Assessing the Knowledge of Corporate Literacy of Small Scale Entrepreneurs

Abstract

Most of the small scale entrepreneurs operate their business on a marginal scale. They can expand their profits by forming a farmer producer company. For that, they require knowledge and skills in corporate literacy. This study was aimed to assess the small scale entrepreneurs’ existing knowledge of corporate literacy and develop an educational program. The simple random sampling method was used to select the sample which consisted of fifty small scale entrepreneurs in the Southern Province. Primary data were collected through a pre-tested questionnaire survey. Key informant interviews were also conducted to identify the requirements of a Farmer Producer Company. Likert scale statements employed to assess the knowledge and skills in seven types of management. Mean values of Organizational Management (3.39), Human Resource Management (3.34), Risk Management (3.39), Operation Management (3.45), Marketing (3.31), Finance (3.31) and Business Management (3.38) denote that the entrepreneurs are more capable in operation management whereas less capable in Marketing and Finance. Education and experience are the main determinants of knowledge in corporate literacy (pvalue= 0.000). They practice simple strategies in planning, organizing, managing, and controlling their businesses. 96% of the respondents intend to form a Farmer Producer Company to increase their profitability. They are interested in acquiring new knowledge and register the business as a company. They prefer to follow a three months corporate literacy program as Interactive Voice Messages. The study concluded that providing proper education programs can enhance the knowledge and skills of small scale entrepreneurs and move them forward within the agricultural sector in Sri Lanka.