Managing Small and Medium Sized Enterprise

Running head: MANAGING SMALL AND MEDIUM SIZED ENTERPRISE.
Managing Small and Medium Sized Enterprise
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MANAGING SMALL AND MEDIUM SIZED ENTERPRISE
Executive Summary
SMEs form a major source of employment generation in any economy. They are also very easy
in handling as their areas of operation in small and limited. Thus, they usually do not have any
problems that are usually faced by the other bigger companies. There is no risk of losing any
company data; they usually handle a very manageable and compact amount of work. As far as
UK is concerned SMEs form a major source of income for the UK economy. They often face
some of the other kinds of issues like lack of fund, lack of sufficient training to the workforce
and many other such problems. Pharmacy 2U is one such well known SME of the UK. They are
the first online or internet pharmacy of the UK that was established by Daniel Lee in the year
1999. This assignment has dealt with the services being rendered by this company and the
different struggles that they are facing.

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MANAGING SMALL AND MEDIUM SIZED ENTERPRISE
Table of Contents
Introduction......................................................................................................................................4
Findings...........................................................................................................................................4
Theories of entrepreneurship.......................................................................................................6
Poor IT resource...........................................................................................................................6
Lack of funds...............................................................................................................................7
Lack of support during emergency..............................................................................................7
Conclusion.......................................................................................................................................7
Recommendation.............................................................................................................................9
References......................................................................................................................................10
Bibliography..................................................................................................................................11

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MANAGING SMALL AND MEDIUM SIZED ENTERPRISE
Introduction
SME or small scale industries play a major role in developing the overall economic status
of a country. They are much easier to handle and can be carried on in an optimized manner. They
are the micro enterprises that account for major growth and development in the total GDP or the
national income of the organized manner. SMEs are one of the most important forms of
generating employment. They account for about 50 % of the total employment generation. SMEs
form a major portion of the total income of U.K. “According to the Department for Business
Innovation and Skills, there were an estimated 4.8 million businesses in the UK at the start of
2012, employing approx. 23.9 million people and having a combined turnover of £3,100 billion.
(Grant, Laney and Pickett 2015) However, SMEs often suffer from a lack of a sufficient amount
of fund. This report has dealt with one such SME of UK called Pharmacy2U
(www.pharmacy2u.co.uk. 2019). They try following the continuous improvement strategy in
order to make the lives of their patients easier by using the upgraded technological means. An
interview with Daniel Lee, the founder of Pharmacy2U was undertaken in order to know about
the operations and the current status of this organization. The following sections have been done
based on the evidence obtained from the interview.
Findings
Pharmacy2U is one of the well known SME of the UK that is trying their level best to
take care of their best by following the best updated and upgraded scientific technologies. They
have realized that it is not always possible for them to cater to the individual needs and demands
of each of their patients. The founder of the company is Daniel Lee, who is the current Chief