SMEs have always been hailed as economic drivers and the major employer, across industries and nations. And though receiving, perhaps, less attention than they deserve compared to their larger counterparts, their attributes, role and style have always intrigued business scholars. SMEs, however, have seen their identity and position against large companies and customers change drastically over the information technology revolution of the past two decades. A period that has partly weakened them against competition from large global companies, but which has also armed them with competencies and opportunities to do things and reach customers that were unimaginable in the recent past. This chapter undertakes a comprehensive review of extant scientific works to identify the range and nature of opportunities and challenges faced by SME in contemporary business in the context of digitalization and information and communication technological developments.

Digitalization of SMEs: A Review of Opportunities and Challenges

Determinants of survival and growth of small and medium enterprises in rural KwaZulu – Natal

This research explored the effects of the legal system on SMEs operations in the Nigerian economy. The study aimed to address the gap in literature discussing the legal system and SMEs’ operations in Nigeria. It focused on learning about the current level of support of the legal system for SME operations and as well as suggesting an approach to enhance effective SMEs’ operations in Nigeria further. The current study applied a conceptual review, relying on extant literature relating to the antecedence of the Nigeria legal system, focusing on the critical factors affecting SME practices in Nigeria. A key finding is the importance of the legal system functions to SMEs practice in Nigeria. It also highlighted the weaknesses of the legal system in providing the needed backing and conducive business environment for SMEs in Nigeria. A model was proposed, depicting the need for restructuring of the legal system, improvised support of other government functionaries and other relevant stakeholders, to facilitate SMEs’ operations and enhance their contributions to the Nigerian economy. The research ends with the suggestion for further research to consider other research methodological approaches, the development of alternative dispute revolutionary measures, as well as a comparative study involving two or more economies in order to project further learning on the legal system and SMEs’ operations.

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Operations of small and medium enterprises and the legal system in Nigeria

Based on the importance of small and medium-sized family businesses, with regard to their economic contributions, as well as the fact that their high failure rates limit their ability to positively contribute to the economic growth of South Africa, this study focused on selected marketing and branding practices of South African family SMEs, and whether these practices influence their financial performance and ultimately their survival. Against this background, the primary objective of this study was to investigate selected marketing and branding practices adopted by family SMEs in the Eastern Cape. An overview of the literature was provided whereby the nature and importance of SMEs, and more specifically family SMEs, were described. The various challenges SMEs face were explored, with marketing and branding being identified as one of the main challenges that contributes to the high failure rate of family SMEs. In addition to the marketing challenges faced by non-family SMEs, family SMEs face extra marketing hurdles, given the overlapping subsystem of family and business. However, despite these challenges, family SMEs are able to make use of their familial aspect by marketing and branding the business as family-owned. A positivistic research paradigm and quantitative research methodology was adopted for this study, using a descriptive research approach. The primary data collection procedures involved selecting the population, the sample, sampling techniques, and sample size. For the purpose of this study, the population consisted of all family SME owners operating within the borders of the Eastern Cape province. From the population, a sample was selected using both judgemental and convenience sampling. A total of 500 questionnaires were distributed, which resulted in 325 usable questionnaires, giving an effective response rate of 65.00 per cent. Given the cross-sectional nature of this study, a survey research method using a structured, selfadministered questionnaire was used to collect the primary data. The scales used to measure the factors under investigation were developed based on previous research. In order to assess the validity of the ordinal scales, tests for unidimensionality were undertaken. Only factor loadings exceeding the 0.5 cut-off point were considered significant. Not all the items loaded as expected. Only five of the original six items intended to measure the dependent variable Perceived financial performance loaded onto this factor. The researcher, together with two

Selected marketing and branding practices among small and medium-sized family business in the Eastern Cape

The literature on women entrepreneurs indicates that they have a positive influence on national economic growth and employment levels, yet the lived experience of women business owners in the highl...

The stakeholder ecosystem of women entrepreneurs in South African townships

This study investigated the challenges that are faced by entrepreneurs in the Nkonkobe Municipality in Eastern Cape Province of South Africa and the objectives were to identify and suggest solutions for the challenges. This study followed a qualitative research design and in-depth interviews were used to gather data from the respondents. Small, Micro and Medium Enterprises (SMMEs) owners and managers in the Nkonkobe Municipality were the target population. A sample of thirty respondents was drawn using purposive sampling method. Most of the respondents who participated in the study were from the agricultural industry, trading sector, and the arts and crafts industry. The challenges identified as impediments to the establishment, survival and growth of these SMMEs include lack of networking opportunities, lack of access to finance and inadequate government support. Recommendations were suggested to the SMME owners and managers, government agencies and the local municipality.

/pdf/challenges-faced-by-small-medium-and-micro-enterprises-in-1o4hvd5hvd.pdf

Challenges Faced By Small, Medium And Micro Enterprises In The Nkonkobe Municipality

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Challenges Faced By Small, Medium And Micro Enterprises In The Nkonkobe Municipality