Advances in Economics and Business Vol. 11(4), pp. 39 - 50
DOI: 10.13189/aeb.2023.110401
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Research on the Impact of an Immature Market on the Entrepreneurial Orientation and Success of SMEs from the Private Health Sector in the Republic of North Macedonia


Elena Gjorevska *
University American College Skopje, Republic of North Macedonia

ABSTRACT

Entrepreneurial orientation in developing countries may not be observed in isolation from the specifics of their surroundings. In fact, as the country develops and moves from a developing country to an industrialized nation, its business environment, as well as the needs for products and services changes dramatically. The purpose of this study was to investigate how the position of market immaturity impacts the relationship between entrepreneurial orientation and SMEs' success in developing countries. In this direction, the study elaborates on five identified patterns between the entrepreneurial orientation dimensions (risk taking, innovativeness, pro-activeness, autonomy, and competitive aggressiveness) and the SMEs' success of the six selected private healthcare businesses in the Republic of North Macedonia. Applying a multiple case study research strategy, the study examines if the position of market immaturity encourages SMEs to take more risks and initiate more innovative undertakings, and if this factor impacts positively SMEs' proactive market approach, autonomy within the organizations and their competitive aggressiveness. Results show no disparity in confirmation of the positive market immaturity influence over the companies' positions of risk taking, innovativeness, pro-activeness, and autonomy. A study has shown that patients need more healthcare services, but with higher quality and expertise. The reasons behind these trends have been detected through people's awareness of healthy needs and lifestyles, as well as their increased healthcare literacy resulting from internet and globalization trends. However, results show that market immaturity influence has been shown to be insignificant on competitive aggressive actions in all cases. It may be concluded that while the surrounding opportunities coming from the market immaturity position encourage SMEs to proactively undertake innovative activities at certain levels of risk, at the same time, the unsaturated position of competition on the market distinguishes the businesses from aggressive competitive activities. Recommendations for entrepreneurs in developing countries stand that they should respond to the increasing needs for private healthcare services that the immature market position has to offer, but at the same time, continuously track clients' needs, since the market lifecycle continues to evolve and the market position should be revised regularly.

KEYWORDS
Entrepreneurial Orientation, Developing Countries, SMEs' Performance, Immature Markets

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Elena Gjorevska , "Research on the Impact of an Immature Market on the Entrepreneurial Orientation and Success of SMEs from the Private Health Sector in the Republic of North Macedonia," Advances in Economics and Business, Vol. 11, No. 4, pp. 39 - 50, 2023. DOI: 10.13189/aeb.2023.110401.

(b). APA Format:
Elena Gjorevska (2023). Research on the Impact of an Immature Market on the Entrepreneurial Orientation and Success of SMEs from the Private Health Sector in the Republic of North Macedonia. Advances in Economics and Business, 11(4), 39 - 50. DOI: 10.13189/aeb.2023.110401.