Essay on Small Business Management

Essay on Small Business Management

Length: 1533 words (4.4 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

Essay Plan
1 Definition of smaller enterprises
There are various definitions of smaller enterprises provided from different times and areas. One of the earliest definitions was provided by Bolton Report (1971), which has indicated that a small enterprise should meet three criteria: independent (not part of a larger enterprise); managed in a personalized manner(simple management structure); relatively small share of the market(the enterprise is a price ‘taker’ rather than price ‘maker’). There are also quantitative definition of the smaller enterprise in terms of measurement of the assets, turnover, profitability and employment from different sectors and countries (Bolton, 1971).

2 What is entrepreneurial small business
Throughout Europe, great attention has been paid to the small business area and to the contribution that entrepreneurial small businesses can bring beneficial to transforming the economy (EiM, 1994).The concept of entrepreneurship is often considered with new venture creation and small enterprise management, and the terms of owner-manager and self-employment (Gibb, 1996). While Kirby (2003) has argued that entrepreneurship is far broader than these concepts mentioned above. Not all owner-managers can be considered as entrepreneurs, nor are all small business entrepreneurial (Carland et al., 1984). Carland also has argued that entrepreneurial small business is aiming at profitability and growth, and the business is regarded to be innovative.

3 Strategy, management and growth in entrepreneurial SMEs enterprises
According to Deakins and Freel (1998), the literature on entrepreneurship process has attempted to dichotomies into two approaches, which is from the nature of entrepreneurs and their role in econo...


... middle of paper ...


...and the evolution of industry”, Econometrica.
Keasey, K. and Watson, R.(1993), Small Firm Management: Ownership, Finance and Performance, Blackwell.
Kirby, D. A. (2003), Entrepreneurship. Maidenhead: McGraw- Hill.
Shaw, E. (1997), “The real networks of small firms”, in Deakins, D., Jennings, P. and Mason, C, (Eds), Small Firms: Entrepreneurship in the Nineties, Paul Chapman Publishing, London.
National Academy of Engineering, 1995, Risk & Innovation, Washington D.C.: National Academy Press.

Penrose, E. (1971/1952), “Biological analogies in the theory of the firm”, The Growth of Firms, Middle East Oil and Other Essays, first published in American Economic Review, Vol. 42 No. 5.
Stevenson, H. and Gumpert, D. (1985), ‘The Heart of Entrepreneurship’, Harvard Business Review.
Szarka, J. (1990), “Networking and small firms”, International Small Business Journal.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Small Business Management

- Essay Plan 1 Definition of smaller enterprises There are various definitions of smaller enterprises provided from different times and areas. One of the earliest definitions was provided by Bolton Report (1971), which has indicated that a small enterprise should meet three criteria: independent (not part of a larger enterprise); managed in a personalized manner(simple management structure); relatively small share of the market(the enterprise is a price ‘taker’ rather than price ‘maker’). There are also quantitative definition of the smaller enterprise in terms of measurement of the assets, turnover, profitability and employment from different sectors and countries (Bolton, 1971)....   [tags: Business Administration]

Powerful Essays
1533 words (4.4 pages)

Small Business Administration ( Sba ) Essay

- In the United States, small businesses play a vital role in building the economy. Today, there are over 28 million small businesses in America. What exactly is considered to be a small business. Initially, the Small Business Administration (SBA) deemed any manufacturer with 250 employees or less to be a small business, but today it considers companies with fewer than 500 employees to be small. Today’s marketplace is an excellent opportunity for the budding entrepreneur. Today’s small business owner has a wealth of opportunities to help him/her gain economic success in today’s marketplace....   [tags: Business, Small business, Management]

Powerful Essays
1516 words (4.3 pages)

Essay about Business Management : A Small Business

- ASSESSMENT TASK: 1 (A) IMAGINE YOU ARE PLANNING TO START A SMALL BUSINESS IN AUCKLAND. IDENTIFY 5 QUALITIES AND CHARACTERISTICS YOU NEED TO HAVE TO BE SUCCESSFUL ENTREPRENEUR. ANS :( A) QUALITIES 1.) ADAPTABILITY: Adaptability means entrepreneur should know that what he actually wants to do because he needs to do many tasks. 2.) PERSISTENCE: Persistence means entrepreneur should have focus on target for success. 3.) WORK ETHIC: Running a small business is very hard that’s why entrepreneur needs to do hard work....   [tags: Entrepreneurship, Entrepreneur, Management]

Powerful Essays
7279 words (20.8 pages)

Small Business Management Essay

- 17.1 Just as every business has financial, marketing, and business plans, each small business needs a purchasing plan. While ordering is one aspect of purchasing, it also consists of making sound decisions in every area of obtaining materials and services for the business. A sound purchasing plan considers who the best suppliers are in that industry, what their reputation is, as well as what the quality of their material or services are, when the products can be delivered and how fast, and how much the products to order and how much it will cost....   [tags: TQM, inventory control, purchasing plan, ABC]

Powerful Essays
1226 words (3.5 pages)

Business Strategies For Small Business Owners Essay examples

- Problem Statement In the United States, there are over 18,000 companies with revenues of $35 billion combined. Most of this revenue is from companies that have over 60 accounting firms. The profitability of these firms depends on the market (First Research, 2014). In reviewing the literature on Small business owners, I would say that the business strategies are different in large companies than small business owners. Specifically, financial planners are trained to provide planning services. The training is rigorous and focused on technical expertise but does not include marketing techniques or business operations....   [tags: Small business, Business, Management]

Powerful Essays
1246 words (3.6 pages)

Essay about Becoming A Financial Advisor For Small Business Owners

- A parent’s dream is to prepare their children for the world in front of them, and a teacher’s dream is to give their students the tools they need to succeed in that world. I like to think of it as my parents taught me to dream while my teachers taught me to make a plan to achieve it. My dream is to become a financial advisor for small business owners in my community and help revitalize small businesses in the economy. I believe that small businesses are at the heart of every small community and are the key to a growing economy....   [tags: Small business, Business, Management, Teacher]

Powerful Essays
750 words (2.1 pages)

A Small Business Owner Essay

- As a small business owner you 're likely the one that makes all major decisions about your organization. You 've carefully vetted employees to make sure they share your company vision and invested your financial resources wisely to make sure you have an awesome website with engaging content that resonates with your target audience. Perhaps you 've even studied the new Google search ranking algorithm to make sure your business is always near the top spot on first page results with local-specific and organic search queries....   [tags: Management, Small business, Risk, Business]

Powerful Essays
761 words (2.2 pages)

Business Information And The Company Essay

- MTC is a small family owned business with only a handful of employees. However, it has a high inventory turnover and over 1.5 million dollars in monthly sales with customers around the world. The CEO of the company is a brilliant business man with over fifteen years of experience in the IT Hardware exchange market. MTC seems to be a stable business financially, even though, they have some issues with their human resources. The company experienced trade secrets theft from a former employee who opened a competition business while working at MTC....   [tags: Business, Small business, Management]

Powerful Essays
1219 words (3.5 pages)

The Role Of Distinctive Managerial, Organizational And Developmental Characteristics For Small Business

- „Bigger isn‘t always better“, says the title of Tomasko‘s (2006) book. The author in his work compiled from many examples, case studies and scholars publications states that „for growth to be sustainable, it needs to offer some benefits to the environment in which the business operates as well as to the business itself, giving customers, shareholders, suppliers, and surrounding communities a stake in its ongoing success” (Tomasko, 2006, p. 50). So as, growing doesn’t mean becoming bigger but instead showing a progress, striving for full potential, the question of this essay is what are the implications of distinctive managerial, organizational and developmental characteristics for small busi...   [tags: Management, Small business, Business]

Powerful Essays
750 words (2.1 pages)

Small Business Management: Childs Pay Essays

- This article was about owners of small businesses and how they compensate their children who are also involved in the family business. This article contained significant points. Three significant points that this article made were about over compensating, market rate, and what is expected of the children to run the family business. Over compensating may and may not be a good thing. It may be good in helping an entrepreneur improve their business because the child might think that since they are getting paid more, that more is expected of them....   [tags: essays research papers]

Free Essays
356 words (1 pages)