Effect of SME’s Businesses Falling in a Global Perspective with Development of the Business Model as a Tool for Overcoming the SME’s Business Challenges

Abstract

The research is the first of its kind that is aimed at finding the effect that leads SMEs’ not to survival since before the emerging of the global pandemic, which is the coronavirus that takes the life of million-plus across the world and also take over the jobs of more than five million individuals, which needed assistant. Many businesses collapse as the result of the pandemic which jobs were lost. The research focuses on analyzing the situation that leads to business bankruptcy SMEs contributed to the national and global economy as well as looking at the possible ways of overcoming the SME’s difficulties through government and private sector investments. Twenty (20) business owners both large and small and medium enterprise businesses were interviewed in other to find out business owners’ viewpoints and to collect data for the research transcription and analysis. The result shows that even before the arrival of the unprecedented situation that nations find themselves in, some SME’s are facing difficulties in growing their businesses as a result of a lack of business knowledge and orientation which lead to what we called today a business model, while some have the clear picture of their business model plans but lack support from the government as accessing fun to invest in the SME’s business is difficult. The research also gives clear suggestions to business owners and government agencies on how they can help in supporting the SME’s, we also highlight some agendas for future researchers where this research has its own limitations.