TOWN AND GOWN PROSPERITY: EXPLORING SMALL BUSINESS SUCCESS IN A UNIVERSITY LOCALE THROUGH SOCIO-CULTURAL FORCES
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Abstract
The business environment has a profound impact on the survival and behavior of organizations, particularly small businesses, within developing economies. These forces simultaneously create opportunities and pose threats, significantly influencing the economic development of a country. Small businesses are pivotal in fostering job creation, contributing to Gross Domestic Product (GDP), and driving innovation, serving as the catalyst for poverty reduction and overall economic growth in developing nations (Abor & Quartey, 2010). The shift towards a more prominent role for the private sector in establishing new businesses marked a new era in which the state provided essential infrastructure, thus facilitating an enabling environment. This period witnessed the emergence of numerous small and medium-sized enterprises, contributing to the promotion of a thriving small business sector. Within this context, scholars like Aldrich and Zimmer (1986) emphasize the paramount importance of socio-cultural realities in shaping the creation of new businesses and fostering entrepreneurship. They argue that entrepreneurship is deeply entrenched in a social perspective that encompasses institutional structures, cultural norms, roles, and values, both within and beyond the individual SME owners. This study explores the dynamic interplay between socio-cultural factors and the survival and behavior of small businesses in developing countries, shedding light on the intricate relationship between culture, entrepreneurship, and business success.

