Abstract
PurposeThe purpose of this study is to examine the perceptions of Malaysian and Bangladeshi retail small- and medium-sized enterprise (SME) business owners on the key elements of business growth.Design/methodology/approachThe construct measurements have all been taken from previous research studies. The data were gathered from retail SMEs in Malaysia and Bangladesh in order to evaluate entrepreneurs' perception towards the essential elements of a business performance. Structural equation modeling (SEM) with PLS technique, specifically Smart-PLS Version 3.2.4, was used to accomplish the study's objectives and analyze the measurements, as well as the structural model.FindingsAccording to the findings, Malaysian and Bangladeshi SMEs have different perspectives toward the dimensions of their business performance. For example, Malaysian retail SME owners consider business growth and financial results to be the most important aspects of their success. Retailers consider financial performance to be less critical than non-financial performance when it comes to their business's success. Owners of Bangladeshi retail SMEs, on the other hand, see efficiency relative to competition and that non-financial performance is the key component to achieving business success. In the sense of Bangladeshi SMEs, market development and financial results are seen as less significant in attaining success.Research limitations/implicationsSince this research was only conducted in Malaysia and Bangladesh, it did not cover a large number of countries. The sample size was limited; therefore, the findings of this study cannot be applied to the entire population of Malaysian and Bangladeshi retail SMEs due to the non-probability sampling technique.Practical implicationsThe findings of this study show that entrepreneurs or business owners in the retail sector in Malaysian and Bangladeshi SMEs view the attributes of their business performance differently.Originality/valueThis study adds to the rising context of entrepreneurship by examining SME owners' perception of main business performance dimensions in the scope of Asian retail SMEs.
Highlights
The idea of business success has received a lot of attention in management and entrepreneurship literature because it represents how small- and medium-sized enterprises (SMEs) choose their own success
3.2 Sample and data We studied retail SMEs in Malaysia and Bangladesh to identify how they felt about the important aspects of business performance
The results revealed that the square roots of average variance extracted (AVE) for all the constructs are greater than the off-diagonal elements in both their corresponding rows and columns, which suggest that the discriminant validity is established for the full and sub-models (Table 6)
Summary
The idea of business success has received a lot of attention in management and entrepreneurship literature because it represents how small- and medium-sized enterprises (SMEs) choose their own success. It is critical to comprehend business owners’ perception toward the critical dimensions of their company’s success, as these perceptions can influence their behavior. It is commonly accepted that company owners are a reflection of their business (Ahmad et al, 2018; Chua et al, 2018; Smigielska, 2016; Chuang et al, 2009; Ahmad, 2007; Hambrick, 2007), and the outcome of their companies is determined by their behaviors. This research aims to examine perceived business success measures through the lens of SME entrepreneurs. The words “business owners” and “entrepreneurs” are used as interchangeable terms, as the owners of SMEs are true entrepreneurs who put in their best effort to produce superior results
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