Entrepreneurship Competence and SME Sustainability in Kampala, Uganda

Hypothesis Development

Entrepreneurship competence is an important component in business success (Baporikar & Fotolela, 2020). Though this is the case, the concept of competence is generic in its context. Different fields and specializations have their unique ways of looking at competence. In fields such as medicine, competence is related to the ability to understand different types of medicinal chemicals and knowing how they affect a human body. This is not practical to drivers or teachers. Unique nature of a profession therefore is important to consider when establishing the appropriate components of competence (Rulangaranga, Isoh, & Ekure, 2020).

In the context of business management, a person is perceived to be competent based on the ability of that person to successfully operate a business and realize profitability year after year. This is regardless of the size of a business considering that every business is established. The criteria therefore applies to small and medium sized businesses as well which form the gist of this study (Almeida, 2020).

Several activities are carried out when managing a business in order to ensure that success in business operations is realized. One of these activities is record keeping and overall records management. Records are likened to the business itself considering that their absence make a business unknown. Records indicate business progress as well as business activities that have been carried out over time. Level of profitability and sales performance are also determined by looking at business records with specific focus on the financial records. This therefore means that management of the business records is crucial to the overall business survival. This applies to all types of business regardless of their size and industry they belong to (Akume & Iguisi, 2020).