Critical Success Factors Influencing Performance of Small Firms in Lesotho

Abstract

This study investigated critical factors influencing the performance of small businesses in Lesotho. A sample of owners/managers of small firms completed the questionnaires which helped to arrive at a successful outcome. A review of literature and inquisitiveness was the basis for the conception and foundation of the research study. The researcher gave a background information of small firms business in Lesotho and went further to discuss some theories which helped to get a better understanding of small firms’ business success, personal characteristics necessary for owners/managers to succeed in business, management functions, reasons for business failures and potential resolution strategies. Quantitative research method was employed observing all ethical issues to ensure participants were not exposed to harm or danger. The analysis of data collected through a questionnaire containing 70 questions was done. The questionnaire had three sections (A, B, C): general information, factors influencing business success and participants’ likelihood/satisfaction with their businesses. A total of one hundred (100) owners/managers of businesses in Lesotho completed the questionnaires. The findings revealed that the features evaluated by the study were truly significant and the analysis pointed to the most critical factors and features to consider by small scale business operators in Lesotho. The study was concluded with a piece on intervention strategies to boost small firms’ business growth in Lesotho and possible areas of further research which could add more magnificence to small firms’ business operations in Lesotho.