Entrepreneurial Motives, Success Factors and Barriers Among SMEs in Mexico

Abstract

SMEs are an important part of Mexico’s economy in terms of job creation and GDP. It is therefore essential to better understand how SMEs are created and developed in order to build a stronger economy. This study aimed to determine the motivations of Mexican entrepreneurs, the success factors they value and the obstacles they face. To achieve this, this research identified and analyzed the entrepreneurial motives, success factors and obstacles experienced by a sample of 278 entrepreneurs in urban Mexico. The results show that entrepreneurs in Mexico are mainly motivated by economic goals, as four of the top six goals identified by firm owners were extrinsic. In terms of success factors, Mexican entrepreneurs favor those related to personal and product/service characteristics while difficulties related to finding reliable personnel as well as the weaknesses of the Mexican economic environment, were reported are the main obstacles by respondents.