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The Success Factors of Small Business

Author

Listed:
  • Makarenko E.N.
  • Chernysheva Yu.G.
  • Polyakova I.A.
  • Makarenko T.V.

Abstract

Purpose: Small businesses in the economy of any country are of great significance. However, their viability is much lower than large and even medium ones. As is known, only a little number of the established small enterprises will not go bankrupt in a year, and they will succeed and continue developing for the next five years by expanding their activities. Even a smaller number of small enterprises will be able to transform into the medium one. Therefore, it is necessary to investigate the factors that assist to define the success of small businesses’ performance and development. Design/Methodology/Approach: This commentary note studies, identifies and generalizes the success factors of small enterprises described in the works of many successful entrepreneurs both in Russia and abroad. The authors use the toolkit and methods of economic analysis, consider quantitative and qualitative characteristics and features of small business development as well as entrepreneurial abilities that allow to identify key factors for small businesses’ success. Findings: The authors have found that many successful entrepreneurs describing their experience in managing business and identifying main success factors of small businesses have similar opinions in this area. These main aspects have been identified. Practical Implications: The note provides practical recommendations to entrepreneurs establishing their small businesses and trying to develop them successfully. It describes main secrets of business and philosophies of entrepreneur’s actions. Originality/Value: The authors’ position is because business success is achieved by people who have not only the necessary economic knowledge but also those who have the necessary mindset, so called philosophy of success, personal attitude including intuition.

Suggested Citation

  • Makarenko E.N. & Chernysheva Yu.G. & Polyakova I.A. & Makarenko T.V., 2019. "The Success Factors of Small Business," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 280-288.
  • Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special2:p:280-288
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    References listed on IDEAS

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    1. Karel HavlÃ­Ä ek & Eleftherios Thalassinos & Liliana Berezkinova, 2013. "Innovation Management and Controlling in SMEs," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 57-70.
    2. J.P. Kambey & N.F. Wuryaningrat & L.I. Kumajas, 2018. "Examining Leadership and Knowledge Sharing Role on Small and Medium Enterprises Innovation Capabilities," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 24-38.
    3. Yu. G. Chernysheva & G.I. Shepelenko, 2017. "Analysis of Moral-and-Ethic Business in Russia," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 311-318.
    4. repec:ers:journl:v:volumexxi:y:2018:i:issue4:p:292-303 is not listed on IDEAS
    5. repec:ers:journl:v:xvi:y:2013:i:sisme:p:57-70 is not listed on IDEAS
    6. repec:ers:journl:v:vi:y:2018:i:1:p:24-38 is not listed on IDEAS
    7. I.N. Sycheva & Y.L. Ovchinnicov & O.Yu. Voronkova & E.M. Akhmetshin & V.V. Kolmakov & A.G. Vasilieva, 2018. "Economic Potential and Development Prospects of Small Businesses in Rural Areas," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 292-303.
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    Cited by:

    1. Xu, Xiaoyan & Chung, Sai-Ho & Lo, Chris K.Y. & Yeung, Andy C.L., 2022. "Sustainable supply chain management with NGOs, NPOs, and charity organizations: A systematic review and research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).

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    More about this item

    Keywords

    Small business; entrepreneurship; success factors of small business; philosophy of small business success.;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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