A study on the success factors of small and medium sized enterprises (SMEs)across different industries in Hong Kong

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A study on the success factors of small and medium sized enterprises (SMEs)across different industries in Hong Kong

 

Author: Ng, Chun-por Kenneth
Title: A study on the success factors of small and medium sized enterprises (SMEs)across different industries in Hong Kong
Year: 2000
Subject: Small business -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Management
Pages: viii, 40, [31] leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1511605
URI: http://theses.lib.polyu.edu.hk/handle/200/629
Abstract: This research examines the performance of small and medium enterprises across three different industries in Hong Kong, studying the influence of personal, management, strategic, and environmental factors on the business sales and profitability. Understanding the importance of particular relationships that result in successful micro-businesses is very important in a sense that small and medium-sized enterprises (SMEs) have contributed significantly to the economic growth and employment opportunity of Hong Kong. Four theoretical perspectives explain performance: personal, management, strategic and environmental factors. Each of these perspectives is associated with empirical work showing relationships between these factors and performance. Two questions directed this study: (1) What are the basic common factors affecting the success of small and medium enterprises among different industries in Hong Kong? (2) Are there any industry-specific factors affecting the success of small and medium enterprise in Hong Kong? What are these factors? A sample of 73 small business owners responded to a questionnaire survey was analyzed. Statistical analyses, including frequency count and Pearsons's correlations examined relationships between variables identified from literature review and performance, which was measured by profitability and sales. Demographic variables were also examined, and no significant findings between firm performance and "first born child" and "parent entrepreneur effect". The majority of Hong Kong entrepreneurs are male and married. This is consistent with the previous researches and prevalent culture of Hong Kong. Of the four theoretical perspectives, results showed that "business connection", "high level of education", "relevant working experience", "marketing skills", "personal selling techniques", "motivations", "emphasis on customers' needs", and "able to respond to market change" affected different aspects of performance; whereas "persistent in achieving goal", "prepare business plan" had no significant effect on performance outcomes. "Distinctive and unique product" and "penetrate target market" were performed very differently in different industries. These findings imply that to perform well, Hong Kong small business owners should gain related industry experience, business connection, education, marketing skills and able to motivate staff. More importantly, small enterprise owners should also aware the rapid changing of market and emphasize on various customer needs. Finally, this study also suggests that apart from the core success factors, there are certainly some industrial specific factors influencing on the performance of small firm differently across different industries. This finding further suggests that performance is, presumably, a function not only of a firm's organization strategies and management practices, but also of the matching between these variables and the firm's external industrial environment. In this aspect, further research is called for to replicate and reinforce these results.

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