Ways entrepreneurs communicate their success to stakeholders

Ndishavhani Grace Ramavhona and Livhuwani Gladys Nkondo
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Ndishavhani Grace Ramavhona: University of Venda
Livhuwani Gladys Nkondo: University of Venda

International Journal of Research in Business and Social Science (2147-4478), 2024, vol. 13, issue 7, 54-65

Abstract: The secretive conduct of entrepreneurs regarding their business success undermines the principles of openness, transparency, and honesty, which are essential in entrepreneurship as they foster accountability, responsible business practices, and ethical behaviour. The research seeks to examine the degree to which entrepreneurs reveal information regarding their business success to various stakeholders. The research employed an interpretative perspective and a qualitative methodology. Purposive sampling was employed to choose entrepreneurs managing SMMEs in the Limpopo Province. An inductive methodology was employed to obtain comprehensive data regarding the communication of entrepreneurial success by firm owners. ATLAS.ti 8 was employed for data analysis. The findings indicated that entrepreneurs convey their success to diverse stakeholders, including relatives, friends, and business networks, by sharing best practices and inspiring others to pursue entrepreneurial endeavours. This study has discovered that the disclosure of success primarily occurs when entrepreneurs seek funding or loans from banks and the government. Standard communication with authorities was identified as another method by which entrepreneurs report their success to the South African Revenue Services during tax return submissions. This study found that entrepreneurs' perceptions of success vary in their communications with different stakeholders. The work offered significant contributions to the existing literature and future research from a theoretical standpoint. Key Words:Entrepreneur, entrepreneurial success, interpretative, SMME, stakeholders

Date: 2024
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