Abstract:
The resource-based and upper echelon theories have raised concerns against the
unexplored human factors affecting the growth of small firms. This has created
an incomplete view of factors affecting small enterprise growth in Ghana. This
study, therefore, examines the implications of the personality and market
knowledge of the individual managers on the growth of small enterprises in the
Cape Coast Metropolis. Using a pragmatic approach and an explanatory
sequential mixed design, 200 managers of the 270 registered small businesses
in the Cape Coast Metropolis were randomly sampled to respond to
questionnaire and interview items. Measurement scales were adopted from
exiting literature to measure personal values, market knowledge and small firm
growth. Results from the partial least square and content analysis revealed that
personal values and market knowledge influence the growth of small
enterprises. Findings further revealed that other than openness to change values,
all of conservation, self-transcendence and self-enhancement values were found
to affect the growth of small enterprises depending on the nature of the domestic
culture. Pursuant to these findings, the study recommends that owner-managers
of small enterprises should conduct personal values analysis of employees in
order to reap the benefits inherent in each value type. Small enterprise subunits
should also be created within the NBSSI and Ministry of Business Development
to render tailored policies and programmes to small enterprises to enhance small
enterprise growth. Additionally, future research should consider replicating the
study in medium-sized and large firms. This will help provide more insight into
the role of managers knowledge and personal values in both small and large
businesses
