Business Success Factors Research Articles

Performance of the economy of Vojvodina: Empirical analysis

It is very challenging, continuously topical, significant and complex to research the performance of the economy, region, sector and company by applying, individually or integrated, different methods of multi-criteria decision-making. Bearing that in mind, this paper analyzes the performance dynamics of the economy of Vojvodina using the LMAW-DNMA method in order to improve it in the future by applying relevant measures. According to the results of the LMAW-DNMA method of selection and ranking of years according to the financial performance of the economy of Vojvodina in the period 2014-2021, it is as follows: 2021, 2020, 2018, 2019, 2017, 2016, 2015 and 2014. In the period 2014-2021, the best financial performances of the economy of Vojvodina were achieved in 2021 and the worst in 2014. Taken as a whole, the economy of Vojvodina is characterized by a continuous improvement in financial performance. Among other things, the effective management of critical business success factors (price, costs, time, quality, innovation and growth, etc.) contributed to this.

COMPARATIVE ANALYSIS OF THE TRADE PERFORMANCE OF THE COUNTRIES OF THE EUROPEAN UNION, SERBIA AND BOSNIA AND HERZEGOVINA - EMPIRICAL APPROACH

<p>The issue of measuring and analyzing trade performance is continuously relevant, significant and complex. It is particularly challenging to investigate trading performance using different multi-criteria decision-making methods. In this way, considering the comparison of a large number of alternatives in relation to several criteria, a more realistic knowledge of trade performance is gained in the function of improvement in the future by applying relevant measures. Based on that, this paper analyzes the trade performance of the countries of the European Union, Serbia and Bosnia and Herzegovina based on the LMAW-DNMA method. According to the results of the LMAW-DNMA method, the top five countries of the European Union in terms of trade performance include: France, Germany, Spain, Poland and Italy. In terms of trade performance, the leading countries of the European Union (Germany, France and Italy) are well positioned. Malta is positioned in the last place. In terms of trade performance, Croatia is better positioned than Slovenia (21st and 23rd place, respectively). Serbia ranked twenty-second in terms of trade performance. It is positioned worse than Croatia, but it is better than Slovenia. The trade of Bosnia and Herzegovina took twenty-sixth place in terms of performance. It is worse positioned in relation to the performances of Croatia, Slovenia and Serbia. In order to improve the trade performance of European Union countries, especially Serbia and Bosnia and Herzegovina, it is necessary to manage more efficiently the number and size of companies, human resources, employee costs, turnover and added value. The target profit can be achieved by adequate control of these and other critical factors of business success.</p>

Keunggulan Bersaing, Aliansi Strategis, dan Manajemen Pengetahuan: Sebuah Kerangka Konseptual

Competitive advantage is one of the success factors of businesses in managing their resources and capabilities. An organization must be able to outperform the competition through the creation of unique, rare, and valuable products. Business units can increase their competitiveness through strategic alliances. Theoretical studies related to the factors that a business unit can carry out in the formation of alliances are necessary for increased competitive advantage. The purpose of this study: first, to provide a review of the latest literature related to competitive advantages that can be achieved through alliances. Second, identify the upcoming research agenda. Third, it recommends a new research framework. This research used the systematic literature review method. The data used in this article comes from proposed future research agendas from 23 previous research articles published in the last 5 years (2018-2022). The output of this study is the recommendation of a theoretical framework.

Success factors for renewable energy businesses in emerging economies

Purpose With a growing demand for safe, clean and affordable energy, emerging economies (EEs) across the globe are now seeking to create and rapidly develop renewable energy (RE) businesses. The success of these businesses often hinges on their ability to translate RE into sustainable value for energy consumers and the multiple stakeholders in this industry. Such value includes low production costs due to an abundance of natural resources (e.g. wind, water and sunlight) and public health benefits from reduced environmental pollution. With that in mind, this paper aims to gauge RE’s potential for sustainable value creation and then develop an effective RE business strategy. Design/methodology/approach This paper develops a structural equation model, conducts an exploratory factor analysis, confirmatory factor analyses with and without common latent factors and proposes a moderated mediation analysis to identify a host of factors that influence the success of RE businesses. Findings This paper discovers that RE business performance is significantly affected by integrated vision, intellectual capital and social capital. Originality/value To the best of the authors’ knowledge, this paper is one of the first empirical studies that identify various factors influencing successful RE businesses in EEs such as Asian (e.g. China and India) and Latin American countries.

The relationship between digital solution selling and value-based selling: a motivation-opportunity-ability (MOA) perspective

PurposeValue-based selling (VBS) is increasingly a key success factor in business to business (B2B) settings, but its relationship with digital solutions selling (DSS) has not been explored. This study aims to develop a motivation-opportunity-ability (MOA)-based model that shows how an individual salesperson’s task-specific motivation to implement DSS affects personal capabilities to engage in DSS-related internal coordination, customer networking and ultimately VBS behavior. The authors also account for the supervisor’s DSS-focused behavioral control as the opportunity variable, potentially influencing all other variables in the framework.Design/methodology/approachThe authors test the model and hypotheses using data of 178 salespeople from a B2B company growing its digital solutions business. Path modeling and SmartPLS software are used to estimate the model.FindingsThe results demonstrate the key importance of DSS implementation motivation to implement VBS. The findings emphasize the mediating role of salespeople’s ability to collaborate with colleagues and engage in customer networking to configure the right idiosyncratic digital solutions and demonstrate these solutions’ economic value. Supervisors have a fundamental role in directly and indirectly stimulating DSS motivation, DSS-related customer networking ability and VBS.Research limitations/implicationsThe study has several limitations. The authors examined a single company. In addition to internal coordination and customer networking, other relevant abilities of salespeople could be considered as mediators between DSS and VBS. Similarly, other opportunity factors may be analyzed in the future, such as supervisors’ risk orientation and ability to stimulate team spirit. Future research could also investigate other salespeople’s individual talents and additional organizational support variables that predict a salesperson’s behavioral and outcome performance in DSS and VBS.Practical implicationsCompanies willing to adopt VBS should acquire, develop and retain salespeople characterized by strong motivation to implement DSS. Supervisors should adopt a DSS-focused behavioral control, and companies should support supervisors through appropriate training on how to manage detailed feedback to salespeople constructively and sales performance management systems that systematically track DSS-related sales force activities and results. Companies should also facilitate DSS-related teamwork, for example, through team incentives, and DSS-related customer networking, for instance, through appropriate sales enablement platforms and tools.Originality/valueThe research addresses the communalities and differences between solutions selling and VBS, suggesting a causal relationship. While prior research has analyzed solutions and value mainly as corporate strategies at the organizational level, the current study considers implementation at the individual salesperson level. The study focuses on digital solutions, which are more uncertain and complex to sell than traditional solutions.

Determination of Critical Factors for Success in Business Incubators and Startups in East Java

The reference to the success factors of incubators and startups in running their business so far has been ambiguous. The purpose of this study is to analyze the critical factors that can affect the success of incubators and startups. The quantitative research method describes the research results. The study locus is in East Java Province, Indonesia with primary data from respondents in five regions: Banyuwangi, Jember, Madiun, Malang, and Surabaya. The number of respondents was 41 from incubators and 59 from startups with identification of domicile, type of business, and business turnover. Data was collected using surveys and interviews with 100 respondents. The analysis in this study uses eleven factors that are assumed to be factors of business success that have been tested with Kaiser Meyer Olkin Measure (KMO), Measure of Sampling Adequacy (MSA), Bartlett’s test, and Cronbach Alpha. The critical point used for the KMO value is between 0.5 and 1, the MSA test critical point is 0.5, Bartlett’s test is less than the significance level (α = 0.05), and α cronbach ≥ 0.60. The analyzed factors are as follows: synergy products; processes; innovation management; communication; culture; experience; information technology; innovation skills; functional skills; and implementation skills. As a result, incubators and startups agree on eleven critical factors to building their business success, but there are differences in the priority scale between incubators and startups on these eleven factors.

The Critical Success Factors for Sustainability Financial Technology in Vietnam: A Partial Least Squares Approach

This paper helps in determining the critical success factors (CSFs) for sustainability financial technology business. An attempt is made to study the influence of were found CSFs to be key aspects of a business that must go well to ensure the success of an organization. These CSFs include issues that are vital to a company’s operating activities and its future success. The study collected data from 253 respondents through a structured questionnaire. Partial Least Square Structural Equation Modelling has been adopted to analyze the data through SmartPLSv3. For better understanding, we emphasize that companies within the same industry may exhibit different CSFs due to anomalies in their environmental situation or strategic situations, which might pose as a challenge for this study and the future exploration towards a general set of CSFs for sustainability fintech companies. The research concluded the presented seven CSFs with the following customer centricity, low profit margin, agility, scalability, security management, innovation, and compliance easy. The findings of the paper are beneficial for fintech enterprises and marketers to enhance the awareness and advantages of financial technology according to the needs of consumers and add value to the existing literature on the future sustainable financial technology businesses.

Success Factors of Startups in Research Literature within the Entrepreneurial Ecosystem

What are the most important factors for the success of a startup? This study aims to shed light on this issue through the statistical analysis of a bibliographical sample of 60 recent articles. Through a detailed study of the selected literature, but from the perspective of business experience, we have identified the comparative relevance of those factors that recent research has highlighted as the main drivers of start-up success. Our analysis allows us to define a core of seven practical business success factors supported by the academic literature (Core-7 SF). This core makes it possible to identify the intersection between success in business practice and academic research. Our Core-7 SF shows that the most important variable to predict the success of a start-up is the Idea, followed by the CEO’s Leadership, the Business Model, the Marketing approach, and the Entrepreneurial Team. In addition, we found some differences between the geographic areas of affiliation of the authors, suggesting that cultural characteristics influence the weight given to the various reasons for success.

Selected Filipino-Chinese small-medium entrepreneur communication management practices in the Philippines

Chinese entrepreneurial activities diaspora in Southeast Asia have received ample attention in academic debates. This academic attention is related to an impressive business presence of ethnic Chinese companies in the region, which seek explanations. Several works of literature have emerged arguing that because of specific cultural traits (personal networks, ethnic affinity, and Confucian Work Ethics), ethnic Chinese businesses function successfully in their new home countries and business contacts across borders. This study aims to describe the communication management practices of Filipino-Chinese Small Medium Enterprises (SME) entrepreneurs in terms of planning, leadership, organising and control. The method used in this study is phenomenology with data collection using interviews with six respondents and three Philippine government officials. The conclusion of this study shows that in terms of risk behaviour, the Filipino-Chinese entrepreneurs had a positive outlook by believing that taking risks is one key factor in business success.

Implementation of Circular Business Models for Olive Oil Waste and By-Product Valorization

Mediterranean olive oil producers have multiple incentives for adopting circular business models and better resource management, facing water scarcity and huge amounts of waste, but also seeing new opportunities for value creation. This article aimed to understand how circular business models valorizing olive oil waste and by-products are implemented. Ten business cases from six Mediterranean countries were studied, mainly based on semi-structured interviews with enterprise managers. Data were analyzed according to the business model canvas elements, success factors, and barriers while considering the institutional context. The results highlight the diversity of activities, types of resources used, and partnerships and products offered in different market segments. The principles of biowaste conversion and circularity, such as cascading, upcycling, recycling, and recovering, are all applied. The key success factors comprise an environmental concern, knowledge about biotechnologies, markets and logistics, a long-term commitment to the sector, local availability of resources, legislation, subsidies, and product acceptance by consumers. The main barriers include a lack of specific public financial support, an insufficient knowledge transfer from research to olive oil producers, and a lack of articulation of needs for research by the enterprises. More public-private collaborations and multi-stakeholder projects are needed for further shifting to a circular economy in the olive oil sector.

Business success factors of Latvian and Swedish forestry contractors

ABSTRACT The economic viability of forestry contractors is a long-term topic of debate among forest sector professionals and researchers. The forestry contractor business depends heavily on the primary buyers of their services, with a plethora of factors influencing successful business. A survey of 110 forestry contractors from Latvia (LVA) and Sweden (SWE) indicate that the skillfulness of employees, teamwork, good collaboration with business partners, treatment of employees, demand, favorable weather conditions, quality of work, good contract rates, investment in new machinery, and experience in the sector were important factors for success in the forestry contractor business. However, there are differences between the two countries in business-influencing factors. Entrepreneurial orientation (EO) and financial indicators such as net turnover, net profit, return on assets, return on sales, and the number of employees were significantly higher for LVA forestry contractors. At the same time, net profit per employee and net turnover per employee were` significantly higher for SWE forestry contractors.

A multidimensional approach in examining the role of self-efficacy on innovative work behavior: Evidence from the creative industry

Innovative work behavior is a significant factor for business success, including in the creative industry. This paper aims to explore the effect of self-efficacy on the innovative work behavior of employees in the creative industry sector. This study uses a quantitative research approach. It was conducted on small and medium enterprises in the creative industry sector in Labuhanbatu and South Labuhanbatu regencies, Indonesia. The participants in this study were employees and managers in the creative industry. The sampling technique is non-probability sampling. A total of 250 questionnaires were distributed, and 216 questionnaires were returned. Therefore, the samples in this study were 216 respondents. After the data were collected, they were processed by the Structural Equation Modeling (SEM) method, which uses a multidimensional approach to testing the hypothesis. The results revealed that innovative work behavior was influenced by self-efficacy. Based on the results of the multidimensional analysis, it was shown that the most influential dimension in measuring innovative work behavior was the idea champion. In addition, the strength dimension dominantly influenced self-efficacy as the most influential dimension. The originality/value of this paper is that the analysis using multidimensional analysis shows that self-efficacy can predict innovative work behavior. The SMEs in the creative industry are suggested to give support to enhance their capability to improve employee self-efficacy and innovative work behavior.

Exploring key success factors of sustainable start-up business

This research aims at exploring key success factors of local start-ups in transforming social and environmental problems into opportunities to develop sustainable start-up business. To address the research objective, case study was conducted on two local start-ups that have successfully attracted the attention of large investors, namely Bukaloka and Gringgo. In-depth interviews were conducted with two start-up’s leaders/founders, four start-up’s consumers, and three co-working space managers. Several documents were also collected directly from the informants to support and validate the results of the interviews. Codes and themes were identified from the interview transcripts analysis, some significant quotes were then taken to support the analysis. The results show that there are five factors explaining local start-ups’ ability to transform social and environmental problems into business opportunities, namely: first, strong internal motivation of the founders to address social and environmental problems; second, founders’ experience; third, sound understanding of market responses; fourth, effective design thinking; and finally, effective product co-creation strategy. The five factors are interrelated, with the founder’s motivation factor being the foundation of the start-ups’ building block.

Manager's soft skills as a factor in business success

Manager's soft skills as a factor in business success

Sustainable cost management in the supply chain: A case analysis

In today’s constantly developing and changing world, businesses strive for superiority in various areas to survive and create competitive advantage. Businesses that can integrate sustainability into their activities can be more successful in this sense and take a step ahead of their competitors. The supply chain, which covers all the activities carried out in the process starting with the supply of materials until they are delivered to the end consumer, is another area where competition has been intense recently. To adapt to the order in the global environment, businesses need to adopt a different cost management approach while building their supply chains. While the cost management approach in earlier times only dealt with the management of costs arising within the enterprise, cost reduction processes in the modern age not only include the internal costs but also all the costs incurred throughout the supply chain outside the enterprise. Therefore, to achieve success and create a competitive advantage, the need to manage costs in an integrated manner arises. In this context, this study tackles the issue of sustainable cost in the retailing sector, which is an important element of the supply chain and has special importance in economic crises, with particular focus on Migros Trading Joint Stock Company (Migros Co.), one of the forty largest retail companies in the World. By analyzing the sustainability reports published by the company between 2016-2020, the factors affecting sustainability in retailing, sustainable value networks, and their sub-titles are examined in detail. According to the results obtained, in the specific case of Migros T.A.Ş., continuously developing the awareness of sustainability in the retail sector and particularly adopting sustainable cost management are very important factors for business success.

Strategic directions of growing the economic potential of the enterprise

The article considers and generalizes the definition of the category "economic potential", the author's interpretation of this definition is offered. Theoretical aspects of strategic increase of economic potential of enterprises are given. The economic potential of an enterprise is an integral part of the overall potential of any economic system. The economic situation in the country in recent years is increasingly conducive to increasing research in the context of economic development. There is usually no unambiguous interpretation of this definition, because as many scientists as there are opinions and approaches. Many scientists recommend conducting research on economic potential at both the macro and micro levels, which will take into account not only the factors of business development and its resource provision, but also the degree of impact on external capacity building and assess the consequences. The enterprise, as an economic system, independently forms, develops and uses its own economic potential at the discretion of management and for its effective development. Accordingly, the hypothesis arises that economic potential is the driving force of business competitiveness. That is, the competitive position of the company in the market depends on all factors of business success - ie economic potential. Achieving a high level of economic potential is the main criterion for the effective operation of the enterprise. This indicator characterizes the level of use of all resources of the enterprise, as well as its competitiveness in the market and the ability to respond to external and internal threats. When conducting a comprehensive assessment of the level of economic potential, it becomes clear what strategy should be used for its development and effective operation.

Developing a Small Business Educational Program for Growing Rural Businesses

This paper elaborates on the development of a small business certificate program in rural Kansas. Researchers and local practitioners suggest that there are differences between rural and urban small businesses and that most educational programs do not account for these differences. After exploratory research, the university team identified specific needs facing local businesses and tailored a program for their needs. A program structure and set of topics, paired with faculty experts was developed and implemented. Topics focused on developing an entrepreneurial orientation, as well as certain business fundamentals that were deemed critical to small rural businesses. Each topic was oriented toward the rural context where face to face business is more essential. A feedback loop was implemented leading to a shorter 8-week timeframe and some topic adjustments. To date, 378 firms have participated in the program and have shown an 80% survival rate. Specific feedback has indicated that business growth has occurred and that the respondents do perceive development in their entrepreneurial orientation. In addition, specific skill areas related to unique businesses have been improved. Lastly, the program participants have grown their regional business networks, which has been shown to be an important factor for rural business success.

Success factors of very small businesses in regulated context: Case of Moroccan insurance brokers

The development of small businesses and their success are part of many debates, both in academic and professional circles, with the aim of understanding the specificities of these businesses on which emerging economies depend. Variables acting on the success of these business types have been widely demonstrated through various previous research with a lack of intention for businesses in regulated sectors mainly characterized by the access factor, and the additional regulation. This observation may call into question the various results on the key factors of business success, evidently widespread in the entrepreneurial literature and consequently, leaves the question open on the validity of these success factors when we are dealing with small businesses in a regulated context. Starting from this problem, this paper tries to verify, through a sample of 318 very small enterprises (VSEs) active in the field of insurance intermediation in Morocco, whether the key success factors remain the same for regulated VSEs and if the specific regulations can affect positively the success of these small companies. The choice of the insurance intermediation sector finds its motivation in the importance of this highly regulated sector in the Moroccan financial sphere and also the specificities of this sector organized around companies of different sizes (mainly VSEs) who are in charge of the distribution of insurance and reinsurance products, designed initially by insurance companies and controlled by a governmental regulator. The data was collected true survey containing all variables considered to be explanatory of entrepreneurial success according to the literature. The target choice was made randomly, based on the list published by the regulator comprising all the approved insurance intermediation companies. The results of this research show that the variables considered to be explanatory of the entrepreneurial success of VSEs are not all valid for companies active in a regulated sector such as insurance. Indeed, the regulatory surplus standardizes the business model governing this profession and consequently allows, reaching an acceptable level of success with coverage of the various risks that could put the business in difficulty. As a result, we can admit that the equation of entrepreneurial success for small businesses change radically for an activity when it is framed by specific regulation and a supervisor in charge of its control. Classification JEL: M10 Paper type: Empirical research

Transformation of Value in Innovative Business Models: The Case of Pharmaceutical Market

Creating and developing innovative business models (BM) is currently one of the key success factors for contemporary business. Rapid complex changes in the world reemphasize the need to better understand how BM can be successfully innovated in different markets. The digital component of BM innovation comes under a special spotlight, using the example of a company within the pharmaceutical industry. In particular, this study demonstrates how BM innovation can be developed and implemented in practice within the pharmaceutical market, which accelerates its digital transformation to increase the value it brings to the healthcare systems around the world while sustaining the ongoing crisis. In order to do that, the current paper offers a framework for BM innovation that defines BM elements, BM innovation aspects, and BM innovation logic. The study covers six markets that represent different value creation systems and mechanisms. This paper demonstrates how technological innovations can be activated using managerial tools and insights and also how they can be combined into the holistic system based on the needs of the key value chain actors.

Selection of Logistics Service Provider for the E-Commerce Companies in Pakistan Based on Integrated GRA-TOPSIS Approach

Recently, the demand for third-party logistics providers has become extremely relevant and the key subject for businesses to enhance their service quality and minimize logistics costs. The key success factor for an e-commerce business is product delivery, and the third-party logistics service provider is responsible for that. Each 3PLP has its own business characteristics, meaning it is important to select the most suitable logistics provider for the e-commerce business. This study uses a combination of grey relational analysis (GRA) and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method, assisting decision makers in choosing the best logistics service provider for their e-business. A case study of an e-commerce company based in Faisalabad, Pakistan, was selected to demonstrate the steps of the proposed methods. In this process, seven criteria of logistics suppliers were considered, and then the best alternatives among four logistics provider companies were selected using the proposed method.