Fac Influencing

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UNIVERSITI PUTRA MALAYSIA

FACTORS INFLUENCING GROWTH OF ENTREPRENEURIAL

VENTURES IN MALAYSIA

LIM LI YEN.

GSM 2007 7


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FACTOR S INFLUENCING G ROWTH OF ENTREPRENEURIALVENTURES IN M ALAYSIA

BYLIM LI YEN

Thesis Subm itted to the G raduate School of M anagement,Universiti Putra M alaysia, in Fulfillment of theRequirements for the D egree o f D octor of Philosophy

February 2007


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DEDICATION

This thesis i s dedicated to:My Parents, Mr & Mrs Lim HongChai

M y husband, ZachM y children, Josiah and Jordan, who are the pride and joy in my life


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Abstract of thesis presented to the Senate of Universiti Putra Malaysia infulfillment of the requirement for the degree of Doctor of Philosophy

FACTORS INFLUENCING GROWTH OF ENTREPRENEURIALVENTURES IN MALAYSIA

BYLIM LI YEN

February 2007Chairman: Associate Professor Raduan Che Rose, Ph. D.Faculty: Graduate School of Management

As a developing nation, the growth of successful small-medium enterprises (SMEs)in Malaysia plays a very crucial role in the improvement of the country's economyand unemployment issues. This study is conducted to identify the success factors offounding entrepreneurs which contributes to venture growth, specifically, therelationship between venture growth and the entrepreneurs' personal initiative andhuman capital, the areas of competencies to be focused on, and the effectiveness ofsupport programs provided by the government.

One hundred (100) CEOs of entrepreneurial ventures are selected from theEnterprise 50 database to participate in the research through the convenient andsnowballing sampling methods. Survey questionnaires are used to gatherinformation for quantitative data, whilst qualitative data are obtained frominterviews. The reliability of the questionnaire is tested using Cronbach's alpha andfactor analyses are conducted to categorize the competencies. The relationshipsbetween the various constructs are examined using nonparametric statistical analysis,


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namely, Binary Logistics Regression, Spearman's rho, Mann-U test and KruskalWallis test.

The study finds that there is positive significant relationship between venture growthand entrepreneurs who have personal initiative and working experience and who arefocused on specific competency areas within operations, finance, and humanresources. The study also discovers that there is significant negative relationshipbetween venture growth and entrepreneurs who have high levels of education, andparents who owned business. In operations, founding entrepreneurs are found to beconcerned with competitive strategies planning and the improvement of product andservices. Raising capital fiom banks and institutions is the only area of concern infinance. In human resources (HR) the areas considered important are recruiting andretaining employees;HR policies and compensation plan; training and development;delegating and relinquishing control; developing performance appraisal; andmotivating employees. Marketing is found to have a significant negative relationshipwith venture growth. The study reveals that there is no significant relationshipbetween social network support, government support programs and venture growth.


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Abstrak tesis dikemukakan kepada Senat Universiti Putra Malaysia sebagaimemenuhi keperluan untuk ijazah Doktor Falsafah

FAKTOR-FAKTOR MEMPENGARUHI PERTUMBUHAN SYARIKAT-SYARIKAT USAHAWAN DI MALAYSIA

OlehLIM LI YENFebruari2007

Pengerusi: Prof. Madya Dr. Raduan Che RoseFakulti: Sekolah Pengajian Siswazah Pengurusan

Sebagai sebuah negara yang mernbangun, pertumbuhan industri kecil dan sederhana(IKS) yang berjaya di Malaysia memainkan peranan yang sangat penting di dalammeningkatkan ekonomi negara dan menangani isu pengangguran. Kajian inidijalankan untuk mengenalpasti faktor-faktor kejayaan oleh usahawan dalammenyumbang kepada usaha perturnbuhan terutamanya hubungkait antara usahaperturnbuhan dan inisiatif peribadi usahawan dan modal insan, bidang kecekapanyang perlu difokuskan, dan keberkesanan program-program sokongan yangdiberikan oleh kerajaan.

Serarnai seratus (100) orang Ketua Pegawai Eksekutif (CEO) daripada kyarikat-syarikat usahawan telah dipilih daripada pangkalan data Enterprise 50 untukmenyertai kajian ini dengan menggunakan cara yang mudah dan kaedahpersampelan "snowballing" untuk menjayakan penyelidikan ini. Untuk datakuantitatif, borang soal selidik digunakan sernentara kaedah temuduga dijalankanuntuk mengompul data kualitatif. Tahap kebolehpercayaan borang soal selidik diuji


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dengan menggunakan "Cronbach's alpha". Faktor analisis dikendalikan untukmengkategorikan tahap kecekapan. Hubungkait antara idea yang dibina diuji denganmenggunakan analisis statistik bukan parametrik iaitu "Binary LogisticsRegression", "Spearman's rho", ujian "Mann-U", dan ujian "Kruskal Wallis",

Kajian ini menunjukkan terdapat hubungan positif yang nyata di antara usahapertumbuhan dan usahawan yang mempunyai inisiatif peribadi, pengalaman kerja,memfokus kepada kebolehan yang spesifik dalam bidang operasi, kewangan, dansumber manusia. Kajian ini juga mendapati bahawa terdapat hubungan negatif yangnyata antara usaha pertumbuhan dan usahawan yang mempunyai tahap pendidikanyang tinggi dan latar belakang keluarga yang mempunyai perniagaan sendiri. Didalam operasi harian, usahawan yang kukuh didapati menekankan persaingan dalamperancangan strategik dan peningkatan produk dan pekhidmatan. Peningkatan modaldaripada pihak bank dan institusi lain merupakan satu-satunya keutamaan di dalamkewangan, manakala sumber manusia; pengambilan dan mengekalkan pekerja; polisisurnber manusia dan pelan pampasan; latihan dan pernbangunan; pengagihan danpelepasan kawalan; membangunakan penilaian prestasi; dan akhir sekalimemberikan motivasi kepada pekerja adalah sangat penting. Pemasaran didapatimempunyai hubungan negatif yang sangat nyata. Kajian ini juga menunjukkanbahawa tiada hubungan yang nyata antara sokongan rangkaian sosial, prograrn-program sokongan kerajaan dan usaha pertumbuhan.


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ACKNOWLEDGEMENTS

Firstly, I would like to thank God for giving me wisdom, perseverance and anopportunity to learn from these founding entrepreneurs. I would like to thank theentrepreneurs who have kindly taken time from their busy schedule to participate inmy research. I am grateful to each and every of the entrepreneurs for completing thequestionnaire and sitting in for the half and hour (or more) interview with me. Inaddition, I would like to thank their personal assistants who have assisted me insecuring an appointment with them.

I am indebted to many people in the Graduate School of Management at UniversitiPutra Malaysia. To my supervisory committee - Associate Professor Dr. RaduanChe Rose (Committee Chair), Dr. Murali Sambasivan and Dr. Mohani Abdullah fortheir continuous encouragement and support to me during times where I am about togive up, their willingness to go all out to provide assistance to me especially byallowing me visit them at their homes during weekends and non-working hours.

My sincere gratitude too goes to the Dean of the Graduate School of Management,Associate Professor, Dr. Arfah Salleh, for her prompt response, advice and supportthat have allowed me to complete my study.

Next, I would like to express my sincere gratitude and appreciation to Prof. Dr. Fresefrom Germany for his assistance and support in guiding me especially on the topic ofPersonal Initiative; to Prof. Davidsson, for recommending the topic of Personal

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Initiative to me; to Stephanie Krauss and Andreas Rauch, for providing the tools onhow to conduct the Personal Initiative interview.

I would also like to extend my gratitude to Tan Sri Mohamad Khatib, Chairman ofSMIDEC (Small and Medium Industries Development Center) for providing mewith the list of entrepreneurs and their contact information, and his kind contributionand invaluable feedback on my thesis. I would also like to extend my thanks to thestaffs of SMIDEC for their helpfulness and cooperation.

Finally, I wish to thank my husband for being there for me when I needed him andfor his love and understanding and continuous encouragement; my parents andparents-in-law for their constant support and help especially in taking care of mychildren; my friends who have prayed and continuously encouraged me and lastly,my two wonderful sons who provide me the love and care I needed while taking thisjourney.


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I certify that an Examination Committee met on December 15,2006 to conduct thefinal examination of Lim Li Yen on her Doctor of Philosophy thesis entitled"Factors Influencing Growth of Entrepreneurial Ventures in Malaysia" inaccordance with Universiti Pertanian Malaysia (Higher Degree) Act 1980 andUniversiti Pertanian Malaysia (Higher Degree) Regulations 1981. The Committeerecommends that the candidate be awarded the relevant degree. Members of theExamination Committee are as follows:

Assoc. Prof. Dr. Arfah SallehDeanGraduate School of ManagementUniversiti Putra Malaysia(Chairman)Y. Bhg. Dato' Prof. Dr. Adnan Bin AliasVice ChancellorUniversiti hdustri Selangor(External Examiner)Assoc. Prof. Dr. Mohamed Dahlan Bin IbrahimHead, Department of Entrepreneurship EducationMalaysian Entrepreneurship Development Centre (MEDEC)Universiti TeknologiMARA(Internal Examiner)Assoc. Prof. Dr. Mohd. Hassan Bin Mohd OsmanUnit of Development EntrepreneurshipFaculty of Management and Human Resource DevelopmentUniversity Technology Malaysia(Internal Examiner)Assoc. Prof. Dr. Raduan Che RoseDeputy DeanGraduate School of ManagementUniversiti Putra Malaysia(Representative of Supervisory CommitteeIObserver)

RADUAN CHE ROSE, PhD -CAssociate ProfessorlDeputy DeanGraduate School of ManagementUniversiti Putra MalaysiaDate: . 2 / / 0 ~ / 0 7 .


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This thesis submitted to the Senate of Universiti Putra Malaysia has been acceptedasfulfillment of the requirement for the degree of Doctor of Philosophy. The membersof the Supervisory Committee are as follows:Assoc. Prof. Dr. Raduan Che RoseDeputy DeanGraduate School of ManagementUniversiti Putra Malaysia(Chairman)Assoc. Prof. Dr. Murali SambasivanGraduate School of ManagementUniversiti Putra Malaysia(Member)Dr. Mohani AbdulFaculty of Economics and ManagementUniversiti Putra Malaysia(Member)


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DECLARATION

I hereby declare that the thesis is based on my original work except for quotationsand citations which have been duly acknowledged. I also declare that it has not beenpreviously or concurrently submitted for any other degree at UPM or otherinstitutions.

LIM LI YEN


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TABLE OF CONTENTS

PageABSTRACTABSTRAKACKNOWLEDGEMENTSAPPROVAL SHEETSDECLARATIONLIST OF TABLESLIST OF FIGURESLIST OF ABBREVATIONS

CHAPTER

INTRODUCTION1.1 Overview of Venture Growth in Malaysia1.2 Statement of Problem1.3 Objectives of the Study1.4 Research Questions1.5 Significance of the Study1.6 Definitions1.7 Organization of Thesis1.8 Chapter SummaryLITERATURE REVIEW

.111vviiixxixvixviiixxi

Entrepreneur Research in the Beginning 20Human Capital- Background of Entrepreneurs 23Personality Traits 252.3.1 Need for Achievement (nAch) 262.3.2 Locus of Control 272.3.3 Risk Taking Propensity 282.3.4 Innovativeness 292.3.5 Tolerance of Ambiguity 302.3.6 Self Confidence 30b'Who" vs. "What" is the Entrepreneur 3 1Personal Initiative (PI) 3 12.5.1 The Self-starting Facets 322.5.2 The Proactive Facets 342.5.3 The Overcoming Bamers Facets 342.5.4 PI and Individual and Organization Performance 352.5.5 Other Active Performance Concepts 36

2.5.5.1 Self-Efficacy 362.5.5.2 Organizational Citizenship Behavior (OCB) 372.5.5.3 Self Regulation 37

Competencies 38

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2.6.1 Functional Competencies2.6.1 1 Entrepreneurs and Functional

Competencies2.6.1 -2 Functional Competencies and

Organizational Success2.6.2 Interpersonal Competency - Network Support2.6.2.1 Formal Network Support2.6.2.2 Informal Network Support2.6.2.3 Network Nature and Types of Network Group2.6.2.4 Effects of Network Support on Business

Performance: Venture GrowthEnvironmental Conditions2.7.1 Ecological Perspectives2.7.2 Task Environment2.7.3 Political Environment

2.7.3.1 Financial and Credit Assistance2.7.3.2 Technical and Training Assistance2.7.3.3 Extension and Advisory Services2.7.3.4 Marketing and Market Research Services2.7.3 -5 Infrastructure Facilities

Organization Life Cycle Models2.8.1 Life Cycle Models Focusing on Leadership2.8.2 Summary of Life Cycle ModelsHypothesis Development2.9.1 Conceptual Framework2.9.2 Hypotheses

2.10 Chapter SummaryRESEARCH METHODOLOGY3.1 Data Selection Strategy

3.1.1 Unit of Analysis3.1.2 Selection of Participants (Criteria for the

Organization and the Entrepreneur)3.2 Sampling Design3.3 Data Collection Strategy

3 -3.1 Triangulation3 -3.2 Research Instrument Design3.3.2.1 Interview3.3.2.2 Interview Methods3.3.2.3 Interviewing Elites3-3 2.4 Interview Questionnaire

3.3.3 Pilot Study3.3.4 Reliability Test3.3.5 Data Collection Process

3.4 Data Analysis Strategy3 -4.1 Operationalization of the Variables3.4.1.1 Dependent Variable and

Independent Variable...X l l l
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3.4.2 Data Analysis3.4.3 Data Editing and H andling Blank R esponses3.4.4 Inter-rater Coding3.4.5 Data Analysis Techniques

3-4.5.1Nonparametric3.4.5.2Advan tages and Disadvantagesof Nonparametric

3.4.5.2.1 Logistic R egression3.4.5.2.2 Spearman's Rho3.4.5.2.3 Mann-W hitney U andKruskal-WallisChapter Summary

RESUL TS AND DISCUSSIONDa ta screening and cleaning4.1.1 Accuracy of the DataRespondents' Profile4.2.1 Gender4.2.2 Participant Age4.2.3 Company Age4.2.4 Industry4.2.5 States4.2.6 EmployeesPerformance4.3.1 Annual Gross Revenue4.3.2 Performance IndicatorsStatus of Each ConstructFactor AnalysisVenture GrowthHuman CapitalOperationsFinanceMarketingHuman ResourceSocial Network SupportGove rnment Support Program sQuan titative Analysis4.14.1 Nonparametric4.14.2 Spearman's Rho Correlation4.14.3 Mann-Whitney U Test4.14.4 Kruskal-W allis TestTesting of H ypotheses4.15.1 Logistic R egression4.15.2 Summary of H ypotheses TestingQualitative Analysis4.16.1 Interview4.16.1.1

4.16.1.2Interview - Education InitiativeInterview - Overcom ing Barriers

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4.17 Chapter SummaryInterview- Quantitative andQualitative of Past Initiative

CONCLUSION5.1 Summary of Research Findings5.2 Theoretical Implications

5.2.1 Personal Initiative (PI)5.2.2 Human Capital (HC)5.2.3 Competencies

5.2.3.1 Operations5.2.3-2Finance5.2.3.3 Marketing5.2.3.4 Human Resources5.2.3.5 Social Network Support (SC)

5.2.4 Government Support Programs (GS)5.2.5 Organization Life Cycle TheoriesManagerial Implications5.3.1 Recommendation for Entrepreneurs5.3.2 Recommendation for Investors5.3.3 Recommendation for GovernmentLimitations of the StudyFuture ResearchChapter Summary

BIBLIOGRAPHYLIST OF APPENDICESAPPENDICESBIODATA OF THE AUTHOR
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LIST OF TABLESTitleable

2.1 Characteristics of Entrepreneurs2.2 Facets of PI2.3 Functional Competencies

Page

2.4 Comparison of Entrepreneurial Management and ProfessionalManagement 71

2.5 Variables in PI, HC, Competencies and GS3.1 Growth Definition3.2 Challenges in Interviewing the Elites3.3 Cronbach's Alpha Value3.4 Operationalization of the Variables4.1 Annual gross revenue (2000-2002)4.2 Performance Indicators4.3 List of Labels Used for Constructs1Variables4.4 Constructs and Measurement4.5 Factor Analysis4.6 Government Support Programs4.7 Normality Test: Venture Growth4.8 Summary of Normality Test for All Variables4.9 Summary of Correlation Matrix Results4.10 Correlation Matrix4.1 1 Mann-Whitney U Test: Gender4.12 Mann-Whitney U Test: Parents own Business4.1 3 Mann-Whitney U Test: Government Support

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4.14 Kruskal Wallis Test: Management Experience4.15 Logistic Regression - Classification Table4.16 Binary Logistic Regression Analysis4.17 Logistic Regression (Trimmed Model)4.18 Summary ofHypotheses Testing

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LISTOFFIGURESTitleigure

2.1 Conceptual FrameworkRespondent Profile: Gender

4.2 Respondent Profile: Participant Age4.3 Respondent Profile: Company Age4.4 Respondent Profile: Industry4.5 Respondent Profile: States4.6 Respondent Profile: Employees4.7 CAGR4.8 CAGR Calculation4.9 Venture Growth4.10 Education Level

Working ExperienceManagement Experience Prior Owning BusinessAge When First Manage a FirmParents Owned BusinessFrequencies for constructs in OperationsFrequencies for constructs in FinanceFrequencies for constructs in MarketingFrequencies for constructs in Human ResourceFrequencies for constructs in Social Network SupportQ-Q Plot of Venture GrowthNormal Q-QPlot Expected Value vs Observed Value -Venture Growth

Page7 5

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B1.2 Normal Q-Q Plot Expected Value vs Observed Value -Equipments Selection

B1.3 Normal Q-Q Plot Expected Value vs Observed Value -Quality of Products and ServicesB1.4 Normal Q-Q Plot Expected Value vs Observed Value -

Day to day OperationsB1.5 Normal Q-Q Plot Expected Value vs Observed Value -

Production Scheduling and PlanningB1.6 Normal Q-Q Plot Expected Value vs Observed Value -

Competitive Strategies and PlanningB1.7 Normal Q-Q Plot Expected Value vs Observed Value-Improvement of Products and ServicesB1.8 Normal Q-Q Plot Expected Value vs Observed Value-

Raise Capital from InstitutionB1.9 Normal Q-Q Plot Expected Value vs Observed Value-

Record Keeping and Financial ControlB1.10 Normal Q-Q Plot Expected Value vs Observed Value -

Budget PlanningB1.ll Normal Q-Q Plot Expected Value vs Observed Value-

Cashflow ManagementB 1.12 Normal Q-Q Plot Expected Value vs Observed Value -

Promoting Company's Products and ServicesB1.1 3 Normal Q-Q Plot Expected Value vs Observed Value -

Understanding Market NeedsB1.14 Normal Q-Q Plot Expected Value vs Observed Value -

Customer FeedbackB1.15 Normal Q-Q Plot Expected Value vs Observed Value-

Market AnalysisB 1.16 Normal Q-Q Plot Expected Value vs Observed Value-

Recruiting and Retaining EmployeesB 1.17 Normal Q-Q Plot Expected Value vs Observed Value -HR Policies and Compensation Plan

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B1.18 Normal Q-Q Plot Expected Value vs Observed Value -Training and Development of Staffs

B1.19 Normal Q-Q Plot Expected Value vs Observed Value -Delegating and Relinquishing Control

B1.20 Normal Q-Q Plot Expected Value vs Observed Value -Develop Performance Appraisal '

B1.2 1 Normal Q-Q Plot Expected Value vs Observed Value -Motivating Employees

B1.22 Normal Q-Q Plot Expected Value vs Observed Value-Informal Social Network Support

B1.23 Normal Q-Q Plot Expected Value vs Observed Value-Formal Social Network SupportB1.24 Normal Q-Q Plot Expected Value vs Observed Value-

Education InitiativeB1.25 Normal Q-Q Plot Expected Value vs Observed Value -

Overcoming BarriersB1.26 Normal Q-Q Plot Expected Value vs Observed Value-

Active ApproachB1.27 Normal Q-Q Plot Expected Value vs Observed Value -

Quantiative InitiativeB1.28 Normal Q-Q Plot Expected Value vs Observed Value -

Qualitative InitiativeB1.29 Normal Q-Q Plot Expected Value vs Observed Value-

Self Reported InitiativeB1.30 Normal Q-Q Plot Expected Value vs Observed Value -

Interviewer's EvaluationC1.l Component Plot in Rotated Space- Operations VariablesC1.2 Component Plot in Rotated Space- Finance VariablesC1.3 Component Plot in Rotated Space- Marketing VariablesC1.4 Component Plot in Rotated Space- Human Resources Variables 261
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CAGRCEOHCPISMEsVG

LISTS OF ABBREVATIONS

Compounded Annual Growth RateChief Executive OfficerHuman CapitalPersonal InitiativeSmall Medium EnterprisesVenture Growth

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CHAPTER 1

INTRODUCTION

According to Dun and Bradstreet and the Small Business Administration, in theUnited States, it was reported that the failure rate of new firms is 40% by the end ofthe first year, 60% by the end of the second year, and 90% by the end of the tenthyear. The statistic is clear that only 10% of the start-ups survived beyond the 10 yearmark (Tirnmons, 1994). In Malaysia, about 79,3 10 businesses were discontinuedduring the year 2002 (CCM, 2002) and the numbers continued to increase followingthe fall of local high tech start-ups. This phenomenon happened because the entrylevel and the risk of high tech start-ups are very low, as all it takes is only a websiteand a financial loan. Therefore, within a short time fiame after the introduction ofthe Internet, many new start-ups mushroomed due to the simplicity and convenienceof starting a business in the cyberspace. After the Internet bubble bursts, many ofthese companies virtually went out of business in a matter of weeks. But thestatistics did not hamper the entrepreneurial spirit of the young local managers orpotential entrepreneurs, as hundreds and hundreds of new businesses are beingcreated each year hoping to grow into large enterprises. Drucker (1985) describedthis as a shift fiom a managerial to an entrepreneurial economy.

Businesses play a very crucial role in the development of Malaysia's economy andunemployment issue. Nevertheless, being a developing nation, SMEs should be themain focus for Malaysia; after all, the economy of the United States was built onSMEs. The 2000 Census by the Malaysian Department of Statistics (DOS)
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enumerated a total of 20,455 establishments in the manufacturing sector of which18,271 or 89.8% were SMEs. The largest number of establishments was in thetextiles and apparel sector which account for 16.7% of the total, followed by foodand beverages. The Census also captured a total of 1921527 establishments in theservices sector, of which 186,428 or 96.8% were SMEs. SMEs in both sectorsaccount for 204,699 enterprises or 96.1% of the total. Eighty-eight percent of thecompanies in the services sector were in the distribution line (retail and wholesale).

In the year 1995, the government established a ministry for the entrepreneurs- TheMinistry of Entrepreneur Development and this clearly demonstrated the importanceplaced by Malaysian government on entrepreneurship and entrepreneur development(Ariff and Abubakar, 2003). Undoubtedly, the Malaysian government pays extraemphasis on ventures that are growing or currently operating successfully.

Nevertheless, many enterprises often managed to grow up to a certain point but lateron fizzled out because of their inability to capitalize on further market opportunity(Hofer and Charan, 1996). There are many reasons why promising start-ups failedor did not grow, such as new technologies, new competitors, new markets, newmanagement teams and new channels of distribution. Clearly, there are differentfactors influencing the survival and growth rate of a new start-up. Thus, it is crucialto identify the factors contributing to entrepreneurial success especially at the growthstage. Whether an enterprise successfully reaches growth-stage depends on thelearning process of both the entrepreneur and the company. The transition is slow
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and must be handled carefully as new strengths and competencies need to bedeveloped by the entrepreneur and the company, while preserving the existing ones.

In previous studies, it has been suggested that the founding entrepreneurs should bereplaced by professional managers, as they may have difficulty in managingorganizational growth as well as professional managers (Chandler, 1977). Studieshave examined that "after the starting difficulties have been overcome, the mostlikely causes of business failures are the problems encountered in the transition froma one-person, entrepreneurial style of management to a functionally, organized,professionally managed workforce and team" (Hofer and Charan, 1996). Therefore,because of this conventional belief, investors often demand the removal of thefounding entrepreneur of the start-up company to be replaced by either aprofessional manager or a team of management experts during its venture growth, toensure that the company has a successful transition to growth-stage and able toovercome challenges commonly faced during the growing phase.

On the other hand, Willard, Krueger and Feeser's (1992) study on 155manufacturing companies found no evidence that professional managers performedbetter than the original founders. Their discoveries confirmed one of the most quotedincidents at Apple Computer. Founder Steve Jobs was replaced in 1985 and after theremoval; the professional managers led the company for twelve years to the edge ofbankruptcy. Steve was brought back to the company in 1997 and the companybegan prospering again. Willard, Krueger and Feeser (1992) found that manyfounders could learn how to manage growth effectively, and such finding encourages
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Documents

Fac Influencing