The Influence of Comprehensive Feasibility Analysis on the Success of Small and Medium- Sized Enterprises (SMEs) in the Kingdom of Saudi Arabia

Abstract

Small and Medium-Sized Enterprises (SMEs) are widely recognized as the backbone of economies around the world, playing a crucial role in job creation, economic diversification, and innovation. Despite their significance, SMEs often face numerous challenges that hinder their success and growth. This is particularly true in the Kingdom of Saudi Arabia (KSA), where the economic landscape is undergoing significant transformations. In this context, understanding the factors that influence SME success becomes even more critical. One potentially powerful tool for enhancing SME success is the implementation of a comprehensive feasibility analysis. This analysis involves a systematic evaluation of a business idea across various domains, including market, technical, financial, and legal/regulatory aspects. By thoroughly assessing the viability of a business venture and identifying potential challenges, a comprehensive feasibility analysis can equip entrepreneurs with valuable insights to make informed decisions and increase their chances of success. This study explores how a thorough feasibility analysis impacts the success of small and medium-sized enterprises in the Kingdom of Saudi Arabia. The study seeks to investigate the correlation between this technique and several success measures, such as financial performance, growth rate, job creation, and economic contribution, in order to fill the current information gap. The examination will utilize a sample size of 60 SMEs that operate in diverse sectors within KSA. The autonomous variable in this study is the comprehensive feasibility analysis, while the dependent variable is the prosperity of SMEs. Success will be gauged through indicators such as financial performance, growth rate, job generation, and contribution to the economy. The research will employ both primary and secondary methods of data collection. The collection of primary data will be facilitated through the distribution of structured questionnaires among owners and managers of small and medium-sized enterprises (SMEs). On the other hand, relevant literature, reports, and publications about SMEs and feasibility analysis in the Kingdom of Saudi Arabia (KSA) will serve as the sources of secondary data. Data analysis will involve using statistical techniques, such as regression analysis, to determine the relationship between a thorough feasibility investigation and the success of small and medium-sized enterprises (SMEs). This research will provide vital insights into the importance of doing a thorough feasibility analysis for small and medium enterprises in Saudi Arabia and how it affects their overall success.