Success elements of SMEs in Tagaytay City : An explanatory sequential mixed method approach
Ambunan, Liezel S.
Success elements of SMEs in Tagaytay City : An explanatory sequential mixed method approach Ambunan, Liezel S., Damaso, Christian De, Juan Joshua D, Humarang, Kervin T, Tafalla, Angela R. - Vol 2 (1) pages 24-56 : illustrations ;
I. ABSTRACT
This study was designed to determine the success elements of small and medium enterprises
(SMEs) in Tagaytay City. The study aims to provide ideal business models identifying the
element of success for SMEs. This study provides valuable information about the level of their
perceived success, the different factors, and how influential they are to the business success
of the respondents/participants. Specifically, it investigates if there is a significant relationship
between the business's perceived success and the level of influence of the factors on the
success of SMEs when grouped to the profile of the respondents. Most SME owners are
female, and most respondents are between the ages of 31 and 40. The results indicated that
the respondents perceived themselves as very successful. In addition, the findings revealed
that all the given factors are very influential to the success of SMEs in Tagaytay City.
Furthermore, the analysis confirmed the hypothesis and revealed no significant relationship
between the owner's perceived success and the level of influencing factors in the respondent's
profile. Moreover, loss of sales, strategy formulation, and customer decrease are the main
challenges the SME owner shares. However, participants revealed different strategies that
helped them cope with and address those challenging situations: reducing workforce costs,
borrowing funds, and building social support, which is also related to the two factors explored
in the quantitative part of the study. In addition, entrepreneurs highlight other vital factors that
enhance SME success. These factors are labeled as quality products and quality people. In
integrating quantitative and qualitative results, similar findings were found where the
subtheme building social support and borrowing funds reveals as the solution of SME owners
to cope with the challenges, and it gives a relationship between the factors to the quantitative
part, which is a social network and capital access.
2945-3038
SMEs
entrepreneurs
factors
Success elements of SMEs in Tagaytay City : An explanatory sequential mixed method approach Ambunan, Liezel S., Damaso, Christian De, Juan Joshua D, Humarang, Kervin T, Tafalla, Angela R. - Vol 2 (1) pages 24-56 : illustrations ;
I. ABSTRACT
This study was designed to determine the success elements of small and medium enterprises
(SMEs) in Tagaytay City. The study aims to provide ideal business models identifying the
element of success for SMEs. This study provides valuable information about the level of their
perceived success, the different factors, and how influential they are to the business success
of the respondents/participants. Specifically, it investigates if there is a significant relationship
between the business's perceived success and the level of influence of the factors on the
success of SMEs when grouped to the profile of the respondents. Most SME owners are
female, and most respondents are between the ages of 31 and 40. The results indicated that
the respondents perceived themselves as very successful. In addition, the findings revealed
that all the given factors are very influential to the success of SMEs in Tagaytay City.
Furthermore, the analysis confirmed the hypothesis and revealed no significant relationship
between the owner's perceived success and the level of influencing factors in the respondent's
profile. Moreover, loss of sales, strategy formulation, and customer decrease are the main
challenges the SME owner shares. However, participants revealed different strategies that
helped them cope with and address those challenging situations: reducing workforce costs,
borrowing funds, and building social support, which is also related to the two factors explored
in the quantitative part of the study. In addition, entrepreneurs highlight other vital factors that
enhance SME success. These factors are labeled as quality products and quality people. In
integrating quantitative and qualitative results, similar findings were found where the
subtheme building social support and borrowing funds reveals as the solution of SME owners
to cope with the challenges, and it gives a relationship between the factors to the quantitative
part, which is a social network and capital access.
2945-3038
SMEs
entrepreneurs
factors