Final Vegetable.docx

3. Result This section pertains to analysis and interpretation data gathered from the vegetable and fruit vendors registered in both old and new Santiago City public market. The main purpose of this study to determine the extent of the vegetable and fruit vendors’ entrepreneurial competencies to increase competitive advantages and to generate more revenue. The data gathered through the questionnaire were tallied, tabulated, analyzed and interpreted in response to the question of the study. Here are the highlights of the findings of this study. Research Question One What is the profile of the respondents in terms of age, gender, marital status, educational qualification, type of retail business, and duration of being a vendor? The table shows the frequency distribution of respondents according to their profile with majority being female, in the age bracket of 30 to 39 years old, married, high school graduate vegetable vendors, and have been vendors between 10 to 19 years.

Table 1. Respondents Profile Characteristics

Category

f

%

Gender

Male Female 20-29 30-39 40-49 50-59 60 and above Single Married Widow Elementary Graduate High School Graduate College Undergraduate Bachelor’s Degree Master’s Degree Others pls. specify Fruit Vegetable Both Fruit and Vegetable less than a year 1-9 year(s) 10-19 years 20-29 years 30 years and above

51 69 11 55 41 11 2 31 80 9 26 73 9 10 2 0 34 68 18 10 27 47 32 4 120

42.50 57.50 9.17 45.83 34.17 9.17 1.67 25.83 66.67 7.50 21.67 60.83 7.50 8.33 1.67 0 28.33 56.67 15.00 8.33 22.50 39.17 26.67 3.33 100

Age

Marital Status

Educational Attainment

Kind of Retail Business

Duration of Being a Vendor

Total

Research Question Two What are the entrepreneurial competencies of vegetable and fruit vendors in Santiago City in terms of Knowledge? Mean perception of respondents in relation to their knowledge. The table shows the mean perception of the respondents in relation to their knowledge about their entrepreneurial competencies and has garnered a weighted

mean of 3.74 or an interpretation of “Knowledgeable”. Able to have knowledge on product got the highest mean of 4.28 or an interpretation of “Knowledgeable”. Table 2. Knowledge Statements

Mean

SD

Interpretation

Able to have knowledge on the product

4.28

0.77

Knowledgeable

Able to have knowledge on the industry

3.75

0.80

Knowledgeable

Able to adapt the needs of the industry

3.71

0.79

Knowledgeable

Able to adopt new trends in the industry

3.58

0.84

Knowledgeable

Able to attract customers

3.61

0.83

Knowledgeable

Able to have knowledge in handling workers

3.53

0.78

Knowledgeable

Weighted Mean

3.74

-

Knowledgeable

Research Question 3 What are the entrepreneurial competencies of vegetable and fruit vendors in Santiago City in terms of Financial? Mean perception of the respondents in relation to their Financial. The table shows the perception of the respondents in relation to their financial knowledge with a weighted mean of 3.63 or an interpretation of “Knowledgeable” was garnered. Proper utilization of capital got the highest mean of 3.82 or an interpretation of “Knowledgeable”.

Table 3. Financial Statements

Mean

SD

Interpretation

Utilization of capital

3.82

0.74

Knowledgeable

Handling of resources

3.66

0.74

Knowledgeable

Management of working capital

3.58

0.83

Knowledgeable

Saving of income

3.53

0.83

Knowledgeable

Management of loans

3.63

0.85

Knowledgeable

Diversification of investment

3.56

0.76

Knowledgeable

Weighted Mean

3.63

-

Knowledgeable

Research Question 4 What are the entrepreneurial competencies of vegetable and fruit vendors in Santiago City in terms of Personality and Character? Mean perception of respondents in relation to their Personality and Character. The table shows the perception of the respondents in relation to their personality and character which garnered a weighted mean of 3.68 or an interpretation of “Knowledgeable”. Having the characteristics of being a risk taker got the highest mean of 3.80 or an interpretation of “Knowledgeable”.

Table 4. Personality and Character Statements

Mean

SD

Interpretation

Have the character of a risk taker

3.80

0.87

Knowledgeable

Have self-motivation

3.63

0.74

Knowledgeable

Dedicate itself to work

3.78

0.81

Knowledgeable

Adjust to current situation of the market

3.68

0.81

Knowledgeable

Have self-confidence

3.63

0.78

Knowledgeable

Interpersonal skills to customers and competitors

3.54

0.78

Knowledgeable

Weighted Mean

3.68

-

Knowledgeable

Research Question 5 What are the entrepreneurial competencies of vegetable and fruit vendors in Santiago City in terms of Strategies? Mean perception of respondents in relation to the Strategies. The table shows the perception of the respondents in relation to entrepreneurial strategies that need to be implemented for them to be successful in their business garnering a weighted mean of 3.50 or an interpretation of “Knowledgeable”. Being able to implement competitive price got the highest mean of 3.78 or an interpretation of “Knowledgeable”.

Table 5. Strategies Statements

Mean

SD

Interpretation

Competitive pricing

3.78

0.69

Knowledgeable

On-line selling

3.28

1.12

Knowledgeable

Discounts on bulk items

3.58

0.88

Knowledgeable

Free delivery of items

3.58

0.90

Knowledgeable

Credit selling

3.56

0.83

Knowledgeable

Supplier of vegetables and fruits in restaurants or other food store

3.23

0.96

Moderately Knowledgeable

Weighted Mean

3.50

-

Knowledgeable

4 DISCUSSION This section will discuss about the different findings basing from the data gathered from the respondents wherein data collected is tabulated and computed and presented with numerical equivalents that was used to come up with a qualitative description that will then be utilized to come up with generalizations to answer the stated questions of the research.

4.1 Summary of the Study The study seeks to find the entrepreneurial competencies of vegetable and fruit vendors operating within the Public Market of the City of Santiago. It is to determine their profile so as to determine how they make up the said business type in the public market of Santiago City and know their perception in relation to their entrepreneurial competencies in their knowledge, financial know-how, personality and character and strategies they implement. The purpose of the study is to know what are the strengths and weaknesses of fruit and vegetable vendors operating within the public market of Santiago City in relation to the different entrepreneurial skills that they have to keep their businesses financially stable. In the theory postulated by Michael Porter, he defines two ways in which an organization or an entrepreneur can achieve competitive advantage over its competitors: Cost Advantage and Differentiation Advantage. The first one is when a business provides the same products as its competitors, but at a lesser cost, while the other one provides better products in relation to its competitors.

A survey questionnaire was utilized in the data gathering needed by the study to determine what are the entrepreneurial competencies of the fruit and vegetable vendors in the Public Market of the City of Santiago. Descriptive method of research is utilized because it suits the data needed to be collected by the study wherein from the data collected a description of the current situation of the vegetable and fruit vendors of Santiago City in relation to their entrepreneurial competencies are found and determined. With the collected data generalizations can be made and suggestions can be given to better improve the competencies of the respondents of the study thus helping them better improve their own businesses. The findings of the study shows that majority of the vegetable and fruit vendors in the public market of Santiago City are female, between the ages of 30 to 39 years old, married, with an educational attainment of high school graduate, majority are selling vegetables and have been in the business from 10 to 19 years. Implications of these are saying that being in this kind of business does not require for someone to have a high educational attainment, most have enough experience to be able to survive competitively in the demanding market of vegetable and fruit selling, and have enough drive like a family depending on their income to be able to sustain their competitive edge in the market. As to the knowledge needed in the business it is important that they are knowledgeable enough in the operations of the business to ensure its stability so that enough revenue will be left for their survival and also provide them with enough profit to continue with the operation of their business. Able to handle properly the resources

available to them and able to invest properly their working capital with savings not much in their mind, whereas they divert their profit to increase their working capital. As to the personality and character of the respondents it is important that they are able to decide which risks to take when investing their capital to be able to answer to the needs of the market, but most does not give significant importance to how they interact with their clients and competitors. To the strategies being used by the respondents, most of them are only catering to customers that visit their stalls and give less importance to reaching out to restaurants and food stores within the city that can be their regular customers if they only give time and focus so that they can attract these kind of clients. Implications of the findings shows that majority of the respondents are applying cost advantage to their business style in which they focus mainly on providing same product and services as their competitors, but try to give it a lower price. Some of the respondents apply differentiation advantage wherein they try to have the same price as their competitors but provide better service and product compared to their competitors, with some going the extra length of providing delivery service to their clients as an added extra benefit for them. As

expected

the

findings

shows

that

the

respondents

have

varying

entrepreneurial competencies on how they are able to conduct their business and are able to provide different insights on how they are able to maintain the needed profit margin for them to be able to make their businesses financially stable and also provide their families with a comfortable lifestyle from the income that they are able to earn thru their business.

4.2 Discussion of the Findings The main objective of the study is to determine the extent of the vegetable and fruit vendors’ entrepreneurial competencies to increase competitive advantages and to generate more revenue. From the findings of the study wherein the respondents are knowledgeable enough in the operation of their business that they are capable of utilizing the resources available to them and are able to invest properly their working capital so as to ensure the financial stability of their business. Learning and determining the different characteristics that make up a good entrepreneur the respondents are dedicated in their business and are able to handle the risks that they have to take to capitalize on the demands of the market they are working on. The strategies that the respondents utilize in keeping with the fluctuating demands of their target market and the supply of products that are available to them are important so as to guarantee that they are not wasting their effort in a business that does not guarantee them financial freedom.

4.3 Implications for Practice The findings of the study if when analyzed shows different methods on how vegetable and fruit vendors of the public market of Santiago City are able to find better ways to increase their profit margin and also determine ways on how they would be able to manage better their working capital. From this findings the proponents of the study are able to discern what they have to do if they are ever to venture in this kind of business. The findings shows that it is not

enough that you have a capital to invest in such business ventures but has to be dedicated and well equipped with the knowledge needed not only in conducting the financial parts of the business but as well as the interpersonal skills needed for you to find and develop a set of customers that not only provide you with regular stream of buyer but also helps you develop a wider reach for the products you are offering.

4.4 Recommendation for Further Research Basing from the findings of the study the researchers are recommending the following, focus should be given to how vegetable and fruit vendors of the public market of Santiago City are able to learn how to interact properly with their clients so as to ensure that they will have a steady customer base so research on the interpersonal skills of the vendors must be done. Further research on the financial competencies of vegetable and fruit vendors must be done to determine if the vendors are able to understand the need for the proper management of the finances of their business if they do not want to be bankrupt. 4.5 Conclusion 1. Basing from the studies of Thompson, et. al. and Markman and Baron, they included self-belief and determination as one of the personal strength as one of the key business resources and success of a venture depends on the use of this skill, as what is seen in the personality and characteristic of the respondents wherein they give importance to dedication and determination if the they are to succeed in their business endeavors.

2. According to Left, N., being an entrepreneur needs the capacity for innovation, investment and expansion in new markets, which basing from the findings of the study most of the vegetable and fruit vendors are trying to find new opportunities and devise strategies that could give them an advantage over their competitors. 3. As posited by Camposano an observant entrepreneur can spot a gap in a particular proves and turn it into an opportunity for innovation so as what is seen in the findings of this study where the respondents try to observe what is being done by their competitors and when they see weaknesses on how their competitors handle their customers they try to fill that gap so as to attract more customers to their enterprise.