A Review of Value Creation in Craft Entrepreneurship Practices among Rural Small and Micro Enterprises in North Mugirango, Nyamira County, Kenya
AbstractSmall and Micro Enterprise (SME), Sector is regarded worldwide as an engine for economic development, a source of income and employment creation, a major contributor to Gross Domestic Product (GDP), a linkage to large enterprises in the supply of goods and services, and a main promoter for entrepreneurship skills, creativity and major innovators for new products and processes. Despite all these, not much progress in value creation has been realized particularly from Rural Small and Micro Enterprises. Most studies done on SMEs indicate that there is a tendency of higher failure rate as compared to large firms although they are perceived as the main instruments for creativity, wealth and employment creation. This study presents a review of craft entrepreneurship practices in value creation among rural small and micro enterprises in North Mugirango Constituency, Nyamira County. Cross-sectional concurrent triangulation mixed research design was adopted targeting rural small and micro enterprises in the target area. Using Yamane sampling formula, snow ball sampling technique was used in arriving at a sample of 207 respondents. Questionnaire and interview schedules were major data collection instruments. Study findings indicated that: rural SMEs have a role to play in social economic development, there is more of creativity among rural craft entrepreneurs, and most businesses use appropriate technology but lack entrepreneurial competency. Both County and the national government stand to benefit in formulating new policies aimed at transforming Rural Small and Micro Enterprises into value creation engines. Craft small and micro enterprise owners would also benefit from new knowledge in creativity and use of appropriate technology in value creation.
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