My CEO, who is also a director in a venture capital firm, made an interesting comment recently. He said that the reason why most local SMEs don’t grow is not due to the lack of talent, but the fact that too many local bosses have a “control” mentality.
These bosses, who used to handle most functions when their company was small, can find it difficult to delegate some of these functions to their subordinates as their companies grow. What usually happens is that they get too stretched, and before long, things fall apart.
Edit: I left the company. Ironically, he’s a control freak himself.