Business Success Research Articles

Evaluating the impact of digital and financial literacy on MSME performance

ABSTRACT The objective of this study was to determine the critical success factors that contribute to the performance of micro-, small, and medium-sized enterprises (MSMEs) in the context of digital and financial literacy. This study employed the total interpretive structural modeling approach to construct a hierarchical model of important success elements and analyze their direct and indirect interconnections. This article specifies six success factors that impact the performance of MSMEs, with the consideration of their effects and value generation leading to enhanced performance. The results indicate that entrepreneurial orientation and digital literacy are the primary components of the developed model, with all factors collectively contributing to overall performance. By identifying and categorizing key components within the strategic model, the study provides MSME founders with a systematic way to enhance business competency, which has significant consequences for business growth and success. The hierarchical model developed in this research assists policy makers and practitioners in improving the performance of MSMEs.

Leveraging SWOT Analysis in IS/IT Strategy for Enhancing Hospital Quality

The research conducted at the Datu Sanggul Hospital in Rantau focuses on developing a strategic plan for enhancing the quality of healthcare services through Information System (IS) and Information Technology (IT) implementation. The study aims to address the challenges faced by the hospital in optimizing its Management Information System and Medical Record (SIM & RM) unit. By utilizing the Ward & Peppard framework, the research progresses through stages including problem formulation, data collection, and strategy formulation. Through interviews, focus group discussions, and data analysis, the current business strategies and IT infrastructure are evaluated. External factors such as PEST analysis and Five Forces analysis are also considered to understand the hospital's position in the industry. The findings from these analyses serve as inputs for the SWOT analysis, which helps in identifying the hospital's current standing and areas for improvement. The study further delves into developing IS business strategies and IT roadmap planning based on critical success factors and business needs. By aligning IS/IT strategies with business goals, the research aims to provide recommendations for enhancing the hospital's information system infrastructure and management practices.

THE ROLE OF INNOVATION STRATEGY IN ENSURING SUSTAINABLE DEVELOPMENT OF THE ENTERPRISE

The article discusses the role of innovation strategy in ensuring sustainable development of the enterprise. At this stage of economic development, organizations are provided with a huge number of opportunities that can be used to develop entrepreneurial activity. Rapid changes in the external and internal environment contribute to the fact that enterprises have to adapt to new conditions, as well as develop strategies for innovative business development. In this regard, the ability to develop innovative strategies is becoming a key competency that allows you to competently manage an enterprise. Competition between companies is becoming more intense, only enterprises that can develop the most effective innovative strategies will be able to take and maintain leadership positions. The role of innovation is manifested in ensuring the success of business in the long term. Innovations contribute to increasing the competitive position of the organization. Innovative strategy allows companies to take their business to a new level. It defines promising areas of development of the company, assesses its innovative potential and level of investment attractiveness, allows you to establish new areas of cooperation, helping the business to remain competitive. The development of an effective innovation strategy will allow the company to take a leadership position that will allow it to stay in today's highly competitive world. Industrial development is a priority sector for any state. Industry ensures the country's independence from a number of imported goods, provides jobs, and promotes economic stability. Any developed state will take measures to develop industry. But the industrial sector is quite complex for doing business, because it requires significant resources at the start of work, a set of skills and knowledge, and a high level of technical equipment. Against the background of the importance of the industrial sector for the life of the state as a whole and the complexity of implementing entrepreneurial tasks in this area, the formation of a concept for the sustainable development of industrial enterprises is of particular relevance. The constituent components of the sustainable development of industrial enterprises should be ensured both at the macro and micro levels. Financial and economic components of the sustainable development of industrial enterprises at the macro level imply the presence of the following factors. Ensuring the investment attractiveness of the country. Attracting foreign investors is one of the ways to ensure the sustainable development of industrial enterprises, as well as the growth of the state's economy. Development of an appropriate monetary and credit policy. A number of factors influence the sustainable development of industrial enterprises: the level of inflation, the availability of credit resources, the volume of money circulation. In the absence of effective mechanisms for maintaining stability in the monetary and credit sphere, the implementation of the directions of the concept of sustainable development of industrial enterprises is also impossible. Thus, sustainable development of industrial enterprises is one of the most important areas of work of the state authorities. The concept of sustainable development of industrial enterprises includes a number of components, some of which are already being actively implemented. Also, the concept of sustainable development of industrial enterprises should include a number of measures that contribute to increasing the profitability of the company's activities and take into account the specifics of its activities. Keywords: innovation, innovation process, innovative development, innovation strategy, enterprise, strategic management, competitiveness.

Student Business Incubation by Academic Programs: An Exploratory Study

Research Aims: This study aims to serve as a preliminary step in developing a business incubation program for the sharia business management department at UIN Salatiga. As the first step, this research will map the potential of tenants, tenant needs, parties that can support tenant business success, opportunities and challenges, and the framework for establishing the sharia business management business incubator. Design/methodology/approach: This research employs a qualitative method, with data collected through interviews with the academic community of the Sharia Business Management Program. In addition to in-depth interviews, this study also conducts Focus Group Discussions (FGD). A saturated sample will be the choice for this research. Based on observations and distribution of participant registration questionnaires, it was found that 47 students registered their businesses for incubation. Research Findings: This research found that comparative studies with business incubators at other universities provide important insights into best practices that can be adopted by the sharia business management Program. A collaborative approach with stakeholders, such as government agencies and partner universities, as well as infrastructure support from internal parties, offers great opportunities for developing an effective business incubator at UIN Salatiga. Theoretical Contribution/Originality: The theoretical contribution of this study lies in the application of the business incubation concept, which has been more commonly used in general universities, and is now adopted and developed in the context of sharia business education. This research provides a specific model of how business incubation can be implemented in an educational environment that focuses on sharia values. Overall, this study offers a new and more detailed model of business incubation in the context of sharia education, which can serve as a reference for developing similar incubators at other universities

Poslovno pravo i pravo održivog razvoja – između profitabilnosti i etičnosti

As for applying the knowledge from EU law, the author points out two tendencies affecting company law in the context of sustainability. The first one is the legal duty of the companies to incorporate the statement of purpose, which is no longer limited to profit. The second one is the corporate duty of care in line with ESG standards as well as the corporate purpose. It is an integral part of a company’s business and culture. Having in mind French, German or Dutch law, directors are expected to promote long-term business success, to take care of the open list of stakeholders’ interests and to apply corporate due diligence standards. Thought leaders, however, generally describe ESG as a business strategy that creates long-term stakeholder value by addressing social, economic, and environmental opportunities and risks that are material to a company. Preservation as well as environmental protection is one of the biggest challenges that modern generations will have to face. The term green transition has been coined as an expression of the efforts to ensure the transition to a sustainable business model in order to preserve the ecosystem and the planet as such. Non-financial reporting plays a very important role in the green transition process. Integral part of the EU agenda remains the discussion about corporate directors’ duties in the context of human rights as well as environmental risks. There is no doubt that the key word of the new corporate governance paradigm is risk.

Data-driven employee engagement: A pathway to superior customer service

This paper explores the significant correlation between employee engagement and customer service quality, emphasizing the role of data-driven strategies in enhancing organizational outcomes. The paper highlights the importance of using data analytics to understand and improve employee engagement by analyzing key theories that link engagement to customer satisfaction. It discusses the critical metrics used to measure engagement and how data-driven insights can inform HR strategies, leading to superior customer service. The paper also examines the implications of implementing these strategies, addressing potential challenges such as data privacy, misinterpretation, and cultural resistance. Finally, it suggests future research directions, particularly in integrating emerging technologies like AI and machine learning, to refine engagement strategies further and adapt them to diverse work environments. This review underscores the evolving role of data analytics in HR and its potential to transform employee engagement into a key driver of business success.

Harnessing Emotional Intelligence: Enhancing Employee Performance in Kerala’s Retail Textile Industry

This research explores the effects of EI (Emotional Intelligence) on employee performance in the retail textile industry in Kerala with specific reference to the moderating roles of organizational culture and leadership style. With the ever-growing demands of the retail sector, it is imperative to demonstrate the efficiency of EI in improving employee performance to support a sustained competitive advantage. This research adopts a descriptive research design, whereby both quantitative and qualitative data will be collected to capture the goals and objectives of the study. Structural equation Modelling (SEM) was used to determine the relationship between EI and the level of performance of employees, as well as the moderating role of organizational culture and leadership style. This study focuses on textile manufacturing employees of the selected retail outlets of Kerala, with a sample size of 250. The results are expected to help explain how EI can enhance performance, especially under conditions of leadership support and organizational culture. The implications of these findings should offer explicit counsel to managers in the retail textile industry to facilitate a work climate that boosts the emotional capabilities of workers, resulting in increased work efficiency and contentment. Apart from extending the body of knowledge on emotional intelligence and employee performance, the findings of this study provide an important guideline for the retail sector of Kerala with regard to emotional intelligence that must be developed to enhance performance and sustain business success in the future.

Effect of staff competence on customer loyalty in the hospitality industry in Sri Lanka

This research investigates the relationship between staff competence and customer loyalty within the Sri Lankan hospitality industry. This study addresses a critical gap in understanding how skilled and professional service personnel impact guest satisfaction and long-term patronage. Simple random sampling was utilized to gather data from the 384 respondents using a survey questionnaire. Five independent variables were identified from literature which are staff knowledge, staff skills, staff attitudes, staff friendliness and staff responsiveness. All five variables exhibited positive correlations with customer loyalty and significant association with customer loyalty. According to the findings, staff competence is vital in encouraging customer loyalty within the Sri Lankan hospitality industry. The recommendations include that hoteliers prioritizing employee development and cultivating a service-oriented culture can create lasting bonds with their guests, contributing to long-term business success. This research provides valuable insights for academics and industry practitioners to explore further and strengthen the crucial link between service quality and customer loyalty in the dynamic Sri Lankan market.

Cybersecurity in the Age of IoT: Business Strategies for Managing Emerging Threats

The quick spread of the Internet of Things (IoT) has essentially changed industries by linking devices, systems, and data. This expansion has, in turn, generated exceptional cybersecurity vulnerabilities, which introduces an urgent requirement for detailed security solutions. This paper analyzes new cybersecurity risks present in the IoT ecosystem and looks into successful business approaches for managing these threats. Using a thorough assessment of current literature, practical case studies, and extensive data analysis, the study discovers essential weaknesses in IoT devices, networks, and infrastructure. The method used collects information from latest incidents related to IoT breaches and evaluates several business strategies designed to meet these challenges. Findings imply that using advanced technologies like artificial intelligence (AI) and machine learning (ML) in monitoring, in conjunction with collaborative cybersecurity frameworks, strongly enhances the security of the IoT. The originality of this research is in its thorough review of the evolving threat landscape and its practical recommendations for enterprises to advance their Internet of Things security position in a quickly changing environment.

Exploring Entrepreneurial Success Factors in Nepal

Entrepreneurship education plays a crucial role in fostering economic growth and competitiveness by providing individuals with the skills and knowledge necessary for success and innovation. Addressing educational needs, particularly in underserved regions, can significantly enhance entrepreneurial outcomes and contribute to broader economic development. Government policies and regulations profoundly impact business operations, competitiveness, and growth. It is essential for governments to continuously adapt their policies to create a conducive business environment and promote entrepreneurial development. The interplay between government policies and business performance underscores the importance of a well-coordinated approach to economic policy and entrepreneurship support. Effective policy frameworks are essential in supporting entrepreneurial activities and fostering a favorable business environment. The dynamic relationship between government actions and business success highlights the need for ongoing adaptation and coordination in economic policy to promote entrepreneurial development and economic growth.

An Impact of CRM at Max Fashion Retail Limited

Effective customer relationship management (CRM) is essential for maintaining competitive advantage in the retail fashion industry. At Max Fashion, CRM strategies have been designed to enhance customer loyalty, streamline communication, and improve overall customer satisfaction. This study examines the various CRM practices employed by Max Fashion, including the use of customer data analytics, personalized marketing campaigns, and loyalty programs. By integrating technology such as CRM software and social media platforms, the company aims to better understand customer preferences and purchasing behaviour. The research highlights how these strategies contribute to increased customer retention and long-term business success. Through a combination of qualitative interviews with Max Fashion's management team and quantitative data analysis from customer feedback, the study identifies the key factors driving CRM effectiveness. This research provides valuable insights for fashion retailers seeking to implement or refine their own CRM strategies in an increasingly digital marketplace

Identifying factors of online shopping and influence on purchase intention of product among Saudi consumers: The mediating role of consumer trust

The rise of Internet technology has transformed consumer shopping behaviors, offering convenience and a wide range of options, making online shopping increasingly popular. In Saudi Arabia, this trend has grown significantly due to higher internet penetration, technological advancements, and shifting consumer preferences. However, building and maintaining consumer trust remains a crucial challenge. Despite the growing interest, there is limited research on the unique aspects of Saudi consumers’ online shopping behaviors. This study aims to address this gap by identifying key factors influencing these behaviors and examining their impact on purchase intentions, with a focus on the mediating role of consumer trust. This study explores factors influencing online shopping behavior and their impact on purchase intention, with a focus on consumer trust as a mediator. Using a survey of 573 respondents from Jeddah and Medina, Saudi Arabia, key factors identified through literature review include perceived usefulness, ease of use, risk perception, website quality, and social influence. The quantitative analysis revealed that customer service and return policies, information quality, perceived convenience, ease of use, usefulness, cost-saving, product variety, and social influence significantly affect consumer trust, which in turn enhances purchase intention. These findings provide valuable insights for businesses to optimize digital strategies, enhance consumer engagement, and foster long-term customer relationships, thereby boosting satisfaction and online business success.

The Operation Management Practices of Night Market Vendors in Selected Cities and Municipalities in the Province of Albay

The study examined the operation management practices of night market vendors in selected cities and municipalities within the Province of Albay and utilized a quantitative research approach and a descriptive- correlational design. Data from 206 vendors were collected through a self-administered questionnaire, employing a stratified sampling technique. The research aimed to identify significant differences in operation management practices based on vendor profiles and to explore the significant relationship between these practices and encountered challenges. Results indicated that the majority of night market vendors were aged 51-60, predominantly male, high school undergraduates, and married. They typically started with initial capital below Php10,000, had operated for 3-5 years, and earned daily income below Php5,000. Sole proprietorship was common, with 1-2 employees. Vendors reported high involvement in procurement, product preparation, pricing, sales, marketing, and customer service. Internal challenges such as sourcing, lack of proper storage facilities, managing costs, lack of innovation, and staff training engagement were noted, along with external challenges like compliance, weather conditions, competition, negative online reviews, and customer relations. While vendor profiles did not significantly affect operation management practices, a significant relationship existed between these practices and internal challenges. However, no significant relationship was found between operation management practices and external challenges. Based on these findings, a Night Market Operations Business Manual was proposed to improve operation management practices, encourage collaboration, and address challenges for enhanced business success and sustainability.

The Correlation Between Archetype Personality and Business Success in Small and Medium Enterprises (SMEs) in Java Island

The Correlation Between Archetype Personality and Business Success in Small and Medium Enterprises (SMEs) in Java Island

Am I Successful? An Answer of Women Entrepreneurs

The success of women entrepreneurs is almost uniformly judged by financial criteria. As a result, the so-called underperformance hypothesis is put forward. However, this hypothesis may be ill-founded, and it may serve to reproduce and reinforce myths about women and entrepreneurship. It is important to understand what success means for women entrepreneurs operating in a given socio-economic context before we label them as underperformers. Moreover, although the importance of the contextual approach is recognized, some contexts are under-researched and less visible. Results from North America and Western Europe cannot be replicated in other contexts, especially in developing countries or patriarchal societies. For different contexts, we need new evidence. And this new evidence can make us realize that some concepts need to be revised to capture the collective vision of entrepreneurs. Instead of one paradigm, we should recognize the existence of a diversity of forms, motives, and understanding of success in entrepreneurship, as well as the contexts in which it occurs, to ensure holistic knowledge on entrepreneurship. To respond to these challenges, the research is conducted on a sample of 300 female entrepreneurs in the Republic of Serbia who operate in manufacturing. The respondents were asked to state what business success means to them and then to subjectively assess how successful they are according to the same criteria. In this way, the research results reveal how successful women entrepreneurs are, but measured in a way that reflects their perceptions of success. Results show that the importance that a certain criterion has for female entrepreneurs as an indicator of success is positively related to their success measured by that criterion. Not imposing on women entrepreneurs the usual measures of business success, the paper responds to calls to de-masculinize women’s entrepreneurship research by introducing gender-specific variables and widening the set of measures of success. In doing so, it is placed in specific and under-researched contexts of a developing country and manufacturing industry. In this way, the paper further contributes to the enrichment of the entrepreneurship knowledge base.

Fast food investment in Barbados: the experience of McDonald’s

Learning outcomes Specific teaching and learning objectives include to identify factors influencing market expansion decisions and recommend appropriate entry modes, understand factors in the international business environment that contribute to success or failure of international businesses in developing countries, evaluate strategies enabling international businesses to sustain market presence in developing countries and overcome local competition, analyze the concept of local responsiveness in international business operations and suggest strategies for internationalizing domestic companies from developing countries. Case overview/synopsis The McDonald’s case examines the challenges associated with market expansion by global brands. The case occurs during the early-globalization era in the 1990s. Barbados, a developing country, is the site for potential expansion. Prospective investors, the Winters, are desirous of establishing a McDonald’s in Barbados. They need to thoroughly analyze the previous experience of McDonald’s against the host country’s current international business environment, e.g. political, economic, cultural and competitive environment. This case analysis provides a framework for understanding the multifaceted reasons behind McDonald’s exit from Barbados, considering the complex interplay of political, economic, sociocultural, technological and legal factors in the international business environment. The case equips the instructor and students to explore the risks of international expansion, particularly in developing country markets. The case study on McDonald’s failure in Barbados highlights the need to thoroughly examine one’s market entry strategy and available information on the host market and be more locally responsive regarding tastes and preferences. The case study also presents essential lessons for firms and planners from developing countries. Local firms innovated and enhanced their operations in response to the threat from the entry of the global fast-food giant. Yet, they did not seek to internationalize once McDonald’s exited the Barbadian market. The case study, therefore, considers strategies firms from developing countries could utilize to penetrate markets from developed countries. Complexity academic level At the undergraduate level, the McDonald’s Barbados case can be used in international business classes to highlight risks in the international business environment and the need for a carefully planned and executed market entry strategy. Supplementary materials Teaching notes are available for educators only. Subject code CSS5: International Business.

Factors influencing the success of local craft tourism businesses

Factors influencing the success of local craft tourism businesses

Business Transfers in Entrepreneurship Education: A Gap Covered by Buyer School and Successor School

Aging is a great challenge for European societies. When the time comes for the entrepreneur to retire, either a business transfer takes place or the firm ceases to exist. This means there is an increasing need for ‘takeover entrepreneurs’. Entrepreneurship education to improve entrepreneurial competencies or learn about starting a business is common in European HEIs, but there is relatively little attention given to family business succession as a career choice and practically none to entrepreneurship through acquisition. Entrepreneurship courses focus on starting a business, implicitly carrying the assumption that this is the sole way of becoming an entrepreneur or implementing a business idea. In this descriptive paper, a Buyer School and a Successor School developed by one university to bridge the gap is showcased and the rationale behind their development is discussed. The authors conclude that Successor and Buyer Schools show promise in closing the distance between HEI entrepreneurship education and the lived experience of entrepreneurial life. It is hoped that other HEIs are encouraged to offer similar courses or, failing that, to refer to takeover entrepreneurship in their other courses.

A Literature Review: The Impact of Digital Transformation on Financial Performance

In recent years, digital transformation (DT) has emerged as a significant driver of organizational change, promising to revolutionize business processes, enhance operational efficiency, and ultimately improve business success. This literature review examines the empirical evidence surrounding the impact of DT on financial performance (FP) across various industries and organizational contexts. The review synthesizes findings from empirical research to provide insights into the mechanisms through which DT influences key performance metrics such as profitability, revenue growth and return on investment (ROI). Through a comprehensive analysis of existing literature, this review aims to contribute to a deeper understanding of the complex relationship between DT and FP and to provide valuable implications for both scholars and practitioners seeking to navigate the digital landscape effectively.

Business English Literacy in Improving the Effectiveness of MSME Businesses

This study examines the impact of Business English literacy on the effectiveness of Micro, Small, and Medium Enterprises (MSMEs). This study employs a qualitative research design to investigate the impact of Business English literacy on the effectiveness of Micro, Small, and Medium Enterprises. In today's globalized business environment, proficiency in Business English is crucial for MSMEs seeking to expand their market reach, engage in international trade, and enhance communication with global partners. The research explores how improved English literacy contributes to better business outcomes, such as increased sales, optimized marketing strategies, and more efficient operations. The study underscores the strong correlation between Business English skills and business success by analysing case studies and conducting surveys with MSME owners and employees. Investing in Business English training programs can significantly enhance the growth and competitiveness of MSMEs in the global market.