A Study on the Impact of Key Entrepreneurial Skills on Business Success of Indian Micro-entrepreneurs: A Case of Jharkhand Region

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1 Case Study A Study on the Impact of Key Entrepreneurial Skills on Business Success of Indian Micro-entrepreneurs: A Case of Jharkhand Region Global Business Review 17(1) IMI SAGE Publications sagepub.in/home.nav DOI: / Namrata Chatterjee 1 Niladri Das 2 Abstract This article is an attempt to analyze the skill-related dimensions of micro-entrepreneurs in the state of Jharkhand in India. A sample of 147entrepreneurs with valid responses was collected from three districts of Jharkhand, namely, Dhanbad, Bokaro and Ranchi. The demographic characteristics of these regions have been represented to give an insight into the region where the study has been conducted. Five dimensions of skills, namely, leadership skills, communication skills, human relation skills, technical skills and inborn aptitude, have been identified from previous literatures. Success has been measured as a perceived chance of business success. The study primarily analyzes the strength of the relationship of the skills with success. The questionnaire survey method was employed to collect data for conducting the study. Descriptive statistics, correlation and multiple linear regressions have been used as statistical tools for analysis. The findings of the study show the relationship and the effect of the skills on the success of micro-entrepreneurs, thereby leading to implications that leave further scope for future research. The study has helped in contributing to the existing literatures in this segment of the research. Keywords Business success, entrepreneurship, MSME, skill-related factors Introduction Industrialization has proved to be a growth engine for any economy. It helps in curbing many problems encountered in the path of development of the country. However, economic growth cannot solely depend 1 Research Scholar, Department of Management Studies, Indian School of Mines, Dhanbad, Jharkhand, India. 2 Assistant Professor, Department of Management Studies, Indian School of Mines, Dhanbad, Jharkhand, India. Corresponding author: Namrata Chatterjee, Research Scholar, Department of Management Studies, Indian School of Mines, Dhanbad , Jharkhand, India. namrata.chatterjee111@gmail.com

2 Chatterjee and Das 227 upon the macro or large-scale sectors for industrial development due to lack of availability of resources in various forms. Micro, small and medium enterprises (MSME) occupy a suitable place of importance in this aspect to bridge the dearth in the economy of a country. According to MSME Development [MSMED] Act (2006), a micro-enterprise is one that has an investment up to 2.5 million in plant and machinery for manufacturing enterprises and up to 1 million in equipments for service-rendering enterprises. In India, the MSME sector plays a critical role by contributing almost 40 per cent to its economic growth. It is an effective vehicle for sustainable livelihood, poverty reduction and employment generation. It comprises more than 80 per cent of Indian industrial enterprises. The MSME sector accounts for almost 40 per cent of the overall export and contributes almost 8 per cent to the gross domestic product (GDP) of India (FICCI MSME Summit, 2012). Microenterprises significantly contribute to the potential of the region by generating employment and overall development. Problems like poverty, unemployment and regional imbalance can be diminished by expanding the MSME sector. Micro, small and medium enterprises (MSME) provide broader opportunity to the population of a region with limited skills and education where many factors impose challenges for development. However, entrepreneurs need to possess some skills which become essential for ensured entrepreneurial success. Entrepreneurs possess skills of creativity and the ability to implement thoughts. They promote economic growth of the nation by creating new ideas and transforming those ideas into realities (Chen, 2010). MSMEs are the engines of economic growth for their significant contribution to production and their employment-creating potential (Chowdhury, 2011). Entrepreneurial success has been perceived in many ways, depending upon the perception of the owner. According to Brush and Vanderwerf (1992), success has been defined as a particular aspect of performance. Factors affecting the success or the output in the business in terms of profit, assets or income can be a determinant to judge the success of the venture. The present study has considered perceived business chance as the measure to entrepreneurial success. Perceived business chance has been mentioned in various literatures as an important dimension of measuring the chance of entrepreneurial success (Chaganti, DeCarolis & Deeds, 1995; Cooper & Dunkelberg, 1986). In context of the above discussion, the current study focuses on identifying the skills impacting entrepreneurial success in the state of Jharkhand. Jharkhand has an increasing potential for entrepreneurial growth, and therefore, this study makes an attempt to understand the influence of various skill-related dimensions on entrepreneurship success in Jharkhand. Background of the Study Jharkhand has a well-established industrial base and is rich in mineral resources. The state has almost 40 per cent of the total minerals of the country. It is the sole producer of cooking coal, uranium and pyrite and ranks first in the production of coal, mica, kyanite and copper in India (Department of Industry, Jharkhand). The reason why a state like Jharkhand, which is rich in minerals and natural resources, has not seen development in entrepreneurial culture like Gurgaon, Noida, etc. regions which are newly built states needs to be addressed. In spite of diverse demographic representation of the state, the basic strength behind entrepreneurial success is the human capital of the region. Census 2011 shows that Jharkhand has a population of million, consisting of million males and million females, and the tribal population constitutes 28 per cent of the total population of the state. It also shows that 46.2 per cent of the population is below the poverty line and literacy rate is per cent, depicting the backwardness of the state in terms of socio-economic conditions (Jharkhand, Wikipedia). Development of skilled manpower for the use of industry and trade is a thrust area. Skill improvement in the emerging

3 228 Global Business Review 17(1) skill sets needs to be focused on. Jharkhand has a wider potential for advancement if all attempts are made by its entrepreneurs through the government s support for entrepreneurial success in the region, thereby boosting them. Objective of the Study Against this backdrop, the objective of the present study aims to understand the effect of skill-related drivers fostering entrepreneurial success based on the demographic region of Jharkhand. Research related to this dimension will help in better understanding the skill orientation of this region, which will help in the development of frameworks and policies in the future to promote entrepreneurship development (Zinger, LeBrasseur & Zanibbi, 2001). The article is organized in the following manner. The second section reviews some selective literatures related to skill dimensions, followed by the third section discussing the research methodology adopted for the study. The fourth section shows the analysis and discussion, followed by the fifth section provides the conclusion, limitations and scope for future study. Literature Review Many studies have been conducted in the field of entrepreneurship research regarding various dimensions of the entrepreneurs and the business processes. However, there is a comparatively less amount of studies relevant to the effect of entrepreneurial skills on micro-entrepreneurial success in India, specifically in Jharkhand. Various studies on skill-related drivers of entrepreneurs are quite limited. There is a general agreement that skills have an influential role on the growth of entrepreneurship of a state. The current literature reviews studies pertaining to this area, which has been discussed below. International context: Wickham (1998) said that skills are basically the knowledge of a person that is directed by his own actions an ability to perform in a constructive way. According to Maier (1965), skills are the inborn aptitudes (that develop without training) and the achievements (that result out of training). Szilagyi and Schweiger (1984) claimed that entrepreneurs require certain skills that are necessary for the superior performance of a job. Kunene (2008) asserted that an entrepreneur s skills are an important determinant of business success. According to Chell (2013), the process of entrepreneurship is quite intricate in nature, and thus the skills required at various stages of the process need to be considered. In addition, skills should be separated from ability, aptitude and competency, which indicate knowledge, skills, abilities and sometimes other attributes as well. Skills differ from abilities. The practice of skill improves proficiency at tasks, whereas abilities show more general traits (Matthews, Jones & Chamberlain, 1992). Herron (1990) has identified seven sets of skills needed for entrepreneurial success. Some of them are business skills, leadership skills, networking skills and technical skills. Chandler and Hanks (1994) suggested that entrepreneurs need qualities to delegate tasks and manage employee and customer relations, which clearly require good interpersonal or human skills. Abbasi, Siddiqi and Rahat ul Ain (2011) found that communication skills are vital for the process of entrepreneurship, as it helps to establish trade relations and compete in the market. Dafna (2008) concluded that entrepreneurs who possess leadership skills could bring about changes and innovations in their business venture. Indian context: In a study by Shaw et al. (2010), the success of entrepreneurs in India is a function of his traits, attitude, skills and environmental factors. According to the study conducted by Rai and

4 Chatterjee and Das 229 Dubey (2012), in Madhya Pradesh, India, the skills required by the entrepreneur can be divided into three areas: (i) technical skills, involving monitoring environment, technical business management, interpersonal relationship, listening, network building and management style; (ii) business management skills, involving effective communication, planning and goal settings, decision making, human relations, marketing, finance, accounting, management, control, negotiation, venture launch and managing growth; and (iii) personal entrepreneurial skills, involving control over oneself, risk taking, innovativeness, change oriented, persistency, innate qualities. According to Meher and Sahoo (2008), the communication skills, technological skills and the marketing skills of an entrepreneur affect entrepreneurial success. Research gap: Although the studied literature represents entrepreneurial skills as an essential part of entrepreneurial success, it is pertinent that less work has been done in the context of India. Thus, the present study adds to the literature by identifying some important skill-related dimensions and analyzes its effect on microenterprise success in the demographic setting of the developing state of Jharkhand in India. Description of the Variables A set of five dimensions have been identified from prior research works and preliminary interviews with experts. The detailed description of the variables identified for the study has been discussed. Leadership skills: Leadership is defined as a process through which one uses power to direct and coordinate the activities of his followers individually or in a group to establish a goal (Yukl & Van Fleet, 1992). Leadership is about a relationship of mutual understanding between a leader and his group of followers in the direction of a common goal. Markman (2007) said that entrepreneurs are those who possess the knowledge, skills and abilities of a strategic leader through which their actions and decisions influence enterprise success. According to a study conducted by Jong and Hartog (2007), leadership skill significantly influences any business success. Communication skills: Adejimola (2008) emphasized the importance of inculcating communication skills and stated that entrepreneurs who establish effective communication within and outside their enterprises become more successful. Montagno, Kuratko and Scarcella (1986) suggested that communication must be essentially considered as a multidimensional concept which impacts competence, interrelationship and cognitive skills for better entrepreneurial performance. A human being who has an excellent expressive quality would become a good leader too. Entrepreneurs need to be good communicators. He/she should be capable of easily approaching, explaining and discussing their thoughts to others in order to succeed. Human relation skills: Along with other factors, human capital plays a predominant role in any organization. In the context of entrepreneurship, developing human relation skills enhances the possibility of business success. According to Adejimola (2008), it is not suggested for entrepreneurs to distort relation with others in any segment, such as, customers, suppliers, other entrepreneurs or the society. An entrepreneur s ability to build and maintain healthy relationships becomes a challenging role and hence developing such roles becomes essential and primary. It is basically a personal skill that improves the competency of the entrepreneur, brings him success and goodwill to the firm. Technical skills: Like managers in any organization, entrepreneurs also need to perform certain functional roles. According to Chandler and Jansen (1992), an entrepreneur needs to possess technical skills and relevant knowledge in their specific field and also the ability to use appropriate tools and techniques. Baum (1995) and Winterton (2002) concluded that possessing some specific technical skills in their relevant fields is a vital requirement for entrepreneurs. The technical elements, if put in place, ease the effective flow of the business and its success. Rapid need of technical know-how leads to

5 230 Global Business Review 17(1) competition in exploiting it in order to flourish in the market. Hence, technical competencies are required to help entrepreneurs in handling and operating business-related tasks (Izquierdo et al., 2005). Inborn aptitude skills: According to Kantor (1988), entrepreneurial notion is inborn and some talent and skills cannot be generated, even if training is provided to them. As Maier (1965) said, skills are the inborn aptitudes that cannot be developed by providing training. According to Silva (2006), the chances of opting entrepreneurship as a profession increases among those who are inbornly well versed in diversified fields. Hence, inborn aptitude can be considered as a strong component behind an entrepreneur s intention and success. Business success: As discussed above, success has no definite description. It is something the owner perceives and measures in various parameters. The set standards can be the financial status of a firm, or certain non-financial parameters as well. In this study, perceived business success has been taken into consideration, that is, the outlook of the chances of success of a business, as identified in a study by Chaganti et al. (1995) and Cooper and Dunkelberg (1986). It is important to measure entrepreneurial success to have a view of the effect of any factors that act as a catalyst for entrepreneurship process. In line with the previous studies, the following hypotheses are constructed to be tested in this study: (i) there is positive significant relationship between leadership skill and business success; (ii) there is positive significant relationship between communication skill and business success; (iii) there is positive significant relationship between human relation skill and business success; (iv) there is positive significant relationship between technical skill and business success; and (v) there is positive significant relationship between inborn aptitude and business success. Research Methodology The present empirical study is an attempt to enrich the existing literatures by analyzing the influence of skill-associated factors on entrepreneurial success in the selected areas of Jharkhand. The details of data collection tools and techniques have been discussed in this section. Sample Characteristics The population of the study refers to a comprehensive list of 850 micro-enterprises collected from the district industries centre of three districts of Jharkhand. A primary survey was conducted by providing a questionnaire to 160 micro-entrepreneurs of the Dhanbad, Bokaro and Ranchi districts of Jharkhand; a simple random sampling method was used as it was not economically feasible to survey all the enterprises of the defined population. The sample is representative of the target population. A sample of 13 micro-entrepreneurs was discarded for the study due to incomplete and invalid response. Therefore, a total of 147 completely filled-in questionnaires were used for data analysis. The selected sample size and the number of respondents across the three districts are given in Table 1. Survey Instrument A structured questionnaire was constructed in line with the research objective of the study. Data were classified according to demographic characteristics, for example, age, gender, caste and education, of the micro-entrepreneurs in the three districts of Jharkhand. The structured questionnaire contained a section

6 Chatterjee and Das 231 Table 1. Sample Distribution across the Districts of Jharkhand Region District Total Sample Size Respondents Dhanbad Bokaro Ranchi Total Source: Authors Compilation. on skill-related dimensions, where a set of five dimensions that had been identified from past studies, namely, leadership skills, communication skills, human relation skills, technical skills and inborn aptitude, had been included and was the basis on which the study was conducted. Measurement of the Constructs: The variables/constructs incorporated in the questionnaire were identified through various previous literatures and faculty experts in the study. A preliminary interview among faculty experts was conducted after identifying the skill-related variables from literature study to incorporate in the questionnaire. The item leadership has been taken from a study by Jong and Hartog (2007). Communication and human relation were adapted from Adejimola (2008). Technical skill has been adapted from Chandler and Jansen (1992), whereas inborn aptitude has been adapted from Silva (2006). The dependent variable perceived business success, on which the effect of the skills is to be tested, has been adapted from studies of Chaganti et al. (1995) and Cooper and Dunkelberg (1986). A five-point Likert scale has been used to measure the degree of influence of these five skill-related factors individually. The scale has been rated as follows: 1 is very low, 2 is low, 3 is moderate, 4 is high and 5 is very high. For each item (e.g., leadership ), the respondents had to choose one option in the five-point Likert-type scale. To measure success, as identified from the literature studies, perceived business success was the given measure on which the influence of these factors were to be tested. It is also measured on the five-point Likert-type scale ranging from very low to very high. Statistical Tool The present study has used advanced statistical tools like Correlation, Multiple Linear Regression Model calculated in SPSS 20.0 package. Simple descriptive statistical tools have also been applied to find percentages, means and standard deviations. The following regression model has been used to measure the effect of skill-related attributes on business success: Entrepreneurialsuccess = a+ b leadership + b communication + b human relation b technical+ b inbornaptitude + f (1) where a is the intercept, b 1, b 2, b 3, b 4 and b 5 are the regression coefficients and f 1 is the error term. Analysis and Discussion Scale Analysis Once the filled-in responses of the questionnaire had been received, the scale reliability of the developed variables were analyzed by deploying Cronbach s alpha test on the 147 samples.

7 232 Global Business Review 17(1) Table 2. Demographic Profile of Entrepreneurs Dimensions Particulars Percentage Age Mean: Standard deviation: Gender Male Female Caste General OBC ST 3.40 SC 4.08 Education Primary 3.40 Middle school 5.44 Higher secondary Graduation Source: Authors Compilation. Reliability: Cronbach s alpha is a reliability coefficient indicator that shows how well the variables are positively correlated to each other. The Cronbach s alpha came out to be 0.886, which is considered a good sign of reliability as it is more than 0.7 (Santosh, 1999). Validity: Content validity and face validity test had also been done through expert opinion. Five questionnaires were distributed to experts from the field of academics and entrepreneurship. The experts reviewed the questionnaire, and according to their suggestions, the questionnaire was re-designed as per requirement. Demographic Profile of the 147 Entrepreneurs Table 2 represents the distribution of some important demographic characteristics on which the data had been classified for the 147 sample of micro-entrepreneurs. The sample entrepreneurs have a mean age of About per cent of the sample micro-enterprises are owned by males, indicating male dominance in this region over female entrepreneurs. Although Jharkhand has diversity in terms of castes of its population, most of the sample entrepreneurs (89.12 per cent) belong to the general category, followed by Other Backward Classes (OBC) comprising per cent, Scheduled Castes (SC) comprising 4.08 per cent and Scheduled Tribes (ST) comprising only 3.40 per cent. Regarding the level of education of the micro-entrepreneurs, per cent of them are graduates, had received education till the higher secondary level, 5.44 per cent have been educated till middle school and another 3.40 per cent had only received primary level. Descriptive Statistics of the Variables Table 3 shows the descriptive statistics of the variables taken in the study. The mean and standard deviations have been calculated for the given sample. Among the independent variables, communication has the highest mean, having a value of 4.776, whereas inborn aptitude shows the lowest mean with a value of and the standard deviation is the reverse. This denotes that entrepreneurs in the Jharkhand

8 Chatterjee and Das 233 Table 3. The Descriptive Statistics of the Variables Variables Mean Standard Deviation Success Leadership Communication Human Relation Technical Inborn Aptitude Source: Authors Compilation. Table 4. Correlation Coefficient Matrix of Explanatory Variables Success Leadership Communication Human Relation Technical Inborn Aptitude Success Leadership 0.797* Communication 0.921* 0.756* Human Relation 0.540* 0.517* 0.505* Technical Inborn Aptitude Source: Authors Compilation. Note: *Criteria, significance p < region have a high affinity for communication skill, but lower inborn aptitude. Next to communication skill, leadership has a comparatively high mean value (4.721), followed by human relation skill (4.680) and technical skill (3.565). However, further inferential analysis is required to justify and find out appropriate and effective results. Correlation Matrix Table 4 represents the correlation coefficients of the independent variables of skill-related factors, that is, leadership, communication, human relation, technical and inborn aptitude, and dependent variable, success. It shows how well the variables are related to each other, and whether they are significant or not. It is seen that communication and leadership has a higher correlation. It is pertinent that effective communication skill helps in developing leadership qualities efficiently (Abbasi et al., 2011). It is also definite from the literatures studies that communication and leadership skill are important for business success, which is also found in the analysis that the correlation of communication and leadership with success is also higher. Human relation skill also exhibits a moderate degree of correlation with leadership and communication, and it definitely has some influence on success. As discussed in the literature review section, human relation is an important attribute carried by an entrepreneur. The result of the correlation matrix justify the various literatures supporting the argument that leadership, communication and human relation skill are important for an entrepreneur to be successful. Technical and inborn aptitude was found to have no significant correlation with any.

9 234 Global Business Review 17(1) Table 5. Regression Analysis Result Dependent Variable: Success Variables Coefficients Leadership 0.207* (4.498) Communication 0.714* (15.597) Human Relation 0.072** (2.046) Technical ( 0.104) Inborn Aptitude 0.076** (2.474) Adjusted R Analysis of Variance Model Sum of Squares df Mean Square F Sig. Regression * Residual Source: Authors Compilation. Notes: (1) * and ** implies 1 and 5 per cent significance level, respectively. (2) t-values are in the parentheses. Regression Analysis Table 5 shows the regression values of the independent variables. It clearly shows that the coefficient of leadership and communication is significant at 1 per cent significance level and the coefficient of human relation and inborn aptitude is significant at 5 per cent significance level. The adjusted R 2 value of and the higher F-value significant at 1 per cent shows the good fit of the regression model used to understand the dependency of the skill-related factors on success. Discussion With regards to our study objectives of identifying skill-related dimensions that influence business success, five skill-related factors, that is, leadership, communication, human relations, technical and inborn aptitude (skills) were examined. The higher positive coefficient of leadership signifies that leadership as a skill has a positive impact on entrepreneurship success. This implies that entrepreneurs in the Jharkhand region perceive leadership as an important skill for the success of their business. The finding supports the previous studies in the relevant literatures that leadership is an important skill to be possessed by the entrepreneurs Dafna (2008). H1 can be accepted in this case. Communication has a very high coefficient at 1 per cent significance level. This shows that communication has a very high positive effect on business success. Entrepreneurs perceive that stronger the communication skill of an entrepreneur, higher is their chances of success. Abbasi et al. (2011) said that better communication skill supports sustainability in the market. H2 thus gets accepted here. Human relation and inborn aptitude also shows a positive coefficient, although having a lower value signifies that they affect entrepreneurship success to a certain level. Human relation skill is important for an entrepreneur to successfully run their business and earn goodwill as stated by Adejimola (2008). Similarly, entrepreneurs in the Jharkhand region accept that inborn aptitude also has some effect on entrepreneurial intentions and perceived chance of business success, as remarked by Silva (2006). H3 and H5 are accepted in the study.

10 Chatterjee and Das 235 However, in this study, technical skill is seen to have a negative impact on entrepreneurship success as the coefficient is insignificant. Although literatures support that technical skill is an important component for any enterprise to perform soundly and emerge successfully (Izquierdo et al., 2005), the negative relationship of technical skill with success does not support the very notion. A plausible reason may be that a state like Jharkhand, which is still in its nascent stage of development, may lack in technical resources and assistance. Familiarity with new and advanced technical know-how may be increased through training and development, workshop and government assistance to enrich their technical skills for business success. Hence, H4 does not get accepted. Conclusion The present study achieves the stated objective. It provides an insight for proper understanding of the skill-related factors affecting entrepreneurial success. The empirical study carried out in this article has identified five major skill-related dimensions that act as driving agents for entrepreneurial success in Jharkhand region. They are leadership skills, communication skills, human relation skills, technical skills and inborn aptitude. Entrepreneurs must possess these skills to run their enterprises efficiently and to be successful. The regression results in the analysis section clearly demonstrate the significant strength of skill-related dimensions on entrepreneurial success. A nascent state like Jharkhand can foresee more development in terms of major industrialization by encouraging and supporting the entrepreneurs in developing their skills. In contrast to the literatures studied, the results of the present study show that technical skill does not have an effect on the success of enterprises in the Jharkhand region. This calls for acquainting the entrepreneurs of Jharkhand with new technologies and their benefits so that they develop a new outlook to run their business and compete to sustain in the market for long. A technology-based innovative firm brings huge success to the economy of any region (Izquierdo et al., 2005). Implication The present study provides important theoretical implications for the policy-makers and the government in Jharkhand for micro-entrepreneurship development. It also enriches researchers knowledge in this field. It is essential to enhance the skills and abilities of the entrepreneurs so as to strengthen them to compete in the present global market. In the literature section, various arguments show that skills are an essential attribute for an entrepreneur to emerge successfully. According to Szilagyi and Schweiger (1984), entrepreneurs require certain skills that are necessary for accomplishing any job. Kunene (2008) also argued that an entrepreneur s skills are important determinants of business success. Thus, it is clear from literature support and the analysis of the present study that entrepreneurial success depends on various skills of entrepreneurs and therefore appropriate training and assistance on skill development should be provided in the Jharkhand region for entrepreneurship development, which can help in the upliftment of the backward classes of the state as well. Limitations and Scope Although the present study makes an attempt to analyze the effect of skills on success, it contains certain limitations that make it less exhaustive. The study takes into account few potential dimensions of the

11 236 Global Business Review 17(1) skills. It would be interesting to include many other skill-related factors that have not been considered due to restricted accessibility of literatures studying entrepreneurial skills. Regional constraint can be eliminated in order to make it a more comprehensive study. Moreover, the study was confined to selected districts of Jharkhand. Simultaneously, other dimensions of entrepreneurship could also be integrated, and the effect on success can be understood. The above limitations open up future scopes for making the study more profound. More skillrelated drivers can be considered and incorporated in the study and analysis can be done on skill-related dimensions by integrating with other predictors of entrepreneurial success. The sample structure can be enlarged, which can be cross-validated to give a generalized output. A comprehensive framework can be developed, which may help policy-makers make policies in the interest of the entrepreneurs. Entrepreneurial skill development for micro-entrepreneurs is a promising avenue for future research. Therefore, it is advised to carry out such studies in a similar economic set-up. All such contributions in the future can lead to an exhaustive study for the region of Jharkhand, which in turn can lead to the socio-economic development of the state. References Abbasi, M.H., Siddiqi, A., & Rahat ul Ain, A. (2011). Role of effective communications for enhancing leadership and entrepreneurial skills in university students. International Journal of Business and Social Science, 2(10), Adejimola, A.S. (2008). Language, communication and information flow in entrepreneurship. African Journal of Business Management, 2(10), Baum, J.R. (1995). The relation of traits, competencies, motivation, strategy, and structure to venture growth. Paper presented at the Babson-Kauffman Entrepreneurship Research Conference, Wellesley, MA. Brush, C.G., & Vanderwerf, P.A. (1992). A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7(2), Chaganti, R., DeCarolis, D., & Deeds, D. (1995). Predictors of capital structure in small ventures. Entrepreneurship: Theory and Practice, 20(2), Chandler, G.N., & Hanks, S.H. (1994). Founder competence, the environment and venture performance. Entrepreneurship: Theory and Practice, 18(4), Chandler, G.N., & Jansen, E. (1992). The founder s self-assessed competence and venture performance. Journal of Business Venturing, 7(3), Chell, E. (2013). Review of skill and the entrepreneurial process. International Journal of Entrepreneurial Behaviour & Research, 19(1), Chen, S.C.Y. (2010). Dimensions of Taiwanese entrepreneurship lessons from the world s top producer of touch fasteners. Global Business Review, 11(3), Chowdhury, S.R. (2011). Impact of global crisis on small and medium enterprises. Global Business Review, 12(3), Cooper, A.C., & Dunkelberg, W.C. (1986). Entrepreneurship and paths to business ownership. Strategic Management Journal, 7(1), Dafna, K. (2008). Managerial performance and business success: Gender differences in Canadian and Israeli entrepreneurs. Journal of Enterprising Communities: People and Places in the Global Economy, 2(4), FICCI MSME Summit Retrieved 4 July 2014, from knowledge paper-new Herron, L. (1990). The effects of characteristics of the entrepreneur on new venture performance. Unpublished doctoral Dissertation, University of South Carolina, Columbia, SC. Izquierdo, E., & Deschoolmeester, D. (2010). What entrepreneurial competencies should be emphasized in entrepreneurship and innovation education at the undergraduate level? In Handbook of Research in Entrepreneurship Education: International Perspectives (vol. 3, pp ).

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