Managing Small and Medium Sized Enterprises

Managing Small and
Medium Sized
Enterprises

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
FINDINGS.......................................................................................................................................3
Nature of entrepreneur behind the venture..................................................................................3
The SME start-up processes........................................................................................................4
Business concept and source of competitive advantage..............................................................5
The current level of demand in the competitive environment.....................................................5
Growth and development of business..........................................................................................6
Challenges of managing and running the business......................................................................7
The SMEs current growth development strategy........................................................................7
Government support....................................................................................................................8
CONCLUSION................................................................................................................................8
RECOMMENDATIONS.................................................................................................................9
REFERENCES..............................................................................................................................10
Books and Journals:...................................................................................................................10

INTRODUCTION
Small and medium enterprises are the organisations which run by small entrepreneurs in
the business environment (Gilmore, 2020). In this respect, Yogopink Company is undertaken for
this project which established in 2010. It is the type of family business which is started in 2010
and provides healthy frozen yoghurt to Northwest London. They are trying to assure people that
frozen yoghurt is low calorie and fat free which is totally good for them. The company is small
scale size as they have only 5 - 6 employees which run their business. This report is focuses on
the insight of various aspects of small and medium enterprises. It covers start-up process, sources
of competitive advantages, growth and development of business, challenges and strategy. It also
covers the nature of entrepreneur behind the venture, current level of demand, Government
support, and growth development strategy. These all topic covered by this report which is
beneficial to understand by small and medium enterprises in order to get success and growth in
the marketplace.
MAIN BODY
FINDINGS
Nature of entrepreneur behind the venture
Starting of a new venture is very important for a person that decides which type of
ownership they want. For example, if they have enough capital to start a large organisation then
they can prefer company with sole proprietorship, partnership, public limited company, etc. So it
is up to the entrepreneur that they which type of organisation want to run. But it is identified that
in starting there always related to a small and medium enterprises which needs skills and
knowledge to start a small entrepreneurship (Roscoe and et. al., 2020). For that purpose they
need many qualities in entrepreneur such as confidence, risk taking, innovative and creative, etc.
It can be really understand with the help of one important example i.e. Yogopink. Yogopink is a
small scale organisation which is the type of family business that is run since 2010. It is the small
scale organisation as they have annual revenue of 489.6K. It comes under small and medium
enterprises. They have approximate five employees in the company as it is a private independent

company. So it is clear that is small and medium enterprises need a very less capital and they can
easily enter into the market. They have to use their skills and knowledge in order to expand their
business. The nature of entrepreneur decides the success and growth of business. That means if
they want to get higher profits than they should take higher risk.
The SME start-up processes
To start an SME is not an easy task for anyone because it is a business which needs lots
of market research in order to run their business as well as survive in the market for long term
period. For small businesses it becomes more difficult as compared to other large organisation
because small businesses have no expert knowledge due to financial problems (Ghadge,
Wurtmann and Seuring, 2020). So that's why they should focus on plan which assists them to run
their business in a systematic manner that reduces risk. Yogopinkhas only 5 employees but still
they need to make a plan or a process which helps to start their business successful. The start-up
process is mentioned below:
Plan of the business: One of the most important things which should be listed in a plan
or a process of starting a new business that they should do brainstorming for planning of their
business (Tipu, 2019). In their plan, why should always remember to consider aim and objectives
of business. It guides organisation and employees that how they can run their business in the
market.
Ownership: It is very important for our businessman who acts as a promoter they decide
which type of ownership they want (Paul and Chowdhury, 2020). For example, partnership, sole
proprietorship, private and public limited company, etc. Yogopink adopted an ownership of
family business in which their elders are already in this business and they succeed the business.
Suppliers: Yogopink is the business that is based on frozen yoghurt which needs milk as
they produce yoghurt at their own place. That's why they have not so much suppliers.
Products and services: Products and services other important part of organisation as
they offers to customers. Yogopink decided that they are offering frozen yoghurt which is fat
free and low calorie.