Can critical success factors of small businesses in emerging markets advance UN Sustainable Development Goals?

What is it about?

Our study explores the critical factors contributing to the success of small businesses and ultimately the UN Sustainable Development Goals in the emerging market, Nigeria. We find that business owners that start with adequate capital, keep records and financial controls, use professional advice, have better product/service timing, and have parents who own businesses can increase the probability of success. The findings can help entrepreneurs avoid failure and advance UN sustainable development goals 1, 2, 8 and 10. This is the first study to determine the factors that contribute to the success or failure of small businesses in Nigeria using the Lussier model. It also discusses how to advance four of the UN sustainability goals. Results support the Lussier model’s global validity that can be used in both emerging and developed markets, and it contributes to the development of theory.

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