Small Businesses Essay Example | Topics and Well Written Essays - 3250 words

Small Businesses - Essay ExampleFrom this research it is clear that business success or failure is not ultimately the result of fate or random chance, but there are upright reasons why a business did wellspring or the other one didnt. When a business man externalises to set up a business, he may have some initial concerns such(prenominal) as which particular business to be started, who are the main customers to be targeted, how much capital to be invested and what market to be concentrated etc. In todays rigorously competitive market landscape, the main indicator for the success or failure of a business is the ability of the business to butt on customers specific as well as general requirements and thus to ensure customers satisfaction. As Freeman emphasized, no one who starts their own small business plan to fail, but sadly they fail to plan and therefore they fail. No matter whether the business is small or big, developing a well thought roughly plan and comprehensive strategi c planning is critical to setting a business successfully. In the modern business contexts, small businesses represent a good portion of the economy since it 1) provides increased employment opportunities, 2) Requires less gestation period, 3) encourages growth of local entrepreneurship and 4) improves the standard of living of the local people. In the UK alone, it is estimated that there are 3.7 one million million small businesses and this plays greater roles in its economy. A small scale business is one in which management is mostly independent and usually the manager is the owner, landing field of the operation is mainly local and ownership is held by an individual or small group of people. (Analoui and Karami