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The purpose of this paper is to develop a mediational model of small businesses success. In this paper, the authors investigate how the human, social, and financial capital of entrepreneurs influences the capacity of small business to succeed. The objective through this model is to demonstrate that it is through the process of innovation these capitals are converted into success.

The paper suggests an original, conceptual framework for how small businesses can succeed.

To validate this mediational model, the authors used the conditions/steps proposed by Baron and Kenny (1986).

The results of this study have implications for both research and practice. This study provides a new contribution to the existing literature by introducing the innovation in the explanation of the links between these capitals and small business success, i.e. business with greater access to human and financial resources are more likely to undertake an innovation, which, in turn, ensures small business success and access to more financial capital facilitates the pursuit of resource-intensive success strategies because, it is argued, that slack resources can be used for experimentation with new strategies and practices, allowing the business to pursue new opportunities of success.

The proposition is consistent that managers with considerable human capital, social, and finacial capital know where to look for opportunities, can more accurately assess the value of potential opportunities, and have the ability to exploit these opportunities, which encourages innovation. It is this innovation that then facilitates small business success. These resources are important to achieve small business success, but primarily because they encourage innovation, and it is the innovation that drives the small business success.

In this paper, the authors extend the entrepreneurial literature by developing a mediation model of small business success. To the authors’ knowledge, it is the first study that examined the indirect effect of human, social, and financial capital of entrepreneurs on small business success through the mediation of innovation. This model has the indirect effect of human, social, and financial capital on success through their impact on innovation, i.e., through the innovation process such capital is converted into success.

This study contributes to answering the question, can critical success factors of small businesses in emerging markets advance United Nation (UN) Sustainable Development Goals (SDGs)? Specifically, this study aims to explore the critical factors contributing to the success of small businesses and ultimately the UN SDGs in the emerging market of Nigeria.

The design is survey research testing the Lussier success vs failure prediction model for small businesses in Nigeria. The methodology includes a logistic regression model to better understand and predict the factors that contribute to success or failure using a data set of 201 small businesses in Nigeria.

The findings support the validity of the Lussier model (p = 0.000) in Nigeria as the model accurately predicted 84.4% of the small businesses as successful or failed with a high R-square value (R = 0.540). The most significant factors (t-values < 0.05) that predict the success or failure of businesses support the findings that business owners that start with adequate capital, keep records and financial controls, use professional advice, have better product/service timing, and have parents who own businesses can increase the probability of success.

The study provides a list of critical success factors contributing to the growth of small business in Nigeria, the largest economy in Africa. The findings can help entrepreneurs avoid failure and advance UN SDGs 1, 2, 8 and 10. Implications for current and future entrepreneurs, public agencies, consultants, educators, policymakers, suppliers and investors are discussed.

This is the first study to determine the factors that contribute to the success or failure of small businesses in Nigeria using the Lussier model. It also discusses how to advance four of the UN sustainability goals. Results support the Lussier model's global validity that can be used in both emerging and developed markets, and it contributes to the development of theory.

The purpose of the research reported here was to discover what marketing approaches small wineries employ and to what degree they could be attributed to their success. The article describes how the particular issue of measuring ‘success’ and what constituted ‘marketing’ was tackled and reports on the use of this in the subsequent empirical work. Five exploratory hypotheses were derived relating to the way in which ‘success’ could be measured and the contributory factors leading to the use of marketing. For small businesses that are classified at one of three levels of success the article reports what marketing activities were conducted. Data was gathered by personal interview from small wineries in the three main wine producing states and five main regions within these. The study found that: small winery operators are able to very consistently rate themselves and each other on success. Broadly, there were three factors that were used by them to gauge success: (i) wine quality and respect for this by peers, (ii) lifestyle, and (iii) business performance. Wineries at a particular level of success tend to use similar marketing activities and these differ somewhat from level to level. Those at higher levels of success are able to more comprehensively define ‘marketing’ and their customers and engage in marketing activities in a more discriminating way.

The aim of this study is to examine the factors that lead to success or failure of a small business in the West Bank of Palestine.

This study methodology is a survey research, testing the Lussier model of business success and failure with a sample of 246 small businesses (90 failed and 156 successful) to better understand the reasons of their success or failure using logistic regression statistical analysis.

The model is significant (p = 0.000); it will predict a group of businesses as successful or failed more accurately than random guessing 99 per cent of the time. The model will also predict a specific small firm as successful or failed 94 per cent of the time vs. 50 per cent for random guessing. The r-square is very high (r = 0.70), indicating that the model variables are, in fact, significant predictors of success or failure. Results indicate that having adequate capital, keeping good records with financial controls, making plans and getting professional advice on how to manage the firm are the most important factors for the viability and success of small businesses.

With the high rate of small business failure globally, results of this study provide a list of variables that contribute to the success of small firms. Firms that focus on these important factors will increase their odds of success. Thus, avoiding failure, firms better utilize resources that contribute to economic growth.

This is the first study that looks at success and failure of small businesses in Palestine. There is no one single accepted theory that may be applied to small businesses. This paper aims to further contribute to the global validity of Lussier success and failure model moving toward a theory to better understand why some businesses succeed and others fail.

Interest in successful small businesses continues to grow, but is influenced by the different ways in which small businesses are categorised and the difficulty of defining “success”. There is a range of criteria associated with success in terms of individual owner characteristics, organisational values and performance measures. However, few researchers have consulted owner/managers about their views on success. This research is instructive in that it used a grounded theory approach to investigate success in small service sector organisations. The impact of education, training, development, prior knowledge and experience on the success of these businesses was investigated. Four substantive categories were developed, but only one category showed clear evidence that education and training had a positive effect on the success of the business. Most businesses relied heavily on prior knowledge and experience. The properties, personal characteristics of the owner‐manager and some hypotheses were also developed for each category.

The aim of this paper is to examine the factors that lead to either success or failure of small firms in Pakistan.

This study methodology is a survey research applying the Lussier Model of business success and failure with a sample of 143 small businesses to better understand the reasons of their success or failure using logistic regression statistical analysis.

Results indicate that business planning, proper employee staffing, adequate capital inflows and partnerships are important for the viability and success of small businesses in Pakistan.

Results provide further support for the validity of the Lussier Model in Pakistan and globally. Thus, small business owner/managers can use the model to help improve their chances of success and to avoid failure. Other stakeholders, including parties that assist and advise them, investors and institutions who/that provide them with capital and other resources and communities and society by and large, can also benefit from this model. The results and discussion also provide information to assist public policymakers in developing programs to support small business development.

This is the first study on success and failure of small businesses in Pakistan. With the great discrepancy in the literature as to which variables, in fact, distinguish success from failure, there is no accepted theory. Thus, this study contributes to the literature to better understand why some businesses succeed and others fail, and it supports the use of the Lussier Model globally.

This paper aims to identify and empirically test whether growth preparedness and success perceptions are important, discriminating small business owner (SBO) characteristics that influence strategic direction. The intended outcome was to create a strategic typology that resonates with the realities of small business owners, their advisors and policy makers.

Empirical data were collected online and by postal survey from 340 small businesses from multiple industry sectors across Australia. Analysis is correlational resulting in the development of a 2 × 2 matrix of strategy types.

This paper provides evidence that although a majority of SBOs are not preparing for growth, many still perceive their business as successful. Further, the empirical data demonstrate that growth preparedness and perceived success can be used to classify SBOs into distinct strategic types. While the categories developed show some similarities with the Miles and Snow (1978) typology, they also highlight divergent qualities. Consequently, this paper identifies circumstances where small business strategy must be treated differently from the larger enterprises for which the Miles and Snow typology was developed.

By providing a concise tool for inclusion in surveys, researchers and practitioners can identify varying strategic types within their own targeted business cohorts.

The growth/success matrix is original, the value for policy makers and other professionals assisting and supporting SBOs lies in its simplicity as a tool for identifying strategic types in any small business population. Specifically, the matrix provides a valid and reliable empirical analysis tool where none previously existed.

Based on action regulation theory (ART), this study aims to test the impact of individual entrepreneurial orientation (IEO) training on small business owner career success (financial attainment, satisfaction and achievement). Moreover, this relationship was unpacked through a dual mediation model of IEO behaviour and career resilience.

A four-wave, longitudinal randomized controlled field experiment was conducted in which 527 small business owners participated from Lahore, Pakistan (training group = 256, control group = 271). The data analysis was done via ANCOVAs (group comparison) and PROCESS Model 6 (for serial mediation).

The results demonstrated that after getting IEO training, the small business owners had increased IEO behaviour, career resilience and career success as compared to their counterparts in the control group. In addition, the effect of IEO training on career success was attributed to the underlying role of IEO behaviour and career resilience development.

This is one of the few studies that have demonstrated the impact of IEO training on the career-related outcomes based on the action regulation perspective.

The purpose of this paper is to provide an insight into small firm entrepreneurs' perceptions of success and how these perceptions affect the performance of a firm. The emphasis is on non‐financial measures of success and their interaction with the financial indicators of a firm's performance.

The paper presents a comparative analysis of two separate studies conducted in the same geographical area in Finland. The studies were concerned with micro‐businesses in the industries of craft and rural tourism.

The study finds that non‐financial meters of success that are affected by the entrepreneur's motivations and goals influence the financial performance of the small firm. Making a living is important, but going beyond that is not often seen of great concern. Consequently, the entrepreneurs are likely to measure their performance by other criteria and find success, e.g. in job satisfaction and satisfied customers.

In the data collection process, the used questions and themes were not identical. The main themes of performance, growth and success are, however, comparable.

The paper provides useful information about small firm entrepreneurs' perceptions and attitudes of success and growth and how these affect the management of the firm.

This paper brings empirical evidence to the studies of factors affecting small firm performance. In addition, it offers useful insight into the non‐financial measures of success.

The purpose of this paper is to examine how business owners in microbusinesses perceive success and how that perception may influence the growth of their enterprise.

The results of three separate studies were analysed. The data were collected with questionnaires and interviews among microbusinesses in the industries of craft and rural tourism in the area of North Karelia, Eastern Finland. Both quantitative and qualitative methods were used in the analysis.

The paper found that the motives and goals of the small business owners were not oriented towards growth, but to quality of life, job satisfaction and satisfied clientele. Consequently, business success was measured by the respect and satisfaction of the customers, job satisfaction and the quality of product. From an economic perspective, making a reasonable living, not growth, constituted a measure of success.

Generalisation is affected by the fact that the study concerns two individual industries in a small geographical area.

For policy makers, the study offers insight into the factors that affect the behaviour and decision‐making of the microbusiness entrepreneurs and, thus, the performance of their enterprise.

The study contributes to theory development by examining the little studied possible conflicts between financial and personal measures of success.