Success Factors of SMEs: Empirical Study Guided by Dynamic Capabilities and Resources-Based View

Margarida Rodrigues, Mário Franco, Rui Silva and Cidália Oliveira
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Margarida Rodrigues: CEFAGE-UBI Research Center, Department of Management of the Instituto de Estudos Superiores de Fafe, 4824-909 Fafe, Portugal
Mário Franco: CEFAGE-UBI Research Center, Department of Management and Economics, Universidade da Beira Interior, 6200-209 Covilhã, Portugal
Rui Silva: CETRAD Research Center, Universidade de Trás-os-Montes e Alto Douro, 5000-801 Vila Real, Portugal
Cidália Oliveira: Department of Accounting, University of Minho, 4704-553 Braga, Portugal

Sustainability, 2021, vol. 13, issue 21, 1-17

Abstract: This study aims to identify and analyse the success factors of small and medium-sized enterprises (SMEs) following the lines of dynamic capabilities and resources-based views. To achieve this objective, the multiple case study method was followed, where 10 SMEs/cases in Portugal were selected. From a content analysis of the interviews conducted to the owner-managers of these SMEs, the most important success factors identified were: (1) strategic planning, (2) manager/management capacity, (3) entrepreneurship and innovation, (4) human resources, (5) networks/partnerships, and (6) financing. These factors are considered as drivers of sustained growth and creation of competitive advantage for SMEs in their regions. The results also show that SMEs are oriented towards success, although some evolution is still needed in the way they are managed, where the transition from a “domestic/entrepreneurial” management to a “professional” management and a greater focus on the rarity of their resources and on the dynamic capabilities of their human capital stand out. Conclusions, implications and a future research agenda are also outlined.

Keywords: SMEs; success factors; owner-managers; dynamic capabilities; resource-based view (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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