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Consequences Of Failure And Challenges Of Small Business In South Africa: A Theoretical Review

Author

Listed:
  • Ikenna Franklin EZE

    (Walter Sisulu University, Mthatha, South Africa)

  • Thobekani LOSE

    (Walter Sisulu University, Mthatha, South Africa)

Abstract

In most nations, small businesses are viewed as vital to economic advancement. These smaller businesses can take advantage of environmental opportunities more effectively than huge corporations since they are more adaptable. Nevertheless, in the course of their activity, they also face numerous challenges. The study aimed to look at the challenges faced by Small businesses in South Africa and the consequences of small business failure within the country. The study also made recommendations on how to sustain these small businesses. This paper was written by employing a descriptive literature review. The descriptive literature review approach is an organised process that seeks out, collects, and evaluates published works in a specific area to identify any discernible patterns or trends. Every SME failure situation ought to be reviewed as a unique case and treated on its merit. Consequently, the success of small businesses would be found in the reverse of these elements, namely, entrepreneur capacity, enterprise competitiveness, and environmental conduciveness.

Suggested Citation

  • Ikenna Franklin EZE & Thobekani LOSE, 2023. "Consequences Of Failure And Challenges Of Small Business In South Africa: A Theoretical Review," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(3), pages 18-32, September.
    • Handle: RePEc:rom:bemann:v:13:y:2023:i:3:p:18-32
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    File URL: https://beman.ase.ro/no133/2.pdf
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    References listed on IDEAS

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    1. Faiza Manzoor & Longbao Wei & Noman Sahito, 2021. "The role of SMEs in rural development: Access of SMEs to finance as a mediator," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-18, March.
    2. Reginald Masocha, 2019. "Social Sustainability Practices on Small Businesses in Developing Economies: A Case of South Africa," Sustainability, MDPI, vol. 11(12), pages 1-13, June.
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    4. Kimble Byrd & Linda W. Ross & Caroline E. W. Glackin, 2013. "A Preliminary Causal Analysis of Small Business Access to Credit during Economic Expansion and Contraction," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 3(5), pages 1-6.
    5. Janice Byrne & Salma Fattoum & Maria Cristina Diaz Garcia, 2019. "Role Models and Women Entrepreneurs: Entrepreneurial Superwoman Has Her Say," Journal of Small Business Management, Taylor & Francis Journals, vol. 57(1), pages 154-184, January.
    6. Saastamoinen, Jani & Reijonen, Helen & Tammi, Timo, 2018. "Should SMEs pursue public procurement to improve innovative performance?," Technovation, Elsevier, vol. 69(C), pages 2-14.
    7. Vasileios A. Vlachos & Aristidis Bitzenis, 2016. "Tax compliance of small enterprises in Greece," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 28(2/3), pages 380-389.
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    9. repec:kap:iaecre:v:17:y:2011:i:4:p:476-483 is not listed on IDEAS
    10. Jaroslaw Ropega, 2011. "The Reasons and Symptoms of Failure in SME," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(4), pages 476-483, November.
    11. Clavis Nwehfor Fubah & Menisha Moos, 2022. "Exploring COVID-19 Challenges and Coping Mechanisms for SMEs in the South African Entrepreneurial Ecosystem," Sustainability, MDPI, vol. 14(4), pages 1-20, February.
    12. Elias Hadjielias & Michael Christofi & Shlomo Tarba, 2022. "Contextualizing small business resilience during the COVID-19 pandemic: evidence from small business owner-managers," Small Business Economics, Springer, vol. 59(4), pages 1351-1380, December.
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