The Sustainability of Micro Enterprises in the Municipality of Diffun

Abstract

INTRODUCTION

Sustainability of micro enterprises in the world of business has a great contribution on the development of the community and for the employment growth. The micro enterprises consist of continuous innovation in the face of surmounting economic, environmental and social challenges and require corporate flexibility to thrive and survive. This paper tends to identify the key success factors used by the micro enterprises in sustaining their business for a long period of time.

METHODS

Quali-quanti method of gathering data was used in this research. The researchers made use of questionnaires answered by the respondents after which data were collected and validated through an in-depth interview to further get some clarifications and explanations from the respondents.

RESULTS

The owner of micro enterprises believed that before starting a business, they always have a plan particularly of citing a strategic location. It is really hard to put up a business because of some interventions like government policies, proper marketing skills and also the capability of a businessman to operate a business. Strategic location of the business is one of the strategies to get the customers and to patronize their products. In some cases, reason why small businesses cannot sustain their business is because of high rental in their market place. Building trust to customers is one aspect to be observed among the owners particularly in giving them the exact orders. Customer relationship must be observed always. In a business there are a lot of competitors that is why business owners must have the different strategies in order to compete with their competitors and in order to sustain their business. Profitability is the most important factor in determining the survival of micro enterprises, as lack ofcapital or financial resources pose a major obstacle to business development.

DISCUSSIONS

The result of this study shows that to sustain micro enterprises and make business progressive it demands key success factors like profitability, passion for business, engagement to stakeholders, flexibility, and innovation. Strategic location and market profiling are two of the major important variables in determining potential success. It has a good and dire consequence to business profitability, growth and survival. The micro enterprises can be sustainable in the long run through the presence of certain practices that are found in all surviving and successful enterprises. This suggests conduct of another research in the future.