Understanding critical success factors and perceived future among micro and small firms through entrepreneurial action theory

Purpose – This study aims to examine how owners and managers of micro and small enterprises perceive firm success and the future of their businesses. Entrepreneurial action theory is adopted in the analysis and a modified theoretical framework is proposed. Design/methodology/approach – Semi-structured, face-to-face interviews were conducted with 34 owners and managers representing 32 Italian and Spanish wine businesses; qualitative content analysis was used. Findings – Eight dimensions common to both groups of participants emerged, with the most prevalent themes revealing strong links with opportunity maximisation. In particular, the importance of perceived critical success factors was manifested by continuous improvements, building relationships, and being perceived highly are in line with perceptions of wineries’ future, including entering demanding markets, becoming a referent for the region, or attaining global recognition. Originality/value – In investigating critical success factors and the perceived future of businesses from two of the world’s largest wine producers and exporters, this study provides a theoretical, practical and international perspective concerning these dimensions. In addition, this study focuses on Europe’s largest business sector, namely, small and medium enterprises. Furthermore, this study proposes a theoretical framework, which brings together the findings and the insights of entrepreneurial action theory