Ten top tips for small to medium enterprise (SME) success: 21st century entrepreneurs are profiting from the SME owner-manager model

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Owner-managed businesses were once the backbone of successful industry in the UK. However in the post-Second World War decades “big business” became the preferred model, with industries developing around new technologies. Today, as large industry is increasingly moving to countries with lower human-resource costs, the small to medium-sized enterprise (SME) is becoming the business model of choice for UK entrepreneurs. Understanding what makes a SME succeed or fail can provide guidance to both individual business owners and government agencies tasked with promoting economic growth.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2014), "Ten top tips for small to medium enterprise (SME) success: 21st century entrepreneurs are profiting from the SME owner-manager model", Strategic Direction, Vol. 30 No. 2, pp. 14-17. https://doi.org/10.1108/SD-02-2014-0005