Small Business Management - Literature review Example

? IS SMALL BEAUTIFUL? Is Small Beautiful? Introduction Small business enterprises face a lot of competition in the current market worldwide. So much of different dimensions in the styles of maintaining a good business crop up and some of them need to be considered. In fact, there are so much variation in management of organizations and businesses. The great diversity in the managerial styles raises a concern in knowing the like that enables a small business to effectively, thrive. These will include effective ideas that lead to the same without many constraints of any manner. In reality, approaches to business management may be based on entrepreneurial constituents. These will ultimately describe at a greater depth articulate the small business field management, something that is the center of focus in this piece of writing. Entrepreneurial style of management in small and medium-sized enterprises (SMEs) is anticipated is associated with success. This means that, through the styles of management, a small business firm would experience a high growth from one level to another. It is true to say that entrepreneurial management is associated with type of firm; that is, growth rate. The growth rate in itself may be either high or low as Eugene, Hampson, Ian and Beryl (2003) explain in their work. This work will for sure check on variability that exists in small business firms and the kinds and their managerial styles. Literature Small firms are numerous and operational in virtually all parts of the globe. They have a sense of global competence, and a thought about them introduces a deal of effectiveness in terms of management and style. It is better to understand the meaning and the relationship that the managers of the firms have with those that help them run their business. In the first place, it is imperative to understand the meaning of entrepreneurship. According to Eugene, Hampson, Ian and Beryl (2003), entrepreneurship is a process. They see a process of generating something that is not similar with its value through dedicating needed time and effort. All the risks (including financial, psychological and social) that come by when the process of entrepreneurship is on are assumed. An entrepreneur is on the look to receive personal satisfaction and a resulting reward in monetary terms. Following the small nature of firms, they become easy to manage in the hunt for their growth and profitability. This comes because of innovative ideas and behaviors that an entrepreneur allies with. Character traits of an entrepreneur who is success oriented clearly spring up. They cover all most aspects of growth-targeted areas that we need to see in the entrepreneurs. We will consider the character traits in a broad manner to see how successful small business owners should operate. To begin with, there is so much to do with personality traits. This makes an entrepreneur legible enough to discern what to do at the very appropriate moment. Personality traits in any small business owner cannot allow for an exceptional thing that may ruin the business. Attitude of any small business owner boosts the general outcome of the business. In fact, a positive attitude has all it takes to see success in the business. In this regard, it instills a better level of self- effectiveness, strength of a higher order and so on. In many cases, eagerness to change according to the current situations that face SMEs is a real stepping-stone to success. This is better off when still when a small business owner shows a great deal of interest in getting involved in creativity and innovation. A business becomes so beautiful to manage in the sense where there is competition aggression and that burning need for success and achievement. Consequently, these are what constitute the logic of small business being beautiful. In a small business enterprise, planning is considerably easier. Its management is swift since it offers a friendly environment for the owners and their customers at large. This does not require so much of time because simplicity accorded to the small business enterprise. It is easier because decision-making does not involve many people, in fact, only the owner of the business is the one who does most of the decision-making. Robert (2006) has seen something significant in small business, which makes him appreciates it in a considerable manner. In his search for a reason why small business is small, he observes that, for small business to thrive, it is a will power that has to stands out. To this, we compare with numerous efforts that should be put in place just to realize the same. He further emphasizes what most people would agree with, the aspect of planning that is key to success in a small business. In reality, putting plans into consideration improves the present undertaking, Robert (2006). In the definition of a small business, we ought to know what govern it for a better understanding. The general guidelines are not far much from the communicational questions that include who, why and where. To answer the first instance, the person(s) in charge of the small business should be well understood as they also do the same. A successful business is the one, which has individuals possessing great qualities. He utilizes the same character traits to run the business in a swift manner. The subsequent query is why. This query is reason oriented and answering means that the owners of the business know exactly why they stated it up. After realizing the sole reason for establishing a small business, all issues arising in the course of its management are dealt with accordingly. The issues, therefore, are related to the risks that come about. As we recently observed, the risks entail social, financial and psychological ones, Eugene, Hampson, Ian and Beryl (2003). Managing them is easier simply because they are in a manageable type of business, a simple type that will for sure have no much complication in handling. The last considerable question that answers a managerial aspect of a small business is where. Reflection on this would assure a great economic development state. It holds so much in terms of the number of employees needed in the small business. It also reflects on the places where they would work, if at all there are some other branches conducting the same transactions in other areas of the country, or abroad. In short or in other words, a small business is the one, which is not domineering in the industry but one, which is effectively working out and thriving as the owner expects. Several character traits are needed for a sufficient management in the small business firms. Through whatever that it may take for any small business owner, the zeal to acquire them is vital. As Rubin (2010) in a new report that is attempts to discover a winning formula, he depicts that there is no formula in their management. It takes a lot of freedom to own and manage them, something that for sure makes them beautiful to manage. Considering the managerial styles hoped for in them, any individual owner of a business seeks to broaden on character traits that entail personality. These are all about dimensions that will associate small business owners with a great deal of success, Rubin (2010). To begin with, there is an aspect of collaboration that is seen in the owners of these small business firms. As Rubin, (2010) sees, managers click with their customers if at all they get involved in allocating duties to them. Success has always followed the owners of the small business owing to their managerial styles, this time round about establishing strong relationships between them and their teams involved in management teams. It is even better when this relationship is extended to the few employees in a small business together with others. Another great aspect of self-fulfillment is the unmeasured trait. According to Rubin (2010), successful small business owner embraces the goodness of its beauty when they consider at an immense level consider fulfillment that their businesses provide for them. For instance, they are their own bosses anyway, and anything they know how to enjoy being in control of all they do. How they get their personal income is all about them, directing all the channels through which they can follow, either to reach them or be used by them. Something notable about the small business owner that stands out for Rubin (2010) is the way they view their businesses in the beautiful manner. Is it beautiful for them to be satisfied in creating something that is of great value out of their love for it? They live for something they love to do without so much of any stress. This is more than just beautiful! Qualifiers for beauty in small business are much, so few to mention still. A good small business owner is the one who is at the front line to ensure the firm’s future is secured. This is yet another insight that Rubin saw in them, an aspect that has taken them to higher places and greater heights for a long time. Therefore, they have a plan for the running of the business presently, and the days to come in the future. This plan carries them along while they are beautifully running the small businesses for long years. In trying to find out the managerial styles that make a small business beautiful, a character trait that came along is curiosity. A curious owner of SMEs never hesitates to ask relevant questions about the business. This may include how to advance through majoring in the profit while minimizing losses at all cost. As Rubin (2010) suggest, they are always in a genuine need to learn everything in anything about their business, for example, how other businesses in the past failed and what triggered their failure are some of their frequently asked questions. In the event looking for employees and trying to have a good relationship with them, they must be willing to inquire more about them. At this stage of inquiry, they not only learn how to motivate their employees but also how to keep and sustain them. Another style of management stands out still in the small businesses that the owners consider. This is all about the means in which they advertise their products. Since nowadays we live in the technology-oriented era, the small business owners have vastly ventured into their use efficacy, Rubin (2010). They have achieved this through the creation of their website and using them constantly in advertising their product at their own pleasure. This shows how enjoyable owning a small business enterprise seems, exposing its beautiful nature. The whole aspect of technology and the current systems across the globe fascinates the small business owner. It is through this factor that they prove their competence in getting more customers, employees and any other individuals, who are close to them and are of a benefit to their business. Value credited to action in a business is yet another managerial style adopted by small business owners. They show a sense of vigor in their undertakings, taking things from one level to another swiftly and freely. A good business owner knows what they do at what time, bridging the gap between them and the anticipated success. They are ever active founders of their small business enterprises who work tirelessly hard to distinguish themselves from their immediate competitors. Even if the economy is full of fluctuating predicaments, the small business owners are never worried or shaken. This is how the said small becomes beautiful, no much stress in any business environment but in rejoinder; they create a stress free one. In one sentence, Rubin (2010) still noted how small businesses are beautiful and said that those that are associated with success have their owners self-motivated. Again, they are individuals that so caring and curious just as we had previously seen. They take into consideration their personal goal and those of their businesses and balance them. In addition, they never cease to utilize opportunities that come in life for them. This in the actual sense means that successful small business owners seek advice from their seniors and other expertise that come into the vicinity, Rubin, (2010). This is the beauty of their small business firms. Owing to the above facts about ownership of small business enterprises, there are issues that are finally sorted out to bring a deeper understanding of the firms. Just as Eugene, Hampson, Ian and Beryl (2003) scrutinized a difference between entrepreneurship and a small business firm; it is advisable to follow their suit. In their explanation over the same, the two differ from each other in that one of them is profitability and growth oriented. On the other hand, the other is more concerned with getting an income for their personal needs. To, clearly, show this, a small business enterprise is the one that hopes for an income that will meets the needs of the owner. The owner is generally satisfied with the income that the business generates, and this is what they rely on for a day-to-day livelihood. One can say a lot about the concept of beauty brought out by small businesses. Their owners delight relies on them and would do anything possible to continue enjoying the benefits that come along in their management practices. One key thing to not is that in terms of realizing success that comes along in small business firms, a great deal of competence should be shown, Eugene, Hampson, Ian and Beryl (2003). This brings about the concept of management, training and development denoted by MTD. In fact, managers in small business firms are more specific to the areas in which they function. This implies that they must be extremely flexible and ready to adopt any slight changes that occur in the event of their continued management, Eugene, Hampson, Ian and Beryl (2003). Conclusion So far, it is evident that small business firms are easier to manage as they provide a swifter shift in their mode of operation. Their styles range is unmeasured; in fact, they greatly vary but overall provide the sense of ease in management and operation. Due to the so many roles that a small business enterprise owner undertakes, it is better off if they adopt the competence based as an analysis of their managerial work, Eugene, Hampson, Ian and Beryl (2003). The manner in which the managers of the SMEs operate to realize the beauty of their small business is all about exposing a potential management behaviors like the ones described above. In addition, the styles of management, as seen in the entire work, are characterized with a lot of creativity and innovation. This has a significant effect on the entire performance of a firm, despite its physical nature. Additionally, success of a small business enterprise depends much on the level of risk taking that comes along with it. This is in line with the managerial styles qualified by organizational and planning behaviors. All these are exposed in this work, in a significant extend. References Eugene, S. S., Hampson, Y., Ian, C. & Beryl, B. (2003). Managerial Behavior, Entrepreneurial Style, and Small Firm Performance. Journal of Small Business Management 41(1), pp. 47-67. Edward, B. & Robert, H. (2006). Small Business Management: the path to success. Retrieved from http://www.thinkingmanagers.com/management/small-business-management.php Rubin, C., (2010). The Six Traits of a Successful Small Business Owner. Retrieved from: http://www.inc.com/news/articles/2010/07/six-indicators-of-success.html Read More