Exploring the root causes of small and medium enterprise failures in Chinhoyi: A case study of local entrepreneurs
Keywords:
investigation, failure, causes, small and medium enterprises, analysis, management skills, customer service, business ethics, business training, managers and supervisors.Abstract
This study sought to look at the variables that contribute to the failure of Small and/or Medium Enterprises (SMEs) in Chinhoyi, Zimbabwe. The objectives of this research were to identify the causes of SME failures, discover remedies to SME failures, and give recommendations on how SMEs might overcome their issues. These attributes were achieved by identifying the causes of SME failure, which were deemed critical to understanding. Through an analysis of the literature and primary results, new, better, and more effective strategies were developed to aid SMEs in addressing the challenges encountered. The findings of the study revealed that there are several causes of SME failure in Chinhoyi. According to the survey, the most common causes of SME failure in Chinhoyi are a lack of managerial abilities, a lack of good customer service, a breach of company ethics by sleeping with employees, and a lack of business training. It is recommended that the Government of the Republic of Zimbabwe, as well as SME owners, managers, and supervisors, collaborate to keep SMEs from failing.
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