ISSN: 2222-6990
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This study investigated on challenges facing growth of small business at Ngongongare Village in Arusha, Tanzania. Through stratification and systematic random sampling procedures, 60 respondents filled the questionnaire which was validated through expert judgment. Reliability test yielded the Cronbach’s Alpha of above 0.6 meaning the questionnaire was reliable for data collection. Data was analyzed through descriptive and inferential statistics to determine challenges that face growth of small businesses. The study concluded that loan accessibility was a major challenge that faced the growth of small businesses at Ngongongare Village. This was indicated by the fact that business owners depended on profit from their business source of capital. Lack of innovative skills to run business was another challenge that faced the growth of small businesses. This was due to the fact that small business owners did not have opportunities to attend workshops and seminars on how to run their businesses. Based on these conclusions, it is recommended that there is need to establish a SACCOS near Ngongongare Village and to educate small business owners on the importance of accessing loans from banks and other financial institutions instead of depending only on profit from their businesses as source of capital. Finally, the Faculty of Business at the University of Arusha should organize for regular workshops and seminars to small business owners that surround the university in order to instill knowledge on marketing strategies and how to run business effectively.
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In-Text Citation: (Nzumbi & Misungwi, 2019)
To Cite this Article: Nzumbi, N. E., & Misungwi, L. (2019). Challenges Facing Growth of Small Business: A Case of Ngongongare Village in Arusha, Tanzania. International Journal of Academic Research in Business and Social Sciences, 9(10), 67–82.
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