Kurdish Studies

ISSN: 2051-4883 | e-ISSN: 2051-4891
Email: editor@kurdishstudies.net

Characteristics of Micro, Small and Medium-sized Business Entrepreneurs Who Achieve Sustainable Success

Sunee Wattanakomol
Faculty of Business Administration, King Mongkut's University of Technology North Bangkok, Thailand
Keywords: Entrepreneur; Characteristic; Micro, Small and Medium Enterprises; Leadership; Personal Characteristic; Management Skill; Moral and Ethical.


MSMEs play a crucial role in the economy as significant employment providers, encompassing almost every business sector. In fact, over 90% of businesses in the country are categorised as MSMEs. Given the ever-changing economic conditions and environments, sustaining the success of MSMEs requires competent entrepreneurs capable of guiding their organisations towards their goals. This research aims to: 1) perform a second order confirmatory factor analysis on the characteristics of micro, small and medium-sized business entrepreneurs who have achieved sustainable successes, and 2) examine the relationship between the characteristics of micro, small and medium-sized business entrepreneurs who achieved sustainable successes. The study employs both qualitative and quantitative approaches, where Qualitative data is collected through in-depth interviews with 33 successful MSME entrepreneurs and quantitative data is a survey with 500 MSME entrepreneurs who are registered with the Department of Business Development and have maintained consistent profits for three consecutive years (2018-2021). This study contributes to the body of advanced knowledge in literature on characteristics and factors of successful MSME entrepreneurs. The results, obtained from the analysis of the developed second order confirmatory factor model, indicate that the evaluation criteria are met, and the results are well-aligned with the observed data. The key success factors are ranked in descending order of significance as follows: 1) moral and ethical aspects, which involve governing subordinates with fairness and integrity, 2) management skills, demonstrating well-rounded knowledge and adaptability in response to situations, 3) leadership attributes, representing bold, risk-taking, and decisive decision-making attributes in business operations, and 4) personal characteristics, comprising good interpersonal skills and approachable qualities. The results constitute both heuristic knowledge and practical guidance for entrepreneurs who aspire to attain a sustainable success.

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