Entrepreneurial Competencies and Success of SMEs in Changwon, South Korea
DOI:
https://doi.org/10.53819/81018102t5206Abstract
Entrepreneurial competencies play a crucial role in the success of small and medium enterprises (SMEs). Competency encompass a range of skills, knowledge, and personal attributes that enable entrepreneurs to identify opportunities, make effective decisions, and lead their businesses. SMEs with strong entrepreneurial competencies are more likely to innovate, adapt to market changes, and achieve sustainable growth. By exhibiting competencies such as opportunity recognition, strategic thinking, and effective leadership, SME owners can navigate challenges, capitalize on market trends, and create competitive advantages. The presence of entrepreneurial competencies among SME owners contributes to their overall success and the positive impact they can make on local economies. The research identified several essential entrepreneurial competencies exhibited by SME owners in Changwon, they included strong opportunity recognition skills, effective decision-making abilities, and impactful leadership qualities. The provision of resources and initiatives, such as affordable facilities, mentoring, and networking opportunities, contributed to the growth and sustainability of SMEs. The study concluded that the entrepreneurial competencies and success of small and medium enterprises (SMEs) in Changwon, South Korea, are vital for the city's economic growth and development. Business incubators, co-working spaces, and mentoring programs provide SMEs with the necessary infrastructure and guidance. Even if SMEs enjoy several advantages, they also face challenges such as access to financing, market competition, regulatory hurdles, and talent retention. It was recommended that to collaborate with educational institutions and industry experts to develop comprehensive entrepreneurship education programs tailored to the needs of SME owners. Establish partnerships between financial institutions and government agencies to create specialized loan programs and venture capital funds targeted at SMEs. Provide financial education and mentorship to help SME owners improve their financial management skills and enhance their chances of securing funding.
Keywords: Entrepreneurial Competencies, Success, SMEs, South Korea
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