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Factors That Determine Success Of Small And Medium Enteprises. The Role Of Internal And External Factors

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  • Wadim STRIELKOWSKI

Abstract

The paper investigates how the success of an enterprise, particularly a small enterprise, can be measured and quantified. The methodology undertakes a review of the state-of-the-art and comes with own suggestions for defining factors (or indicators) that determine success of small and medium enterprises (SMEs). The paper presents different approaches to defining enterprise success and discusses whether subjective or objective measures should be applied. Our findings directly inform the theoretical model presented in this study. The literature review enabled to draw both the theoretical model and the economic model that would test the success factors and their potential impact. This study offers an insight into the SMEs issue and their functioning on the market. The results have significant implications for the researches and policy-makers and can become a basis for preparing relevant enterprise support policies.

Suggested Citation

  • Wadim STRIELKOWSKI, 2012. "Factors That Determine Success Of Small And Medium Enteprises. The Role Of Internal And External Factors," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 7(3(21)/ Fa), pages 334-350.
    • Handle: RePEc:ush:jaessh:v:7:y:2012:i:3(21)_fall2012:p:334
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    References listed on IDEAS

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    Cited by:

    1. Petra Koudelková, 2014. "Innovation in Small and Medium Enterprises in the Czech Republic," Central European Business Review, Prague University of Economics and Business, vol. 2014(3), pages 31-37.

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    More about this item

    Keywords

    small and medium enterprises; theory of the firm; internal and external factors of enterprise success; economic modelling;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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