Inspiring European small and medium enterprise (SME) sector by inserting effective business transfer process

Abstract

In Europe, Small and Medium Enterprises (SME) are key economic driver in terms of GDP, employment as well as the overall societal uplift. However, the critical point in the SME sectoral survival and success is linked to the effectiveness of the business transfer process handling by the new entrepreneurs. Hence, this paper pursues the effectiveness and authentication of a training program supported through a newly established tool to educated the new entrepreneurs to effectively handle business transfer process and ensure business growth and survival. A survey method was implemented to collect data from Finland, a pilot partner in the second phase of a European Union project focusing on seven selected European countries. The study data was evaluated and analyzed by employing structured questionnaires and implementing several descriptive statistical methods to obtain authentic analytical findings. The study results revealed that in SMEs where resources and capabilities are scarce, new entrepreneurs get effective assistance through the newly established tool to ensure smooth business transfer process for the survival and sustainability of Finnish Small and Medium Enterprises.