Success Factors of Rural Entrepreneurs in Malaysia: The Proposed Model

Abstract

Entrepreneurial activities, especially among rural entrepreneurs has become one of the contributing factors to economic development. Various studies and literature had discussed the factors influencing toward entrepreneurship success which will affect the growth and sustainability of business performance. As the Malaysian economy is affected by covid-19, people can no longer rely on job opportunities. Engaging in entrepreneurial activities is the best way to help improve the economy whether for individuals, families, local communities, or even the country. From that, this study aims to propose a model based on the combination of entrepreneur's characteristics, managerial skills, and external environment factors toward entrepreneurship success in social entrepreneurship among rural entrepreneurs. The outcome of this research will contribute to the development of rural entrepreneurs as well as help them to improve their business performance. Hence, the government transformation program related to entrepreneurship also can be achieved successfully through fulfilling the national key results areas that relate to entrepreneurship nation.

Financial Management Practices: Challenges for SMEs in Malaysia

“…Also, previous study by Cragg and King (1998) argue that financial performance of small businesses is strongly influenced by the markets where they operate as well as entrepreneur's objectives, characteristics and management practices (Islam et al, 2011;Ridzwan et al, 2021). Othman and Rosli (2011) in their literature survey found that marketing resources and capital structure mix of enterprises as well as previous experience, skill and educational level of the owners are factors influencing small business performance.…”