EFFECT OF INVESTMENT DECISIONS IN GROWTH OF SMALL

SCALE BUSINESSES IN KIBUYE MARKET OF KISUMU COUNTY

BY

KAMIRUKA GRACE ANYANGO

19/01060

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS

FOR THE FINAL YEAR RESEARCH PROJECT OF THE BACHELOR OF
COMMERCE DEGREE PROGRAMME KCA UNIVERSITY

AUGUST 2022

i
 DECLARATION
This research is my original work that has been carried out for a period of time .It has never
been presented to any other institution whatsoever for any reward.

Signature:……………………………….. Date: …………………………………….

KAMIRUKA GRACE ANYANGO

19/01060

This project has been submitted for examination with my approval as the university supervisor.

Signature:…………………………….. Date:……………………………………

PATRICK GIKAI NGUGI

SCHOOL OF BUSINESS, KCA UNIVERSITY.

ii
 DEDICATION
I dedicate this entire research project to my dearest parents and friends.

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 ACKNOWLEDGMENTS
I am very grateful to my lecturer Patrick Gikai Ngugi for your great and overwhelming support
and guidance throughout the entire research work and in richly providing your time and enabling
a conducive environment with the needed resources that helped me undertake this research
proposal.

iv
 ABSTRACT
This study aimed at establishing the effects of investment decisions on the growth of small scale
businesses in Kibuye Market of Kisumu City Council. It is estimated that small scale businesses
employ over 30 % of working population. This gave a motivation to the researcher to undertake
the study. The objective was to determine how managerial skills, financial literacy and financial
accessibility affect the growth of small scale businesses. The target population was Kibuye
Market. The primary method used to collect data was issuing of questionnaires and the data
analysed using excel worksheets in tables as well as charts. The research indicates financial
literacy, financial accessibility and managerial skills to play and important role in the growth of
small scale businesses.

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Table of Contents
DECLARATION..............................................................................................................................................ii

DEDICATION................................................................................................................................................iii

ACKNOWLEDGMENTS.................................................................................................................................iv

ABSTRACT....................................................................................................................................................v

CHAPTER ONE..............................................................................................................................................1

INTRODUCTION.......................................................................................................................................1

1.1 Background of Study..........................................................................................................................1

1.2 Statement of the Problem.................................................................................................................3

1.3 Objectives of Study............................................................................................................................3

1.3.1 General Objective...........................................................................................................................3

1.3.2 Specific Objectives..........................................................................................................................3

1.4 Research Questions...........................................................................................................................4

1.5 Justification of Study..........................................................................................................................4

1.6 Significance of Study..........................................................................................................................4

1.6.1 The Government.............................................................................................................................4

1.6.2 Small Scale Businesses Management..............................................................................................5

1.6.3 Financial Analysts...........................................................................................................................5

1.7 Scope of Study...................................................................................................................................5

CHAPTER TWO.............................................................................................................................................6

LITERATURE REVIEW................................................................................................................................6

2.1 Introduction.......................................................................................................................................6

2.2 Theoretical literature.........................................................................................................................6

2.2.1 The Transaction Cost Theory..........................................................................................................6

2.2.2 Neo- Classical Theory......................................................................................................................6

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 2.2.3 Q Theory of Investment..................................................................................................................7

2.3 Managerial skills affect the growth of small scale businesses...........................................................7

2.4 Financial accessibility and its effects on the growth of small scale business.....................................8

2.5 Financial literacy and its effects the growth of Small Scale businesses.............................................8

2.7 Conceptual framework......................................................................................................................9

CHAPTER THREE........................................................................................................................................10

RESEARCH METHODOLOGY...................................................................................................................10

3.1 Introduction.....................................................................................................................................10

3.2 Research design...............................................................................................................................10

3.3 Target population and Sample Frame..............................................................................................11

3.4 Samples and Sampling procedure....................................................................................................11

3.5 Instrumentation...............................................................................................................................11

3.6 Data Collection................................................................................................................................12

3.7 Data Analysis Technique..................................................................................................................12

REFERENCES..........................................................................................................................................12

vii
 CHAPTER ONE

INTRODUCTION

1.1 Background of Study

Investment is referred to as a process whereby an individual, company or even an organization
puts funds in commercial ventures or even commercial schemes with an aim of gaining profit
over time. For investments to take place, decisions play an important role on how such
investments are organized. The decisions are taken in by investors whereby they analyze every
opportunity before venturing into the small scale businesses. Pandey (2004) indicates that
investment is a process in which individuals with residual cash or extra savings commit their
monetary asset, goods and services with an aim of gaining profits from them. And therefore
literacy is important do as to understand and most importantly facilitate proper and well defined
investment decisions that will help in achieving higher returns.

There has been a high failure rate experienced over time especially in developing countries
whereby limited capital has contributed to the same. Small scale businesses which operate under
Kenya's Micro, Small and Medium Enterprises, account for approximately 40% of the GDP
according to Phyllis Wakiaga (2022). The growth of these small and medium businesses plays an
important role to growth and development of an economy. This is seen in many parts of the
world including Kenya.

According to David Ingram, (2019) small Scale businesses employ smaller teams of employees
having that the revenue of these businesses are quite lower as compared to companies that
operate on large scale. These small scale businesses serve smaller area especially local areas that
are still developing. David also explains that small scale businesses prefer to organize
themselves or rather operate as sole proprietorships, limited liability companies as well as
partnerships which provide a high degree of managerial control from the owners of companies
so as to minimize cost and expenses during their operations. As a result these businesses do not
file their own taxes but have the owners of the companies report their business incomes and
personal tax returns. These businesses are convenient having that one may operate them even at
the comfort of their homes as well as in single offices efficiently.

Small Scale businesses are regarded to play a vital role in reducing poverty levels, economic
growth as well as creating of job even in developing countries (Don & Kim, 2014).It has been
noted that small scale businesses and enterprises in the economy waste or rather put a lot of
focus on connectivity with external suppliers as well as customers (Han, Chung, Son, & Kwon,
2017). As a result of this a lot of resources is wasted in the process which would have been well
utilized from the beginning encouraging growth and development in its surroundings. Since most
1
of the developing countries rely on internal resources which to some extend are not able to gain
competitive advantage which can be sustained overtime unless the government plays a big role in
supporting them (Hoque 2018).Scholars have indicated that the chances of small scale businesses
owners making it over five years is quite minimal and so there's need to develop strategies to
support and ensure growth of this sector in order to have them survive over time and carry out
their duties effectively and more efficiently hence reducing the chances of failure over time
( Sauser, 2005; Monk, 2000).

There are reported myriads of challenges affecting small scale businesses. These include: lack of
training, the limited access to finances, the rapid growth of technology as well as law and
regulations imposed by the government. The lack of training really affects the implementation or
rather the degree of investment decisions that these businesses will apply to their business. This
is because inadequate information and skills to enable them run the business ineffectively in the
long run contributes to the failure of these businesses and hence they don't survive. According to
a research done by Huayu Shen (2020) he noted that the growth rate at the beginning of the
COVID 19 pandemic in China was at 2.4% but the performance decreased to a GDP of below
5% year on year. With the occurrence of COVID-19 most businesses have been forced to
improve their transactions by using technology to do most of its transactions. This may not have
been effective to majority of the business owners considering that they don't make large amounts
of profits such as big companies and organizations hence limiting their operations to an extend.

The Micro and Small Enterprises Authority (MSEA) plays a huge role in implementing policies
that regulate the operations of these small scale businesses. However, some of the laws have
posed a huge threat to these businesses therefore their potential is limited to some extend. The
fact that the small scale businesses may not have the collateral to access huge amount of finances
to sustain their business, most result to borrowing from family and friends which is not
sustainable in the long run. As a result majority collapse because it is not able to enable them
purchase the assets needed for their businesses. These challenges can well be addressed access to
finance is made more efficient, access to justice in the case of discrimination as well as creating
of awareness through the government and financial analysts are incorporated in collaboration
with the government( Ritaungu Gatobu,2013).

In Kisumu County one of the factors that also affects the growth of small scale businesses is
acquisition of land. This is because of the rapid growth and competition experienced in the
environment. Acquiring of land for more investments also takes time having that most leases are
paid six months in advance with good will which hardly favour the small scale business
owners(Kenya Investments Authority).Kenya being one of the developing countries there are
some challenges that widely affect these businesses Kibuye Market in Kisumu County being one
of them. They include lack of financial resources, poor decision planning, poor investment
decisions to promote growth, strict government rules and regulations that may as a result reduce
their productivity, low demand for products and services as well as corruption. Therefore
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according to Arinaitwe (2002), it is important to understand that both the factors that are internal
as well as those external differ from one developing country to another.

1.2 Statement of the Problem

As experienced and seen in Europe, Australia, US, UK and Africa the economic conditions have
spurred up at a high rate (Holzmann and Stiglitz, 2001) over the last 10-15 years.A research was
done by Kazooba (2006) on the major factors that contribute to the failure of small scale
businesses and he concluded that there was the aspect of poor managerial skills as well as poor
record keeping of transactions as the main contributing factors. Other researchers such as
Wanjohi and Magure (2002) also researched on the major challenges that face the small scale
businesses in Kenya. King and Mc Grath (2002) also did a research to determine the main factors
that contribute to the success of SME sector and highlighted that more training and creating of
awareness contribute to the success of small scale businesses.

As already alluded in the study, small scale businesses play a very vital role in the economy of
Kenya because they contribute extensively to the creation of jobs, industrial development,
satisfying of local demand, contributing to the GDP as well as innovation. According to a
research done by Kasi Team Insight, (2021) 80% of the country's employment is to a large
extend fueled by Small scale businesses. According to a research done by Kinyumu (2013) in
Kisumu, most of the small business enterprises do hardly celebrate their second birthday hence
do not produce the desired results. In this study, therefore, the researcher seeks to investigate
the effect of Investment decisions on the growth of such small scale businesses in Kibuye market
Kisumu in order to determine how Decisions influence the growth of such business.

1.3 Objectives of Study

This study is guided by the objectives. These are both General objective and specific objectives.

1.3.1 General Objective

To determine the effect of Investment Decisions on the growth of small scale businesses within
Kibuye Market of Kisumu City Council

1.3.2 Specific Objectives

a) To find out how managerial skills affect the growth of small scale businesses in Kibuye
Market of Kisumu City Council

b) To determine how financial accessibility affects the growth of small scale business in Kibuye
Market of Kisumu City Council

c) To investigate how financial literacy affects the growth of Small Scale businesses in Kibuye
Market of Kisumu City Council
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 d) To establish the how investment decisions affect the growth of small scale businesses in
Kibuye Market of Kisumu City Council

1.4 Research Questions

a) How does managerial skills affect the growth of small scale businesses in Kibuye Market of
Kisumu City Council?

b) What is the financial accessibility on the growth of small scale business in Kibuye Market of
Kisumu City Council?

c) How does financing literacy affect the growth of small scale businesses in Kibuye Market of
Kisumu City Council?

d) What is the effect of Investment decisions on the growth of small scale business in Kibuye
Market of Kisumu city Council?

1.5 Justification of Study

By exploring constraints that face small scale businesses at Kibuye Market in Kisumu County,
this will help provide useful information that can be used by those entrepreneurs who would
wish to venture into new businesses.

This study seeks to help the Micro and Small Enterprises Authority (MSEA) in collaboration
with the government to help improve the small scale businesses in Kenya and in turn boost the
economy of the country. In so doing this research will be useful in providing a framework that
can help to address the challenges that face the small scale businesses and seeks for ways to
improve productivity as well as their growth .

1.6 Significance of Study

Given the rising population and scarcity of Job hence poor living conditions in Kenya, it is
necessary to assess the growth of small scale business particularly in Kisumu City Council to
determine feasibility of the business. Kibuye Market in Kisumu City is major business centre of
Kisumu County and with many people mostly affected by poverty attracted to it. The small scale
business carries such many people hence if improved, it would bring money into the hands of
people hence contribute towards the reduction of poverty. This would also improve the economy
of the locality hence better standards living.

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1.6.1 The Government
This study is to help the government come up with a framework that can accommodate and
effectively support the growth of small scale businesses in Kibuye Market in Kisumu County and
enable the country attain its Vision 2030 goal. The government in collaboration with MSEA will
help implement this policies in order to promote growth.

1.6.2 Small Scale Businesses Management

This research is to enable businesses owners carry out their duties more efficiently in order to
ensure performance of their businesses. With the implementation of the rightful investment
decisions depending on factors affecting them then they are able to improve and in turn
maximize on profits. This will largely help the small scale businesses in Kibuye Market in
Kisumu City Council grow more efficiently which in turn contributes to the economy of the
Country, Kenya.

1.6.3 Financial Analysts

With the growing and rapid advancement of technology especially with the occurrence of
COVID 19, most organizations have made use of technology to enable them perform effectively.
With this financial analysts are able to access data and be able to advise the government on ways
to help small scale businesses improve their performance overtime. Kibuye Market in Kisumu
City being a major business centre in Kisumu City Council then there's need for business owners
to be well educated on the trends and be able to help improve on the growth of their businesses.

1.7 Scope of Study

Kisumu County is experiencing a rapid growth on the business sectors which largely contribute
to the growth of the economy of the country. This study aims to focus on the various aspects of
the small scale businesses in Kibuye Market of Kisumu City Council which include; Metal and
Juakali industry, Wood and wood products, Cotton and textile industry, mat weaving which are
in operations according to the Kenya Industrial Research and Development Institute (KIRDI)
which also advises the government on all aspects of industrial research, Innovation, development
as well as technology and policy.

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 CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction
This chapter reviews authoritative literature existing on establishment of business and
particularly small scale business. It focuses on theories that elaborate the history of
investment decisions on the growth of small scale business.

2.2 Theoretical literature

This section of literature will be able to discuss various theories that relate to the investment
decisions that affect the growth of small scale businesses. It will be guided by the following
theories which include the Transaction Cost Theory, Neo- Classical Theory as well as Q Theory
of Investment.

2.2.1 The Transaction Cost Theory

Transaction Cost refers to as the cost of products or other services through the market as opposed
to having them given inside the firm (Coase 1937). Coase states that inside the organization
decisions and choices are normally done through harmonization. According to Coase if the
operation costs are not taken into consideration then it is difficult to accurately estimate the
monetary flow and framework and in turn a sound reason for working and building on the
arrangement of finances. He also states that the cost of the market outlook the connections of
firms but inside a firm, the choices are harmonized. He states that business replicate the states of
aggressive markets for the components of manufacturing at reduced costs that the genuine
market. In a research done by Steen and Kumar (2006) uncertainties increase the firms
transaction costs especially when it involves research, processing of information as well as
implementing.

2.2.2 Neo- Classical Theory

The Neo- classical theory was first introduced by Robert Solow and Trevor Swan (1996).The
theory seeks to explain further and an alternative to the shortcomings of the acceleration theory
of Investment. As explained by Roos & Victor Sjeliski (1943) this theory tries to link investment
decisions making process as contribute to the prices of production and not only the output .This
theory focuses on three factors that contribute to the economic growth which include
capital,labour, technological advancements whereby the output per a worker affects the
production and output per Capita but on a rate that is minimal or rather minimal resulting to an
6
equilibrium state between the capital and labour T.W Swan,1956 and Solow ,1957)Having that a
business or a nation can be able to determine the amount of labour and capital that will enable
them be steady however the technological advancements have a huge impact the economic
growth. The centre feature that the Neo- classical theory holds is that as a model of investment
behavior the capital of a firm is derived from the proportions of neoclassical economic theory of
the firm. In as much as this theory identifies technology as a factor in growth it fails to
substantially explain how.

2.2.3 Q Theory of Investment

This theory relates to the theory of investment as a function of Q where Q refers to the new
additional good's market value to their replacement cost(Tobin,1969).Grunfeld (1960) proposed
the use of the firm's market value as proxy for the occurrence of potential investment arguing
that investment depends on the market value of a firm.Ciccolo ,Fromm & Marshall ,(1979)
highlight that if investors value assets at prices that are greater than the cost of replacement there
are greater chances for investment to produce real capital. The Q Theory characterizes to
complete the capital stock evolution from underlying optimization problem of investment that
differs from the investment models that preceed.However this theory does not explain and
expound on the investment changes.

2.3 Managerial skills affect the growth of small scale businesses

According to George & Jones (2001), managerial skills refer to the ability of a small scale
business to perform managerial tasks and roles effectively and efficiently and that they are
important for a business. For small scale business to effectively manage and monitor the flow of
money in the business the need to come up with budgets and cash flow statements is important.
Cash flow statements help to ensure that the business to keep track of inflows and outflows in a
business. However, this has not been embraced by majority of small scale businesses as a result
of ignorance and lack of access to enough information. Budgets help a business to come up with
a fixed and reasonable framework on the use of monies in the business. Unfortunately, because
of the financial constraints that is experienced by these small scale businesses majority end up
not sticking to their budgets which in turn poses a high risk of the businesses collapsing (Melissa
Horton 2022).

2.4 Financial accessibility and its effects on the growth of small scale business.
Small scale entrepreneurs find it a hurdle to access funds to start up or even sustain their
businesses. This is because even for business angels or even investors for them to be able to
sustain or help establish stability of the business they lack a past record of the business
performance hence limiting their chances (Mellissa Horton, 2022). Research findings by Harper,
(1984) indicate that for businesses like tailors have to wait until a customer comes with the raw
material or to some extend even get to pay some deposit which will be used to purchase the raw
7
material as opposed to large companies. In many countries financial access is limited to only 20-
50 percent of the individuals population (Wikipedia).The fact that these is also contributed that
the poverty levels, they are also not able to meet the collateral because of the low incomes even
as they undertake their businesses. According to a research done by Hezron Osano ,(2016) there
is a relationship between access to finances by the small scale businesses and the collateral
requirements to receive the finances. Hence the awareness and access to information also
contributes to the issue on lack of finances.

2.5 Financial literacy and its effects the growth of Small Scale businesses
Wanjohi (2011) affirms that lack of financial literacy and business skill as one of the major
challenges affecting the growth of small scale businesses. Having small scale businesses being a
major contributor to the economy of a nation as expounded by Abor and Quartey (2010) who
highlighted that in South Africa the small scale businesses generate 52% - 57% of the GDP
(Gross Domestic Profit) which provides up to 61 % of employment in the country. The challenge
of inadequate financial education and unkempt business records possess a huge danger on the
growth of the small scale businesses. Mutegi et al. (2015) affirms that financial literacy is
important for the growth of small scale businesses in that it enables a firm to meet their
obligations either long term or short term through proper book keeping, improved budgeting
skills, timely settling of bills which ensures that the business is strategically positioned in the
market. According to a research done by Frank Wood (2010) on the benefits of book keeping he
established that the computations of income statement are highly dependent on proper book
keeping records which helps a business to timely pay off their debts and meet their obligations
on time.

2.6 Investment decisions and its effect on the growth of small scale business.

A business with less physical assets and collateral to access finances for their investment is a
disadvantage facing small scale businesses. As inferred to by Cohen & Kleeper (1996) this
limited access to funds that the small scale businesses face can overally lead to poor financial
performance because it is as a result of the limited capacity to execute investment decisions. The
liquidity effect of financial rationing is when a firm has difficulty obtaining cash quickly when
the probability of making investments that are profitable arises (Tybout, 1983). These investment
decisions are brought about by implementing the right and proper habits such as proper book
keeping, having improved budgeting skills to enable a business be strategically positioned in the
market in order to grow effectively.

According to Ogiji and Ejembi (2007) the conditions of risk relate to the investors state of
knowledge about the factors that are underlying and possible outcome of the investment
decisions applied. Therefore investment decisions affect the growth of small scale businesses to a
large extend.

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2.7 Conceptual framework
INDEPENDENT VARIABLES DEPENDENT VARIABLES
FINANCIAL LITERACY

-Saving
-Investing

MANAGERIAL SKILLS
GROWTH
-Communication
-Problem solving -Profit
-Decision making -Continuous transaction

FINANCIAL ACCESSIBILITY

-Financial assets
-Financial markets

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 CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction
The research is to be conducted in order to identify the determinants and effects of investment
decisions on the growth of small scale businesses. So, the following the chapter focus the
description of variables that are to be used in this research which is to be achieved by outlining
research layout , data collection practices , characteristics of the tools that have been used for
data collection, statistical techniques ,data analysis presentation as well as sample size.

3.2 Research design

The research design as explained by Trochim (2006) is the overall strategy that one chooses in
order to integrate the different components that are in the study in a logical way in so doing
addressing the research problem effectively.

A research design is a plan, a road map and blueprint strategy of investigation conceived in order
to receive answers to research questions. In addition, descriptive research design is the
arrangement of conditions and analysis of data in a manner that aims to combine relevance to
research (Kothari ,2004).Descriptive design is appropriate because it involves a means of
collecting and analyzing data in order to answer research questions hence, will be used in this
study.

3.3 Target population and Sample Frame

According to Mugenda and Mugenda (2003) population refers to the entire group of individuals,
events or objects having characteristics that are common and observable. The target population
for this study will be Kisumu County to be specific the individuals of Kibuye Market in order to
ascertain the validity of the study .As a result of limited time and money there will be need to get
a representative sample population to gather the data needed from the target population. In this
study the target population will be 100 selected small scale businesses from the entire Kibuye
Market.
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3.4 Samples and Sampling procedure
Sampling is the process of selecting units from a population of interest in order to fairly
generalize the results of the entire population. The type of sampling that will be used will be
simple random sampling.

Questionnaires will be issued to all the 100 sampled respondents and in a month's time the data
collected ought to have been analysed and a comprehensive report outlaid.

3.5 Instrumentation
An Instrument in conducting research is referred to as the method in which is used by a
researcher in order to collect data (Gaberson ,1997).The researcher seeks to use the primary data
collection method by issuing of questionnaires to the various respondents whereby it will involve
a set of questions both open ended and closed questions. For the closed ended questions the
respondents will be required to answer YES or NO answers whereas for the open ended
questions the respondents will be allowed to give their own responses and views. This is to allow
accuracy of the data collected and reduce biasness. The main reason for using the administration
if questionnaires for the collection of data is because it is cost effective, easy and is able to cover
a large number of respondents and data is well kept alongside being analysed.

3.6 Data Collection

The questionnaires will be administered to the respondents through a drop and pick approach
allowing the respondents to fill in the questionnaires within 4 hours. As the questionnaires are
being administered to the respondents a briefing and explanation will be given to the respondents
to allow them have information concerning the data being collected. This is also to allow the
respondents give their responses with ease making the data more reliable.

3.7 Data Analysis Technique

According to Gaberson (1997), data analysis involves analyzing data into categories , patterns
and units that are descriptive such as the standard deviation, mean and frequency distribution .In
order to execute the descriptive statistics the researcher will use the excel sheet to analyse data
because it is easy to work with and easy to analyse data.

11
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https://study.com/academy/lesson/what-is-economic-growth-definition-theory-impact.html

https://www.bankofamerica.com/smallbusiness/resources/post/cash-flow-management-basics-
for-small-businesses/

https://doi.org/10.1186/s13731-016-0041-0

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