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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