Success evaluation of small and medium-sized enterprises in terms of their participation in the internationalzation process
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Technická Univerzita v Liberci
Technical university of Liberec, Czech Republic
Technical university of Liberec, Czech Republic
Abstract
In context of discussions about the Czech foreign trade development, questions of the Czech enterprises’ ability to participate in the internationalization process are often considered. The main aim of this article is to present various points of view on the globalization and enterprise internationalization process with a special accent on the analysis of the specifics in the internationalization process of small- and medium-sized enterprises (SMEs). Those enterprises represent a significant part of the Czech economy because they considerably contribute to the creation of vacancies and GDP; they are a source of innovation and technological progress and the factors of their successful functioning in foreign trades differ from the large-sized enterprises. For this reason, SME shave been more frequently analysed in an effort to identify key factors, which involve their ability to succeed in international activities. Those factors could positively influence other SMEs in their plans to participate in the foreign trade. However, not all the enterprises have equal conditions for entering the foreign market field. In some business spheres, the export of SMEs is supported, which is considerably helpful, mainly in case of enterprises with insufficient funds. Some of the other spheres facilitate access to the foreign market because of their sort of production. Besides analysing the internationalization process of SMEs, this article is also focused on identification of both key factors of success and risk factors of the process. Determinants of SMEs success in the foreign market were examined using several extensive researches among Czech small and medium-sized enterprises of various business spheres. Results of the research have produced interesting information. It was discovered that all SMEs, although they operate in different business spheres, share similar problems concerning the internationalization process. Key factors, which determine success of Czech small and medium-sized enterprises in the internationalization process, are analogous in spite of diverse business spheres, but nevertheless every particular branch has a strong effect on an opportunity and willingness of SMEs to participate in the internationalization process.
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balanced scorecard, financial performance, performance measurement and management
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12123609