INTERNATIONAL UNIVERSITY OF MALAYA-WALES

TYPE : CONCEPTUAL PAPER

FACULTY : FACULTY OF BUSINESS AND LAW

PROGRAM : MASTER IN BUSINESS ADMINISTRATION

SUBJECT CODE : MBC706

MODULE : RESEARCH METHODOLOGY

STUDENT NAME MATRIC CARD NO

TAMBA FRANCIS KAMARA BGA180005

DATE OF SUBMISSION : 30/05/2018

LECTURER : AP DR LAWRENCE AROKIASAMY

 THE DECLINE OF INDIGENOUS ENTREPRENEURSHIP IN
SIERRA LEONE.
Abstract

Indigenous entrepreneurship is a growing area of research not just because it appears to be a unique
subject, with its own characteristics and invitations to research, but also because it addresses an urgent
problem (how to improve the lot of a chronically disadvantaged segment of the world’s population). The
study undertakes to identify the issues leading to the decline of indigenous entrepreneurship in Sierra
Leone. The paper will begin with a brief introduction of the topic before proceeding to present a
comprehensive review of literature relevant to the topic. The study undertakes to identify the necessary
traits that Sierra Leone indigenous traders lack and also to examine other environmental factors that
affect them. Entrepreneurship is not limited to any sector but the use of trade as the sector scope for this
study as there are high proportion of Sierra Leone indigenous entrepreneurs engaged in trade. It will then
proceed to present an overview of relevant variables used in determining these factors that affect their
growth. The paper will end with a conclusion summarizing all the keys points discussed, research
limitations, and recommendations for further research.

1. Introduction

Indigenous entrepreneurship is a growing area of research not just because it appears to be a unique
subject, with its own characteristics and invitations to research, but also because it addresses an urgent
problem (how to improve the lot of a chronically disadvantaged segment of the world’s population). Due
to the newness of indigenous entrepreneurship and its growing importance as the core of current and
future economic development for indigenous people around the world, this study therefore aims at
investigating the major factors that affect Sierra Leone indigenous entrepreneurs engaged in trade. Little
is known about how Sierra Leone business owners have attempted to play an increasing role in the
country’s economy, individually and collectively.

"Sierra Leone is a nation of traders", as the popular local saying goes. A tour of any part of the country is
indicative of this well-earned reputation. One is as likely to find buyers and sellers in warehouses and
other outlets belonging to manufacturers' representatives as one is to find them in purpose-built markets,
street-corners, residential buildings, schools and offices, literally everywhere. They sell anything: There
are books, arts and crafts, pre-recorded music, power generators, clothes, all kinds of fruits and food,
various electrical/electronic parts, palm produce, coal, manufactured plastic products, used cars and car
engines and a great deal of other products. Hawkers of all kinds of goods from home security equipment
to fresh and cooked foods, household necessities, and even luxury items such as jewelries, perfumes and
the like, can be found selling their products in traffic, in markets, or direct to people in their homes. There
also abound carpenters, makers of cement blocks and other building materials, bakers, vehicle
assemblers, dress makers and designers, auto mechanics, and so forth. Quite apart from these are the
more "modern" firms of all sizes, including multi-national enterprises (MNEs), which seemingly exist quite
comfortably alongside the more "traditional" formats (SMEs) described above.

For the purposes of this study, and for want of a better term, I will refer to the participants in this trade
as "indigenous entrepreneurs". Sierra Leone as a country has not done much in terms of development
due to lagging behind in relations to entrepreneurship promotion. The study undertakes to identify the
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necessary traits that Sierra Leone indigenous traders lack and also to examine other environmental factors
that affect them. Entrepreneurship is not limited to any sector but the use of trade as the sector scope for
this study was induced by the high proportion of Sierra Leone indigenous entrepreneurs engaged in trade.

2. Research Background

The basis for financing in entrepreneurship has been demonstrated extensively by a number of
international institutions whose universal research and indices have shown the relationship between
strong entrepreneurial ecosystems, GDP, and job growth. In 2014, 10% of early stage companies in the
world were responsible for 80% of job creation and 84% of revenue creation. In countries like China, India
and most Asian tigers SMEs account for 40% of all exports. Similarly in Africa, Seed Stars World’s index
revealed the correlation between the strength of countries’ entrepreneurial ecosystem and national GDP:
The three countries with the highest scoring entrepreneurial ecosystems are South Africa, Kenya, and
Rwanda – all exhibit higher than average GDP per capita.

Sierra Leone economy grow at an average annual rate of 7.8% over the period of 2003-2014. The growth
was as a result of the discovery of iron ore in 2011. Mining became the main growth driver, resulting in
an unprecedented growth rate of 21% in 2013. However, following the downward trend in the
international price of iron ore and the outbreak of the Ebola virus in 2014, the economy contracted 20.6%
in 2015. Resumption of operation by one of the two iron ore companies led to a rebound of the economy,
with a growth rate of 4.3% in 2016 and 6% in 2017.

The 2017 Global Entrepreneurship Index (GEI) score for Sierra Leone is 11.4 ranking the country 135th out
of 137 countries surveyed. The report also says that Sierra Leone scores 14.2 in entrepreneurial attitude;
21 in entrepreneurial abilities and only 10 in entrepreneurial aspirations. More worrying is the fact that
this is not the first of such reports, showing that Sierra Leone is doing badly, when it comes to job creation
and entrepreneurship.

The World Bank’s global ‘Doing Business Report 2018, which measures regulatory, quality and efficiency
in doing business, ranks Sierra Leone at 160 among 190 economies. Yet with all of the challenges faced by
local entrepreneurs in the country, one would expect small businesses to be lobbying the government and
policymakers for support. But sadly, the voice of small business is hardly heard.

Reinvesting in the pillars that drive entrepreneurial ecosystem performance and well-support ambitious
entrepreneurs is vital for job and wealth creation in Sierra Leone. The 2014-2015 drop in mineral prices
and Ebola epidemic and the 2017 Mud Slide interrupted double-digit GDP growth and postwar
momentum in Sierra Leone. Many large and medium sized businesses were driven out or forced to slow
down operations. These shocks, coupled with the lingering effects of war, have left the systems and
structures for supporting small and growing businesses in Sierra Leone underdeveloped, limiting private
sector growth and hindering economic growth efforts.

3. Research Problem

The development of indigenous entrepreneurship acts as a role model for other prospective indigenous
entrepreneurs. It also maintains and bolsters income generating products and becomes economic spring
board for the revival of indigenous communities and development of enterprises. Indigenous
entrepreneurship is today viewed as a powerful tool that could be used to promote economic
independence and self-determination within indigenous societies. Because of its importance, nations,

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organizations, institutions, communities and people around the world are under pressure to develop long
term sustainable plans for capacity development strategies for indigenous entrepreneurs. For instance, in
a dialogue for the future indigenous entrepreneurship held at the United Nations Headquarters on 23
May 2007, six main factors - political, economic, socio-cultural, technological, legal and environmental
were discussed as issues affecting indigenous entrepreneurship. The event also focused attention on
potentials for longer term plans for capacity development programs for indigenous entrepreneurs and
the opportunities and challenges indigenous entrepreneurs face in partnering with donors, lending
institutions, business development agencies and private corporations.

In developing countries, the process of economic growth is largely dependent on the entrepreneurial
activities of the population. The well-planned and well-coordinated activities of entrepreneurs in a nation
can bring about a high economic growth rate. In addition, entrepreneurship largely contributes to proper
utilization of resources, establishment of a developed self-sufficient society, and creation of employment
opportunities. Economic development is essential for welfare enhancement of many individuals living in
poverty worldwide.

The attraction of foreign direct investment especially in less developed countries (LDCs) without
strengthening local or indigenous entrepreneurship and self-employment is not always sufficient for the
expected benefits to materialize. The present government of Sierra Leone has made it a top priority to
improve the investment environment by attracting foreign investors in order to accelerate economic
growth and development. What will be prudent for Sierra Leone is to link foreign investment with
indigenous entrepreneurship (Business in Development Network News, 2006). It is preferred to promote
indigenous entrepreneurship because domestic entrepreneurs are more aware of the market gaps that
need to be filled domestically (Saeed, 1998). In Sierra Leone the role of indigenous enterprises has become
more crucial as they have the potential to improve the standard of living through employment of youths,
poverty reduction and export growth. According to Statistics Sierra Leone census on Business
Establishments in Sierra Leone 2016, 75% of business establishments in the country are sole
proprietorship with limited capital and resources. Most of these establishments are in retail trade and are
classified as informal since they are not registered with any authority in the country. This may be a
reflection of the poverty level of the country, which limits the saving and hence the investment power of
the populace.

Micro, Small, and Medium Enterprises play tremendous role in reengineering the socio-economic
landscape of the country. These enterprises largely represent a stage in industrial transition from
traditional to modern technology. The variation in transitional nature of this process is reflected in the
diversity of these enterprises. Most of the small enterprises use simple skills and machinery as well as
local raw materials and technology. Micro, Small, and Medium Enterprises are vital in developing the
Sierra Leone economy for the following reasons: social and political role in local employment creation,
balanced resources utilization, income generation, utilization of local technology and raw materials and
in helping to promote industrial development.

4. Research Question.

1. What are the factors that affect Indigenous Entrepreneurship growth in Sierra Leone?

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5. Research Objective.

1. To identify the determinant of the factors that affect Indigenous Entrepreneurship growth in
Sierra Leone.

6. Literature Review

Indigenous Entrepreneurship Growth

Growth entrepreneurship typically refers to the trajectory of entrepreneurs and early-stage firms that
scale within comparatively short time-frames, creating disproportionate value in the form of employment
and incomes. Growth-oriented entrepreneurs play a valuable role in stimulating innovation and
competitiveness (SOBA 2017)

All businesses undergo periods of growth. Periods of growth are turbulent for any enterprise, as they are
inherently unstable and carry risk. In practice, there will always be barriers impeding growth. It is both the
will and the ability to overcome these barriers which enable a firm to grow. The will, as an extension of
the entrepreneurial spirit, is needed as there are many SMEs which stagnate due to their unwillingness to
take the risks associated with growth. While growth may appear risky compared to temporary stability,
stagnation in an enterprise increases the risk of failure. Innovating in response to changes in the market
is a good way to mitigate risk. Careful planning can decrease risk. Being able to anticipate the majority of
risks involved and successfully navigating them is what allows enterprises to grow.

There are several factors that hinders Indigenous Entrepreneurship grow in Sierra Leone as highlighted in
the study which includes: Access to finance, Better Business Support, Human Capital, Market, Government
Policies/Regulations and Negative Socio/Cultural practices. These factors are discussed below:

Access to finance

To establish and run an enterprise a business person typically needs access to a reasonable level of
finance. In developed economies the typical entrepreneur needs an average of $17,000 USD to build an
SME from the ground up. (Daniels, Caroline, and Mike Herrington, Penny Kew. 2016). Despite existing
policies on financial support for small businesses, very few entrepreneurs receive financial help when they
need it.

SME financing in Sierra Leone is constrained by the scarcity of capital options available locally. Options for
SMEs to access debt financing, equity investment, or grants in Sierra Leone are scarce. Access to credit is
limited by high interest rates and collateral requirements. Taking bank loans is seen by most
entrepreneurs as too risky and is avoided to the extent possible unless SMEs are able to repay their loan
on the short term or are making an investment with guaranteed profits.

Sierra Leone’s commercial bank interest rates average 20% for first time clients, driven upwards by the
risk of not recovering loans in case of default and by local banks’ high operating costs. High interest rates
almost always surpass profit margins, especially for new businesses. Banks also demand high collateral
requirements often based on land or property rather than moveable assets.

SME financing in Sierra Leone is also constrained by SMEs’ poor investment readiness. The poor financial
management characterizing most local SMEs as well as their inability to demonstrate the viability of their
business models, limit investors’ appetite for SME lending. Most businesses are not investment ready and
do not use the financial services available within their ecosystem (financial statements preparation
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services, accounting services, audits, and financial literacy training provided by accounting firms and
independent business support service providers), either because they lack information about those or
because they can’t afford these services. Traditional financial support and audit services are expensive
and the guidance on business planning provided by some incubators, discount houses, and the IFC are
insufficient.

Better Business Support

Lack of access to appropriate and timely advice needed by Indigenous businesses to strengthen and grow
is another factor that is affecting their growth. Indigenous businesses of all sizes, sectors and locations
should be able to access contract opportunities and build wealth to ensuring success of the sector. (IBSS,
2017).

There is a salient mismatch between the supply and the demand for business support services within
Sierra Leone’s private sector. Business support services traditionally available to SMEs in mature
entrepreneurial ecosystems range from financial services, to human resources, legal, training, mentoring,
and space renting services. These are mostly delivered by for profit business support service providers
such as incubators, accelerators, legal consultancies, accounting firms, and other providers with
specialized expertise. In the context of Sierra Leone’s promising entrepreneurial ecosystem, the provision
of business support services is mostly dominated by NGOs, multilateral agencies, government agencies,
and private sector organizations, with a smaller role played by for profit organizations.

Human Capital

Building human capital is relevant for business operations (Hallegatte et al. 2017). Enabling physical and
human capital investments and avoiding resource depletion may raise value added, which helps busines
ses adjust to shocks and graduate from subsistence (Bruton, Ahlstrom, and Si 2015; Grimm, Knorringa,
and Lay 2012).

Hill and McGowan (1999) explain that entrepreneurship is a process, which involves the efforts of an
individual in identifying viable opportunities in a business environment and obtaining and managing the
resources needed to exploit those opportunities. Easy availability of the right type of workers also effect
entrepreneurship. The availability of labor determines the growth of entrepreneurship.

Inadequately educated workforce and limited workforce willingness to work at pace and time required
are classified by entrepreneurs among the obstacles of doing business in Sierra Leone. (SOBA, 2017).
Tertiary education enrollment rate averages at 2.2% of the population, one of the lowest in the world,
and the literacy and expertise skills of secondary and tertiary education graduates proves generally low.
Years of missed schooling during the decade-long civil war left a large part of the adult population illiterate
and damaged the quality of education services within academia. Sierra Leone’s leading university, Fourah
Bay College, used to be a magnet school for West Africa, earning Freetown the nickname “Athens of West
Africa”. However, for businesses hiring out of the University, this is often a legacy in name only.

Market

Another reason why most enterprises are unable to grow to a medium or large scale relates to market.
There may be market niches where diseconomies of scale are present rendering enterprise profitable only
at a micro level. The 6small size of the market will hence make any expansion to increase the fixed and
average costs which will lead to the enterprise netting losses.
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Most SMEs in Sierra Leone are challenged to adequately target a fragmented, complex and poorly
understood domestic market with limited prospects for significant scale-up and growth. SMEs producing
and distributing goods are confronted by numerous challenges ranging from the costs and logistics of
packaging and spare part importation, unstable inflation figures impacting production costs, the lack of
raw resources available in country, and availability of market information that would help them to target
and to better value growth markets. The high cost of local inputs make it difficult for entrepreneurs to
achieve return on their investments. To mitigate against this issue, larger businesses tend to import
furniture and production means from abroad. (SOBA, 2017).

Government policies and regulations

Government policies such as tax, custom duties, excise duties, registration if high can serve as
discouragement to rural entrepreneur. Hamisu (2010). Constraining monetary and fiscal policies coupled
to the rigidity of Sierra Leone’s institutions prevent the emergence of a policy environment conducive to
private sector growth. This in turn leads many SMEs to operate in semi-informality.

Corruption weakens contract enforcement to the point that market stakeholders tend to conclude the
majority of deals through informal agreements rather than formal contracts. Bringing a case to court is
perceived by most entrepreneurs as a “last resort” likely to cost them a lot of money with little or no
prospects to see the law enforced. Entrepreneurs tend to overcome policy challenges by going through a
personal contact. Government officials are also reported as sources of targeted angel investment for
SMEs.

Corporate taxes are relatively high at 30%, above the continental average of 28.5%, applied even for small
businesses with a profit of more than SLL 10 million per year. This system may create incentives for
businesses to avoid taxation by remaining informal for as long as possible or to under-report revenues.
Based on a survey they conducted, the NRA projects that nearly half of small businesses are not registered
with them. While high, corporate tax for businesses registered as private limited companies comes with
the benefits of legal protection and division between the entrepreneur’s personal assets and those of the
business, allowing greater flexibility.

Negative socio/cultural practices

Social-cultural environment, in relation to entrepreneurship, can be defined as consisting of all the

elements of the social system and culture of a people which positively or negatively affect and influence
entrepreneurial emergence, behavior and performance, and entrepreneurship development in general.
All such elements which condition the values, thinking and action of an individual with respect to
entrepreneurship comprise the social-cultural environment of entrepreneurship. (Akpor-Robaro and
Mamuzo, 2012).

Culture in a given environment can be positive or negative to the ecosystem, either serving to foster
collaboration and innovation or preventing knowledge sharing. In Sierra Leone, negative entrepreneurial
culture is reflected at all levels of the ecosystem, from students’ career choices to entrepreneurs’
approach to collaboration and investment.

Most students do not consider entrepreneurship as a viable career choice. Instead, students prefer to
undertake positions that they perceive as more stable, such as accountants, lawyers, and doctors.
Additionally, for experienced professionals, there is fear that undertaking a start-up and being “out of the

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workforce” may look poorly on their resume if they decide to pursue a position with a company in the
future.

7. Conceptual Framework

Figure 2.1 shown as the conceptual framework of the research

This conceptual framework indicates that there is a significant relationship between access to finance,
better business support, human capital, market, government policies and regulations and negative
socio/cultural practices to the growth of Indigenous Entrepreneurship Growth.

8. Theoretical Framework

Cognitive Theory

Cognitive or knowledge structures are the basic mental models that people use to make sense of and
organize information. These structures rely on comparative thinking to make connections, find patterns
and relationships and generate rules and abstract generalizations which apply to more than the
immediate situation.

Research on entrepreneurial cognition has tried to understand whether entrepreneurs use knowledge
structures differently from non-entrepreneurs when they have to make sense of information, and has
focused primarily on the role of scripts or schema (Fiske and Taylor, 1991) and self-efficacy (Bandura,
1977). In particular, these studies have examined how entrepreneurs use mental models to link previously
unconnected information to help them notice change and market disequilibria, and identify or invent new
products or services and the necessary resources to start up and cultivate a business (e.g. Busenitz and
Lau, 1996; Mitchell et al., 2002). In a similar vein, studies on entrepreneur belief in their abilities to
succeed show that self-efficacy represents a robust predictor distinguishing between entrepreneurs and
non-entrepreneurs (Markman et al., 2005; Rauch and Frese, 2007).

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Human Capital Theory

Underlying the human capital entrepreneurship theory are two factors, education and experience
(Becker, 1975). The knowledge gained from education and experience represents a resource that is
heterogeneously distributed across individuals and in effect central to understanding differences in
opportunity identification and exploitation (Anderson & Miller, 2003).

Empirical studies show that human capital factors are positively related to becoming a nascent
entrepreneur (Kim, Aldrich & Keister, 2003), increase opportunity recognition and even entrepreneurial
success (Anderson & Miller, 2003, Davidson & Honing, 2003).

Human capital theory assumes that people attempt to receive a compensation for their investments in
human capital (Becker, 1975). Thus, individuals try to maximize their economic benefits given their human
capital. As a consequence, highly educated people may not choose to become entrepreneurs because
entrepreneurship may very well lead to reduced income compared to other employment opportunities
(Cassar, 2006).

Social Capital Theory

The origin of the term „social capital‟ is credited to Jacobs (1962) and Loury (1977) developed the
individualistic and economic conception (Anderson et al., 2007). Social capital is defined as the tangible
and virtual resources that facilitate actors‟ attainment of goals and that accrue to actors through social
structure. Given the central proposition that networks of relationships constitute a valuable resource,
many of the insights of social capital theory relative to entrepreneurial activity can be found in the social
network literature (Casson and Della Giusta, 2007).

In general terms, social networks are defined by a set of actors (individuals and organizations) and a set
of linkages between those actors (Brass, 1992). Social networks are the relationships through which one
receives opportunities to use financial and human capital - relationships in which ownership is not solely
the property of an individual, but is jointly held among the members of a network (Burt, 1992). Social
networks are also a set of relationships that can define the perception of a community, whether a business
community or a more general notion of community in society (Anderson and Jack, 2002). Thus, society, in
the abstract sense, is a series of connected or “tied‟ nodes (Narayan and Pritchett, 1999).

9. Conclusion and Implications

Development of indigenous entrepreneurial activity has the potential to substantially improve the
economic and social positioning of indigenous people around the world. The success of indigenous
enterprise depends on the entrepreneurial traits (Ottih, 2000) and environmental conditions (Ihunda,
2001). The research established that Sierra Leonean indigenous traders lack personal traits like sincerity,
innovation, planning and control mechanism, business skills and risk taking propensity that are necessary
for the creation of a successful climate for entrepreneurship. Environmental conditions like access of
capital, low market patronage, competition and inadequate government support also present challenges
and problems to the indigenous traders.

Based on the findings, I recommended that Sierra Leonean indigenous entrepreneurs engaged in trade
should be sincere in their business transactions in order to build trust and confidence. This would enhance
dependable business relationship, network and team spirit. Entrepreneurship as a subject should be
introduced at the ordinary level certificate. This would stimulate indigenous entrepreneurship and
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enhance the business skills of potential indigenous entrepreneurs. Government and public agencies in the
country should initiate and implement pragmatic policies and programmes to support indigenous
entrepreneurs instead of making it a political issue. They should develop approaches and incentives that
would offer opportunities to encourage indigenous entrepreneurship. Other institutions and corporate
bodies like donors, lending institutions, educational institutions and business development agencies in
the country should focus attention and support long term plans for capacity development programmes
for indigenous entrepreneurs. Sierra Leonean indigenous entrepreneurs engaged in trade should work
harder by being venturesome, good strategic planners, information seekers and ideal risk takers in order
to survive and compete favorably. If these are done, wealth will be created that would contribute to the
development of indigenous people economically and socially in the country.

The immediate priority, therefore, is the need to reexamine policies relating to indigenous
entrepreneurial development in the country with the aim of encouraging local entrepreneurs.

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