Relationships between well-being, resilience, leadership, and perceived success in SME owners-managers of Ecuador

Abstract

This paper aims to provide a comprehensive understanding of entrepreneurial success among owners and managers of Ecuadorian SMEs through the relationship between variables such as business efficiency, psychological resilience and perceived entrepreneurial leadership. We surveyed 385 SME owners and managers in Ecuador and employed hierarchical linear modeling to analyze the data. The findings of this article suggest that entrepreneurial well-being, psychological resilience, and entrepreneurial leadership perceived by owners and managers of Ecuadorian SMEs are positively correlated with entrepreneurial success. There may be a tendency to associate success with economic performance. The practical implications of this study are that owner-managers of SMEs can use the developed measurement scale to evaluate their success and identify areas where they may need support or improvement and develop strategies to foster the best possible business experience. The study also provides insights into factors affecting entrepreneurial success and highlights the importance of promoting a positive entrepreneurial experience. In addition, the study contributes to literature by identifying some limitations and identifying areas for future research.