Chapter II

THEORETICAL FRAMEWORK

This chapter presents the relevant theories, the related literature and studies, the

conceptual framework, and the hypothesis of the study.

Relevant Theories

Challenge and Support Theory. According to (Sanford, 1962), a balanced

quantity of challenge and support is needed for something to grow. Too much support

and the person will never grow and develop. Too much challenge will make a person

frustrated and quit trying. He believed that for growth and personal development to take

place, a person needs to have a challenge and support balance.

Sanford added a factor to this theory in 1966, the element of readiness. In short,

an individual cannot grow until they are physically and psychologically ready to grow.

For example, introducing a higher accounting lesson to senior high school students

without them learning the basics is not a great idea because they are not simply ready for

it. The situation is the same for a person planning to be an entrepreneur. He cannot start a

business without knowing the basic knowledge of how to run it in the first place.

The relation of this theory in our study is that the entrepreneurs of the sari-sari

store have to have a balance between facing challenges and support. Understanding that

challenges are one of the foundations of success is essential because one may not succeed

without having the honor to face the challenges given to them. Support coming from

families, friends, peers, or partners can also strengthen the foundation of success.
 13

The Iceberg Theory of Success. According to Mueller (2020), the excellent

metaphor for success is a much larger part hidden beneath the iceberg or what is visible

above the waterline. It means that the visible part of the iceberg is the success and

accomplishments that every one of us can see and the hidden part of it is the efforts to

achieve an outcome.

Success repeatedly dazzles people so that they will not notice the great efforts

they need to make to achieve a possibly great outcome. Hard work, failures, sacrifice,

determination, disappointment, and dedication make success possible in real life.

In our study, this theory makes us realize that every successful entrepreneur

should overcome challenges to reach their goals and make their dream, a successful

entrepreneur, come true.

The Wheel of Retailing Theory. According to McNair (1958), this theory

includes three cycles: the entry, trade-up, and vulnerable phases. In the entry phase,

retailers enter the market with low prices and affordable services to increase market

penetration. As the marketing mix improves and market share increases, retailers

provide more variety, better facilities, and better service, while typically increasing

prices. In the vulnerable phase, competition from new, more innovative businesses

causes retailers to lose both market share and profitability.

The relation of this theory in our study is the retailing itself since the sari-sari

store is a retailing business where retail is the sale of goods and services to consumers, as

opposed to wholesale, which is the sale of goods and services to businesses and
institutions. A retailer buys things in bulk from manufacturers, either directly or through

a wholesaler, and then resells them to consumers in smaller amounts for a profit.

Related Literature

Age. Entrepreneurship has become an attractive career option for both the young

and the old, but age has not been thoroughly examined as a variable of interest among

entrepreneurship scholars. In this review, we present 12 theoretical perspectives

regarding the effect of age on entrepreneurs' success and our critiques. We then present

the results of an exploratory meta-analysis with effect sizes from 102 samples. The

results show that age has a weak, positive linear relationship with overall entrepreneurial

success, but it does exhibit signs of a U-shaped relationship, with the relationship being

negative among younger samples but positive among older samples. The positive effect

size becomes more pronounced when more females are included in the sample. The effect

size of age does not differ by entrepreneurs' tenure running the firm. In terms of the type

of success measures, age hurts growth but has a positive effect on subjective success,

firm size, financial success, and no effect on survival. We compare our results with

previous meta-analyses on employees' age to show the uniqueness of entrepreneurs'

careers and we offer suggestions for future studies. (Zhao, 2020)

Sex. Perceptions and institutional frameworks can be barriers or facilitators to the

development of female entrepreneurship policies. Institutions rely on factual data on the

gender gap to evaluate their policies. However, the literature shows that the research and

institutions should also analyze the impact of social beliefs on the success of these

policies and initiatives. This study focuses on the impact of these perceptions in

promoting female entrepreneurship. Data were collected from 287 responses to a

questionnaire from Spanish women and men and were analyzed using multivariate

regression analysis. The results show that the perception of a lack of equality increases

the gender gap even if there are specific and effective policies in a society that attempt to

eliminate the gender gap in terms of the role of women in the home or positions of power.

The main result is that these perceptions ultimately affect women’s entrepreneurial

intentions. The results have policy implications for companies and public institutions

willing to change the gender narrative about entrepreneurship and design policies and

initiatives that help women overcome cultural barriers and effectively promote female

entrepreneurship. (Illie et al., 2021)

Educational Attainment. According to Jimenez et al. (2015), we propose that

different levels of education vary between each other in terms of their impact and

whether we analyze either formal or informal entrepreneurship. Our results show that

tertiary education increases formal entrepreneurship as a consequence of higher self-

confidence, lower perceived risk, and enhanced human capital. At the same time, tertiary

education also hurts informal entrepreneurship as it increases awareness of and sensitivity

to the possible negative repercussions of this kind of activity. In addition, we show that

the impact of secondary education on formal entrepreneurship is positive as well,

although in this case, the effect on informal entrepreneurship is not significant. Even

though secondary education also increases awareness of the potential negative

repercussions of informal entrepreneurship, this effect is counteracted by a lack of

management skills.

Daily Profit. It’s important to know what your profit margins are and track them

at all times. Your business needs to make money to keep afloat, and monitoring your
profit margins helps you know the health of your business and tells you if your company

can grow. Whether you’re a well-established company or a startup working out of a

garage, you should understand your profit margins. Your company’s margins reflect the

overall profitability of your business, relative to its gross sales. While many companies

looking to grow focus their efforts on increasing sales, improving profit margins is

another way that business owners can drastically increase their profitability. By widening

your profit margins, you can make more from every dollar of your gross revenue.

(Treece, 2022)

Store Appearance. The appearance of your store directly affects the customer’s

overall experience. Their experience dictates whether or not they make a purchase.  Keep

your store neat, tidy and beautiful, and watch as the sales continue to climb. This is

especially important if you’re competing against big brand, chain stores. You can be

certain these stores will usually be clean as they typically place an importance on

achieving a high level of shopping experience for their customers. You need every

advantage when competing against these stores. To do that you market your business

extensively, but you also need to make a good impression in-store. A clean store with a

beautiful appearance will lead to greater sales solely based off of a great first

impression. And as we know, the customer experience can lead to increased sales! (Good

L Corporation, 2021)

Capital. Small and medium businesses (SMEs) play a critical role in the

economy, yet they are plagued by a shortage of finance. Determining the influence of

cash sources both inside and outside the firm is critical to the company’s survival and

growth. As a result, the purpose of this research is to determine the impact of capital on
the growth of SMEs in Vietnam. The key factors of this research are equity and

liabilities, which are two proxies for a firm’s capital. The data is based on the results of a

survey conducted every two years from 2005 to 2015, which included over 2,600 SMEs

in 20 processing and manufacturing industries in ten provinces and cities, including

Hanoi, Hai Phong, Ho Chi Minh City, Ha Tay, Phu Tho, Nghe An, Quang Nam, Khanh

Hoa, Lam Dong, and Long An. The findings show that characteristics such as equity

capital, total workforce growth rate, and male entrepreneurs have a positive impact on

enterprise growth, whereas liabilities, firm age, and export hurt enterprise growth. The

study has demonstrated that equity has a positive impact while liabilities hurt the growth

of Vietnamese SMEs. (Ha et al., 2021)

Location. According to Luthor (2019), research has shown that the location of a

business is one of its most important factors for success. The location has an even

larger effect on microentrepreneurs, those entrepreneurs opening a small-scale business

employing less than nine people. The importance of location strategy is especially

important for these small businesses because it impacts whether enough profits will be

generated to sustain the business. The importance of location in business success cannot

be understated. The location of the business positions it not only to attract a customer

base but also to attract the right sort of talent to make the business a success. A

business’s location also helps it create a brand and image since there are always parts of

a city that carry a reputation, whether it is a reputation for simple living or a reputation

for luxurious extravagance. Placing your business in a part of town that reflects your

brand and products can impact the success of your establishment.

 18

Store Debtor. This research investigated the impact of debt in a sari-sari store in

Del Pilar Castillejos, Zambales. The research survey respondents were composed of

twenty (20) sari-sari store owners. Based on the summary of findings, the researcher

concluded that the store owners believe that the impact of debt on their business is the

possibility of bankruptcy, lessening their business income, their business will be less

productive, their business will not grow and their business will be stable. Some of the

store owners limit the amount of debt for every customer for them to minimize the

possibility of bankruptcy of their business. The debts have a big impact on a business,

especially in a small businesses like sari-sari stores. Some of the debtors did not pay well

and those debts reduced the progress of the business. The most preferred limited amount

of some store owners is one thousand (1,000) to two thousand (2,000) pesos for every

customer. Debts have a big impact, yet they should have some strategies or solutions to

help the business grow. The success of the business is not all about having a lot of profit

for a day; it is about how the owners manage it. Listing the names of the creditors, the

value of their debts and the date when they borrowed is already used in most of the sari-

sari stores in Del Pilar Castillejos, Zambales for them to remind the creditors about their
19
past or new debts. (Gonzales, 2019)

Competitors. The retail industry is the fastest growing industry in India

contributing to 10 percent of the nation’s GDP. It is also standing among the top five

retail industries in the world. The industry consists of both organized and unorganized

retailers. A major portion of the industry is the small retailers who do their business

without proper knowledge and skills but to earn a living. With the coming up of FDI in

retail and the entry of giant companies into the field, many small retailers started to lose
their profits. Small retailers are considered to be the backbone of every industry as they

help in developing the economy by bringing balanced regional development, upholding

traditional values, and also developing small industries. Therefore, it is important to

protect these small unorganized retailers. The major problems faced by small retailers

include lack of proper knowledge, lack of finance, lack of technical and marketing skills,

financial instability, and competition from big and foreign retailers. Various strategies

such as better customer relationships, reservations for retailers, use of modern

technologies, and strong retailer associations can be implemented to develop the retailers

in India. The government should also take steps to ensure that the small retailers are
20
protected and made competent to perform their business. (George, 2019)

Supply Shortage. Such product shortages have affected a wide variety of

business sectors ranging from consumer products to the technology sector (e.g., shortages

of semiconductor chips). In many industries, this has resulted in increased prices as

demand for products has outstripped supply during the pandemic. For example, TSMC,

world’s largest semiconductor chip maker, plans to increase the prices of its most

advanced chips by roughly 10%, while less advanced chips used by customers like

automakers will cost about 20% more. The shortage of supply and associated price

increases will be felt by consumers and businesses in the near-term as supply chains

continue to struggle due to the pandemic. (Deshpande, 2021)

Money Management. Small businesses are vital for economic development and

employment generation. The implementation of sound cash management practices is

essential to ensure profitability. The study aimed to identify the impact of cash

management on profitability. This study adopted a correlational research design. The

purposive sampling method was adopted while undertaking research. 80 samples were

considered while collecting data. The sample structure consisted of small and medium

manufacturing businesses in the Kirtipur Municipality. Owners of such enterprises were

taken as a sample because they can better understand cash management. Data were

collected using five-point Likert Scale Questionnaires. Data were analyzed using mean,

correlation, and regression models. The study found that Cash management has an

insignificant but positive effect on profitability. It clarifies that conversion cycle, cash

flow, and inventory management positively affect profitability but the effect is nominal.

(Pandey, 2019)

Debt Agreement. This evaluation of the debt agreement system finds that in its

first 20 years of operation, the debt agreement system has, to some extent, achieved its

aims. It indicates that debt agreements off er tangible benefits to some debtors,
21
particularly those who have assets to protect, such as a home. (Chen, 2016)

Pricing Strategy. Price is a critical component for any business and can be

crucial in the survival of the business. If the price is not set in line with the selected target

market it can negatively impact the product and the company’s profitability. The main

goal of any profit-seeking organization is to make a profit and to achieve this goal all

areas related to the management of the product, costs, and the setting of the price need to

be managed correctly. The primary aim of this study was therefore to investigate the

factors considered by small business enterprises (SMEs) when developing their pricing

strategies. To address this problem adequately, the research methodology was based on

the primary data collected from South African SMEs. As SMEs show common traits all

over the world, it is accepted that any findings will be universally applicable. A
questionnaire was distributed to 88 SMEs to gather relevant data regarding factors

considered when determining prices. The data were quantified and analyzed by

examining the frequency of occurrences and the importance of the problem. The study

found that SMEs generally agree that price setting is influenced by competitor

information and macro-environmental factors such as fuel prices and inflation. There was

a general agreement amongst the SMEs that consumer relationships and the benefits that

they, the consumers enjoy from the product as well as product performance are important

aspects to consider when determining prices. (Cant, 2016)

Related Studies

Age. According to the study by Azoulay et al. (2019), Many observers, and many

investors, believe that young people are especially likely to produce the most successful

new firms. Integrating administrative data on firms, workers, and owners, we study

startups systematically in the U.S. and find that successful entrepreneurs are middle-aged,

not young. The mean age at founding for the 1-in-1,000 fastest growing new ventures is

45.0. The findings are similar when considering high-technology sectors, entrepreneurial

hubs, and successful firm exits. Prior experience in the specific industry predicts much

greater rates of entrepreneurial success. These findings strongly reject common

hypotheses that emphasize youth as a key trait of successful entrepreneurs.

Sex. The present empirical study explores the effects of gender role and cultural

identity (masculinity and femininity) in men’s’ and women’s’ business growth intentions

in established firms. A questionnaire survey was completed by 572 business owners (286

females). Results from moderated mediation regression analyses found that masculinity

and femininity fully mediated the effects of entrepreneurs’ sex on business growth
intentions. Females who had higher femininity orientation and independent self-construal

reported lower growth intention compared to those with lower independent self-construal.

The study extends theoretical and empirical research on the effects of identity on business

growth intentions while applications of the results are discussed. (Zampetakis et al.,

2016)

Educational Attainment. Today the importance of entrepreneurship has become

increasingly important where it has turned into a priority for developing countries

including Malaysia. Now, there are many higher educational institutions that are aware of

the importance of applying entrepreneurial skills in higher education. This study

examined the effects of entrepreneurship education in influencing business performance

among ITM/UiTM graduates. e. The results of the study indicate that university

curriculum, relational factor, society factor, and entrepreneurship values were found to

have significant influences on business performance. However, the results revealed that

the university role has no significant influence on business performance. The findings of

this study contribute to entrepreneurship education and entrepreneurship literature by

adding new empirical evidence on the relationship between university curriculum,

relational factors, society factor, and entrepreneurship values on business performance. In

terms of managerial implications, the findings help HEI’s in organizing entrepreneurship

education dimensions, particularly in strategizing, marketing, decision making, and

positioning themselves in the business industry. (Mahmood et al., 2021)

Daily Profit. If sales and income growth affect profitability and market value

measures in simulated and actual environments, the leverage variables may have an

indirect as well as a direct impact on profitability and market value. Income growth has
the most significant impact on profitability and market value in the business game while

asset growth is the most significant variable affecting financial performance in the

executive game. Sales growth is the most significant growth variable affecting financial

performance in the actual industries examined. The indirect effects vary widely from

industry to industry, but research intensity appears to negatively impact sales growth in

the durable products industry and has a positive impact on sales growth in the nondurable
16
products industry. (House & Benefield, 2014)

Store Appearance. Based on the past literature regarding the factors of loyalty,

the study considers physical attractiveness and intellectual competence combined with a

traditional loyalty model in proposing its conceptual framework. It then estimates the

relevant parameters using a linear structural equation model (SEM). The subjects of the

study consist of consumers in Kaohsiung City, Taiwan, aged at least 20 years old who

have experience in engaging the services of real estate companies during housing

transactions. A total of 300 questionnaires were distributed, with 268 valid ones being

returned, for a valid return rate of 89.33%. The effect of physical attractiveness on

satisfaction through trust is more significant than its effect on satisfaction through

intellectual competence. These findings show that physical attractiveness, intellectual

competence, and trust play an important role in determining satisfaction and loyalty. Past

studies related to loyalty introduced various factors of loyalty; however, they rarely

explored the effects of physical attractiveness and intellectual competence on loyalty.

That is the difference between this study and past research. (Yeh et al., 2020)

Location. This study aims to develop a clearer understanding of the effects of

location on the performance of small and medium enterprises in Tangier, as perceived by

local owner-managers. Findings of the study revealed that location is a salient factor that

influences the performance of SMEs in Tangier. Although at the research design stage it

was considered a classificatory variable, location was mentioned extensively in the

interviews, in relation to the ‘free zones. Findings showed that firms located within the

free zones enjoyed favorable conditions, in particular, those related to taxation and

competition, compared to their counterparts located outside the free zones, which were

excluded from these benefits. Furthermore, perceived unfair competition (smugglers from

the city of Ceuta, financial & fiscal incentives in the free zones), damage the performance

of the SMEs in Tangier. These findings suggest that the placement of the business in

relation to the free zones thus became an important financial and emotionally significant

perspective on equality in relation to success. (Sefiani et al., 2016)

Debtor. The paper assesses effect of credit sales on performance of small and

medium enterprises (SMEs) in Tanzania using the credit risk management perspective.

Asymmetric information and trade-off theory of liquidity guided the study whereby a

dataset of 6,134 Tanzanian SMEs was used. Descriptive and regression methods were

used as analyses techniques. Results confirm that majority of SMEs sell on credit (54%).

Despite efforts they put into managing their debtors, 26 percent of them default. The

results further showed that SMEs incur relatively high costs when managing debtors, an

aspect, which hampers their performance. Costs incurred relate to financing,

administration and moral hazards problems. The paper contributes to asymmetric

information and trade-off of liquidity theories by showing how the relationship between

SMEs and debtors can be hampered by ex-post asymmetric information whereby debtors

decide to act in their own interests but against seller's interests, a pattern, which
contravenes terms of their contracts. The study highlights main challenges faced by

SMEs while managing debtors. Bad debts put pressure on SMEs’ cash flow thereby

limiting growth of their businesses. Education level was seen to be important when

managing debtors. (Richard & Mori, 2018)

Money Management. Rapid change in the business environment worldwide has

driven the transformation of small-to-medium size forest enterprises (SMFEs) to advance

toward sustainable development. Although the success of SMFEs is important for all

developing economy researchers have shown a high failure rate of about 90% around the

globe because of poor financial management practices. Literature related to financial

management practices suggests the benefits of executing financial management practices

for improving business growth. This research contributes to the existing gap in financial

management practices literature by analyzing the impact of financial management

practices on the growth of SMFEs in the developing economy of Pakistan. The focus of

this research was on the five financial management practices, namely working capital

management, financial reporting, accounting information systems, investment decisions,

and financing. Data was collected from 260 SMFEs owners, finance managers, and other

finance staff through structured questionnaires to test the five hypotheses. The findings of

the analyses show that a higher degree of conduct of working capital management,

financial reporting, accounting information systems, investment decisions, and financing

practices is positively associated with financial performance and firm growth. The results

also indicate a significantly strong positive correlation between financial management

practice and firm growths. The improvement of financial performances in small firms

using financial management practices offers valuable implications for owners, managers,
and regulators and is a crucial factor for the success of SMFEs. This study continues the

discussion on several practical implications along with recommendations for future

23
research. (Zada et al, 2019)

The main problem of the study was to find out the attitude of the sari-sari store

owners towards microfinancing. The result shows that sari-sari store owners have a

positive attitude towards microfinancing, and it helps them in their business and lives. It

also shows a significant difference between the demographic profile of the store owners

and their attitude toward microfinancing and its perceived benefits in their businesses and

lives. (Cruzat et al., 2019)

Capital. This paper magnified the stories of success and failures of women

micro-entrepreneurs in managing their ‘sari-sari’ stores. Results revealed that new

investments, enhanced family income, productivity, and resourcefulness were the stories

that they highlighted as a success. They also revealed that failures framed them to be

determined, faithful, diligent, and optimistic. Lastly, they shared significant insights that

women entrepreneurs must be business-oriented, develop people skills, and employ

strong willpower. (Gano-An & Gempes, 2020)

This study identified the challenges faced by entrepreneurs of sari-sari stores to

overcome the said gap. The study showed that the alternative action of the respondents if

ever they experience loss in operating sari-sari stores is that they will use their personal

savings to start again. The challenges faced by entrepreneurs of sari-sari stores contain

four (4) categories known as location, financial, inventory, and customer-related

challenges. (Olgasan et al., 2019)

 Competitors. The study investigated the problems that are perceived by

immigrant spaza shop owners as negatively affecting the performance of their businesses.

The results showed that the problems experienced by immigrant spaza shop owners

include crime, xenophobia, lack of sufficient finance, high competition, inability to speak

the language, high cost of operation, and poor location. (Fatoki, 2016)

Paradigm of the Study

Independent Variable Dependent Variables

The demographic profile of the The challenges encountered by the

respondents in terms of: sari-sari store owners be described in
terms of:
 Age
 Sex  Startup Capital
 Educational  Store Debtors
Attainment  Competitors
 Daily Profit  Supply Shortage

The sari-sari store be described The strategical management toward

in terms of: business growth be described in terms
of:
 Store Appearance
 Capital  Money Management 24
 Location  Debt
 Pricing Strategy

Research Paradigm Figure shows that the Independent Variables are the

demographic profile of the respondent and the profile of the sari-sari store. Whereas, the

Dependent Variables are the challenges encountered by the sari-sari store owners and the

strategical management toward business growth.

 Furthermore, it demonstrates the relationship between the demographic profile of

the respondents to the challenges encountered by the owners of sari-sari store and the

relationship between the profile of the sari-sari store to the strategical management

toward business growth.

Hypotheses

1. There is no significant relationship between the demographic profile of the

respondents and challenges encountered by the sari-sari store owners.

2. There is no significant relationship between the profile of the store and strategical

management.
 25

Notes in Chapter II

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Jericho P. Cruzat, Ramizes D. Festejo, & Ramon O. Atento. (2019). Attitude of Sari-sari
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