Small Business Success Research Articles

Entrepreneurship dexterity and small business success culture in Nigeria

The study focuses on the effect of entrepreneurship dexterity on small business success culture in Nigeria. The specific objectives are to examine the effect of entrepreneurship innovativeness on small business success culture, determine the effect of entrepreneurship creativity on small business success culture and determine how entrepreneurship risk-taking affect sme accomplishment. The population consists of 100 staff in the selected microfinance banks in three senatorial districts in Delta State. The findings of the study showed that entrepreneurship innovativeness has a significant effect on small business success cultures, entrepreneurship creativity has a significant effect on small business success culture, and entrepreneurship risk-taking has a significant effect on small business success culture. The study concluded that innovativeness influences small business success as innovation will enable the firm to improve on current lines of products, bring into the market new products and use better production techniques or equipment that will enhance productivity. The study recommended that innovativeness dexterities increase the likelihood that a firm will realize first-mover advantage and capitalize on emerging market opportunities and generate extraordinary economic performance.

The effect innovation cloning to small business success: entrepreneurial perspective

It is challenging to run a business during the COVID-19 pandemic, because the owners and the small business leaders must be responsible for success. Leaders need to innovate and look for sources of innovation, including practical inventions, such as innovation cloning. In this study, innovation cloning consisting of creativity cloning and implementation cloning is analyzed for its relationship to business success, in the form of owner’s interest and financial performance perspectives. This study aims to reveal the role of innovation cloning, creativity cloning, and implementation cloning in achieving business success based on the owner’s interest and financial performance. The study uses an explanatory survey. The number of samples is 155 entrepreneurs/small business leaders in Bandung City, Indonesia. Snowball sampling is carried out to obtain the data. Data processing uses descriptive statistics and multiple regression with the help of SPSS and Amos 23 software. This study found that creativity cloning and implementation cloning affected the owner’s interest, and implementation cloning affected financial performance. In contrast, creativity cloning does not affect financial performance. Creativity cloning and implementation cloning are correlated with each other. Creativity cloning and implementation cloning are proved to be one unit of cloning innovation. The leader’s expertise in choosing the object to be cloned and adapting it to consumer needs will facilitate company goals. Utilizing innovation, cloning, and modifying it is a practical way for small businesses to succeed. This research needs to be continued to see if there is a continuous pattern in these findings so those findings can be generalized.

Impact of Entrepreneurial Self-Efficacy and Entrepreneurial Motivation on Micro and Small Business Success for Food and Beverage Sector in East Java, Indonesia

The research aims to examine the impact of entrepreneurial self-efficacy and entrepreneurial motivation on the success of the food and beverage (F&B) sector’s micro and small enterprises (MSEs). The sample was selected using purposive sampling techniques from 267 MSE owners in the F&B businesses in Madiun City, Madiun Regency, and Magetan Regency, East Java, Indonesia. The test results of the hypothesis showed that: (1) partially, self-efficacy entrepreneurship and entrepreneurial motivation are significantly positive on business success in micro and small F&B businesses in East Java, Indonesia; (2) entrepreneurial motivation acts as a partial mediation of the influence of self-efficacy entrepreneurship on the business success of micro and small businesses in the field of food and beverage in East Java, Indonesia; abd (3) simultaneously, self-efficacy entrepreneurship and the influence of entrepreneurial motivation are significantly positive on business success in micro and small businesses in the food and beverage fields of East Java, Indonesia. The results showed that self-efficacy and motivation in entrepreneurship are necessary because they affect business success, particularly in micro and small F&B businesses in Indonesia. Further research can explore other factors that influence business success by expanding the research area and other types of creative industry businesses. Further research could explore other factors influencing business success by expanding research areas, such as entrepreneurial leadership and innovative work behavior.

Does the Formal Financial Sector Enhance Small Business Employment Generation in Nepal: Evidence from Cross-Sectional Data

Small business enterprises are widely recognized as a driving force of economic growth and development in any nation. Empirical evidence has shown that they contribute to job creation, help to alleviate poverty, and increase a nation’s level of productivity. In the exponential increase of small businesses, the role of the financial sector is crucial. This paper aims to identify the role of formal financial support in small business employment generation in Bouddhanath, Kathmandu. The study adopted a descriptive research design. Purposive sampling was used to select 285 business owners. A structured questionnaire was designed to collect their responses. Primary and secondary data was employed to analyze user status. Data analysis was performed with the help of descriptive analysis and a financial support index. The results showed that financial support plays a critical role in the enhancement of the small business sector, allowing businesses to create employment opportunities which further helps to maintain the Nepalese economy. The major challenges to the growth of small businesses in Nepal lie in securing initial funding and overreliance on credit. In addition, the ability to afford quality staff has an equally strong effect on the success of small businesses. Business growth clearly depends on the role of the formal financial sector to achieve the desired outcomes.

Rural Entrepreneurship Success Factors: An Empirical Investigation in an Emerging Market

Small businesses in rural communities play a key role in achieving global sustainable economic development because they are the driving force of poverty reduction, job creation, resiliency, and economic development. This study examines the factors that drive the success or failure of small businesses in rural communities in an emerging market. The methodology is survey interview research using a logistic regression model to test the Lussier success vs failure prediction model with a sample of 230 businesses (successful n = 120, failed n = 110) from the rural communities in an emerging market. This study supports the Lussier model validity (p < 0.01) with a high overall accuracy of 71% in predicting a venture as successful or failed. Capital, industry experience, staffing, and marketing skills are the most significant (t-values < .05) factors that distinguish successful from failed rural businesses in an emerging market. The findings can help future, and nascent rural entrepreneurs avoid failure and successfully contribute to economic development. Implications for government agencies, public regulatory bodies, financial institutions, investors, suppliers, educators, professional institutions, and society, as well as limitations and future research, are presented. This study also contributes to the international validity of the Lussier model that can be used in both advanced and developing economies, and it contributes to the development of theory.

Особенности корпоративной культуры в организациях малого бизнеса

One of the main tasks set by the President of the Russian Federation to the Government in May 2018 is the development of small and medium-sized businesses. In recent years, the number of small business organizations in the Crimea has grown significantly, which, on the one hand, develops the economic sector of the Republic and provides jobs, and on the other, creates the fiercest competition in a market economy. So, only in the Crimea, more than 90% of small businesses sell their services to consumers, and are not producers of goods. In addition, the services offered by such companies are not exclusive in the Crimean market. For a company to be competitive, it needs to be recognized and be ahead when compared to other companies. In fact, to ensure competitiveness, a small business company must have a stable positive image, be familiar to everybody. Otherwise, the lifetime of such a company is limited from 1 year to 3 years. The purpose of the article is to describe the results of the study of the corporate culture of small business organizations. Materials and methods. To diagnose the corporate culture of the organization, we used the OSAI method; to determine the styles and norms of behavior, to identify the leading motives of employees' activities – the method of diagnosing the socio psychological attitudes of the individual in the motivational- need sphere developed by O.F. Potemkina. In the course of the study of 7 Crimean small business enterprises, the authors identified several groups of enterprises with tendencies to different types of corporate culture. The motivational profiles of the enterprises included in the ascertaining experiment were studied. During the discussion of the research procedure and its results there were questions concerning the cumbersomeness of psychodiagnostic techniques that measure the type and level of formation of corporate culture, as well as determining the criteria for the success of small businesses with different types of corporate culture in the market.

The Relationship between Key Entrepreneurial Traits and Venture Uncertainty and Success

The owner-human manager's capital is crucial to the success of small businesses. Entrepreneurial success is influenced by a number of things. Many authors and researchers believe that an entrepreneur's success is substantially determined by his or her personality traits, but they disagree on the relative value of particular traits. With entrepreneurship's growing social value and the number of entrepreneurial endeavours on the rise, it's only natural to wonder what distinguishes successful entrepreneurs from the others. Entrepreneurial success has been viewed as a multifaceted construct comprised of micro and macro aspects. Personality differences between entrepreneurs, nonfounder CEOs/leaders, and inventor workers have gotten little study, particularly in collaborative environments. While entrepreneurship is one of the most researched issues in business, results on the characteristics of entrepreneurs have been mixed. From a macro cross-cultural and cultural perspective to a meso occupational perspective to a micro individual behavioural standpoint, the current study looked at entrepreneurs' personal attributes.

Being Alert Matters! A Sequential Interplay of Entrepreneurial Training and Business Outcomes

Recently the interest in argentic psychological factors promoting the small business sector is burgeoning. The scholarship in this field has called for not only developing the psychological traits in business owners but also to uncover the mechanisms through which these trainings influence training outcomes. To respond to this, we introduced individual entrepreneurial orientation (IEO) training based on Action Regulation Theory. Through a randomized controlled field experiment spanning 4 waves (T0= at the time of training, T1=6 months after training, T2=1 year after training, and T3= 2 years after training, each wave of 6 months apart); of 165 small business owners (training group=79, control group=86) in Pakistan, we found that individual entrepreneurial orientation training promotes the small business success. Moreover, we shed light on the serial mediating role of IEO behavior and opportunity exploitation in translating the training impacts into business outcomes. Lastly, we highlighted that individual action characteristics i.e., entrepreneurial alertness enables small business owners to be more efficient in opportunity exploitation after the individual entrepreneurial orientation training intervention. This study offers implications for entrepreneurial psychology, action-based training, and has practical takeaways for small business owners, trainers, and regulatory authorities.

Develop student entrepreneurship, intrapreneurship for student success

The COVID‐19 pandemic has disrupted the economy and entrepreneurship as we know it. For higher education institutions, this might mean that there's an opportunity for your institution to better serve the needs of your community by focusing on helping students build the competencies that will lead to long‐term community development and small business success.

Financial Strategies for Long-Term Success in Women-Owned Small Businesses

Failure of small businesses many times is because of poor implementation of long-term financial strategies. Women small business owners face many challenges in financing their small businesses because they may not have a financial plan. Interviews with 11 women small business owners in Cleveland County, North Carolina were completed to discuss ways to fund and sustain their small business. The success of women small business owners can strengthen the local economy by stimulating economic growth, increase the quality of life for the owner and their family, and can improve the standard of living in their community.

Develop entrepreneurship, intrapreneurship in adult students for economic success

The COVID‐19 pandemic has disrupted the economy and entrepreneurship as we know it. For higher education institutions, this might mean that there's an opportunity for your institution to better serve the needs of your community by focusing on helping students build the competencies that will lead to long‐term community development and small business success.

Pivot & Thrive: Supporting Small Business Success as an Agent of Positive Change

Faced with strict lockdown regulations in the response to the Covid-19 pandemic, small business owners enlisted new technology to come together and make better decisions about operating businesses in a difficult market. Using applied Appreciative Inquiry practices, the Pivot & Thrive community uses collaboration to create market opportunities. With the success of co-creation amongst members in Vermont, the Pivot & Thrive community is now opening its doors to invite participation from entrepreneurs across borders.

An analytical approach for optimization of computer network design considering the integration of the communication and power infrastructures

SummaryNowadays, computer networks are critical to the success of small and large businesses. They connect people, support applications and services, and provide access to the resources that keep the businesses running. Our work proposes analytical models and a methodology for supporting the optimization of the network infrastructure design, considering both technical and business oriented metrics, such as availability, reliability, and total cost. The integration of communication and power infrastructures is supported by this methodology. The dependability (availability/reliability) models were created using the Reliability Block Diagram and Stochastic Petri Net modeling mechanisms following a hierarchical approach. A case study considering the design of a real‐world network infrastructure is presented to illustrate the proposed methodology. The results showed a significant reduction in the design complexity as well as an improvement in the relationship between technical and business aspects.

The development of the relationship model of causal factors affecting the financial report quality and financial success of small and medium sized hotel business in Thailand

This research is a mixed research with the objective of develop a causal factor correlation model. And examining the consistency of the relationship model, causal factors affecting the quality of financial reports and financial success of small and medium-sized hotel businesses in Thailand. Developed according to theory and empirical data. The sample group was accounting and finance executives of small and medium-sized hotel businesses in Thailand. The research tool was a questionnaire. Statistics used in the analysis of structural equation Model data and in-depth interview. The research results for the quality of financial reports had a direct correlation with professional accounting skills, coefficient of 0.27, ethics in accounting profession, coefficient at 0.50 and management of accounting department. The coefficient of 0.32 for financial success had a direct correlation with the quality of financial reports 0.40, management of accounting department 0.51 and was indirectly related to professional accounting skills, coefficient of 0.11, ethics in accounting profession, coefficient of 0.20 by Pass the quality of financial reports and it has been confirmed that the model has become possible between a developed small and medium hotel business

Small Business Dynasties in Modern Russia: Strategies and Prospects for Reproduction

Reproduction of generational succession in small and medium-sized businesses is a basic element of the national economies of many Western countries. Russia’s socio-economic development is also guided by a significant increase in the SME sector. However, the relatively short period of development of market relations in our country, economic crises and transitivity of the status of family business (both in the legal field and in public opinion), instability of organizational and communicative practices of inheritance of capital are factors that prevent the formation of entrepreneurial dynasties in Russia. An empirical study of strategies for reproduction of entrepreneurial dynasties shows that small businesses in our country are less focused on educational strategies, through obtaining professional education. Professional continuity is based primarily on work experience (usually from grassroots positions) and mentoring from the older generation. However, the educational strategies are becoming more relevant at the level of prospects for including the third generation of heirs in the family business. Strategies of social (accumulation of mobilizable social relations) and symbolic (accumulation and multiplication of recognition capital) investment are common in dynastic reproduction. Family traditions and business experience are often associated with the ability to transfer social capital at a lower cost, the advantage of broadcasting and adopting informal business experience and business connections. Intergenerational continuity is ensured by the formation and translation of the family culture of the business dynasty with special value-identification meanings, including the special professional ethos of family business representatives.

Strategic adaptation: leadership lessons for small business survival and success

PurposeApproximately half of all new businesses fail within the first five years of operation. This study was undertaken to understand the behavior of small business (SB) leaders, including their decision-making processes and adaptive leadership practices that enable their organizations to survive during periods of general crisis and intense competition.Design/methodology/approachIn order to understand the lived experiences of our research participants, a constructivist grounded theory approach was used. Thirty-two CEOs and leaders from fifteen organizations were interviewed.FindingsIt was determined that successful SB leaders avoid organizational complacency by being continuous learners, who are agile and flexible in determining appropriate management strategies. Additionally, they leverage time management processes, build strong and productive relationship networks and create positive family-oriented workplace cultures to increase their odds of survival.Research limitations/implicationsThis qualitative study was limited to interviews, observations and analysis of organizational archetypes; therefore, the authors can establish a pattern in behavior but cannot make a causality claim.Practical implicationsThe findings provide SB leaders with effective concepts, practices and strategies from members of their peer group, which they can test, refine and implement.Social implicationsThe impact of business failures is often devastating financially and emotionally for the families and employees involved. Learning methods for strategic adaptation that may help avoid business closures could provide a positive societal contribution.Originality/valueThere is little empirical research about how SBs strategically adapt during challenging periods. This study helps fill that gap and provides an understanding of how SB leaders adapt to continuous challenges, create value and remain competitive in difficult business environments.

Can critical success factors of small businesses in emerging markets advance UN Sustainable Development Goals?

PurposeThis study contributes to answering the question, can critical success factors of small businesses in emerging markets advance United Nation (UN) Sustainable Development Goals (SDGs)? Specifically, this study aims to explore the critical factors contributing to the success of small businesses and ultimately the UN SDGs in the emerging market of Nigeria.Design/methodology/approachThe design is survey research testing the Lussier success vs failure prediction model for small businesses in Nigeria. The methodology includes a logistic regression model to better understand and predict the factors that contribute to success or failure using a data set of 201 small businesses in Nigeria.FindingsThe findings support the validity of the Lussier model (p = 0.000) in Nigeria as the model accurately predicted 84.4% of the small businesses as successful or failed with a high R-square value (R = 0.540). The most significant factors (t-values < 0.05) that predict the success or failure of businesses support the findings that business owners that start with adequate capital, keep records and financial controls, use professional advice, have better product/service timing, and have parents who own businesses can increase the probability of success.Practical implicationsThe study provides a list of critical success factors contributing to the growth of small business in Nigeria, the largest economy in Africa. The findings can help entrepreneurs avoid failure and advance UN SDGs 1, 2, 8 and 10. Implications for current and future entrepreneurs, public agencies, consultants, educators, policymakers, suppliers and investors are discussed.Originality/valueThis is the first study to determine the factors that contribute to the success or failure of small businesses in Nigeria using the Lussier model. It also discusses how to advance four of the UN sustainability goals. Results support the Lussier model's global validity that can be used in both emerging and developed markets, and it contributes to the development of theory.

Features of the work of small innovative enterprises on the basis of military institutions

The importance of this article need to develop a new approach to small business management. The emergence of new business practices requires a review of existing business management systems or the acquisition of new unique management skills. This article highlights the key differences between small industry and humanity and highlights the key aspects of work that should be considered when working with a small military planning organization. At the end of this work, decisions were made on the priorities in the life of the management of small capable companies, which will contribute to the formation of the management idea of such organizations. The paper shows that in the current economic crisis, the success of small businesses is largely due to the effectiveness of their new development system and the success of the new system in which they operate. Development and implementation by entrepreneurs and scientists of investment projects in the field of science, of production processes in small enterprises, to obtain greater opportunities for competition in international and international markets. The author considers the priorities of opening a small business, points out the problems that small businesses face during transformation, and indicates the best ways to solve emergency situations in the economic sector. The following is the share of organizations engaged in small innovative activities and their profitability over the past ten years. The author reflected the effectiveness of the creation of small innovative enterprises, forming the features of their work, displaying feedback and sources of innovative solutions. As a result, based on the survey data, I concluded that there is a positive trend in the growth of small innovative enterprises based on military institutions.

УСПІШНІСТЬ БІЗНЕСУ: ДИСКУСІЙНІ ПИТАННЯ ЗМІСТОВОЇ ІНТЕРПРЕТАЦІЇ ТА МЕТОДИЧНИХ ЗАСАД ОЦІНЮВАННЯ

Effective economic activity of any enterprise, regardless of size, is an important factor in the economic and social development of the country's economy, improving the welfare and quality of life of the population, increasing the GDP of the state and the like. To succeed in business today, entrepreneurs need to be flexible and have good planning and organization skills. The growing uncertainty and variability of the external environment require entrepreneurs and managers to be highly competent in setting up business structures. Accordingly, the question arises of determining the ultimate goal of the creation and operation of the business (enterprise), as well as the formation of the terminological field (set of terms), which are used for this purpose. The purpose of the article is to deepen the study of the problem of assessing the success of entrepreneurship and ways to increase the success of small and medium-sized businesses. The relevance of the article lies in the need to disclose the content of the concept of "enterprise success", which is an integral qualitative characteristic of the state of the enterprise, reflects the presence of competitive advantages and the potential for further development. The article describes the characteristics of the concept of "enterprise success" through the systematization of the definition of the concept by other authors and highlighting the key aspects of focusing attention. The methodological approaches to assessing the success of the business of various scientists are highlighted and their developments are analyzed. Theoretical research methods have been applied to form new hypotheses regarding the definition and analysis of academic performance. The result of the study was the selection and meaningful disclosure of the most important criteria for the success of an enterprise, including measures of success for both owners and consumers and partners / investors. A “portrait” of a successful enterprise has been formed.

Pengaruh Literasi Kewirausahaan dan Karakter Wirausaha terhadap Keberhasilan Usaha Kecil

This study aims to determine the effect of entrepreneurial literacy and entrepreneurial character on the success of small-scale business studies on culinary entrepreneurs in Enrekang district. This research is categorized as a quantitative descriptive study with a correlation approach. The population in this study were 100 entrepreneurs, and obtained a sample of 80 entrepreneurs who were culinary entrepreneurs in Enrekang district. Data collection was carried out by means of observation, documentation and questionnaire techniques. The analysis technique used is multiple linear regression. The results of this study indicate that entrepreneurial literacy (X1) and entrepreneurial character (X2) have a positive and significant effect on the success of small business (Y) culinary entrepreneurs in Enrekang district both partially and simultaneously. In this study, the most dominant variable influencing is the entrepreneurial character variable because it has a higher regression coefficient value than the entrepreneurial literacy regression coefficient value.