The Impact of Education and Training on The Success of Small and Medium-Sized Enterprises

Abstract

Many business management researchers regard the small and medium-sized enterprise sector as the pillar and primary impetus of economic growth, particularly in developing countries. As a result, most governments throughout the world now place a strong emphasis on small business development to spur economic growth. The purpose of this study was to see how education and training affected the success of small businesses. This study uses a qualitative research approach to collect and analyse data. The study’s 20 small business owners and managers in South Africa were selected using a non-probability sampling approach. Data was collected through interviews, and the results were analysed using subject analysis. This study’s findings reveal that a lack of human capital education and training is one of the primary causes of SMEs’ high failure rate, which also explains why these enterprises fail so frequently in most countries. It is evident that small business owners and managers, particularly in most developing nations such as South Africa, should consider spending more on business education and training to gather information that would help them establish unique business strategies.

The relationship between Entrepreneurial Education and the Sustainable Development of SMEs in China: the mediating effect of Innovation Capability

“…In China, with the development of the market economy and policy support, Entrepreneurial Education is increasingly recognised as a key driver of growth and innovation for SMEs (Chu & Astillero, 2022). Research shows that entrepreneurs who have received high quality Entrepreneurial Education are more likely to achieve rapid business growth and market expansion (Saah, 2022).…”

“…Entrepreneurial education provides the basis for entrepreneurs to create and implement innovations by developing the necessary knowledge and skills (Bayar et al, 2022). The breadth and depth of the educational content, the practicality of the teaching methods and the availability of resources have a direct impact on the effectiveness of the education and its contribution to innovation capacity (Saah, 2022). For example, case studies and hands-on exercises can significantly improve the ability of entrepreneurs to identify market opportunities, which, in turn, can contribute to the development of innovative practices (Chu & Astillero, 2022).…”

“…Although existing studies provide some theoretical and empirical support for the relationship between Entrepreneurial Education and SME development, there are still some research gaps. For example, most studies focus on the direct effects of Entrepreneurial Education, while the mechanisms through which it indirectly affects SME growth through innovation capabilities are under-explored (Saah, 2022). There are also relatively few studies on the long-term effects of educational interventions and the impact of different types of innovations (e.g.…”