The Challenges of Internationalization and Growth of Small and Medium Scale Enterprises in Freetown
Year: 2017
Type: article
Abstract: Small and medium scale enterprises are a critical driver of economic liberation, curbing unemployment and poverty reduction both in developed and developing countries and are uniquely positioned to answer the challenges of an ever-faster international economy.The objective of the study is to examine the challenges of internationalization and growth of small and medium enterprises.The research work adopted a descriptive research design using 313 randomly selected operators of small and medium scale enterprises (SMEs) in Freetown, Sierra Leone.Data collected were primary and secondary sources of data.Descriptive statistics and crosstabulation analysis was used to analyze the data while formulated hypotheses were tested using correlation analysis.From the result, it was found that unstable exchange rate/inflation, rigid government regulations, lack of finance and high custom duties hold a major part in decreasing international activities.Government policy actions have a negative relationship with SMEs development.Some recommendations were made such as the establishment of policies to influence the rate of indigenous industries and the establishment of SMEs hub to serve as incubation stage for business start-ups.The study concludes that small and medium scale enterprise development is a catalyst for economic development.
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4387888384