Effects of Untapped Technologies on Financial Performance of Entrepreneurship in Kenya: A Case of Kioru Wines

Abstract

The purpose of this study was to determine potential impact of untapped technologies on financial performance of entrepreneurship in Kenya. The study was guided by the following research objectives: To investigate the effect of technology innovation on financial performance of entrepreneurs in Kenya. To identify the challenges of technology adoption amongst entrepreneurs in Kenya and to explore the untapped technologies adopted by entrepreneurs in Kenya. The study adopted descriptive research design. The target population was 90 employees who work at Kioru Wines located in Ngara, Town, and Umoja. Stratified random sampling was used to select a sample of 36 respondents. Questionnaires were used to collect primary data. Primary data was analyzed using Statistical Package for Social Sciences (SPSS) software where descriptive and inferential statistical analysis was done. Pearson correlation and regression analysis was used to determine the influence of independent variables on the dependent variable. Descriptive statistics was presented using frequencies, mean, percentage and standard deviations for ease of interpretation. Tables and figures were used for data presentation. The study revealed that respondents disagreed that service delivery has rapidly increased in the organization (Mean= 2.70). The organization has grown due to the use of technology (Mean=2.57) and technology has helped the organization penetrate the market (Mean= 2.50). The findings also revealed that respondents strongly disagreed that the organization uses product innovation strategy (Mean=1.77). The organization use process innovation strategy (Mean=1.97). Use of product innovation has helped the organization increases its sales volume (Mean=1.97) and product innovation influences competitive advantage (Mean=1.97). The study also showed that respondents agreed that lack of top management support affects the use of technology (Mean=4.73) and training and development influences employee performance (Mean=4.47). However, respondents disagreed that employees have the required skills and knowledge to use technology provided in the organization (Mean=2.70). The organization offers training and development opportunities (Mean=2.50) and lack of finance affects adoption of technology (Mean=2.33).

It was established that respondents agreed employees find it easy to use technology in their life (Mean=4.70). However, respondents could not reach an agreement on use of mobile phone is vital to the organization (Mean=3.80). The organization gives customers an opportunity to pay goods or services via mobile (M=3.63) and use of mobile technology has increased performance in the organization (Mean=3.33). Findings also showed that respondents disagreed that the organization uses social media to sell it goods and services (Mean=2.33) and through internet and social media the organization was able to increase its sales (Mean=2.20). Respondents also strongly disagreed that the organization uses email marketing strategy (Mean=1.47) and use of technology is a new experience for the employees (Mean=1.03). In conclusion, the use of technology helps the organization increase its service delivery, penetrate the market, cut cost and increase efficiency. The organization did not use process and product innovation strategy. Process innovation does not influence financial performance and productivity. Use of technology is affected by lack of top management support. Training and development affects employee’s performance. Training and development is not offered in the organization and adoption of ICT is not affected by lack of government support finance and staff training. Employees are able to use technology. The use of mobile phone is not important in the organization and social media is not used in the organization to sell goods or services. The study recommended that the organization should adopt the use of technology. This will help the organization increase its sales volume, cut cost, increase efficiency and achieve a competitive advantage. Process and product innovation strategy should be used. The organization should offer on the job or off the job training to help employees develop new skills and knowledge. The organization should develop the use of mobile phone and social media. This will enable the organization increase customer service, market their products, increase customer reach and create convenience.