business knowledge among the trainees, which could also be a channel of influence to achieve higher profits. We find no evidence, for example, that the trained entrepreneurs keep better financial records, improve their marketing, or exhibit higher financial literacy. The DOT trained firms were only more likely to report having analyzed the sales of the most important product over the last year. We find a higher likelihood that the BSED trained firms improve their record keeping, significant at the 10% level. However, we do not find evidence of an impact of the PI training on any of the measured business practices indices.

# TABLE 7: IMPACT OF TRAININGS ON BUSINESS PRACTICES

||Record Keeping<br>Index<br>(0-1)|Marketing Practices<br>Index<br>(0-1)|Stock Control<br>Practices Index<br>(0-1)|Financial Planning<br>Practices Index<br>(0-1)|Business<br>Knowledge Index<br>Score<br>(0-7)|Detailed plans on<br>any strategy to<br>improve business<br> (0-1)|
|---|---|---|---|---|---|---|
||OLS|OLS|OLS|OLS|OLS|OLS|
||(1)|(2)|(3)|(4)|(5)|(6)|
|**_DOT study_**|||||||
|DOT_after one year|0.0135|0.0420|0.0311|0.0245|-0.0960|0.0186|
||(0.0229)|(0.0283)|(0.0362)|(0.0261)|(0.0741)|(0.0381)|
|DOT_after two years|0.00716|-0.0258|-0.00413|-0.0487|0.00790|-0.0559|
||(0.0261)|(0.0299)|(0.0334)|(0.0296)|(0.103)|(0.0419)|
|Observations|1184|1183|1183|1183|1184|1181|
|Control Group Mean at|0.359|0.477|0.685|0.606|4.772|0.630|
|Follow-up I|(0.0166)|(0.0205)|(0.0264)|(0.0187)|(0.0538)|(0.0274)|
||Record Keeping<br>Index<br>(0-1)|Marketing Practices<br>Index<br>(0-1)|Stock Control<br>Practices Index<br>(0-1)|Financial Planning<br>Practices Index<br>(0-1)|Business<br>Knowledge Index<br>Score<br>(0-7)|Detailed plans on<br>any strategy to<br>improve business<br>(0-1)|
||ANCOVA|ANCOVA|ANCOVA|ANCOVA|ANCOVA|ANCOVA|
|**_PI/BSED_**|(1)|(2)|(3)|(4)|(5)|(6)|
|Personal Initiative|0.0136|0.0147|0.0120|-0.0314|-0.0688|-0.000793|
|(PI)_after 1.5 years|(0.0192)|(0.0224)|(0.0261)|(0.0224)|(0.0595)|(0.0323)|
|Basic Skills (BSED)_after|0.0336*|-0.00230|-0.000625|-0.0327|-0.0839|0.0365|
|1.5 years|(0.0192)|(0.0225)|(0.0261)|(0.0225)|(0.0591)|(0.0325)|
|Observations|1,492|1,485|1,482|1,485|1,729|1,421|
|Control Group Mean at|0.374|0.632|0.691|0.758|4.975|0.653|
|Follow-up|(0.0161)|(0.0172)|(0.0201)|(0.0172)|(0.0481)|(0.0253)|

_Notes:_

* significant at 10% level ** significant at 5% level *** significant at 1% level

(1) Controls include: received WEDP loan at baseline, age of owner, marital status, education, household size, number of children and digitspan score at baseline.

(2) Record Keeping Index = Has a written business plan; Has a written annual budget; Keeps financial records (3) Marketing Practices Index = Visited at least one of its competitor’s businesses to see what prices they are charging; Visited at least one of its competitor’s businesses to see what products he or she offers; Asked existing customers whether there are products they would like you to offer; Asked a supplier about which products are selling well in this business’ industry; looked for ways to improve your marketing and advertising strategies; Advertised in any form.

(4) Stock Control Index = Negotiated with a supplier for a lower price on raw material; Compared the prices or quality offered by your supplier’s product/service with other suppliers (5) Financial Planning Index = Analyzed if the sales of your most important product/services have increased, decreased or remained the same; looked for additional financial resources for your business; looked for new markets.