Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand

Most Small and Medium Enterprises (SMEs) have acquired the status of being either creators or outsourcers, the latter referring to SMEs that are part of the production chain of large companies. Different roles in the production value chain lead to business strategies that vary for each type of creat...

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Main Authors: Priya Pholphirul, Veera Bhatiasevi
Other Authors: Thailand National Institute of Development Administration
Format: Article
Published: 2018
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Online Access:https://repository.li.mahidol.ac.th/handle/123456789/13882
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spelling th-mahidol.138822018-06-11T11:41:03Z Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand Priya Pholphirul Veera Bhatiasevi Thailand National Institute of Development Administration Mahidol University Business, Management and Accounting Most Small and Medium Enterprises (SMEs) have acquired the status of being either creators or outsourcers, the latter referring to SMEs that are part of the production chain of large companies. Different roles in the production value chain lead to business strategies that vary for each type of creative industry. Those SMEs face many obstacles and challenges such as an inability to meet the needs of the consumer, reliance on large companies for the distribution or delivery of their products to the market (the humdrum factor); problems adapting existing products to suit the needs of some markets; overlooking the importance of Intellectual Property (IP) registration for creative products and not being able to obtain adequate sources of funding especially for those that do not have the necessary collateral. Therefore, the following strategies have been proposed in order to develop SMEs into becoming creative enterprises, namely; modifying the organizational structure; creating a business network; creating unique business strategies; focusing on public relations; market development by utilizing electronic commerce and by creating strong commitment within the organization. Business strategies that suit a creative economy are different for each type of organization; different for each organizations role in the production chain and as mentioned before, different for each type of creative industry. The challenge for an entrepreneur is to develop the organization towards becoming a creative enterprise that has been able to find a structure that is a perfect fit. © Medwell Journals, 2012. 2018-06-11T04:41:03Z 2018-06-11T04:41:03Z 2012-08-14 Article International Business Management. Vol.6, No.3 (2012), 356-368 10.3923/ibm.2012.356.368 19935250 2-s2.0-84864795721 https://repository.li.mahidol.ac.th/handle/123456789/13882 Mahidol University SCOPUS https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84864795721&origin=inward
institution Mahidol University
building Mahidol University Library
continent Asia
country Thailand
Thailand
content_provider Mahidol University Library
collection Mahidol University Institutional Repository
topic Business, Management and Accounting
spellingShingle Business, Management and Accounting
Priya Pholphirul
Veera Bhatiasevi
Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
description Most Small and Medium Enterprises (SMEs) have acquired the status of being either creators or outsourcers, the latter referring to SMEs that are part of the production chain of large companies. Different roles in the production value chain lead to business strategies that vary for each type of creative industry. Those SMEs face many obstacles and challenges such as an inability to meet the needs of the consumer, reliance on large companies for the distribution or delivery of their products to the market (the humdrum factor); problems adapting existing products to suit the needs of some markets; overlooking the importance of Intellectual Property (IP) registration for creative products and not being able to obtain adequate sources of funding especially for those that do not have the necessary collateral. Therefore, the following strategies have been proposed in order to develop SMEs into becoming creative enterprises, namely; modifying the organizational structure; creating a business network; creating unique business strategies; focusing on public relations; market development by utilizing electronic commerce and by creating strong commitment within the organization. Business strategies that suit a creative economy are different for each type of organization; different for each organizations role in the production chain and as mentioned before, different for each type of creative industry. The challenge for an entrepreneur is to develop the organization towards becoming a creative enterprise that has been able to find a structure that is a perfect fit. © Medwell Journals, 2012.
author2 Thailand National Institute of Development Administration
author_facet Thailand National Institute of Development Administration
Priya Pholphirul
Veera Bhatiasevi
format Article
author Priya Pholphirul
Veera Bhatiasevi
author_sort Priya Pholphirul
title Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
title_short Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
title_full Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
title_fullStr Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
title_full_unstemmed Challenges and obstacles of small and medium enterprises under a creative economy: The case of Thailand
title_sort challenges and obstacles of small and medium enterprises under a creative economy: the case of thailand
publishDate 2018
url https://repository.li.mahidol.ac.th/handle/123456789/13882
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