Search results for: small business

Authors: Hassan Malami Alkanchi

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Acquiring the knowledge of Islamic business ethics nowadays for the conduct of business activities and other business transactions has become one of the best strategies for promoting lawful business as well as a successful business for economic development. The idea of infusing the significance of Islamic business ethics into the minds of Muslim individuals has spurred much enthusiasm in the last few decades. Putting this idea into practice posed significant impacts on the life of Muslim individuals for the development of business. The main objective of this paper is to explore the significant role of Muslim families' awareness in promoting Islamic business ethics for successful business economic development. The methodology adopted for the conduct of this study is qualitative research. The study employed a purposive sampling technique and considered it the most suitable method for data collection. The data collection techniques employed for this study were interviews and focus group discussions. The study used semi-structured interviews and focus group discussions for the data collection. The standard used for selecting the participants was strictly based on professionalism, relevance, expertise and the willingness of the participants to participate in the study. The participants interviewed include Muslim family experts, Islamic scholars, and media workers, comprising five (5) participants for each research subject. Twelve (15) participants were sampled for the study. The method of data analysis used is thematic and theoretical explanations. This paper analytically discusses the new and emerging ethical issues in relation to business activities as well as new strategies for the development of successful businesses for economic prosperity, growth, and development. The study findings revealed that the awareness of Muslim families in promoting Islamic business ethics has significantly contributed to changing the negative attitudes of some Muslim individuals' in relation to their business. Furthermore, findings of unveiled Muslim individuals immensely benefited towards understanding and having knowledge in relation to ethical business guidelines enshrined by the sharia in the conduct of pure business as well as strengthening Islamic business ethics through the teachings of the noble Quran and Sunnah.

Keywords: Muslim family, awareness, business ethics, economic development

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Authors: Iman Shabanzadeh

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The purpose of this research is to understand the lived experience of private sector entrepreneurs in facing the sources of freedom and unfreedom and benefiting from opportunities and basic capabilities in the process of realizing entrepreneurial ability in order to get closer to the macro situation of the narrative of human development in Iranian society. Therefore, the main question of the present research is to figure out what sources of freedom and social opportunities and unfreedom entrepreneurs in Iran's society benefit from the process of transforming their potential entrepreneurial abilities into entrepreneurial and business enterprises. In terms of methodology, the current research method will be thematic analysis in the form of semi-structured interviews with entrepreneurs active in small and medium-sized enterprises in Tehran, whose process of establishing and expanding their entrepreneurial activity has been in the last two decades. By examining the possibilities and refusals of advancing these people in the three stages of 'Idea creation and desire for entrepreneurship’, ‘Starting and creating a business’, and finally, ‘Continuing and expanding the business’, the findings of the research show the impact of five main resources for people to realize their potential talents, from the stage of creating an idea to expanding their business. These sources include' family institution,’ ‘education institution,’ ‘social norms and beliefs,’ ‘government and market,’ and ‘personality components of the entrepreneur.’ Finally, the findings are reported in three levels of basic themes (fifteen items), organizing themes (five items), and comprehensive themes (one item) and in the form of a theme network.

Keywords: entrepreneurship, human development, capability, sources of freedom

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Authors: Minzheong Song

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The purpose of this paper is to see a case of smart energy evolution of the UK along with government projects and smart city project like 'Smart London Plan (SLP)' in 2013 with the logic of business model innovation (BMI). For this, it discusses the theoretical logic and formulates a research framework of evolving smart energy from silo to integrated system. The starting point is the silo system with no connection and in second stage, the private investment in smart meters, smart grids implementation, energy and water nexus, adaptive smart grid systems, and building marketplaces with platform leadership. As results, the UK’s smart energy sector has evolved from smart meter device installation through smart grid to new business models such as water-energy nexus and microgrid service within the smart energy city system.

Keywords: smart city, smart energy, business model, business model innovation (BMI)

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Authors: Adekunle Olakunle Felix

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Research will be based on the financial management importance within organization and its important role in non-economic and economic activities that provide us the useful information about the efficient procurement and utilization of finance in a profitable manner. Due to industrialization, financial management become a vital part of business and it is very important for the business concern that with a good financial management to earn maximum profit.

Keywords: management, business, profitability, organization, financial, efficiency

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Authors: Kari M. Solomon

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Companies with a culture accepting of change management and performance excellence are better suited to determine their sustainability performance and impacts. A mature corporate culture supportive of performance excellence is better positioned to integrate sustainability management tools into their standard business strategy. Companies use various sustainability management tools and reporting standards to communicate levels of sustainability performance to their stakeholders, more often focusing on shareholders and investors. A research gap remains in understanding how companies adapt business excellence models to define corporate sustainability performance. A content analysis of medium-sized enterprises using corporate sustainability reports and business excellence models reveals the challenges and opportunities of reporting sustainability performance in the context of organizational excellence. The outcomes of this content analysis contribute knowledge on the resources needed for companies to build sustainability performance management systems integral to existing management systems. The findings of this research inform academic research areas of corporate sustainability performance, the business community contributing to sustainable development initiatives, and integrating sustainable development issues into business excellence models. There are potential research links between sustainability performance management and the alignment of the United Nations Sustainable Development Goals (UN SDGs) when organizations promote a culture of performance or business excellence.

Keywords: business excellence, corporate sustainability, performance excellence, sustainability performance

Procedia PDF Downloads 143

Authors: Markéta Gregušová, Vladimíra Schindlerová, Ivana Šajdlerová, Petr Mohyla, Jan Kedroň

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Company managers are always looking for more and more opportunities to succeed in today's fiercely competitive market. To maintain your place among the successful companies on the market today or to come up with a revolutionary business idea is much more difficult than before. Each new or improved method, tool, or approach that can improve the functioning of business processes or even of the entire system is worth checking and verification. The use of simulation in the design of manufacturing systems and their management in practice is one of the ways without increased risk, which makes it possible to find the optimal parameters of manufacturing processes and systems. The paper presents an example of use of simulation for solution of the bottleneck problem in the concrete company.

Keywords: practical applications, business processes, systems, simulation

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Authors: Zeba Mahmood

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The modern business organizations are adopting technological advancement to achieve competitive edge and satisfy their consumer. The development in the field of Information technology systems has changed the way of conducting business today. Business operations today rely more on the data they obtained and this data is continuously increasing in volume. The data stored in different locations is difficult to find and use without the effective implementation of Data mining and Knowledge management techniques. Organizations who smartly identify, obtain and then convert data in useful formats for their decision making and operational improvements create additional value for their customers and enhance their operational capabilities. Marketers and Customer relationship departments of firm use Data mining techniques to make relevant decisions, this paper emphasizes on the identification of different data mining and Knowledge management techniques that are applied to different business industries. The challenges and issues of execution of these techniques are also discussed and critically analyzed in this paper.

Keywords: knowledge, knowledge management, knowledge discovery in databases, business, operational, information, data mining

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Authors: Gulnara Galeeva

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The Analytic Hierarchy Process is widely used in the economic and financial studies, including the formation of investment portfolios. In this study, a generalized method of obtaining a vector of priorities for the case with separate pairwise comparisons of the expert opinion being presented as a set of several equal evaluations on a ratio scale is examined. The author claims that this method allows solving an important and up-to-date problem of excluding vagueness and ambiguity of the expert opinion in the decision making theory. The study describes the authentic wide pairwise comparison matrix. Its application in the formation of the efficient investment portfolio of intangible assets of a small business enterprise with limited funding is considered. The proposed method has been successfully approbated on the practical example of a functioning dental clinic. The result of the study confirms that the wide pairwise comparison matrix can be used as a simple and reliable method for forming the enterprise investment policy. Moreover, a comparison between the method based on the wide pairwise comparison matrix and the classical analytic hierarchy process was conducted. The results of the comparative analysis confirm the correctness of the method based on the wide matrix. The application of a wide pairwise comparison matrix also allows to widely use the statistical methods of experimental data processing for obtaining the vector of priorities. A new method is available for simple users. Its application gives about the same accuracy result as that of the classical hierarchy process. Financial directors of small and medium business enterprises get an opportunity to solve the problem of companies’ investments without resorting to services of analytical agencies specializing in such studies.

Keywords: analytic hierarchy process, decision processes, investment portfolio, intangible assets

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Authors: Kemalettin Eryesil, Osman Esmen, Aykut Beduk

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In this study, it has been studied to determine the relationship between business performance and strategic flexibility, which is defined to be the strategic choice that provides the ability of rapidly responding the changes of the dynamic environment of the companies, for having competitive advantages. In this context a field study has been conducted over 56 companies, which are active in informatics and electronics sectors in TEKNOKENT. As a result of the study it has been determined that; strategic flexibility has an effect on business performance and there is a positive and statistically significant relationship between strategic flexibility and business performance.

Keywords: sustainable competition advantage, strategic flexibility, firm performance, TEKNOKENT

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Authors: Giacomo Barbieri

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In soilless culture, the management of the nutrient solution is the most important aspect for crop growing. Fertigation dose, frequency and nutrient concentration must be planned with the objective of reaching an optimal crop growth by limiting the utilized resources and the associated costs. The definition of efficient fertigation strategies is a complex problem since fertigation requirements vary on the basis of different factors, and crops are sensitive to small variations on fertigation parameters. To the best of author knowledge, a small-scale test bench that is flexible for both nutrient solution preparation and precise irrigation is currently missing, limiting the investigations in standard practices for soilless culture. Starting from the analysis of the state of the art, this paper proposes a small-scale system that is potentially able to concurrently test different fertigation strategies. The system will be designed and implemented throughout a three year project started on August 2018. However, due to the importance of the topic within current challenges as food security and climate change, this work is spread considering that may inspire other universities and organizations.

Keywords: soilless culture, fertigation, test bench, small-scale, automation

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Authors: Arne Fagerstrom, Gary Cunningham, Fredrik Hartwig

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In this paper, a theory of sustainable enterprises, sustainable enterprise theory (SET), is developed. The sustainable enterprise theory can only be a valid theory if knowledge about life and nature is complete. Knowledge limitations should not stop enterprises from doing business with a goal of better long-term life on earth. Life demands stewardship of the resources used during one’s lifetime. This paper develops a model influenced by (the classical) enterprise theory and resource theory that includes more than money in the business activities of an enterprise. The sustainable enterprise theory is then used in an analysis of accountability and in discussions about sustainable businesses.

Keywords: sustainable business, sustainability reporting, sustainable values, theory of the firm

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Authors: Dalia Suša Vugec, Vesna Bosilj Vukšić, Ljubica Milanović Glavan

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Business process management (BPM) is a well-known holistic discipline focused on managing business processes with the intention of achieving higher level of BPM maturity and better organizational performance. In recent period, traditional BPM faced some of its limitations like model-reality divide and lost innovation. Following latest trends, as an attempt to overcome the issues of traditional BPM, there has been an introduction of applying the principles of social software in managing business processes which led to the development of social BPM. However, there are not many authors or studies dealing with this topic so this study aims to contribute to that literature gap and to examine the link between the level of BPM maturity and the usage of social BPM. To meet these objectives, a survey within the companies with more than 50 employees has been conducted. The results reveal that the usage of social BPM is higher within the companies which achieved higher level of BPM maturity. This paper provides an overview, analysis and discussion of collected data regarding BPM maturity and social BPM within the observed companies and identifies the main social BPM principles.

Keywords: business process management, BPM maturity, process performance index, social BPM

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Authors: Mami Nishida

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This paper presented a study on the development and control of a small biped soft robot using shape memory alloys (SMAs). Author proposed a flexible flat plate (FFP) actuators consisting of a thin　polyethylene plate and SMAs. This actuator has a nail like an insect. This robot moves from the front to back and from left to right using two nails. The walking robot has two degrees of freedom and is controlled by switching the ON-OFF current signals to the SMA based FFPs. The resulting small biped soft robot weighs a mere 4.7 g (with a height of 67 mm). The small robot realizes biped walking by transferring the elastic potential energy (generated by deflections of the SMA based FFPs) to kinematic energy. Experimental results demonstrated the viability and utility of the small biped soft robot with the proposed SMA-based FFPs and the control strategy to achieve walking behavior.

Keywords: biped soft robot with nails, flexible flat plate (FFP) actuators, ON-OFF control strategy, shape memory alloys (SMA)

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Authors: Karima Qayumi, Alex Norta

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The rapid generation of high volume and a broad variety of data from the application of new technologies pose challenges for the generation of business-intelligence. Most organizations and business owners need to extract data from multiple sources and apply analytical methods for the purposes of developing their business. Therefore, the recently decentralized data management environment is relying on a distributed computing paradigm. While data are stored in highly distributed systems, the implementation of distributed data-mining techniques is a challenge. The aim of this technique is to gather knowledge from every domain and all the datasets stemming from distributed resources. As agent technologies offer significant contributions for managing the complexity of distributed systems, we consider this for next-generation data-mining processes. To demonstrate agent-based business intelligence operations, we use agent-oriented modeling techniques to develop a new artifact for mining massive datasets.

Keywords: agent-oriented modeling (AOM), business intelligence model (BIM), distributed data mining (DDM), multi-agent system (MAS)

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Authors: Hang T. T. Truong, Ronald S. Laura, Kylie Shaw

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Within Vietnam's system of higher education, its schools of business play a vital role in supporting the country’s economic objectives. However, the crucial contribution of soft skills for maximal success within the business sector has to date not been adequately recognized by its business schools. This being so, the development of the business school curriculum in Vietnam has not been able to 'catch up', so to say, with the burgeoning need of students for a comprehensive soft skills program designed to meet the national and global business objectives of their potential employers. The burden of the present paper is first to reveal the results of our survey in Vietnam which make explicit the extent to which major Vietnamese industrial employers’ value the potential role that soft skill competencies can play in maximizing business success. Our final task will be to determine which soft skills employers discern as best serving to maximize the economic interests of Vietnam within the global marketplace. Semi-structured telephone interviews have been conducted with the 15 representative Head Employers of Vietnam's reputedly largest and most successful of the diverse business enterprises across Vietnam. The findings of the study indicate that all respondents highly value the increasing importance of soft skills in business success. Our critical analysis of respondent data reveals that 19 essential soft skills are deemed by employers as integral to business workplace efficacy and should thus be integrated into the formal business curriculum. We are confident that our study represents the first comprehensive and specific survey yet undertaken within the business sector in Vietnam which accesses and analyses the opinions of representative employers from major companies across the country in regard to the growing importance of 19 specific soft skills essential for maximizing overall business success. Our research findings also reveal that the integration into business school curriculums nationwide of the soft skills we have identified is of paramount importance to advance the national and global economic interests of Vietnam.

Keywords: business curriculum, business graduates, employers’ perception, soft skills

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Authors: Julio Sotomayor, Daniel Yucra, Jorge Mayhuasca

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The article presents an evaluation of free technologies for business process automation, with emphasis only on tools compatible with the general public license (GPL). The compendium of technologies was based on promoting a service-oriented enterprise architecture (SOA) and the establishment of a business process management system (BPMS). The methodology for the selection of tools was Agile UP. This proposal allows businesses to achieve technological sovereignty and independence, in addition to the promotion of service orientation and the development of free software based on components.

Keywords: BPM, BPMS suite, open-source software, SOA, enterprise architecture, business process management

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Authors: Joel Vilca Tarazona, Igor Aguilar-Alonso

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The problem of this research related to business intelligence is the lack of a tool that supports automated and efficient financial analysis for decision-making and allows an evaluation of the financial statements, which is why the availability of the information is difficult. Relevant information to managers and users as an instrument in decision making financial, and administrative. For them, a business intelligence solution is proposed that will reduce information access time, personnel costs, and process automation, proposing a 4-layer architecture based on what was reviewed by the research methodology.

Keywords: decision making, business intelligence, Google Cloud, Microsoft Power BI

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Authors: Logaiswari Indiran, Zainab Khalifah, Kamariah Ismail

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Business incubators have now been recognized as effective tools in providing business assistance to start-up firms. In both developed and developing countries, the number of incubators is growing tremendously. As the birth rate of incubators increases, so do its challenges. Malaysia, as one of the developing countries in the Asian continent, has also established a number of business incubators to breed and foster the growth and survival of start-up firms. Thus, this study discusses the incubation model applied in Malaysia and the challenges faced by these incubators using secondary data including policies, previous literature, and reports related to Malaysian incubators. The findings of this study call the government to rethink the key role of incubator managers and staffs, internal structure of the incubator concept and process, intellectual properties management, strategic alliances with universities-industries and funding supports in enhancing the support provided by the business incubators in Malaysia. The key challenges highlighted in this study signal important policy lessons for other developing countries that aim to create and map an effective business incubator ecosystem.

Keywords: business incubators, incubation challenges, funding support, incubator managers, internal structure, start-up firms

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Authors: Kym Drady

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This paper considers whether creativity is the missing link which would allow the evolution of organisational behaviour and profitability if it was ‘released’. It suggests that although many organisations try to engage their workforce and expect innovation they fail to provide the means for its achievement. The paper suggests that creative thinking is the ‘glue’ which links organisational performance to profitability. A key role of a university today, is to produce skilled and capable graduates. Increasing competition and internationalisation has meant that the employability agenda has never been more prominent within the field of education. As such it should be a key consideration when designing and developing a curriculum. It has been suggested that creativity is a valuable personal skill and perhaps should be the focus of an organisations business strategy in order for them to increase their competitive advantage in the twenty first century. Flexible and agile graduates are now required to become creative in their use of skills and resources in an increasingly complex and sophisticated global market. The paper, therefore, questions that if this is the case why then does creativity fail to appear as a key curriculum subject in many business schools. It also considers why policy makers continue to neglect this critical issue when it could offer the ‘key’ to economic prosperity. Recent literature does go some way to addressing by suggesting that small clusters of UK Universities have started including some creativity in their PDP work. However, this paper builds on this work and proposes that that creativity should become a central component of the curriculum. The paper suggests that creativity should appear in every area of the curriculum and that it should act as the link that connects productivity to profitability rather than being marginalised as an additional part of the curriculum. A range of data gathering methods have been used but each has been drawn from a qualitative base as it was felt that due to nature of the study individual’s thoughts and feelings needed to be examined and reflection was important. The author also recognises the importance of her own reflection both on the experiences of the students and their later working experiences as well as on the creative elements within the programme that she delivered. This paper has been drawn from research undertaken by the author in relation to her PhD study which explores the potential benefits of including creativity in the curriculum within business schools and the added value this could make to their employability. To conclude, creativity is, in the opinion of the author, the missing link to organisational profitability and as such should be prioritised especially by higher education providers.

Keywords: business curriculum, business curriculum, higher education, creative thinking and problem-solving, creativity

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Authors: Yi F. Wu, Ai Q. Li, Hao Wang

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Taking a novel type of bridge bearings with the diameter being 100mm as an example, the theoretical analysis, the experimental research as well as the numerical simulation of the bearing were conducted. Since the normal compression-shear machines cannot be applied to the small-size bearing, an improved device to test the properties of the bearing was proposed and fabricated. Besides, the simulation of the bearing was conducted on the basis of the explicit finite element software ANSYS/LS-DYNA, and some parameters of the bearing are modified in the finite element model to effectively reduce the computation cost. Results show that all the research methods are capable of revealing the fundamental properties of the small-size bearings, and a combined use of these methods can better catch both the integral properties and the inner detailed mechanical behaviors of the bearing.

Keywords: ANSYS/LS-DYNA, compression shear, contact analysis, explicit algorithm, small-size

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Authors: Kuhelee Chandel, Julia Åhlén, Stefan Seipel

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This study evaluates the accuracy of Microsoft HoloLens (Version 1) for small-scale industrial activities, comparing its measurements to ground truth data from a Kuka Robotics arm. Two experiments were conducted to assess its position-tracking capabilities, revealing that the HoloLens device is effective for measuring the position of dynamic objects with small dimensions. However, its precision is affected by the velocity of the trajectory and its position within the device's field of view. While the HoloLens device may be suitable for small-scale tasks, its limitations for more complex and demanding applications requiring high precision and accuracy must be considered. The findings can guide the use of HoloLens devices in industrial applications and contribute to the development of more effective and reliable position-tracking systems.

Keywords: augmented reality (AR), Microsoft HoloLens, object tracking, industrial processes, manufacturing processes

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Authors: Simiso Fisokuhle Nyandeni

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Climate change has turned out to be a pandemic that has drawn the attention of many countries’ households around the globe, especially those whose livelihood and economic status depend on agricultural productivity. Hence, the agricultural sector is regarded as the sector that is most dependent on climate conditions for its productivity/harvest, yet in recent years this sector has been experiencing drought. However, adaptation seems to be a tool that every farmer looks upon as a solution to their challenges as their productivity keeps on being vulnerable to climate effects. Thus, exposure/access to the market seems to be a major challenge that faces especially small-scale farmers. We, therefore, examine the small-scale farmers’ constraints or challenges towards getting access to the market for them to get proper sales of their farming products. As a result, the adaptation capacity of every farm household varies on the financial status.

Keywords: climate change, small-scale farming, agriculture sector, adaptation

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Authors: Natanya Meyer, Johann Landsberg

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Globally, many women are still disadvantaged when it comes to business opportunities. Entrepreneurship development programs, specifically designed to assist women entrepreneurs, are assisting in solving this problem to a certain extent. The purpose of this study is to identify the factors that motivate females to start their own business. Females, from three different groups (2013, 2014, and 2015), who were all enrolled in a short learning program specifically designed for women in early start-up stage or intending to start a business, were asked what motivated them to start a business. The results indicated that, from all three groups, the majority of the women wanted to start a business to be independent and have freedom and to add towards a social goal. The results further indicated that, in general, women would enter into entrepreneurship activity due to pull factors rather than push factors.

Keywords: entrepreneurship programs, female entrepreneur-ship, motivational factors, South Africa

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Authors: Irina Canco, Amela Malaj

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It is evident that there exists a relationship between supply chain management and business performance. Surveys have showed that in many cases the manager's beliefs and expectations on supply chain management do not match the reality of the business. In this context, the study of supply chain issues is of particular importance and interest considering specifically the current period. The economic problems of this period, are present in Albania as well. The complexity of the supply chain focuses on order fulfilment. Therefore, in this paper, attention will be paid to the impact of supply chain management on business performance. The objective of the paper is to find a relationship between the good supply chain management and business performance. This research is based on the results of surveys referring to the experience of successful businesses on issues related to sustainable supply chain management and its synchronization with the provision of products and services required by the final customers. This study clearly evidenced the impact of the speed of meeting customer requirements on AMAZONA performance. This was also confirmed mathematically through one of the decision criteria in conditions of uncertainty—Laplace criterion.

Keywords: supply chain management, AMAZONA, business performance, Laplace criteria

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Authors: Constantinos Adamides, Petros Petrikkos

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In the era of growing hybrid threats, small states find themselves in need to re-evaluate existing foreign and defense policies. The pressure to establishing or maintain a status of a reliable partner in the community in which they belong to, vis-à-vis their multilateral relations with other organisations and entities, small states may need to shift their policies in the field to accommodate security needs that are not only pertinent to their security, but also to that of the organisations (bloc) in which they interact. Unlike potential shortcomings in a small state’s mainstream security and defence framework where the threat would be limited to the state itself, in more contemporary times with dominating hybrid threats, the small states’ security shortcomings may also become a security problem for the bloc in which these states belong to. An indicative example is small states like Cyprus and Malta, which belong and 'interact' in the European Union. As a result, the nature of hybrid threats can be utilised to hurt bigger states in a bloc by exploiting the small states’ vulnerabilities and security gaps. Inevitably, both the defensive and foreign policy collaborations of small states with bigger states have been and are constantly re-evaluated to tackle and prevent such problems. In essence, the goal of this ‘re-evaluation’ aims to achieve a twofold goal: The first is the small states’ quest to appear as a reliable partner within the bloc, while the second is to avoid being the weakest security link in the bloc’s defence against hybrid threats. Indeed, the hybrid arena is a security area where they can excel in the bloc, despite the potential and expected conventional military deficiencies. This new environment prompts us to think security from the perspective of small states differently and in relation to their role as members or big organisations. The paper focuses on the case of Cyprus following its accession to the European Union and examines how a country that has had a very focused security orientation –not least due to its ongoing security problems– altered its foreign and defence policies within the European Union to ensure compliance with the rest of the bloc, while at the same time maximizing its role as a security player. Specifically, it examines the methods through which the country shifted its policies as well as the challenges and opportunities that emerged from these security shifts.

Keywords: Cyprus, defence, foreign policy, hybrid threats, ontological security, small states

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Authors: Vaclav Musil, Robert Cep, Sarka Malotova, Jiri Hajnys, Frantisek Spalek

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The new designs of satellite gears comprising a number of small gears pose high requirements on the precise production of small module gears. The objective of the experimental activity stated in this article was to compare the conventional rolling gear cutting technology with the modern wire electrical discharge machining (WEDM) technology for the production of small module gear m=0.6 mm (thickness of 2.5 mm and material 30CrMoV9). The WEDM technology lies in copying the profile of gearing from the rendered trajectory which is then transferred to the track of a wire electrode. During the experiment, we focused on the comparison of these production methods. Main measured parameters which significantly influence the lifetime and noise was chosen. The first parameter was to compare the precision of gearing profile in respect to the mathematic model. The second monitored parameter was the roughness and surface topology of the gear tooth side. The experiment demonstrated high accuracy of WEDM technology, but a low quality of machined surface.

Keywords: precision of gearing, small module gears, surface topology, WEDM technology

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Authors: Bamidele Wale-Oshinowo, Doris Akyere Boateng, Lebura Sorbarikor

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Women play significant roles when it comes to the survival of family businesses; however, their efforts are less acknowledged across the developing world. In the case where these businesses are started by husbands, women in many instances work as hard as the men to build up the business. In spite of this, the benefits women receive are not equal to their inputs. For instance, the profits accruing from ownership of these businesses are mainly enjoyed by husbands, as they are deemed to be the legal owners of family businesses in most developing economies. Though the number of women involvement in the ownership, management, and direction of family businesses keeps increasing over the years, their efforts sometimes are ‘invisible’ and not rewarded. Using a phenomenological approach, this study purposively selected 20 businesswomen each from Ghana and Nigeria for in-depth interviews on the different roles they play in ensuring the success of their family businesses (FBs). This study also explored the challenges and opportunities that these women have within their family businesses. Among the major findings of this study is the important strategic direction that women give in terms of providing both tangible and intangible resources such as transfer of transit knowledge to the next generation. Women were also found to play a significant role in the implementation of entrepreneurial orientation within small family businesses in Ghana and Nigeria. However, the study revealed that women experience various challenges as stakeholders in family businesses, among which are: work-life balance issues, succession issues, and culture-related presuppositions about gender roles both within the business and in their families. In the light of the study’s findings, critical recommendations made include encouraging founders and/or owners of family businesses to create a conducive and viable platform for women to grow into key leadership positions within Family businesses; doing this would impact strongly on the growth rate of these form of businesses within the African Region.

Keywords: emerging economies, control, management, resources, strategy, women

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Authors: M. Novak, J. Dufourmount, D. Wildi, A. Sutherland, L. Sosa, J. Zimmer, E. Szabo

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The circular economy has grounded itself amongst scholars and practitioners operating across governments and enterprises. The aim of this paper is to augment the circular economy concept by identifying common core and enabling circular business models. To this aim, we have analysed over 150 papers regarding circular activities and identified 8 clusters of business models and enablers. We have mapped and harmonised the most prominent frameworks conceptualising the circular economy. Our findings indicate that circular economy core business models include regenerative in addition to reduce, reuse and recycle activities. We further find enabling activities in design, digital technologies, knowledge development and sharing, multistakeholder collaborations, and extended corporate responsibility initiatives in various forms. We critically contrast the application of these business models across the European and African contexts. Overall, we find that seemingly varied circular economy definitions distill the same conceptual business models. We hope to contribute towards the coherence of the circular economy concept, and the continuous development of practical guidance to select and implement circular strategies.

Keywords: Circular economy, content analysis, business models, definitions, enablers, frameworks

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Authors: Suglo Tohari Luri

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Data analysis is an important aspect of business performance. With the application of artificial intelligence within databases, selecting a suitable database engine for an application design is also very crucial for business data analysis. The application of business intelligence (BI) software into some relational databases such as Neo4j has proved highly effective in terms of customer data analysis. Yet what remains of great concern is the fact that not all business organizations have the neo4j business intelligence software applications to implement for customer data analysis. Further, those with the BI software lack personnel with the requisite expertise to use it effectively with the neo4j database. The purpose of this research is to demonstrate how the Neo4j program code alone can be applied for the analysis of e-commerce website customer visits. As the neo4j database engine is optimized for handling and managing data relationships with the capability of building high performance and scalable systems to handle connected data nodes, it will ensure that business owners who advertise their products at websites using neo4j as a database are able to determine the number of visitors so as to know which products are visited at routine intervals for the necessary decision making. It will also help in knowing the best customer segments in relation to specific goods so as to place more emphasis on their advertisement on the said websites.

Keywords: data, engine, intelligence, customer, neo4j, database

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Authors: Thabiso Sthembiso Msomi

Abstract:

SMEs are the main engine of growth in most developing economies. One of the main factors that hinder the development of SME is access to finance. In this study, we explored the factors that hinder the growth and survival of SMEs in South Africa. The capital structure theory formed the theoretical underpinning for the study. The quantitative research design was adopted and data was collected from retail, construction, manufacturing and agriculture sectors of SMEs within the KwaZulu-Natal province of South Africa. The modified version of the Cochran formula was used to determine the sample size as 321 SMEs and analysed using the five-point Likert scale. The purposive sampling technique was used to select owners of SME. Statistical Package for the Social Sciences (SPSS) was used for the data analysis through Exploratory Factor Analysis (EFA) to determine the factor structures of items employed to measure each of the constructs in this study. Then, the Cronbach’s alpha test was conducted to determine the reliability of each construct. Kaiser-Meyer-Olkin (KMO) was used to determine the adequacy of the sample size. Linear regression was done to determine the effect of the independent variables on the dependent variable. The findings suggest that the main constraints facing South African SMEs were the lack of experienced management. Furthermore, the SMEs would fail to raise customer awareness of their products and services, which in turn affects their market access and monthly turnover. The study recommends that SMEs keep up-to-date records of business transactions to enable the business to keep track of its operations. The study recommends that South African banks adopt an SME accounting and bookkeeping program. The finding of this study benefits policymakers in both the private and public sectors.

Keywords: small businesses, access to finances, COVID-19, SMEs survival

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