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Masters in Management in Entrepreneurship and New Venture Management

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Masters in Management in Entrepreneurship and New Venture Management MASTERS IN MANAGEMENT IN ENTREPRENEURSHIP AND NEW VENTURE MANAGEMENT Research Title: The nexus between entrepreneurship theory and venture capital financing decisions in South Africa Violet S’phiwe Buluma Student Number: 693690 BUSA 7044 Supervisor: Dr Jose Barreira Date of submission: 20 June 2017 ABSTRACT This explorative study examines the decision making criteria at the screening stage by venture capital firms in South Africa. The study also probes into the decision making criteria on the personality side and whether that has any association with the “big five” characteristics. A three- section questionnaire including both Likert style type (decision making and short version of big five) and nominal questions was sent to venture capital firms. Logistic regression as well as correlation analysis was run on the data. The findings were that individual attributes (entrepreneurs’ characteristics and experience) environment, industry and macro economic environment (characteristics of product and services, characteristics of the market and financial considerations) are all positively related to venture capital firms’ decision to grant finance to an entrepreneur. Findings on the big five characteristics are that only openness to experience, consientiousness and extrarversion were seen as critical considerations by venture capital firms, but not agreeableness and emotional stability characteristics. The study findings are beneficial for entrepreneurs and venture capital firms. Key words – Venture capital, investment criteria, big five personality, entrepreneurship, access to finance 2 DECLARATION I Violet S’phiwe Buluma declare that the research work reported in this dissertation is my own, except where otherwise indicated in references and acknowledgements. It is submitted in partial fulfilment of the requirements for the Masters of Management in Entrepreneurship and New Venture Management at the University of the Witwatersrand. This has not been submitted before for any degree or examination in any university or institution. I further declare that I have obtained the necessary authorisation and consent to carry out this research. ___________________ __________ Signature of Candidate Date ___________________ __________ Signature of Supervisor Date 3 DEDICATION This dissertation is dedicated to my loving family especially to my parents for believing in every crazy dream I have ever had. 4 ACKNOWLEDGEMENTS All praise and honour be to God for his faithfulness and patience with me. Surely his goodness and mercy shall follow me for all the days of my life. My unending gratitude goes to all the members of “Team Violet” supporters whom I may not be able to mention all by name. In particular I would first love to thank my amazing family who provided financial and moral support, encouragement and prayers every step of the way. Thank you so much. I would also like to thank Mr Nelson Isidoro for his invaluable assistance and dedication with the statistical analysis in this report. Mbongeni Mbingo and Nonhlanhla Maseko, thank you for editorial support of the entire research paper. I am also grateful to all those that took their time to respond to the survey questionnaire. Dr Jose Barreira, My supervisor, thank you for your guidance and supervision throughout the research. 5 TABLE OF CONTENTS LIST OF TABLES………………………………………………………………………………….. 9 LIST OF FIGURES………………………………………………………………………………… 9 LIST OF APPENDICES………………………………………………………………………….. 10 LIST OF ABBREVIATIONS……………………………………………………………………. 10 1. CHAPTER 1: INTRODUCTION……………………………………………………. 11 1.1 PURPOSE OF THE STUDY………………………………………………………….. 11 1.2 RESEARCH BACKGROUND………………………………………………………… 12 1.2.2 BIG FIVE CHARACTERISTICS……………………………………………………… 13 1.2.3 LIFE CYCLE OF FIRMS………………………………………………………………… 14 1.2.4 ENTREPRENEURSHIP IN SOUTH AFRICA……………………………………. 14 1.2.5 ACCESS TO FINANCE LANDSCAPE……………………………………………… 15 1.3 PROBLEM STATEMENT…………………………………………………………….. 18 1.3.2 MAIN PROBLEM……………………………………………………………………….. 19 1.4 RESEARCH QUESTIONS……………………………………………………………. 20 1.5 OBJECTIVES OF THE STUDY…………………………………………………….. 20 1.5.1 HYPOTHESES …………………………………………………………………… 20 1.6 SIGNIFICANCE OF STUDY………………………………………………………….. 21 1.7 RESEARCH METHODOLOGY……………………………………………………… 21 1.8 PROPOSED CONCEPTUAL MODEL……………………………………………… 22 1.9 LIMITATIONS OF STUDY……………………………………………………………. 23 1.10 DELIMITATIONS OF THE STUDY……………………………………………… 23 1.11 ASSUMPTIONS…………………………………………………………………………. 23 1.12 DEFINITION OF TERMS……………………………………………………………. 24 1.13 OUTLINE OF TERMS ………………………………………………………………… 24 1.14 CONCLUSION …………………………………………………………………………… 24 2. CHAPTER 2 - LITERATURE REVIEW………………………………………. 26 2.1 INTRODUCTION…………………………………………………………… 25 2.2 SOUTH AFRICAN ENTREPRENEURSHIP CONTEXT……………………. 25 6 2.3 ENTREPRENEURSHIP……………………………………………………………… 28 2.3.1 ENTREPRENEUSHIP THEORIES ……………………………………………… 30 2.4 THE BIG FIVE PERSONALITY DIMENSIONS……………………………….. 40 2.4.1 OPENNESS……………………………………………………………………………… 41 2.4.2 CONSIENTIOUSNESS …………………………………………………… 41 2.4.3 EXTRAVERSION……………………………………………………………………….. 42 2.4.2 AGREEABLENESS……………………………………………………………………… 42 2.4.5 EMOTIONAL STABLILITY ………………………………………………………… 43 2.5 OVERVIEW OF FINANCIAL SECTOR IN SOUTH AFRICA………………. 43 2.5.1 OVERVIEW OF VENTURE CAPITAL INDUSTRY IN SOUTH AFRICA… 43 2.6 INDEPENDENT AND DEPENDANT VARIABLES……………………… 59 2.6.1 INDEPENDENT VARIABLES ……………………………………………… 59 2.6.2 DEPENDANT VARIABLE…………………………………………………………….. 60 2.7 HYPOTHESES ………………………………………………………………… 60 3. CHAPTER 3 RESEARCH METHODOLOGY …………………………… 61 3.1 INTRODUCTION………………………………………………………………… 61 3.2 RESEARCH METHODOLOGY/ PARADIGM…………………………… 61 3.3 POPULATION AND SAMPLE ………………………………………… 63 3.3.1 POPULATION, SAMPLE AND SAMPLING METHOD…………………… 63 3.4 RESEARCH DESIGN…………………………………………………………………… 64 3.4.1 PRIMARY DATA…………………………………………………………………………. 64 3.4.2 THE RESEARCH INSTRUMENT…………………………………………………… 65 3.4.3 DEMOGRAPHICS ……………………………………………………………………….. 67 3.5 SECONDARY DATA……………………………………………………………………… 67 3.6 PROCEDURE FOR DATA COLLECTION………………………………………… 67 3.7 DATA ANALYSIS……………………………………………………………………….. 69 3.8 LIMITATIONS OF STUDY……………………………………………………………. 70 3.9 VALIDITY AND RELIABILITY……………………………………………………….. 71 3.9.1 RELIABILITY…………………………………………………………………………… 70 7 3.9.2 INTERNAL VALIDITY………………………………………………………………… 71 3.9.2 EXTERNAL VALIDITY……………………………………………………………… 72 3.10 ETHICS…………………………………………………………………………………… 72 3.11 PILOT ……………………………………………………………………………………… 72 3.12 CONCLUSION …………………………………………………………….. ……………. 73 4. CHAPTER 4 RESULTS AND DISCUSSIONS…………………………………… 74 4.1 INTRODUCTION……………………………………………………………………….. 74 4.2 DESCRIPTIVE ANALYSIS…………………………………………………………. 74 4.2.1 AVERAGE AGE OF ENTREPRENEUR, COMPANY LIFE CYCLE………. 74 4.2.2 INDUSTRY PREFERENCE…………………………………………………………… 76 4.2.3 METHOD FOR ATTRACTING CLIENTS…………………………………………. 78 4.2.4 MARKET CHARACTERISTICS OF PRODUCTS OR SERVICES………….. 79 4.2.5 PREFERRED LOCATION…………………………………………………………… 80 4.3 DATA ANALYSIS………………………………………………………………………… 81 4.3.1 INDIVIDUAL ATTRIBUTES………………………………………………………… 81 4.3.2 ENVIRONMENT, INDUSTRY AND MACRO ECONOMIC………………… 84 4.3.3 CORRELATION ANALYSIS…………………………………………………………… 87 4.4 BIG FIVE CHARACTERISTICS……………………………………………………. 90 4.4.1 EXTRAVERSION………………………………………………………………… 90 4.4.2 AGREEABLENESS……………………………………………………………………… 91 4.4.3 CONSCIENTIOUSNESS…………………………………………………………….. 92 4.4.4 EMOTIONAL STABILITY……………………………………………………………. 93 4.4.5 OPENNESS TO NEW EXPERIENCES……………………………………………… 94 4.4.6 BIG FIVE CHARACTERISTICS MEAN……………………………………………. 95 5. CHAPTER 5 – DISCUSSIONS, CONCLUSION…………………………………. 97 5.1 INTRODUCTION………………………………………………………………………… 97 5.2 DEMOGRAPHIC SUMMARY………………………………………………… 97 5.3 HYPOTHESIS…………………………………………………………………………….. 98 6. CHAPTER 6 RECCOMENDATIONS OF RESEARCH………………… 103 8 6.1 INTRODUCTION…………………………………………………………………....… 103 6.2 CONCLUSIONS OF THE STUDY……………………………………………. 103 6.3 RECOMMENDATIONS……………………………………………………… 103 6.4 SOME SUGGESTIONS FOR FURTHER RESEARCH……………… 104 REFERENCES …………………………………………………………………………… 105 APPENDIX 1 …………………………………………………………………………… 114 9 List of Tables Table 1: The Financial Life Cycle of a Firm ................................................................................ 47 Table 2: Reasons for Rejection of Applications for Finance with VC firms ................................ 55 Table 3: Comparison of Venture Capital Selection Criteria ......................................................... 58 Table 4 Logistic Regression Output Constant Equation ............................................................... 84 Table 5 Logistic Regression output (Individual attributes) .......................................................... 84 Table 6 Logistic Regression output Constant ............................................................................... 87 Table 7 Logistic Regression Output (Product, Market, Finance) ................................................. 87 Table 8 Correlation Analysis (Individual Attributes) ................................................................... 89 Table 9 Correlations Analysis (product, market, finance) ............................................................ 90 Table 10 Extraversion ................................................................................................................... 91 Table 11 Agreeableness ................................................................. Error! Bookmark not defined. Table 12 Consientiousness ............................................................................................................ 93 Table 13 Emotional Stability .......................................................................................................
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