Success factors of small and medium sized enterprises

This dissertation focuses on identification of key aspects small and medium sized enterprises in Germany should pay attention to in order to survive on the free market. The dissertation comes up with critically analysed and researched success factors that support entrepreneurs in their decision making and steering of their enterprise. The most important factor for success regarding the respondents of the survey and interviews is the power of endurance closely followed by the aspect of flexible structures. Additionally it seems to be important to have support and backing from the family in order to own/manage/found a successful small and medium sized enterprise in Germany and survive on the free, self regulating market. Furthermore innovation in processes and products show significance towards being relevant for a successful SME. Another aspect that seems to be important for these German SMEs are competent employees. There are certain aspects that show significance towards a successful small and medium sized enterprise that are related to the owner and family. The owner seems to be one key aspect for a successful SME, as power of endurance, the personality of the owner/manager, "gut-feeling" decisions of the owner and a visionary leadership all relate to the personality of the individual owner or family. These four aspects relating to the personality of the owner are all ranked under the first eleven success factors of the survey. Researched SMEs tend to be steered and managed with a long-term perspective with the strategy of differentiation and rather consider success as creating values for the future not simply monetary profit