Educational differences are pronounced, with top performers and constrained gazelles more highly educated than survivalists. The difference in educational attainment between top performers and constrained gazelles is not statistically significant. However, there is a noticeable difference between the educational attainment of top performers and survivalists. While 14 percent of top performers have a postsecondary education, only 8 percent of survivalists have attained this level. Survivalists have the lowest overall educational attainment.

Vocational training correlates positively with the performance of informal firms. This correlation may provide a useful link between education and firm performance. Through better education and training, entrepreneurs may develop greater capability, acquire new management and marketing skills, and learn efficient production processes (Tan and Batra 1995; Burki and Terrell 1998).

**Table 6. Comparison across Top Performers, Survivalists, and Constrained Gazelles**

||(1)|(2)|(3)|(4)|(5)|(6)|
|---|---|---|---|---|---|---|
||Top|Constrained||t-Test|t-Test|t-Test|
||performers|Gazelles|Survivalists|(1) vs (2)|(1) vs (3)|(2) vs (3)|
|Age owner|37.753|38.132|36.582|0.5606|0.1994|0.001***|
|Male (=1)|0.58|0. 712|0.132|0.000***|0.000***|0.000***|
|No diploma|0.046|0.034|0.119|0.2983|0.000***|0.000***|
|Primary completed|0.11|0. 098|0.231|0.5264|0.000***|0.000***|
|Some secondary|0.658|0.666|0.561|0.7969|0.001***|0.000***|
|Post-secondary|0.140|0.158|0.082|0.4481|0.001***|0.000***|
|Other post-primary|0.043|0.042|0.005|0.9606|0.000***|0.000***|
|No opportunity in large firms|0.201|0.195|0.026|0.8320|0.000***|0.000***|
|No opportunity in small firms|0.110|0.148|0.133|0.091*|0.2846|0.222|
|By family tradition|0.087|0.09|0.077|0.7995|0.5736|0.1553|
|Per equivalent adult consumption|708203.7|588719.4|487817|0.002***|0.000***|0.000***|
|Poor|0.568|0.644|0.733|0.014**|0.000***|0.000***|
|Food/Agribusiness|0.23|0.184|0.532|0.073*|0.000***|0.000***|
|Clothing and apparel|0.083|0.104|0.054|0.2726|0.047**|0.000***|
|Industry|0.156|0.162|0.147|0.811|0.6747|0.2503|
|Construction|0.03|0.033|0.001|0.787|0.000***|0.000**|
|Transport|0.026|0.033|0.025|0.528|0.910|0.1721|
|Hotels and restaurants|0.08|0.049|0|0.037**|0.000***|0.000***|
|Wholesale|0.02|0. 018|0. 005|0.889|0.006***|0.000***|
|Primary and mining|0.046|0.048|0.014|0.874|0.000***|0.000***|
|Retail and repair services|0.266|0.290|0.172|0.4046|0.000***|0.000***|
|Other activities|0.06|0.073|0.046|0.407|0.3232|0.001***|
|Firm set up with other person|0.256|0.216|0.115|0.1306|0.000***|0.000***|
|<br>Wage worker, male|0 .216|0.229|0.244|0.8311|0.6277|0.5629|
|Wage worker, female|0.15|0.111|0.137|0.3813|0.7948|0.2096|
|Size of firm|1.756|1.496|1.191|0.001***|0.000***|0.000***|
|Age of firm|2.263|2.295|2.03|0.7657|0.021**|0.000***|
|Mobile location|0.146|0.152|0.165|0.7986|0.4046|0.3126|
|Fixed location on the street|0.176|0.170|0.126|0.7998|0.018**|0.000***|
|Firm located at home|0.313|0.349|0.423|0.2352|0.000***|0.000***|
|Firm located at clients' home|0.033|0.048|0.017|0.2471|0.065*|0.000***|
|Fixed location on market|0.033|0.033|0.015|0.9808|0.027**|0.000**|
|Improvised location on market|0.183|0.160|0.210|0.3420|0.2734|0.000***|
|Shop/restaurant|0.03|0.027|0.013|0.7781|0.027**|0.004***|
|Other location|0.083|0.057|0.027|0.099*|0.000***|0.000***|
|Water connection|0.083|0.068|0.049|0.3663|0.016**|0.023**|
|Electricity connection|0.133|0.142|0.053|0.6896|0.000***|0.000***|
|Telecommunication|0.2|0.202|0.077|0.9253|0.000***|0.000***|
|Trade register|0.016|0.024|0.006|0.4009|0.0672*|0.000***|
|Knowledge of micro-finance inst.|0.216|0.228|0.143|0.6520|0.001***|0.000***|
|Self-employment|0.656|0.752|0.878|0.000***|0.000***|0.000***|
|Member of a business association|0.113|0.101|0.051|0.5468|0.000***|0.000***|
|Observations|300|1331|1839||||
|Notes: *** p<0.01, ** p<0.05, * p<0.|1||||||

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