The Need for Knowledge Acquisition Tools by Small Business Entrepreneurs: The Case of Financial Knowledge Acquisition of Restaurant Entrepreneurs
Keywords:
Small businesses management, Restaurant business entrepreneurs, Knowledge acquisition, Knowledge acquisition toolsAbstract
This study investigates the relationship between the need for knowledge acquisition tools and the level of knowledge acquisition in the context of financial knowledge, as well as the use of different knowledge acquisition tools by small restaurant entrepreneurs. This study involves two phases. In phase 1, a qualitative approach was employed using an in-depth interview method. In-depth interviews were conducted with 9 small restaurant entrepreneurs in order to obtain insight into their level of knowledge acquisition in the context of financial knowledge, their level of use for various knowledge acquisition tools (websites, Facebook, Line, YouTube, blogs, and mobile phone application), and their need for knowledge acquisition tools. Interview responses are explored using a thematic content analysis. In phase 2, a quantitative approach was employed using a survey questionnaire, collecting responses from 320 small restaurant entrepreneurs. Through data generated from questionnaire responses, a hierarchical multiple regression was used to determine the relationship between the need for knowledge acquisition tools, and the level of knowledge acquisition in the context of financial knowledge. Cluster analysis techniques were used to identify the level of use for various knowledge acquisition tools, distributing entrepreneurs into different levels. The Cochran Q-test and McNemar test were used to study the difference in use of each knowledge acquisition tool by these entrepreneurs.
The result suggests that small restaurant entrepreneurs with a greater need for financial knowledge acquisition tools tentatively acquire more financial knowledge. There is a difference in the level of use of knowledge acquisition tools by entrepreneurs, while the tools most commonly used for gaining financial knowledge are websites and Facebook.
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