Entrepreneurs’ Success Factors in Influencing Venture Growth in Kampala
Abstract
This study investigated the relationship between Entrepreneurs’ success factors and venture growth in Kampala. The study adopted a cross-sectional survey design with primary data collected from business managers in Kampala using a five-point Likert scale questionnaire. A logistical model regression was used, as well as descriptive analysis of results. The study found a significant relationship between venture growth and entrepreneurs in Kampala (adjusted R=0.183, p = .000). This explains that 18.3% of the variance in venture growth is explained by entrepreneurs’ success factors. This implies that businesses with greater access to financial resources are more likely to grow, as entrepreneurs invest in operations, expand their product offerings, and respond effectively to market demands. Marketing Competence shows a Beta of 0.163 and is statistically significant (p = .000). This suggests that the ability to market effectively, which includes reaching and engaging with customers, plays a significant role in driving business growth. Marketing Competence shows a Beta of 0.163 and is statistically significant (p = .000). This suggests that the ability to market effectively, which includes reaching and engaging with customers, plays a significant role in driving business growth. However, entrepreneurs who do not feel adaptable suggest that a significant portion struggle to respond effectively to changes in the market, regulatory shifts, or other external pressures. Entrepreneurs believe they lack sufficient capital to sustain their businesses during tough times. It was concluded that access to financial resources and marketing competence are the most influential factors driving venture growth among entrepreneurs in Kampala. It is recommended that the Ministry of Finance, through the microfinance support centre, should develop programs to provide affordable financing options for entrepreneurs. The government and business development agencies like Enterprise Uganda should create comprehensive training initiatives focused on marketing skills and operational efficiency and Enterprise Uganda, with a private sector foundation, should enhance networking platforms and strengthen industry associations to better connect entrepreneurs with valuable resources.
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