Critical success factors for small and medium-sized enterprises in resource-rich country context Online publication date: Mon, 20-Sep-2021
by Husam Arman; Mohammad Ramadhan
International Journal of Globalisation and Small Business (IJGSB), Vol. 12, No. 3, 2021
Abstract: High-growth small and medium-sized enterprises (SMEs) contribute significantly to local economies progress and social prosperity. This paper investigates the critical success factors of the high value-added SMEs that demonstrate high growth despite a challenging and non-conducive business environment in a resource-rich country like Kuwait. The multiple case studies analysis showed that the critical success factors of the selected enterprises in Kuwait include high performing employees, focus on market niche, leadership skills, strategic alignment, and innovation. The positive workplace culture, which promotes innovation, enabled the firms to prosper despite the lack of formal innovation strategies and processes. The paper concludes by recommending strategies to promote high value-added SMEs in Kuwait. These include developing SMEs innovation policies, strengthening SMEs networking, and designing growth programs that can help upgrade SMEs innovation capabilities.
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