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The aims of this paper are to analysis business life cycle, to explore success factors, and to study the ways which the SMEs in MAI Stock Market applied in response to Thailand 4.0. This is ultimately able to provide the best practice for SMEs. This paper is the mixing between quantitative and qualitative studies. It includes the analysis of financial information of 137 listed companies in MAI Stock Market, the thematic analysis of data from interviews with the companies’ management, and the factor, correlation, and multiple regression analyses of data from questionnaires. According to the analyses, it is found that the companies’ business life cycles are in the existence phase which they have begun to achieve their successes, to be well-known in the markets, and to stabilize their markets. Individual characteristics of entrepreneurs, leadership qualities, strategies and external environment are the key factors which lead to the successes of the companies. Net profit, sales growth rate, net income growth rate and gross profit are generally used as the indicators of success. For the best practice for SMEs, the entrepreneurs should have experience and knowledge in business management. They should also select appropriate strategies under the companies’ business conditions. To increase the companies’ potentiality and competitiveness, the entrepreneurs should apply the new technologies into their products, services rendered and management processes
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