Understanding key impediments to small businesses in South Pacific island nations: a case of Fiji.
- The Journal of Global Business Management
- Publication Type:
- Journal Article
- Journal of Global Business Management, 2012, 8 (1), pp. 175 - 182
- Issue Date:
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Small businesses are essential in alleviating poverty and creating jobs in most developing economies. This is especially true for the small South Pacific Island nations. The truth is that very little is known about micro and small enterprise growth in the South Pacific island nations. This exploratory study examines the most pressing challenges faced by small business owners in Fiji. A survey approach was deployed in collecting data from 164 owners for this study. Discussion of key findings centres around four types of factors: (1) individual entrepreneur characteristics; (2) firm characteristics; (3) challenges in procuring business services; and (4) challenges in securing financing. The findings revealed that the lack of access to business advisory services and capital were the foremost hurdles faced by owners. They seem lack of imagination and were unaware of opportunities in other sectors like manufacturing or cottage industries. The Fijian governments small business advisory and micro finance service was poorly accessed with more than half the owners unaware of this service. Others are unable to afford professional business and finance advice. The study is especially useful to the government policy makers as it brings into focus the most pressing issues that need to be addressed to nurture and grow small businesses.
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