Entrepreneurial Orientation and Business Strategies of Micro, Small, and Medium-sized Enterprises (MSME): Basis for Sustainable Entrepreneurship in the Philippines
This study integrated the predicting factors of entrepreneurship into several criterionof the research framework focused on Micro, Small and Medium-sized Enterprises (MSME). It was administered to a stratified sample of 400 Enterprise-owner respondents in 16 cities in Metro Manila Philippines mostly middle-age females aged 31-40 considered sole proprietorship, family and independently owned businesses engaged in the Services, Food business and retail industries, existing for 5 years and employing less than 10 workers. The study utilized Descriptive-Correlation and Descriptive-Comparative Method of quantitative research and employed statistical treatment of data using frequency count, percentage, mean, standard deviation, Chi-square, Split-type Analysis of Variances (ANOVA), Pearson product correlation and Multiple Regression. The study concluded that a positive entrepreneurial attitude towards Locus of control, Firm profitability, Market-driven propensity, Business Innovation, Personal Pursuits and Family Connections significantly influence MSME business strategies. Product and service differentiation, Cost leadership, Financial Management and Risk Management when employed as strategies in business will highly influence entrepreneurial sustainability. Micro and small enterprise should develop a deeper understanding of entrepreneurial concepts and acknowledged the fact that a positive approach towards their orientation in business, strategies employed and sustainable means of operation, regardless of the extent and limitations of their external and internal resources (asset, process, and technology and manpower density) is an important factor for long-term firm performance and success. The conceptual and research paradigm would be further improved by the inclusion of more detailed and focused measures of the existing predictors such as multi-item framework targeting the behavioral aspects, the actual business conducts, amount of company assets and actual financial performance of the business.
Index Terms - Entrepreneurial Orientation, Entrepreneurial Strategies, Sustainable Entrepreneurship, Entrepreneurial Eco-system