Chapter 23: Conclusion
J. Mark Munoz Each chapter in this book has offered a unique contribution towards the expansion of knowledge on microenterprises. Overall, the book offers several insights. On entrepreneurship, the difficulty of starting microenterprises in foreign locations was highlighted, along with the need for flexibility and adaptability, as well as strategic networking and relationship building. Country policies and reforms have been shown to impact microentrepreneurship. On finance, microcredit and microfinance are deemed important to microenterprise growth and development. On management, viable interfaces among protagonists, leveraging of technology and globally directed approaches, and innovative new models such as micro-franchising appear to offer much promise. Microenterprise growth and expansion has been shown to be a by-product of market understanding, strong customer orientation, well-executed strategies, and a supportive macroeconomic operational environment. Microenterprises have the ability to impact society in profound ways including avenues such as cross-cultural transfer of business models, strategic sponsorships, and cross-market partnerships. In order to ensure future success and sustainability, attention needs to be directed towards training and development, reassessment of values and assumptions, cultivation of innovation, effective government support, and the optimal interplay of human, social, financial, and ecological factors. The findings indicate that microenterprises are affected by internal and external forces that shape their ability to survive or succeed. Internal forces refer to factors such as owner skill set, team, organizational framework, business complexity, and related issues. External forces refer to factors such as government policies, access to capital, and extent of competition, among others. Both sets of forces...
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