Entrepreneurial success in Malaysian micro, small, and medium enterprises: critical determinants and implications

Abstract

Micro, small, and medium enterprises (MSMEs) have long been recognised as key drivers of economic development and national income growth in Malaysia, particularly since the early 2000s. The success of MSMEs is influenced by multiple factors, and effective management and application of these factors are essential for ensuring their growth, sustainability, and competitiveness in today’s dynamic business environment. This paper presents a review of previous studies concerning the key factors contributing to the business success of entrepreneurs operating within the MSME sector. A comprehensive review and analysis were conducted on articles published via Google Scholar between 2020 and 2024. The findings highlight several critical factors associated with entrepreneurial success in MSMEs, namely innovation and creativity, market knowledge, institutional networking, competitor performance, entrepreneurial competency, marketing capability, and financial resources. These insights provide valuable guidance for future researchers, entrepreneurs, policymakers, and professionals engaged in the MSME sector. Furthermore, this review offers a foundation for future studies to empirically examine the relationships between these factors and the business success of MSMEs in Malaysia.