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Business success arises out of the total investments in the venture. This is not limited to tangible inputs such as financial capital, but on intangible resources as well. Entrepreneurship is a highly stressing occupation involving undertaking risks and often demanding workloads; hence requiring mental inputs (psychological capital). Moreover, the entrepreneurial job also involves doing business with other people of different statuses including investors, partners, customers, and employees; hence requiring the entrepreneur to exhibit a great deal of social competence to relate with others. Using two independent studies, we assess the contribution of psychological capital and social competence, as well as their interaction to entrepreneurial outcomes including performance (Study 1), and entrepreneurs’ wellbeing, satisfaction, and commitment to their entrepreneurial career role (Study 2). Study 1 uses a sample of 102 owner-managers or managers of small companies in Uganda. In this study, entrepreneurs’ social competence is measured as the relationship between entrepreneurs and their employees. Study 2 uses a sample of 228 young self-employed individuals in Uganda and Kenya; and operationalizes social competence via social intelligence. The results were consistent with our assumptions, highlighting the relevance of both psychological capital and social competence to entrepreneurial outcomes. Yet their interaction also has substantial impact on all outcomes examined in these studies.

PurposeThis paper investigates financial resilience within selected micro small and medium enterprises (MSMEs) and how it is used as a growth tool amidst coronavirus disease 2019 (COVID-19) threats.Design/methodology/approachAn appreciative inquiry qualitative approach using a positive orientation with a case study design instead of the conventional problem-oriented approach was used. It focuses on successful MSMEs that experienced growth amidst the first wave of COVID-19 despite the large number of MSMEs that were affected negatively by the pandemic.FindingsThe results indicate that the MSMEs that were growing at an epic rate during COVID-19 exhibited financial resilience due to savings, innovative leadership, financial knowledge, experience and social capital. These businesses maintained client relationships and accessed financial capital.Research limitations/implicationsThe study was qualitative based on a few cases.Practical implicationsBusiness owners/managers should learn financial literacy, entrepreneurial skills and leadership skills and build social capital which are tenets of financial resilience during turbulent times.Originality/valueThe study contributes to the continuity of MSMEs in developing economies during times of uncertainty.

The purpose of this paper is to assess the impact of personal cultural orientation and behavioral aspect of cultural intelligence on subjective success in self-employment in a multi-ethnic context. Based on Sharma (J Acad Mark Sci 38: 787–806, 2010) taxonomy of personal cultural orientations, the paper examines the impact of interdependence and social inequality orientations on subjective success in self-employment (measured in terms of job satisfaction). Self-employed individuals working in multiethnic communities in East Africa (Uganda and Kenya) were compared with their counterparts in Germany operating in a less culturally or ethnically diverse context. Moderated mediation analysis using PROCESS macro model 8 is applied to measure the direct and indirect effects. Interdependence and social inequality cultural orientations were positively related to subjective success in self-employment for the East African sample, but not for the Germany sample. The results revealed that the impact of these cultural orientations on subjective success is mediated by behavioral cultural intelligence. However, these indirect effects vary between Germany and East Africa. Similar to cross-cultural settings, multiethnic business settings involve doing business with people from various ethnic and linguistic backgrounds. This requires the entrepreneur to behave in a manner that demonstrates appreciation and respect of other people’s cultures.

Research has demonstrated that psychological strengths have important influences on entrepreneurial behavior. The current study explored the interaction between entrepreneurs' positive psychological capital and startup capital in leading to entrepreneurial success. Focus is on how owners of small scale enterprises use their psychological strengths to achieve their business goals. Using a sample of 384 entrepreneurs selected from the two leading business districts in Uganda, we observe that optimism is the component of psychological capital that significantly moderates the relationship between startup capital and entrepreneurial success. Both startup capital and psychological capital are significant predictors of entrepreneurial success; however, psychological capital is the better predictor. The theoretical and practical implications of these findings on entrepreneurial behavior, success and entrepreneurship promotion interventions are discussed.