Analysis on the Factors that Determine Sustainable Growth of Small Firms in Namibia
Keywords:SMEs, Sustainable growth, Business strategy, Hidden champions
AbstractThe demise rate of small firms every year is high worldwide and mostly these businesses struggle for many years without significant growth. Therefore, this study focused on identifying factors that contribute to the sustainability of growth for small firms in a developing country. Small firms are vital in the development and growth of bottom billion economies and are part of solutions to social problems that Namibia experience, inter alia, high unemployment rate. In developing countries, it is estimated that 45% of formal sector workers belong to SMEs and about 24% of GDP is contributed by small firms. SMEs are known for the common characteristics such as responsiveness, strategic agility, and leanness in operations management that are often aimed to meet and exceed variations of market demands. Thus far, it is crucial to study such behavior of small firms responsible for their growth or demise in the contemporary markets where small firms are crippled by raspy competition from MNCs.
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