Managing Small and Medium Sized Enterprise

Managing small and
medium sized
enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
Findings............................................................................................................................................1
Conclusion................................................................................................................................10
Recommendation...........................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
The concept of medium and small size enterprises can be described in various ways.
These are the independent firms which directly affect the economy across the world. That’s why
few business industries and entrepreneurs has taken these SMEs as an goodwill of the business
which helps them in earning more profits and accomplish their requirements in a effective way.
These are based on the number of employees and turnover of the company as they have (Ali, N.
S. H. M. and Babiker, 2017). These are the part of economic environment wherein, it develops
countries in an appropriate manner. SMEs and entrepreneurs firms are the crucial segment and
driver for various national economies. These firms also focuses on the different types of business
people who can run their goods and services in a effective way so that, SMEs can easily sustain
the market are for long duration of time. In order to increase their market SMEs are always one
of the remarkable subjects for the investigators. Therefore, it can be define from the larger
companies through the huge number of characteristics. In this, the researcher have prepared few
characteristics for better understanding of this topic which is, limited resource- SMEs basically
has limited availability of resources that means, they did not have lot of fund to invest in
purchasing of machinery and hiring the workers. Next is informal management style: for SMEs
the management activities of functions usually informal. According to this owner has to do
everything because there is no clear division of task. It has another characteristics that is
flexibility in which SMEs has more flexibility to adopt few changes in the environment due to its
size and informal structure. Lastly it depends upon the individual decision makers, wherein,
SMEs firms are managers and operates by the owner. In this entrepreneur of the enterprise leads
the company and employees or employer plays a vital role. The growth of the firm is also
explained through the company owner and decision making is also done by the owner.
Therefore, it is also necessary to develop in enterprise environment within the market. In this
present report, Lorraine Electronics has been selected as an organization which is situated in
London UK. This is a small and medium sized enterprise which does the import electronics items
from China. It also concentrates on the good quality of electronics items with affordable price to
its customers (Chauma, 2017). Along with this, report will discuss the meaning and
entrepreneurial process with the nature, characteristics and variety of small business. This report
will also highlight the growth and consolidation of the entrepreneurial venture with finance and
small business with lot challenges in the business market. At last, macro-economic environment
and enterprises policy or government intervention in order to becoming an entrepreneur or
running small business topics will get covered in entire case.
Findings
Small and medium enterprise organizations are those companies which do not have big
businesses. They do not trade in foreign markets. The setting up of small scale firm is not a
difficult task. It requires effective strategy and planning to grow and develop business. The