Towards a new framework for SMEs success: a literature review

SMEs have long been established as an effective mechanism to generate employment and promote economic growth. Even though there has been significant empirical research on the determinants of small business success, there is still no agreed-upon definition of SMEs and business success, no unifying theory and with success factors varying with the business environment (country and industry). Knowledge remains more fragmented than cumulative. This paper reviews and synthesises empirical contributions in the small business success literature from the early 1990s with a view to consolidate knowledge. This is done in the form of a conceptual framework that categorises success factors into entrepreneurial, enterprise and business environment. The paper concludes that more empirical research is needed to develop a more unified approach to SMEs success factors and informs thinking on this critical to policy makers and business owners area.

http://doi.org/10.1504/IJBG.2017.10001686