The Causal Relationship between Small Entrepreneurial Skills and Innovation Competencies Affecting the Survival of Small Businesses: Empirical Evidence from Thailand
Keywords:
Small Entrepreneurial Skill, Innovation Competencies, Business SurvivalAbstract
This research aims to study the influence of small entrepreneurial skills and innovation competencies on the survival of small businesses. The sample group is 364 small business entrepreneurs. The tools used were questionnaires and statistics used in data analysis including frequency, percentage, confirmatory factor analysis, and structural equation modeling. The research results found that the CFA of all latent variable indicators showed consistency between the research framework and empirical data. In addition, the SEM analysis found that three areas of small entrepreneurial skills, namely digital skills, leadership skills, and management skills, directly influence small business entrepreneurs' innovation competencies, and innovation competencies have a positive direct influence on the survival of small businesses. The finding shows that small entrepreneurial skills lead innovation in small businesses, driving them to expand efficiency, reduce costs, enhance product quality, and improve alignment with consumer demands. By leveraging innovation competencies, small entrepreneurs can anticipate consumer requirements, develop new ideas, and quickly deliver products and services, ultimately ensuring the business's survival and success.
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