Influence of Risk Management Practices on the Performance of Small Micro Enterprises in Eldoret Town, Kenya - Berege, Latoya Cheptoo;Tuwei, Judith Jebichii
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Research Paper (postgraduate) from the year 2018 in the subject Business economics - Miscellaneous, , language: English, abstract: Risk management focuses on adopting a systematic and consistent approach to manage all of the risks confronting organization. Risks distinctiveness applicable to SMEs in Kenya include: uncertain risk, a chance of loss, normally accidental, sudden and unforeseen. This uniqueness makes entrepreneurs to seriously think about risk, its impact on their businesses and how risk can be managed. It is therefore important to investigate the influence of risk management…mehr

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Research Paper (postgraduate) from the year 2018 in the subject Business economics - Miscellaneous, , language: English, abstract: Risk management focuses on adopting a systematic and consistent approach to manage all of the risks confronting organization. Risks distinctiveness applicable to SMEs in Kenya include: uncertain risk, a chance of loss, normally accidental, sudden and unforeseen. This uniqueness makes entrepreneurs to seriously think about risk, its impact on their businesses and how risk can be managed. It is therefore important to investigate the influence of risk management practices on performance of small micro enterprises. Five specific research objectives guided the study i.e. to identified the Components of risk in small and medium enterprises (SMEs, to examine the various kind of risk connected with SMEs, to identified risk management methods and techniques used to determine and monitor risks within SMEs, to determine the effect of risk management practices onSMEs performance and to identify impediment associated with risk management of SMEs in Eldoret. The descriptive research was employed in the study. The target population comprises of SME operators mainly drawn manufacturing, services and processing within Eldoret CBD. The sample for the study was selected using stratified random and simple random sampling methods. The research instruments were questionnaire, observation and interview. The data was analyzed using descriptive statistics (frequency tables), while correlation and regression analysis were used to test the hypotheses. The finding of the showed that very few SME owners, managers, entrepreneurs or key designated employees make use of risk management tools and techniques within their businesses, to achieve growth and sustainability. However, the majority agreed to the high importance of risk management in the success of a business enterprise. The findings of the study furthered revealed that leverage on financial structure, issue of collateral security, incapacity to go for technological advancement; tough competition and inadequate margin are among the risk associated with SMEs. The findings of the study furthered suggest that the risk management practice has a lot of effect on SMES performance. This study is significant since it is hoped the findings and recommendations of the study will assist the policy makers in the Ministry of Trade and Industry in making appropriate decisions.
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Autorenporträt
Judith Jebichii Tuwei was born on 6th June, 1986 in Kisumu County, Kenya. She attended Arya Primary School before they relocated to Nandi County with her parents and cleared her Primary School in Nandi Hills Academy. She joined Solian Girls High School for her secondary studies. She got her 1st degree in BBA (Accounting) from University of Eastern Africa Baraton and her MBA (Strategic Management) from Catholic University of Eastern Africa. Currently, she's pursuing her doctorate (PhD) programme in Business Administration at Jomo Kenyatta University of Agriculture & Technology.