Международный журнал экономики и менеджмента

Critical Factors of Doing Profitable Business in Three Tier Economies: A Case Study Approach

Abstract

Mercy Ejovwokeoghene Ogbari, George Uzoma K. Chima and Favour O. Olarewaju

It is no hidden fact that profitability facilitates an organisation’s output, capacity and clientele satisfaction, while generally impacting an economy at large. However, this is not an easy feat to achieve given existent and evolving dynamism and international competition, which requires efficient and proper strategies as well as institutional policies to thrive successfully. Hence, this paper seeks to investigate what it entails to embark on profitable business ventures. General rules for doing business are reviewed alongside economic indicators that influence the success of entrepreneurial operations. Institutional theory and Resource Based View are combined in explaining essential requirements for attaining and sustaining profitable businesses. Qualitative approach is used to analyse this study as empirical evidence is explored using three case studies of countries at different development levels, namely Liberia, India and Singapore. This helps us to conclude the research by deriving lessons on a global scale moving forward, while looking out for signs to avoid and opportunities to leverage upon for enhancing business profits.