State of Socio-Economic Wealth through Entrepreneurial Success: The Role of Age and Business Acumen

Abstract

Developed and developing economies pricing entrepreneurial activities very high. The SMEs' failure rate is quite high in developing countries like Pakistan. No significant investment has been made for SMEs in Pakistan; however, the government of Pakistan operationalized various regulatory authorities to support the new ventures and sustainability of existing ventures. Regulatory authorities fail to understand the factors affecting the success of SMEs. The current attempts to test the impact of networking, education on entrepreneurial success of SMEs in the domain of family-owned SMEs. Entrepreneurial success leads to social-economic wealth and contributes significantly to economic growth. The manufacturing sector considered a unit of analysis from carpets, rugs & mats, sports goods industry, leather tanned, leather manufacturing, and the surgical instrument industry. The survey-based technique used for data collection from the major cities of Punjab. A sample of 391 used to observe the association in measured constructs, and the assessment validity and reliability have assessed using smart-pls. The results have shown a positive and significant association between networking, education, and social-economic wealth. Furthermore, entrepreneurial success mediates the relationship between networking, education, and social-economic wealth. Age and business acumen moderate the relationship between networking, education, and entrepreneurial success. Future studies need to consider the role of family financial condition towards entrepreneurial success. Regulatory authorities need to consider the measured constructs to access entrepreneurial success and social-economic wealth.