b) Self-motivated Initiatives to Build Competitive Capacity of Entrepreneurs & SMEs

Entrepreneurs and SMEs in emerging and frontier economies must also be flexible to cope with the changing 

market environment, meet the changing technological needs of the global system, and meet the changing needs 

of their customers more effectively. Business owners must set their priorities right by not mingling their business 

with family issues, desisting from the negative cultural influences on business practices and make business growth 

their primary focus. While locating foreign markets for locally-produced goods is important for developing 

countries’ socio-economic development, revitalising the domestic market and promoting the patronage of locally-

produced goods should be a first step in this process since this will strengthen the financial base of SMEs and have 

a positive effect on the economy. To deal with the challenge of gaining a greater market share, there is a need for 

entrepreneurs to implement their business strategies more effectively and efficiently by identifying a target market 

for their products/services, and reducing their costs to create value for their customers, or producing quality goods 

and services that are in high demand, or integrating both quality and price for their potential customers. It is also 

prudent to conduct market testing for their goods and services, even before investing in the products and services. 

This could help SMEs have readily available clientele for their products in order to expand their customer-base and 

grow at a fast pace. To strengthen entrepreneurs and SMEs financially, technologically and gain greater market 

share in the global marketplace, the SMEs with the help of government should seek more international suppliers 

and customers, and establish partnerships with foreign firms for technology transfer from the foreign firms. This 

partnership will help local SMEs to learn about best practices of domestic and international companies. By 

combining business, corporate and global strategies, it will be vital for local entrepreneurs to take some level of 

responsible risk in investment and business expansion. Entrepreneurs and SMEs need to modernise their business 

operations by moving away from traditional enterprises to industrial and technological-based enterprises. It is also 

important for governments to help develop and empower new entrepreneurs to ensure that a new breed of 

enterprises that are more in tune with modern technology and industrial development, with a more informed and 

modern outlook than traditional enterprises can provide. Since the availability of market for goods and services 

greatly determines a business’ viability, access to market is one of the major constraints confronting SMEs. 

 It is necessary that SMEs are afforded the opportunity to have easy access to markets for their products both 

locally and internationally. Creating access to new domestic and foreign markets should be complemented by high 

quality standards to ensure the production and supply of high quality goods by the SMEs. This study also suggests 

that local entrepreneurs need to build their capacity and their organisations’ standards to meet international best 

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practices by using new technologies and modern management techniques to respond effectively to customer 

demands and new global trends in business competiveness. Domestic firms could also take advantage of the 

technological innovation in business through the emerging e-commerce/e-business to keep pace with trends in 

global markets. No matter what business one may intend to set-up and operate, opening an electronic store-front 

or online website will make it more accessible to local customers and enable potential customers across the globe 

to view one’s products catalogue, price lists, and other information. 

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