Track: Entrepreneurship

Abstract

The significant role played by small, medium and micro enterprises (SMMEs) in stabilizing and revamping the economy of developing nations cannot be ignored. SMMEs have been identified as one of the major contributors to the gross domestic product (GDP) of developing nations. Most of the SMMEs in the Zambian construction industry, however, operate at low capacity due to numerous challenges facing them. These difficulties range from their inability to secure contracts for mega projects, lack of support from the government, and low patronage amongst others. This paper, therefore, seeks to evaluate the influential factors for the growth of SMMEs in maximizing their potentials for enhancing the economy of Zambia. A structured questionnaire survey was conducted on construction professionals managing NCC grade 4-6 construction companies in Zambia. A quantitative approach to data analysis was employed using the mean scores of the factors studied. From the data analyzed, good financial management, personal network, ability to manage personnel are identified as the top three influential factors. To overcome the restrictions and limits in the growth of SMMEs in the Zambian construction industry, it is imperative that the identified influential factors are considered in their entirety.