Business Owners' Perceptions of Critical Success Factors: Insight from Cambodian Small and Medium Enterprises in Battambang

Abstract

The global business sector has experienced significant growth in the twenty-first century, with small and medium-sized enterprises (SMEs) playing a critical role by contributing 58% to Cambodia's GDP and employing over 70% of the workforce. This study focuses on SMEs in Battambang City, aiming to understand the current state of business owners and enterprise operations, investigate factors influencing SME success, and examine owners' perceptions of these factors. Data from 34 business owners or managers were analyzed using descriptive statistics including mean, percentages, frequencies, and standard deviation. Findings highlight that most business owners are men with personal experience in their fields. Key success factors identified include demographics, business and management knowledge, management abilities, and personal characteristics, with demographics and management skills being particularly crucial. Important demographic factors include age, gender, education level, and business experience, while essential management skills involve planning, organizing, leading, and controlling. Business owners believe that experience, capital management, strong coworker connections, and traits like honesty, commitment, and patience significantly enhance SME success.