Download file to see previous pages...
The results will be concluded and then recommendations will be provided based on the problems identified in the analysis stage.
There is no one single, consistent definition of small business that is widely accepted. Therefore, there are different definitions for different sectors and regions. It is the objective nature of the business that defines the small business.
In 1971, the Bolton Committee put down the two separate definition of small business with respect to economic and statistics. The economic definition stated that the small business is one that is relatively small share in the market, true owners run the place with no management structure and were independent. Whereas the statistical definition stated that the definition varied across the sectors. It said that manufacturing and construction were defined by the number of employees, retailing and services by turnover and road transport by number of vehicles. For example: A manufacturing businesses is considered small if it employs less than 200 employees (Storey, 1994).
This perspective stated by Wynarczyk et al. said that the small firms will be different from the larger firms with respect to three important dimensions: uncertainty, innovation and evolution. The definition did not take a good pace in the minds of the researchers (Storey, 1994).
Another definition of small businesses is laid down by the European Commission. They developed a new term ‘small and medium enterprises’ to define small businesses. This definition is invariant irrespective of the sector and region and uses only one variable, employee, to define the term. It stated that:
The Bolton Committee definition faced severe criticism on several grounds. And therefore, the definition put forward by the European Commission supersedes all the other definitions and is most commonly used these days. The research suggested that most economists use their definitions of small business which they deem
...Download file to see next pagesRead More
This shift has also coincided with a rapidly growing urban economy of India. The services sector, more specifically the food and services retailing sector has seen explosive growth in India over the last one decade. Major international food and beverages brands like KFC, McDonalds and Pizza Hut have a strong presence in India and are experiencing extremely high growth rates.
SMALL BUSINESS MARKET RESEARCH. Entrepreneurship involves taking up risks in the market (McDonald & Hawkins, 2012, p. 23). Different entrepreneurs have different ideas in the market and this may also be determined by whether the business is to operate as a sole business or a partnership.
The respective managers should understand the aspect of financial management in order to succeed in their day to day operations. Financial management is an activity which involves managing funds and financial activities in a business organization in order to meet the business demands.
Since the Structural Adjustment Programme Implementation (SAP) in Nigeria of 1981-1985, small business has not done well, and did better during the process years. Incubator programs have been started in both industrial and technology sectors but have not been successful to date.
The office has assisted in development of various publications for small business sector in the country with an objective to review current state, measure growth trend, identify problems and subsequently act upon the weak areas in small business sector. The ultimate aim is to help small businesses to prosper and grow.
Among the key factors contributing to such failure lies the lack of proper information systems and monitoring strategy of the business operations and financial aspects (Venter, Eden & King 2004). This results in poor business