Small businesses in entrepreneurship

Small businesses in entrepreneurship TOPIC: PROBLEMS AND CHALLENGES FACED BY SMALL BUSINESSES IN ENTREPRENEURSHIP INTRODUCTION: Evidence suggests that small business stands a significantly higher chance of failure than a large business yet many small businesses survive and some grow. The following points have been discovered that hinders the success of small firms in entrepreneurship, economies of scale, human capital implementation, limited resources, geographical location, and management skills, thus management service is a key differentiator between good, bad and indifferent companies. People become frustrated when their expectations are not met. We operate in an increasingly global economy, which is highly competitive. Recently customers have a more extensive range of choices for products and service hence the importance of superlative management skill should be devised. Good management service keeps customers coming back; while awful customer service drives them away, taking their friends, workmates and families with them along. It is highly crucial in ensuring that small businesses not only survive but grow in the quality of management, hence lacking key management services could limit the success of small business. In this literature I am going to analyze, compare and contrast the problems faced by small businesses in entrepreneurship. PURPOSE OF LITERATURE: The purpose of a literature review is to explain or briefly analyse the work that has Been reported on a particular topic or field. Literature reviews form a central component of Research reports and technical articles for an important reason, it is also a process whereby one establish theoretical framework for a topic or subject area. It is very important to identify the key terms of the literature terminology. This includes the dependent variable and independent variables. RESEARCH QUESTIONS: Ø Why do small businesses encounter so many difficulties at start up point? Ø What are the major problems influencing small firms in entrepreneurship? Ø Is it relevant to acquire entrepreneurship skills before venturing into small business? RESEARCH OBJECTIVES: Ø To compile a variety of entrepreneurial ideas related to entrepreneurial opportunities using various techniques. Ø To recognize the importance of planning and give examples of how planning can overcome problems. Ø To analyze obstacles and explain how these obstacles may impede creative thinking and generation of new ideas. Ø To summarize the personal entrepreneurial skills and demonstrate these skills in a variety ofsituations. INTRODUCTION: According to Paula McCoy Pinderhughes, an entrepreneur is a person who visualizes or possesses a burning desire to make a change through hard work, dedication and determination, knowing that it will satisfy their ultimate personal and business objectives. On the other hand, Entrepreneur in English is a term applied to the type of personality who is willing to take upon her or himself a new venture or enterprise and accepts full responsibility for the outcome. Jean-Baptiste Says, a French economist is believed to have coined the word entrepreneur first in about 1800. He said an entrepreneur is one who undertakes an enterprise, especially a contractor, acting as intermediate between capitals and labour Typically, entrepreneurship means a company is being formed with the express goal of becoming larger through an aggressive growth agenda. Entrepreneurship is a corporate spin-off or start up. Small business is a family-owned company or consortium of professionals that is formed with specific objectives in mind. In most cases, aggressive growth is not as important as providing adequate income for the owners. The common denominator of all forms to start-up and new businesses is that they are unknown in the marketplace. This is the major challenge to any new business. For example, the launch MLife at a recent Super Bowl created a substantial amount of confusion as to what exactly was being offered. While the companys website was flooded with inquiries (so much so that it crashed), most people did not bother to find out and the take-off was slow. Many consumers are cautious about trying new goods, services or companies. Purchases are often based on known brand names and familiar purchasing patterns. It is much easier for customers to purchase the same brand they have always purchased or another brand name they recognize or have used. To be considered, a new business must move the brand into a person or businesss evoked set of brands. This dilemma is heightened by the massive amount of marketing clutter that all companies face. Overcoming clutter is especially difficult for new firms with limited budgets for marketing and promotion. Traditional methods of advertising and consumer promotions may not be enough to get recognized. Company leaders must be sure to deliver on promises and provide a high quality experience especially on the customers first purchase. On bad encounter will often lead to a negative word of mouth. A new business will probably not get a second chance if the customer has a bad experience. THE PROBLEMS AND CHALLENGES Today, with the internet boom, entrepreneurs have become one of the most dynamic forces in the economy. Entrepreneurs are now driving the technology boom, which is itself driving much of the worlds economic growth. This makes entrepreneurs very important from a macro-economic perspective. They have become a broader economic phenomenon that has a major impact on the economy. As the globalism of business becomes even more widespread, this impact will be felt even more deeply. Entrepreneurs are already becoming a major force in developing nations and in the economy worldwide. The scope of what entrepreneurship involves will continue to change and evolve as the world continues to change and evolve, and yet there are some common issues of how to start a business, how to finance the business, how to run the business that within this community we can share and learn from each other. While we still have many heroes and stories, entrepreneurism is an established field with a wide range of issues at all stages of the enterprise. A common factor for all entrepreneurs is the challenge of starting a business, be it through inventing something, looking for a new idea within a business, finding the right opportunity to break into a business or buying into a franchise. And these entire take planning organizing all the aspects so that the entrepreneur can reach his or her goals. All entrepreneurs are also faced with financing their entrepreneurial venture. Even entrepreneurs usually are faced with financial hurdles within corporate rules. So unless the venture comes from ones own pocket getting money is a challenge that requires preparing funding proposals or applications to be written and/or presented for loans, venture capital, angel investors or even IPOs. There is so much information written about these stages of an entrepreneurial venture that sorting the good from the bad is an overwhelming challenge in and of itself. Once past those challenges, however, one would think there would be smooth sailing. Given the business has a good plan; everything should proceed with minor glitches. However, the implementation stage seems to be the real make-or-break point of an entrepreneurial venture. There are hypotheses that part of the problem is that idea people and implementation people are very different breeds of people, but there are enough exceptions to that rule that is a difficult position to defend. More realistic, perhaps, is that there are such a wide variety of skills needed at the implementation stage, that no one person can have the skills to manage all the functions well. The real talent is for entrepreneurs to recognize what they do well and then find employees or subcontractors who can fill the gaps. One way to look at this implementation stage is to look at how many different skills are involved in operating a business. Operating a business involves employees, marketing, advertising, sales, communications, public relations, legal needs, government regulations, equipping the office, risk management, disaster planning, crisis management, insurance, technology, hardware, software, the internet, and the financial aspects of the company bookkeeping, managing debt, taxes, and barter. Without a strong technical basis, there is no business. Above and beyond this, however, is the conceptual aspect of management: ethics, leadership, growth philosophy, and even the exit strategy of the company. These are much less tangible, yet set the overall theme and direction that the business will take. CRITICAL CHALLENGES 1. Money While there are some types of businesses that can be started on a small budget, one will need access to capital to fund the business, whether that money comes from another source of household income or from some type of loan, there is a need to be realistic about startup costs. New entrepreneurs often underestimate the length of time it takes for a business to become profitable and the amount of money they will need to invest in the business before its profitable. Developing a thorough and honest financial plan will help to avoid this mistake. 2. Skill and Knowledge Employees responsibilities are limited to a narrow job description. However, at the launch of a business, one becomes responsible for everything from research and development to product delivery to bookkeeping. That means there will definitely be some tasks that will be beyond the owners area of expertise. Depending upon the scope of the business, the owner may or may not have staff on board to handle different responsibilities. It is important to be honest about your own limitations and seek out expert advice and the support of good mentors when needed 3. Feedback Being an entrepreneur, particularly if it is a very small or home based business, it will likely feel at times that one is working in isolation and that can cause one to question decisions. Because it takes time for a new business to become profitable, its very helpful to find other sources of feedback beyond the latest sales figures to assess the growth of their business. Seeking out and meeting with other entrepreneurs can help give feedback needed to understand and assess the growth of their business. 4. Time When you are becoming an entrepreneur, youll work harder for yourself than you would ever work for any employer. While self employment can bring flexibility to your work schedule, building a successful business requires a large investment of your time. It will be important to schedule specific work hours, and arrange childcare if necessary. Setting goals can also help you to stay on track. With all of those challenges, why would anyone become self employed? Here are some of the rewards of being an entrepreneur: BENEFITS 1. Money When you are someones employee, the amount of money you earn is limited by the labour market. Youll earn the going rate for your field and typically not much more. When you are self employed, your earning potential is only limited by your own brains and motivation to build a successful business. The more effort and smart planning you put into your business, the more you will directly benefit from your own work. 2. Opportunities Many entrepreneurs say they launched their business in order to create opportunities for themselves that they could not find in traditional jobs within their local labour market. A parent with a young family may want flexibility that is not available in traditional jobs; a new immigrant may want responsibility and opportunities for professional growth that they may not have found in their new country. When you build your own business, you can build opportunities and working conditions that are a good fit for your needs in ways that you may not find in traditional employment. 3. Accomplishment Building a successful business can provide you with a sense of pride that you have created something yourself based on something you value. You get to make the decisions; if you think a project is a great idea, you get to make it happen. You get to build something from the ground up that is your own and a reflection of your values, and any business success is always your success. 4. Time While you will invest a lot of time in building your business, depending upon the type of business you launch, being an entrepreneur can provide you with a lot of flexibility and freedom with your schedule that you would not often have with a traditional job. A flexible schedule allows you to create personal and family time and opportunities that you may otherwise miss out on. To overcome these problems, a new company must develop a unique selling point and find a way to inform consumers about that advantage. Everything from the brand name to the logo to company advertisement must capture the interest and attention of the consumer. It is important to remember that customers are interested in benefits as opposed to product or service features, or as one writer put it, what is in it for me? The new company must be able to clearly answer this question in order to survive and grow. How is an entrepreneur to deal with all this overload of challenges? The good news is that there are plentiful resources: discussion groups, educational resources, professional associations, and publications to turn to for support and counsel References: http://www.sbaer.uca.edu/research/icsb/2005/056.pdf http://ezinearticles.com/?The-Challenges-Facing-Entrepreneurs-and Small-Business-Ownersid=2271198 http://www.careerchoiceguide.com/being-an-entrepreneur.html http://www.smallbusinessnotes.com/choosing/issues/challenges.html

Persuasive Essay on Curfews Essay

Students under the age of seventeen have a curfew of 10 pm Sunday through Thursday and 12 am on Friday and Saturday. The curfew ensures that all students should have no business in a public place or out on the streets late at night. There are obviously some valid reasons why this is enforced and I am completely in favor of this decision. Many dangerous kinds of people come out late at night to see if they can get kids into some kind of trouble. Kids get kidnapped, raped and killed out in the open because its dark and nobody can see it happening. Illegal drug deals happen at night, again, because nobody can tell that they’re happening, and who’s out that late anyway? These times are decent and keep kids out of trouble in the dark. What teen-favorite restaurants are open after curfew time? Not any. The only restaurants and public places that are open after 10pm/12am are very few fast food restaurants and bars. Teens 17 and under aren’t allowed in bars so where would you go that late? There is absolutely no reason why any teen or child would be out late without a parent and/or guardian. Nothing is worse than one extremely worried parent. Personally, if I don’t answer a call or answer a text within 5 minutes of receiving it, they already think I’m doing something wrong. Especially if it’s after the city curfew. Most parents (much like mine) worry dearly for their teenager. At night who knows what runs through a parents mind when their child is having fun with friends. They might think their kids are out doing drugs, having sex(possibility of being on 16&Pregnant), speeding down streets, breaking into stores, sneaking into bars, getting drunk, etc. Although most of us aren’t, they think the worst of us. For the sake of a reassured parent, the curfew is a good thing. In conclusion, the 10 pm weekday, 12 am weekend curfew is a very good choice for the city. Coming from a teenager, whose been yelled at and grounded for being home past curfew, it’s a good thing. Common sense, closing times, the crazy people we have in this world, and our crazy parents are all very obvious reasons why this curfew is good, and should very well be enforced.

Where Is Sodium Found On The Periodic Table

Social And Cultural Responsibility Emirates - 1318 Words

SOCIAL AND CULTURAL RESPONSIBILITY Emirates place great value on corporate citizenship and social responsibility and believe the company business ethics are essential to the continued success. Each member of staff’s commitment towards ongoing improvement combines to maintain the competitive edge of the company operation in global markets. Emirates confidently believe its employees are greatest asset and great contribution to the staggering pace at which Emirates have developed. Without great team employees it would not have been possible and the company acknowledge this with a range of excellent benefits, including a generous profit share system, and programs designed to help them fulfil their career goals. The following benefits are applicable to all staff: †¢ Salaries are benchmarked for all employees against relevant Industries and are reviewed on a regular basis to ensure they remain competitive. †¢ 50% of Basic Salary is protected against adverse exchange rate fluctuations †¢ Annual leave Minimum of 30 calendar days in addition to 10 public holidays. Leave increases above 30 calendar days in steps dependent on the seniority of the position. †¢ Free annual leave tickets are provided for the employee and their eligible dependents. †¢ Financial support towards the payment of core tuition fees is provided to staff in more senior positions. †¢ Personal Life and Accident Insurance/ Workmen’s Compensation Insurance. †¢ Medical and Dental Provision/Government Health Card. †¢ AShow MoreRelatedAnalysis And Evaluation Of Market Demand For Amari Kartini s Luxury Goods And Jewellery1559 Words   |  7 Pages1.0 Executive Summary This report provides an analysis and evaluation of market demand for Amari Kartini’s luxury goods and jewellery in United Arab Emirates. The paper will consist of three primary aspects of market analysis; market segment: outlining background and data on Dubai, target market profile: create and analyse a target market and positioning strategy: standardise approach. The report will address the risks concerning export such as: accessibility, growth potential and the consumer’sRead MoreDutch Culture Compared to United Arab Emirates and Colombia1101 Words   |  5 PagesCulture Compared to United Arab Emirates and Colombia Culture can be defined as the way in which a group of people solve problems and reconcile dilemmas. Culture has a high influence in the process of doing business and managing. The main objective of this essay is exposing the main social differences between our host country, the Netherlands, and the two potential export destinations, the United Arab Emirates and Colombia. The main method used to discoverer the cultural differences is based on Parson’sRead MoreThe United Arab Emirates ( Uae ) Essay1448 Words   |  6 Pagesadvertising, social responsibility. Regardless of race, religion, language and other characteristics, business ethics is always present in the operations of an enterprise, but it differs from culture to culture, from country to country. This paper will point out the importance of cultural differences, familiar traditions, specific and detailed analysis of business culture, normal levels of communication and differences of the United Arabic Emirates (UAE). The United Arabic Emirates is one of theRead MoreThe United Arab Emirates ( Uae )1517 Words   |  7 Pages The United Arab Emirates (UAE) was not always the global epicenter of the Middle East. Culture is a lifestyle based on values, norms, behaviors, and beliefs of a region. Before it became a country, it was seven different regions next to Saudi Arabia and Oman. Its culture provided a Bedouin lifestyle and one focused upon the region. As the regions progressed throughout history, they began to realize they need one another to survive. Each region had a ruler, called a sheikh, and they bandedRead MoreZayed- Man Who Built A Nation1344 Words   |  6 Pageshave chosen a book titled â€Å"Zayed- Man Who Built A Nation†. because I am attracted by its title. The book that includes 734 pages, covered all details about the life of late Sheikh Zayed bin Sultan Al Nahyan. I always influenced by the president of Emirates Arab behavior the founding father of the EAU, and t hose who have escorted him throughout his long life. The book comprises the challenges that Sheikh Zayed confronted since 1971 until his death in 2004. My interest is to illustrate the exclusiveRead MoreCultural Competency And Health Care1462 Words   |  6 Pages Cultural competency is secure, respectful, reciprocal relationships and partnerships, which respects for diversity and obey expectations and equity. In today’s society, cultural competency is quite important to the worldwide healthcare due to the cultural differences. In Melbourne, Australia, Monash Health is a community service in the local government area (LGA) of Monash. In order to demonstrate the features and importance of cultural competency, details of this community (Monash) are going toRead MoreCode Of Ethics For An International Organization972 Words   |  4 Pagesdeveloping global code of ethics that integrate and demonstrate respect for the diverse groups that I do business with, such as the nations of India, the United Arab Emirates and Japan. I would use the World Health Organization (WHO) as on example. Below is a list of code of ethics that will serve as guidelines for this organization: Responsibility to Self 1. Recognize the need to engage in continuing education to broaden knowledge and expertise in the prevention of disease as it relates to various culturesRead Moreoral and nonverbal communications in Dubai1860 Words   |  8 Pagesfrom all around the world come to the UAE striving for a better life and jobs that pay well. There are around 4.4 million people in the country, with only 15--20% of them being citizens and 96% being Muslims. Hofstede’s analysis of the United Arab Emirates indicates that religion (Islam) plays an important role in people’s lives. Islam is the official and majority religion and includes almost every aspect of life. Education,  laws, food, clothes, daily routines and even conversations are all stronglyRead MoreThe Leadership Biography Of Sheikh Zayed Bin Sultan Al Nahyan1203 Words   |  5 PagesI would like to discuss the leadership biography of â€Å"Sheikh Zayed bin Sultan Al Nahyan† the founding father of the Emirate Arab United à ¢â‚¬Å"EAU† throughout his long life. I have chosen a book titled â€Å"Zayed: Man Who Built A Nation†. It coveres all details about his life. It comprises the challenges that Sheikh Zayed confronted since he was elected in 1971 until his death in 2004. My interest is to illustrate the exclusive accomplishments of Sheikh Zayed bin Sultan Al Nahyan a Bedouin who lived in theRead MoreExamples Of Companies Marketing Activities1176 Words   |  5 Pagescountries is key for implementing a proper winning marketing strategy. Cultural dimensions help managers and multinational companies respond effectively and positively to values and behaviours that shape a given nation and that might be completely different from the way an organization is accustomed to behave in its country of provenance. McDonalds represents a suitable model of multinational companies that succeeded in translating cultural differences into their products, marketing efforts and practices