Abstract
The paper aims to provide empirical clarification over some key failure factors of Small and Medium-sized Enterprises (SMEs), and also analysis of the similarities and differences in factors' relations in the Republic of Serbia and Visegrad countries. The SMEs' failures factors have been accessed from the point of view of SMEs owners and managers whose opinions were collected through a questionnaire disseminated in five countries (Hungary, Czech Republic, Slovak Republic, Poland and the Republic of Serbia). On the other hand, for the research presented in this paper, the data from Hungary, the Czech Republic and the Republic of Serbia were used. The structural equation model was developed and analyzed to confirm the reliability of the conceptual model, using multi-group confirmatory factor analysis (MGCFA) for comparative measurements on the observed data from different countries. The result showed the existence of differences in opinions of SMEs owners and managers concerning failure factors in examined countries.
Highlights
The paper aims to provide empirical clarification over some key failure factors of Small and Medium-sized Enterprises (SMEs), and analysis of the similarities and differences in factors' relations in the Republic of Serbia and Visegrad countries
The SMEs sector is the largest segment of the national economies with great percent of the total number of enterprises, major in employing large numbers of people and a significantly contributes to Gross Domestic Product (GDP)
In light of the global economic crisis and recovery period, the SMEs continued to create new jobs and employ (Kalak & Hudson, 2016), which further emphasizes the importance of the SME sector
Summary
A personal feature are being considered as a very important part of creating and running a successful business, was vital to examine self-assessments of respondents on this issue. The examined elements concerned self-confidence, need for accomplishment and creativity These two factors made up one important influential factor named the Personal characteristics of an entrepreneur. The financial aspect of the business, that had been investigated, encompassed delays in fulfilling bank obligations, the level of fixed assets free from any burden and the level of clearing/ barter transaction. Another issue that is influential on SMEs operating is an organization of the business. Failure was observed through the personal perceptions of the respondents over the failure and impact on their personal life
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