Managing Small and Medium Enterprises - written assessment

Managing Small
and
Medium Enterprises

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY......................................................................................................................................3
The nature of the entrepreneur behind the venture..........................................................................3
The SME start-up processes............................................................................................................3
The business concept and competitive advantages..........................................................................4
The current level of demand and the competitive environment.....................................................4
The growth and development of the business to date......................................................................5
The challenges of managing and running the business...................................................................5
The SMEs current growth and development strategy......................................................................5
Government support measures that may be available to help the business overcome the
.........................................................................................................................................................6
challenges faced-: ...........................................................................................................................6
CONCLUSION....................................................................................................................................6
REFERENCES.....................................................................................................................................7

INTRODUCTION
The modern world business environment has changed rapidly in the last few decades.
Nowadays, an organisation can easily conduct their business activities across the boarder.
Globalisation plays an important role in increasing the world economy because it generates the
opportunities for the enterprises to sell their product, services, technologies across the boarder al
around the world. Business enterprises is a structured form by an individual or group of people to
make monetary benefits. The person who take a initiate to established a business in known as
entrepreneur. The main of starting a new business is to meet a specific need or filling a certain gap
in the market. Small and medium enterprises(SME) is a combination of both manufacturing and
service enterprises. Small and medium enterprises are the business structure whose annual turnover
and all the investment in assets such as plant and machineries are less in cost as compare to large
enterprise (Badini, Hajjarand Kozak, 2018).
MAIN BODY
The nature of the entrepreneur behind the venture.
Entrepreneurship can be considered as a thought process of establishing a new business or
enterprises. It is a quality and willingness to create, manage and run a business operation effectively
and efficiently. It can be categorized into small or home commercial enterprise to international
organization. The 4 types of entrepreneurship are as follow-:
Small business enterprise entrepreneurship
Scalable start-up entrepreneurship
Large organization entrepreneurship
Social entrepreneurship.
Some characteristics of entrepreneurs are as follow-
Innovative- The entrepreneur of verdant leisure should have highly imaginative and
innovative ability or skill to generate new strategies, ideas before starting a company to earn profit.
For capturing new customer base verdant leisure should modify their product in such a way that can
positively affect the customer's mind.
Team building- A successful entrepreneur should have the complete knowledge about their
strengths and weaknesses regarding to their business enterprises. The entrepreneur should develop
such kind of team that have proper abilities according to their respective fields. The skilled team
can confidently deals with the issues that can harm the organisation.
Flexible- An entrepreneur should have the capability to change their attitude according to the