity Seeking, Goal Setting, and Persuasion and Net-working. Lastly, a Strongly Agree is also expressed on Improvisation specifically for Ingenuity and Adaptability. Entrepreneurship requires various factors that contribute to its success and sustainability, such as Resources, competencies, and the ability to improvise, which must be present in all entrepreneurial activities. With regards to the relation-ship between Entrepreneurial Resources and Competencies when con-trolled by Entrepreneurial Improvisation, the results revealed a signif-icant and strong positive relationship. The direct relationship, while be-ing controlled by improvisation, manifests the significance of each of the factors of Entrepreneurial Resources and Competencies, emphasiz-ing that the absence of one factor affects the effectiveness and efficiency of the ability or competencies of Entrepreneurs.