Factors affecting the success in business of small and medium enterprises in Ho Chi Minh City

Abstract

This research aims to identify the factors affecting the success of small and medium enterprises (SMEs) in Ho Chi Minh city. It helps to reduce the risk of failure and increase the chances of success for the business. The study examined seven factors affecting the success of SMEs in Ho Chi Minh city. These factors include: technology resources, management skills, products and services, marketing strategies, ways of business and collaboration, financial resources, and the external environment. The theoretical framework has been drawn up and the questionnaire has been designed based on the selected elements. Seven hypotheses have been developed to identify the factors that influence the business success of small and medium enterprises in Ho Chi Minh city. All hypotheses have been successfully tested and accepted with MINITAB software. The results of the regression analysis show that technological resources, management skills, products and services, marketing strategies, ways of business and cooperation, financial resources and external environment exist have significant positive impacts on the success of SMEs in Ho Chi Minh city.