Small businesses in the food and beverage sector are currently experiencing rapid development, including in Indonesia. Although more and more studies on small businesses occur, but the key factors for companies to survive in a certain period of time – during the last three and a half years in this study, still need to be ex-plored. Especially in Indonesia, small businesses as part of micro, small and medium enterprises (MSMEs) are able to contribute 60.34% of national Gross Domestic Product (GDP). This research method belongs to the type of explanatory research. Determination of the first level sample uses purposive sampling, namely small businesses engaged in food and beverages, at least 3.5 years old. Based on the analysis it was concluded that the Service Innovation and Product variables had a positive effect on Operational Improvement, Service Innovation and Products had a positive effect on Survival SMEs, Operational Improvement had a positive effect on Survival, Financial Performance had a positive effect on Operational Improvement and Financial Performance had effect on Survival.

This study addresses the extent to which Malaysian public listed firms survive after the IPO. The result reports that 7.72% of Malaysian IPOs were delisted from the market after five years, which is lower than the delisting rate reported in previous studies in developed markets. The delisting rate increased to 13.2% after seven years of listing. Further investigation shows that an unsatisfactory financial condition is the primary factor of failure. Comparison of the survival rate between the Main Market and the ACE market reveals that the cumulative survival rates over one through seven years after the IPO are consistently higher for the Main Market IPOs than the ACE Market IPOs, suggesting that the ACE Market IPOs have a higher probability to be delisted from the Market compared with the Main Market IPOs.