19

RESULTS

Figure 2 shows that 28% of the respondents are aged 40-49 years old. On the
other hand only 2% of the respondents are aged 19 and below. In Johnsons (2013) study
entitled Entrepreneurs Get Better With Age, she reportedthat the average age of a
successful entrepreneur is 40. Thus, this study affirmed Johnsons research.

Figure 2. Age of the respondents

2; 2% 6; 7%
14; 15%
19; 21%
25; 27%
25; 27%

19 and below
20-29
30-39
40-49
50-59
60 and above

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Figure 3 indicates that most variety store owners are female. Lazo (2015) had a
recent research that Filipino women are more active when it comes to entrepreneurship.
According to Global Entrepreneurship Monitor Survey (2006-2007) the Philippines had
the second highest percentage of entrepreneurially active females, next to Peru (DTI
2011). 54 percent of enterprises are female owned. This result was consistent until year
2009. Hence, the results in this study confirmed the research of Lazo (2015).

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Figure 3. Sex of the respondents

23; 25%

68; 75%

Male
Female

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Figure 4 shows that majority of the respondents are married, while 30% were
single. Also 12% were found to be widowed. Based on the research of Evans (2010) a
survey form 549 company founders across a variety of industries and found nearly 70%
percent were married when they launched their first business, about 60% had at least one
child, and almost 44% percent had two or more children. Entrepreneurs often apply their
life skills to their sales and marketing, and the acquired lessons from marriage are no
different. In addition,

Figure 4. Civil Status of the respondents

12; 12%
30; 30%

58; 58%

Single
Married
Widowed

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Figure 5 indicates that 58% of the respondents were found to be college

graduates, while 40% were high school graduates and 2% were from a vocational course.
Research shows that educational attainment is a strong predictor of well-being and that
young adults completing high levels of education are more likely to achieve economic
success.
Additionally, higher education attainment can lead to higher wages and income.

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Figure 5. Educational attainment of the respondents

College Graduate

36; 40%

Vocational

53; 58%
2; 2%

High School Graduate

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Figure 6. Number of years operating

8; 8% 2; 2%
11; 11%
28; 28%
11; 11%
23; 23% 17; 17%

1 year below
1-5 years
6-10 years
11-15 years
16-20 years
21-25 years
26 and above

Figure 6 shows that 28% of the respondents were already operating within 1-5 years,
23% were operating within 11-15 years. On the other hand, 2% of the respondents were
operating for a year only.

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Figure 7. Financing Activities

3; 3% 3; 3%

Personal
Contribution
Pay-day Lenders
Lending Company

85; 93%

F
igure 7 indicates that 94% of the respondents financed their store out of their own
personal money, while 6% of the respondents were financed by pay-day lenders and a
lending company.

Figure 8 indicates that majority of the respondents used notebook as their main
accounting tool, 20% used scratch papers, 16% relied on mental estimation, 3% used
ledgers and 2% said they do not keep track of their expenses

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Figure 8. Accounting Tools - Purchasing

2; 2%
14; 15%
18; 20%
3; 3%

54; 59%

Notebook
Ledger
Scratch Papers
Mental Estimation
None

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Figure 9. Accounting Tools Revenue Generating

2; 2% 4; 4%

36; 40%
49; 54%

Ledger
Notebook
Mental Estimation
Scratch

Figure

shows the accounting tools used by the respondents in terms of revenue generating
activities. 54% of the respondents mentally estimate their sales and profit, while 40%
used a notebook to keep track of their sales and profit. 4% used ledgers and 2% relied on
scratch papers.

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Figure 10. Accounting Practices Purchasing Activities

70

66

60
50
40
30
20
10

34
23
15

10

Figure 10 shows that 41% of the respondents makes shopping list when
purchasing and restocking their inventory. The use of shopping list makes it easier for
them to look for the goods needed in the grocery stores or in their supplier. Also, it makes
them efficient that their stocks would not perish especially those that are not purchased
regularly by the customers. 21% of them keep receipt of the goods purchased. This means
that neighbourhood variety stores owners rely on the past purchasing price of their
product in budgeting for their next inventory re-stocking. 14% do the on the spot
shopping. According to the respondents, they need not to list all the items needed to be
re-stocked for they assume them through the regular items purchased by their customers.
9% of them allow consignment. Moreover, there are more owners who prefer others to do
the purchasing rather than their selves as shown in the graph.

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Figure 11. Accounting Practices Revenue Generating Activities

50

47

45
40

37

35
30
25

24
18

20

16

16

15
10
5
0
List sales per transaction

Mark up

Sales on Account

Figure 11 displays that 30% of the respondents keep track of their sales through
listing them in their notebooks, ledger and scratch papers. However, 23% of them count
the sales for the day manually without supporting document or lists. 11% of them only
assume the total revenue generated for the day of their business. Majority of the
respondents are college graduate and are aware of the accounting practices and that is the
reason why most of the respondents do record their sales on their ledger and notebooks.
15% of the respondents are aware and apply mark-up in order for them to gain profit
from their business. And 10% of the respondents allow sales on account especially for
their regular customers. However, credit terms are applied for not well-known customers
to the business owners and depending on the agreement between the customers and the
business owners.

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