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To browse Academia. Rajesh Singh. Apostolos Zaridis , Kostas Karamanis. Purpose of this study is to highlight some of entrepreneur's and sme's characteristics that are sources of competitive advantage. Further, the sources of competitive advantage drive to it. Thus, via the obtainment and maintenance of a diachronically long-term competitive advantage, a small business can achieve the principal objective of a firm which is maximization of its wealth and continuous stay on profit areas.
Plethora of resources and competences were proposed as sources of competitive advantage in resource-based view and add continually new ones. It appears to suffer hierarchy of sources of competitive advantage regarding sustainability of these. Literature about sme and entrepreneur emphasizes the significant role of certain factors such as business size, management, ownership, data relating to the survival and competitiveness of sme, sales, profitability, liquidity, lack of skilled personnel, distribution channels data and market information, potential fundraising, use of innovation or new technologies, organizational structure, resources control, networking and clustering.
Between factors that make up features of a successful small business are these influencing business size of sme, such as characteristics of entrepreneur, management strategies, external environment's influence, and sme's characteristics.
Little difference exists between sme's failure and success. Apart from environmental factors, there are three categories of failures mentioned: functional knowledge, managerial skills and managerial behaviour, related to entrepreneur's and sme's characteristics. Justin Paul. Scholars have long studied small-and medium-sized enterprises SMEs and recognize the need for SMEs to postulate strategies to compete and succeed in the global market.