Business Management and Innovation A Critical Analysis of Small Business Success
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Africa, North America
Description
In a management field, success and failure can be interpreted as measures of good or indifferent management, but it may occur for other reasons such as luck. Numerous terms have been used in the literature to describe firm failure, for example: bankruptcy, insolvency, liquidation, death, deregistering, discontinuance, ceasing to trade, closure, and exit. The overall aim of this research was to develop a clearer understanding of the factors that influence success of Micro Enterprises in Bamenda, as perceived by local Small business managers. The prime motive for conducting this study is to get a comprehensive model relating to the various success factors for small business managers. The mixed methods approach is used to avoid common method bias that could affect the results of this research study. In the first phase, a quantitative approach was employed in the form of a survey questionnaire, in order to identify the critical success factors for Small businesses in the city of Bamenda as perceived by Small business managers and to classify and compare successful and less successful Small businesses with respect to the identified factors. The second phase adopted a qualitative approach to explore how Small business Small business managers see the factors that facilitate business 'success' in relation to their experiences in Bamenda. This study has shown that understanding the success of small businesses from the perspective of small business managers is a complex challenge. Findings of the two phases of the study showed that a host of internal as well as external factors, which are usually moderated by other variables, seem to influence business success in Bamenda.
Overview
The important contribution of a vibrant Small businesses sector in the national economic and social development of a country has been widely recognized. In view of its increasing importance, the success of small businesses has been of interest to researchers, international organizations, and policy makers, at least since the Bolton report (1971), [6] and therefore has become the subject of a great deal of analysis. Attention to the Small business sector has heightened because of the globalizing economy and the increasingly severe competition that is inherent in this development.
The importance of Small businesses is well recognized in academic and policy literature [18]. Both developed and developing countries have realized the importance of Small businesses in economic and social development. In Europe, the annual report of European Small businesses confirmed that Small businesses remain the European Union's economic backbone despite the global financial crisis [1]. Representing 99.8 per cent of all enterprises, Small businesses contribute to 66 per cent of employment in the European Union. Small businesses in Cameroon play a pivotal role in the development of the countryÂ
Content
1.3. Research Objectives & Questions 1.3.1. Research Objectives The overall aim of this research is to develop a clearer understanding of the factors that influence success of Small Businesses in Bamenda, as perceived by local Small business managers. In order to achieve this overall research aim, three key objectives are set: 1. To identify the salient factors for business success in the opinion of Small business Small business managers in the city of Bamenda; 2. To examine differences between owner-managers of successful and less successful Small businesses in relation to the identified salient factors; and 3. To explore the experiences of start-up managers of the perceived factors contributing to business success. 1.3.2. Research Questions The aim of this research is to answer the following questions about the business and personal success of Small business managers in Bamenda in respect to the theoretical framework identified from the literature review: 1. What are the salient factors for business success in the opinion of Small business s managers in the city of Bamenda? 2. With reference to the identified salient success factors, what differences, if any, exist between the successful and less successful Small businesses? 3. How do Small businesses Small business managers in Bamenda see these factors for business success in relation to their social environment in the city of Bamenda? Â
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As for the external factors, it is widely recognized that successful organizations are those that best adapt to fit the opportunities and the constraints inherent in the environment in which they operate, the external environment of the enterprise can be classified into two dimensions, namely the general and competitive environments. The general environment consists of the political-legal, macroeconomic, socio-cultural, technological, demographic and global factors that might affect the organizations activities. On the other hand, the competitive environment consists of other specific organizations that are likely to influence the profitability of the enterprise, such as customers, suppliers and competitors. Several previous studies in both developed and developing countries have identified a range of external performance factors that relate to the general as well as the competitive environment of the firm