Business resilience skills for SMEs.
1Hellenic Open University, Patra, Greece.
Journal of Innovation and Entrepreneurship
|June 5, 2023
Summary
Resilient small and medium enterprises (SMEs) rely on personal characteristics and values like integrity and work ethic. Gaps in communication and financial management highlight areas for business training.
Area of Science:
- Business Management
- Organizational Behavior
- SME Development
Background:
- Small and Medium Enterprises (SMEs) are crucial economic drivers.
- Building business resilience is vital for navigating crises.
- Understanding key skills and values for SME resilience is essential.
Purpose of the Study:
- To investigate the skills and values contributing to resilient Small and Medium Enterprises (SMEs).
- To identify gaps between the importance and adequacy of these skills and values.
Main Methods:
- Survey research conducted in summer 2020.
- Sample included 266 Greek and Polish business owners and managers.
- Data analysis focused on perceived importance and adequacy of various business attributes.
Main Results:
- Personal characteristics and values, particularly Reliability, Integrity, and Work ethics, were rated highly for importance and adequacy.
- Significant mismatches between importance and adequacy were found in Communication, Risk identification and assessment, Financial Management, Planning and organisation, and Customer-orientation.
- These identified gaps suggest priority areas for business training programs.
Conclusions:
- Personal attributes and ethical values are foundational for SME resilience during crises.
- Targeted training in communication, financial management, and strategic planning can enhance SME resilience.
- Addressing identified skill gaps is crucial for the long-term viability of SMEs.
