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• W2078227359 abstract "ABSTRACT Local enterprises constituted 90 per cent of the total number of establishments, provided 44 per cent of employment and contributed 24 per cent of value-added in the economy of Singapore. Enhancing their success is critical to the future economic development of Singapore. This research aims to identify the factors that contribute to the success of local enterprises in Singapore. The methodological approach comprised the following: (a) a review of literature; (b) developing a questionnaire; and (c) sending the questionnaire to about 300 members of business associations. The survey results revealed the following findings: 1. Chinese dominate the businesses (72 per cent), male entrepreneurs dominate the scene (83 per cent), most of them are married (85 per cent), a majority of them are in the 30 to 49 age groups, 74 per cent had post-secondary education, 89 per cent are actual owners, 76 per cent started their businesses, 85 per cent stated it was their first business attempt, 81 per cent held a job before starting their business, 74 per cent of those who had held a job before, held a senior management position, 84 per cent expressed that their previous job experience had given some help in starting business, 85 per cent had been in business for more than five years, 48 per cent had 5 to 25 employees, 59 per cent have partners and 94 per cent asserted that their business was moderately to very successful.2. Challenge, personal need for growth, greater personal freedom and an opportunity to use their own knowledge ranked high in citing reasons as to why they started their businesses.3. General management, marketing, engineering and human-resource management were among the chief areas from which lead entrepreneurs originated.4. The main sources of financing seemed to be personal savings and family support.5. Shortage of finance, strong competition and marketing were cited among the chief problem areas faced by entrepreneurs.6. Ability to satisfy customers, finding a market niche, good service, a good management team and good networking are among the chief success factors quoted.7. High cost of operation, shortage of labour and too-competitive environment were cited as the main constraints to success." @default.
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• W2078227359 date "1993-01-01" @default.
• W2078227359 modified "2023-09-26" @default.
• W2078227359 title "FACTORS CONTRIBUTING TO THE SUCCESS OF LOCAL SMEs AN INSIGHT FROM SINGAPORE" @default.
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• W2078227359 doi "https://doi.org/10.1080/08276331.1993.10600426" @default.
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