Preliminary work has also shown that training on how to become an entrepreneur should be of high quality, in accessible locations, and at appropriate times in order to attract busy female entrepreneurs. According to Nieman and Nieuwenhuizen (2014), the desire for growth and development should be embedded in the mindset of the person who establishes or starts a new business.
In general, the internal motivational factors of entrepreneurs have a great influence on the development of SMEs. Such entrepreneurs are able to control outcomes and their actions determine the achievement of rewards. Nevertheless, the evaluation patterns in different statements may vary according to the type and level of education. For example, fewer system outages and fewer email scams will lead to increased awareness of security threats and better detection of social phishing attempts. Performance evaluation and behavior tracking can be used to determine whether a security awareness program has been successfully established. Establishing a sophisticated security awareness program reduces the risk of small businesses gaining unauthorized access and stealing business information from their opponents.
When mentioning risk taking in business in today’s globalized world, cybersecurity should also be mentioned. Cyber risk is the risk of financial loss, disruption or reputation damage due to the failure of a business’s IT systems. At the same time, companies are collecting more personal information from their customers. The best advice for any new business owner is to formalize risk management from the very beginning. Good risk management protects the company’s reputation and helps plan for contingent liabilities. Small business owners and leaders should be aware of the new regulations, as this can lead to severe penalties and reputation damage. Consumers should have a clear option to refuse or revoke previously given consent. Given the potential penalties and penalties, the right company insurance can make the difference between a fold or continuation of the business.
Therefore, risk takers in business are often those leaders who are striving for self-realization at all costs. However, they need to be extra cautious in modern conditions when digitalization is entering all types of business and potential data leaks and cyber security issues can hinder the growth of any successful company in the market.
Conclusion and Discussion
Overall, what is a successful SME? Is it one that makes some net profit, or one that is able to stay in the market for more than a few years? If the latter were the case, it would be very difficult to study the success of SMEs because those available for study would be all that is on the market and represent the most successful ones out there.
It appears that the best way to describe and measure the success of a small and medium enterprise is to focus on its leader – its creator, manager, or owner. Enterprise leaders are best distinguished in SMEs that make up a significant part of many economies, especially in the south of Europe. It appears to be very easy to track single successful SMEs and to assess whether their success can be attributed to some luck or to the hard work of their manager. Moreover, it may be much easier to measure the value added by the SME manager to his or her company because it would be harder for him or her to hide behind the backs of others as is the case with large multinational corporations. Policymakers and all kinds of stakeholders must realize that SMEs were and will remain a source of innovation and their leaders must be promoted and nurtured. Regardless of the national priorities to support small business, those potential business leaders must be supported in financial terms and through various courses, workshops, apps, etc.
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