Entrepreneurial Motivation for the Successors of Embroidery Businesses in Lumba, Laguna

Date

5-2016

Degree

Bachelor of Science in Agribusiness Management

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Agnes T. Banzon

Committee Member

Mar B. Cruz, Dia Noelle F. Velasco, Dinah Pura T. Depositario

Abstract

This paper presented the internal factors affecting the business succession plans of embroidery businesses in Lumban, Laguna. Specifically, the research presented the socio-demographic profile of the owners’ and potential successors of family-owned embroidery businesses in Lumban, Laguna. It also evaluated the embroidery business owners and successors’ readiness and motivational factors with respect to business succession. Furthermore, the study also assessed the entrepreneurial motivational factors that can influence the potential successors to continue their embroidery businesses. The paper also discussed the problems and succession issues in family-owned embroidery businesses. Finally, the study formulated recommendations that could motivate the potential successors to continue managing their family-owned business.

Descriptive analysis was utilized to describe the socio-demographic profile, embroidery business owners’ and successors’ readiness and motivational factors with respect to business succession and information relevant to the family business succession such as the entrepreneurial motivational factors and the problems affecting the succession process of the family-owned embroidery businesses. Primary data were gathered through an interview with embroidery business owners. Due to their busy schedule and confidentiality of business practices, only 10 of the 38 embroidery business owners participated in the interview.

The conceptual framework of the study was adopted from Boateng, Kamwine, and Saan (2013). This was further modified and developed to become more appropriate to the family-owned embroidery businesses in Lumban, Laguna.

The results showed that family-owned embroidery business owners have clear goals when it comes to business continuity as shown in the results. They also have a positive outlook in the future ownership of the business. These emerged from their trust on the capabilities of their family members. In addition, the high level of awareness and interest of the potential successors to the embroidery business are major factors that would assure the realization of the family businesses’ vision.

The recommendation of the study focused on increasing the interest of the potential successor in managing the embroidery business and motivating the employees to work harder for the business. It was based on the integration and implication of the different perceptions of the business owners. It explained and analyzed the perspectives of both owners and potential successors in the embroidery business, as well as the performance of the business in general.

The recommendation was divided into five measures. First, to increase the level of confidence and readiness of the successor in the business, the potential successors must undergo training by experiencing the actual operation in the business. Second, the potential successors must also attend seminars about embroidery. Third, the owners must transfer the best practices to the successor to enrich their interests and skills. When the successors are ready to handle and manage the business, the owners should continuously provide trainings so that their skills and knowledge will constantly improve. When the need to transfer the business arises, the successor will have the expertise and confidence to effectively manage the business. Fourth, the young potential successors must be exposed in the management of embroidery business. They should increase their knowledge and skills in both the business functions and the technical aspect of operating the embroidery business. Finally, to sustain the passion of the potential successor in the embroidery business, the successors must update themselves with new technologies and production methods in embroidery business operations.

Language

English

LC Subject

Embroidery, Business enterpises

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993 2016 M17 V34

Notes

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Document Type

Thesis

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