The Effect of Entrepreneurial Social Support Groups in Enhancing Entrepreneurial Behavior Among Equity Bank Clients in Nairobi County

Abstract

Numerous success factors are critical to the success of entrepreneurs and the subsequent survival in the business sector. One of the most common success drivers for entrepreneurs is the access to mentorship networks. At the beginning phase of any business, the entrepreneurs encounters myriad of challenges that can bring the enterprise to a halt if not properly addressed. Similarly, some challenges could be inherent to the sector of operation thus require an insider opinion and guidance in order to navigate it. This highlights the important role of entrepreneurial social support groups in the life of entrepreneurs seeking to grow their ventures to the optimal desirable levels. This study used descriptive approach to evaluate the effect of entrepreneurial social support groups in enhancing entrepreneurial behavior of Equity bank clients. The study sought to examine impacts of social support factors notably; social networks, mentorship, financial education and ICT. The study adopted descriptive research design as the research methodology. This approach was found convenient for this kind of study, as it enabled the use of descriptive statistics in presenting the field data. The target population for the study encompassed entrepreneurial groups based in Nairobi County and whose membership is made up of Equity bank clients. A sample of 90 respondents was selected to participate in the study. A structured questionnaire with close-ended questionnaire was utilized as the primary tool for data collection. The respondents were drawn from three different sectors, notably; Service sector, trade sector and manufacturing sector. The data collected was analyzed quantitatively using SPSS to draw the tabulations on the respondent’s opinions across different questions that were covered in the study. The researcher performed regression tests to examine the levels of correlations between the research variables. The study established that equity bank client’s have benefitted directly from the impact social networks on the growth of their business. The study also found that, mentorship wielded positive impact on their business ventures. The study also established that entrepreneurs have benefitted from financial education and ICT integration in their businesses. The study concludes that, entrepreneurial social support groups wield a significant impact on the entrepreneurial behavior of entrepreneurs. The study further concludes that, social support factors notably; social networks, mentorship, financial education and ICT wielded positive impact on the behaviors of entrepreneurs. The study recommends that, social support groups should incorporate patrons in the top leadership who are highly experienced and qualified personnel. The study also recommends that, mentees should be retained and encouraged to practice their new skills in mentoring new entrepreneurs to ensure they also grow