The Effect of Conceptual Factors on Small and Medium-Sized Enterprises Business Success in Malaysia
Keywords:
Entrepreneurial Skill, SME, Government Support, Information Access, Business Plan, Malaysia
Abstract
This study was purposely conducted to examine the influence of conceptual factors such as external environment (i.e. government support and information access) and managerial expertise (i.e. business planning and entrepreneurial skills) on SMEs business success in Malaysia. The main objectives are to examine which factors that influences most on SMEs' business success. A survey was administered through a face-to-face approach to 115 individuals who run the SME business. We utilized SPSS version 20 software and analyzed the data using multiple regression analysis to test the hypothesis. Findings showed a significant relationship between all tested variables (government support, information access, business planning & entrepreneurial skills) and the dependent variable (business success of SME). Through multiple regression analysis, although all variables tested have a significant effect on SMEs' success, however, a greater influence is shown by entrepreneurial skills on the probability of SMEs' success. Findings are expected to contribute to improve the understanding of the obstacles or challenges that might be faced by SMEs. These findings also benefit policymakers and development partners to formulate policies related to improvement for SMEs. The useful information will help the SMEs continue to grow. At the same time, the government also can promote the development of competitive, innovative, and resilient SMEs through effective coordination and provision of business support that focuses on improving entrepreneurial skills. The research is useful for development partners in developing programs including searching for funds. Lastly, this study hopes to contribute to the body of knowledge concerning SMEs in Malaysia.
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References
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Alkahtani, A., Nordin, N. & Khan, R. U. (2020). Does government support enhance the relationship between networking structure and sustainable competitive performance among SMEs? Journal of Innovation and Entrepreneurship, 9(1), 14. https://doi.org/10.1186/s13731-020-00127-3
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Astuti, W., Supanto, F. & Supriadi, B. (2019). Entrepreneurial skills and SME’s business performance: Empirical study culinary business. Journal of Economics and Sustainable Development, 10(22), 160-166.
Bahari, N., Saufi, R. A., Zainol, N. R., Samad, N. S. A. & Yaziz, M. F. A. (2023). Entrepreneur’s Personality Traits and Firm Performance of Malaysian SMEs: Mediated by Market Orientation. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev, 8(1), 16.
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Elfahmi, S., Chandrarin, G. & Manan, A. (2021). The influence of external environment, internal environment, and motivation on competitiveness through the product innovation of Lasem Batik Tulis SMEs in Indonesia. International Journal of Business Innovation and Research, 24(4), 514-534. https://doi.org/10.1504/IJBIR.2021.114051
Greblikaite, J., Sroka, W. & Gerulaitiene, N. (2016). Involving Young People in Polish and Lithuanian Social Enterprises by Fostering Entrepreneurial Skills and Abilities as Entrepreneurial Opportunities at University. Entrepreneurial Business & Economics Review, 4(3).
Gupta, J., Barzotto, M. & Khorasgani, A. (2018). Does size matter in predicting SMEs failure? International Journal of Finance & Economics, 23(4), 571-605. https://doi.org/https://doi.org/10.1002/ijfe.1638
Hoang Vu, N., Anh Bui, T., Minh Nguyen, N. & Hiep Luu, N. (2021). Local business environment, managerial expertise and tax corruption of small- and medium-sized enterprises. Baltic Journal of Economics, 21(2), 134-157. https://doi.org/10.1080/1406099X.2021.1990473
Hopp, C. & Sonderegger, R. (2015). Understanding the Dynamics of Nascent Entrepreneurship—Prestart?Up Experience, Intentions, and Entrepreneurial Success. Journal of Small Business Management, 53(4), 1076-1096. https://doi.org/10.1111/jsbm.12107
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Indarti, N. & Langenberg, M. (2004). Factors affecting business success among SMEs: Empirical evidence from Indonesia. Journal of Asia Entrepreneurship and Sustainability, 3(2), 1-14.
Indris, S. & Primiana, I. (2015). Internal and external environment analysis on the performance of small and medium industries SMEs in Indonesia. International journal of scientific & technology research, 4(4), 188-196.
Jasra, J., Hunjra, A. I., Rehman, A. U., Azam, R. I. & Khan, M. A. (2011). Determinants of business success of small and medium enterprises. International Journal of Business and Social Science, 2(20).
Johnson-Hart, M. (2023). Strategies for Sustaining Success in Small Businesses in Nigeria (Publication Number 30688659) [D.B.A., Walden University]. ProQuest Dissertations & Theses Global. United States Minnesota.
Kakooza, J., Tusiime, I., Namiyingo, S., Nabwami, R. & Basemera, M. (2023). Business choice, location decision and success of small and medium enterprises in Uganda. Journal of Money and Business, 3(1), 108-121. https://doi.org/10.1108/JMB-08-2022-0041
Kasema, R. (2023). Key factors influencing the export performance of SMEs in Rwanda: evidence from the non-traditional export sector. Asia Pacific Journal of Innovation and Entrepreneurship, 17(1), 64-78. https://doi.org/10.1108/APJIE-02-2022-0014
Kesk?n, H., ?entürk, C., Sungur, O. & K?r??, H. M. (2010). The importance of SMEs in developing economies. 2nd International Symposium on Sustainable Development,
Kimaru, E., Ngugi, P. K. & Michael, A. M. (2022). Conceptual Skills and Sustainable Competitive Advantage of Small and Medium Food Manufacturing Enterprises in Kenya. African Multidisciplinary Journal of Research, 244-365.
Kozielski, R. (2019). Determinants of SMEs business success – emerging market perspective. International Journal of Organizational Analysis, 27(2), 322-336. https://doi.org/10.1108/IJOA-02-2018-1343
Lim, C. H. & Teoh, K. B. (2021). Factors influencing the SME business success in Malaysia. Annals of Human Resource Management Research, 1(1), 41-54. https://doi.org/10.35912/ahrmr.v1i1.380
Loué, C. & Baronet, J. (2012). Toward a new entrepreneurial skills and competencies framework: a qualitative and quantitative study. International Journal of Entrepreneurship and Small Business, 17(4), 455-477. https://doi.org/10.1504/IJESB.2012.050164
Marei, A., Abou-Moghli, A., Shehadeh, M., Salhab, H. & Othman, M. (2023). Entrepreneurial competence and information technology capability as indicators of business success. Uncertain Supply Chain Management, 11(1), 339-350.
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Msomi, T. S., Yearwood, V. M. & Msomi, M. P. (2022). Evaluating Access to Information, access to finances, firm competition and Small Medium Enterprise performance in South Africa: Array. The Journal of Accounting and Management, 12(2). https://www.dj.univ-danubius.ro/index.php/JAM/article/view/1551
Munikrishnan, U. T. & Veerakumaran, B. (2012). A survey on business success factors influencing budget hotels in Klang Valley. Journal of global entrepreneurship, 2(1), 21-35.
Mustapa, A. N. & Mohamad, A. (2021). Malaysian Government Business Support and Assistance for Small and Medium Enterprises: A Case of COVID-19 Pandemic Crisis. In B. S. Sergi & A. R. Jaaffar (Eds.), Modeling Economic Growth in Contemporary Malaysia (pp. 291-305). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-806-420211022
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Published
2023-11-11
How to Cite
Husain, N. A., Abd Rashid, I. M., Norhisham, N., Mohd Noor, N. H., & Kamarolzaman, N. (2023). The Effect of Conceptual Factors on Small and Medium-Sized Enterprises Business Success in Malaysia. Information Management and Business Review, 15(4(SI)I), 264-274. https://doi.org/10.22610/imbr.v15i4(SI)I.3600
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Copyright (c) 2023 Nor Azmawati Husain, Intan Maizura Abd Rashid, Norshiba Norhisham, Nor Hamiza Mohd Noor, Noraishah Kamarolzaman
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