Factors Influencing the Success of Small and Medium Business Entrepreneurs in Kaysonephomevihane Savannakhet Province

Abstract

This research aimed to: 1) analyze the levels of factors influencing the success of small and medium enterprises (SMEs) in Kaysonephomvihane City, Savannakhet Province; and 2) examine the factors that significantly influence the success of these entrepreneurs. The study sample consisted of 195 SMEs entrepreneurs, and questionnaires were utilized as the primary data collection tool. Data analysis was performed using descriptive statistics (mean and standard deviation) and inferential statistics, including the Pearson Correlation Matrix and Multiple Linear Regression Analysis.

The findings revealed that the overall level of opinion regarding resource and environmental factors was high across all dimensions. The market, growth, and financial dimensions shared the highest mean score (  = 3.90), followed by the responsibility and operational dimensions (  = 3.80). Hypothesis testing via multiple linear regression analysis demonstrated that the model accounted for 31.50% of the variance in business success (R² = 0.3150) at a statistically significant level (P = 0.0000).

When examining individual factors, three key predictors exerted a statistically significant positive influence on business success: financial resources (Coef. = 0.2012, P < 0.05), entrepreneurial experience (Coef. = 0.1643, P < 0.01), and business tenure (Coef. = 0.0126, P < 0.05). Conversely, other variables namely gender, age, educational attainment, business size, number of employees, marketing, and technology showed no statistically significant influence on business success (P > 0.05).