A public seminar was held on 29 November at IFT to share with the public some of the preliminary findings of an ongoing two-year research project collaboration between Institute for Tourism IFT and Oxford Brookes University, U.K. (OBU) on the SME sector in Macao. Prof. Levent Altinay and Dr. Maureen Brookes, both from the Oxford School of Hospitality, OBU and Dr. Ruth Yeung from IFT, are the principal research investigators of the research project, which deals with how SMEs in Macau can thrive more successfully in the future under different environmental and economic conditions. Professor Altinay and Dr. Brookes are among the world's foremost experts in the area of entrepreneurship, small businesses and franchising. The Oxford School of Hospitality, OBU is collaborating with IFT because a significant number of SMEs in Macau are linked to food, hospitality and beverage services, among others of course. This is the second institutional research collaboration between the Oxford School of Hospitality and IFT in the last 3 years. The public seminar attracted 22 participants including government officials and owners, proprietors or managers of small local enterprises. The speakers emphasized that factors such as socio-cultural background, marketing orientation, human resources strategies and learning capability were important determinants in the entrepreneurial orientation and growth of small and medium sized enterprises. Preliminary findings also indicate that language proficiency, educational attainment and previous business experience were important on entrepreneurial activities and SME growth while social cultural factors such as family and labor contribute to the entrepreneurial orientation of the SMEs. The researchers recommended that entrepreneurs and their community networks identify learning and training needs, evaluate market trends and the extent of competition, adopt a more professional marketing and strategic development approach, pay attention to soft elements of relationship marketing, and recruit, train and empower employees for stronger learning capability. Business advisers and government agencies, in turn, should provide relevant training to capitalize on strengths and overcome the socio-cultural barriers for entrepreneurial development. The researchers also recommend developing stronger collaborations between universities and SMEs through government funded partnerships, and reduce bureaucracy for startup capital application and borrowings.
IFT and Oxford Brookes University share preliminary results of their joint research on successful growth strategies for SMEs in Macao
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