Level of Management Practices of Small Business Towards Achieving Business Competencies Along Litex Commonwealth, Quezon City

Vol.3, No.1A

Abstract

Small businesses are privately owned partnerships or sole proprietorships with 10 to 49 employees and less annual revenue than corporations. These businesses are ideally suited to operate on a small scale to serve the local community. Small business plays a critical role in a country's economic development. Small businesses are important because they foster local economies, keep the money close to home, and support communities and neighbourhoods. This study is about the level of management practices of small businesses toward achieving business competencies along Litex, Commonwealth, Quezon City, and other parts of the Philippines. The descriptive method was used in the study.  This also utilized a survey questionnaire as an instrument in the gathered information to determine the level of management practices of small businesses toward achieving business competencies by using statistical tools such as frequency, percentage, and weighted mean. Females, ages 27 and below, dominated small business owners and are singles, college level with 2-3 seminars attended. Existed for 2-3 years, a sole proprietorship owned by a single person, the majority engaged in retailing with 10,000 below of start-up capital and less than five employees. Management practices in finance, human resources, and marketing were highly practised by small businesses and had led to achieving business competencies as high competence. Based on the information gathered, the researchers concluded that small businesses along Litex, Commonwealth, and Quezon City were dominated by females ages 27 and below who were single and college-level, with 2-3 seminars attended. Existed for 2-3 years, a sole proprietorship owned by a single person, the majority engaged in retailing with 10,000 below of start-up capital and less than five employees. The level of management practices was highly practised. It has led to achieving the business competencies in terms of risk-taking, initiative, information seeking, and goal setting, given that small businesses are at an early age for 2-3 years; therefore, they need to be cautious, taking in every risk, acted with a willingness to expand their business and are down for having new sites. Since most small business owners had attended 2-3 seminars, they had asked business experts to manage the business operation properly. Since most business owners are sole proprietorships, they can easily set goals without validation from other people, unlike when it is a partnership or corporation.