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Success versus Failure Prediction Model for Small Businesses in Ghana

Author

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  • Prince Gyimah
  • Kingsley O. Appiah
  • Robert N. Lussier

Abstract

This study tests the validity of Lussier model in predicting success or failure of small businesses in Ghana, Africa. The study uses logistic regression to analyze 101 failed and 107 successful small businesses. The results of the study support the model validity in Ghana and three variables (capital, economic timing, and marketing skills) were significant in predicting small businesses success or failure. The model also predicted 86.5% of the businesses accurately with a high R-square value. This study is the first to test the Lussier model in Africa and reinforces the validity of the Lussier model as a global success or failure prediction model that contributes to theory and practice. Implications for future and current entrepreneurs; government agencies that train, advice and assist small business owners; public policy makers; educators; suppliers; lenders; and consultants are presented.

Suggested Citation

  • Prince Gyimah & Kingsley O. Appiah & Robert N. Lussier, 2020. "Success versus Failure Prediction Model for Small Businesses in Ghana," Journal of African Business, Taylor & Francis Journals, vol. 21(2), pages 215-234, June.
    • Handle: RePEc:taf:wjabxx:v:21:y:2020:i:2:p:215-234
    DOI: 10.1080/15228916.2019.1625017
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    Cited by:

    1. Etse Nkukpornu & Prince Gyimah & Linda Sakyiwaa, 2020. "Behavioural Finance and Investment Decisions: Does Behavioral Bias Matter?," International Business Research, Canadian Center of Science and Education, vol. 13(11), pages 1-65, November.
    2. Msomi Thabiso Sthembiso & Olarewaju Odunayo Magret & Ngcobo Xolani, 2021. "Sustaining South African small and medium-sized enterprises through monetary access and Literacy in the COVID-19 ERA," Folia Oeconomica Stetinensia, Sciendo, vol. 21(2), pages 57-75, December.

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