MSME: Challenges, Growth Strategies and Government Support Measures
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This article discusses the challenges faced by MSMEs, their growth strategies, and government support measures available to them. It includes a case study of Marshfield Bakery, a small family business in the UK, and their entrepreneurial journey. The article covers topics such as the nature of the entrepreneur behind the venture, SME start-up processes, business concept and sources of competitive advantage, current level of demand and competitive environment, growth and development of the business, challenges of managing and running the business, and SMEs current growth and development strategy. It also includes a reflective journal of the author's learning experiences throughout the MSME course.
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Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Findings............................................................................................................................................3
The nature of the entrepreneur behind the venture.................................................................3
The SME start-up processes...................................................................................................4
The business concept and any sources of competitive advantage..........................................4
The current level of demand and the competitive environment.............................................5
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............................................................6
Any government support measures that may be available to help the business overcome the
challenges faced......................................................................................................................6
CONCLUSION................................................................................................................................6
Reflective journal.............................................................................................................................7
Week 1....................................................................................................................................7
Week 2....................................................................................................................................7
Week 3....................................................................................................................................8
Week 4....................................................................................................................................8
Week 5....................................................................................................................................9
Week 6 ...................................................................................................................................9
Week 7..................................................................................................................................10
Week 8..................................................................................................................................10
Week 9..................................................................................................................................11
Week 10................................................................................................................................11
REFERNCES:................................................................................................................................12
Books and Journals:..............................................................................................................12
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Findings............................................................................................................................................3
The nature of the entrepreneur behind the venture.................................................................3
The SME start-up processes...................................................................................................4
The business concept and any sources of competitive advantage..........................................4
The current level of demand and the competitive environment.............................................5
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............................................................6
Any government support measures that may be available to help the business overcome the
challenges faced......................................................................................................................6
CONCLUSION................................................................................................................................6
Reflective journal.............................................................................................................................7
Week 1....................................................................................................................................7
Week 2....................................................................................................................................7
Week 3....................................................................................................................................8
Week 4....................................................................................................................................8
Week 5....................................................................................................................................9
Week 6 ...................................................................................................................................9
Week 7..................................................................................................................................10
Week 8..................................................................................................................................10
Week 9..................................................................................................................................11
Week 10................................................................................................................................11
REFERNCES:................................................................................................................................12
Books and Journals:..............................................................................................................12
Introduction
Small and medium size businesses are those businesses which are having less number of
employees and whose total revenue earning amount is less than large companies. The main aim
of such companies is to earn their livelihood and and serve to local customers. There are lack of
innovation strategies in SMEs (Raza, and Khuwaja, 2018). Their growth rate is slow as
compared other large companies. Marshfield bakery is a small scale family business in UK
which is founded in 1984 and it has 84 employees. The following file covers the nature of
entrepreneur behind the venture, SMEs start up process, business concept and sources of
competitive advantage, current level of demand and competitive environment, growth and
development of business, challenges or running the business and in the end this file covers SMEs
current growth and development strategies, government support system for companies to tackle
problems. It also include recommendations.
Main Body
Findings
The nature of the entrepreneur behind the venture
Few of the nature and features of entrepreneur of Marshfield bakery are explained below-
1. Risk bearing spirit- It is the main nature of SMEs that they should have risk bearing
nature because most of the small enterprises invest their own money which is called
equity shares in the business. In case these businesses go for loans then also they have
unlimited liabilities which means in case or repaying the loans they even have to use their
personal property. Marshfield bakery is a family owned business which is established
with equity share which means tits owner took a high risk in the business.
2. Ability to innovate- Small businesses are innovative, they find new and innovative ways
to reach their targeted customers. This business are mainly focusing on gaining more
customers with their effective services. They can only innovate new ideas in products and
services because innovation in technological factor require high investment which is
tough for SMEs. In context of Marshfield Bakery, they innovate new tastes of their rusks
and baked products (Hasanah, 2021).
3. Good decision making ability- SMEs are considered as good decision makers because
they know well that the success of their business is fully dependent upon their good
Small and medium size businesses are those businesses which are having less number of
employees and whose total revenue earning amount is less than large companies. The main aim
of such companies is to earn their livelihood and and serve to local customers. There are lack of
innovation strategies in SMEs (Raza, and Khuwaja, 2018). Their growth rate is slow as
compared other large companies. Marshfield bakery is a small scale family business in UK
which is founded in 1984 and it has 84 employees. The following file covers the nature of
entrepreneur behind the venture, SMEs start up process, business concept and sources of
competitive advantage, current level of demand and competitive environment, growth and
development of business, challenges or running the business and in the end this file covers SMEs
current growth and development strategies, government support system for companies to tackle
problems. It also include recommendations.
Main Body
Findings
The nature of the entrepreneur behind the venture
Few of the nature and features of entrepreneur of Marshfield bakery are explained below-
1. Risk bearing spirit- It is the main nature of SMEs that they should have risk bearing
nature because most of the small enterprises invest their own money which is called
equity shares in the business. In case these businesses go for loans then also they have
unlimited liabilities which means in case or repaying the loans they even have to use their
personal property. Marshfield bakery is a family owned business which is established
with equity share which means tits owner took a high risk in the business.
2. Ability to innovate- Small businesses are innovative, they find new and innovative ways
to reach their targeted customers. This business are mainly focusing on gaining more
customers with their effective services. They can only innovate new ideas in products and
services because innovation in technological factor require high investment which is
tough for SMEs. In context of Marshfield Bakery, they innovate new tastes of their rusks
and baked products (Hasanah, 2021).
3. Good decision making ability- SMEs are considered as good decision makers because
they know well that the success of their business is fully dependent upon their good
decisions. Hence, they analyse the conditions and situations well and then take some
good decisions for their business.
The SME start-up processes
1. Create a business plan- It is the framework of whole business that how they are going to
conduct in future. It is first stage of starting a business to develop a business plan after
analysing all opportunities and threats in the market place. It also consist of analysing
financial sources.
2. Determine the legal structure and register the business- It is essential for the business
to determine legal structure so that in registering the business their registration will not
get cancelled by the government. Registration is important for SMEs so that they will get
legal certificate of their actual existence.
3. Get a tax identification number from IRS- Taxation policy is also essential for the
business. Hence, it is essential for new start ups to go for tax identification.
4. Finding a location for business- It is essential to find a suitable location like building for
conducting business activities.
5. Finding employees- After fulfilling all legal formalities it is essential to find some more
people for company so that they will help them in their operational activities.
6. Engage in operational activities and achieve success- after hiring employees the owner
of business explain them hoe they can work for their success and they engage in
achieving organisational profit (Mathibe, 2019).
The business concept and any sources of competitive advantage
SMEs is a type of business which is operated on small basis by hiring small number of
employees and earning less incomes as compared to normal sized companies. They are good to
serve their local products to their local customers. This business consist to produce local
products like popular food items and cultural cloths of country. The prices of their products are
low because they target low income customers. Marshfield Bakery can gain competitive
advantage by producing different flavours of Rusks and biscuits because nowadays most of the
customers need vast variety of their eatable products. This will help them to compete well in
their industry. Secondly, they are also gaining good competitive advantage by their innovative
and new products. They are introducing a vast variety of new products every year which help
good decisions for their business.
The SME start-up processes
1. Create a business plan- It is the framework of whole business that how they are going to
conduct in future. It is first stage of starting a business to develop a business plan after
analysing all opportunities and threats in the market place. It also consist of analysing
financial sources.
2. Determine the legal structure and register the business- It is essential for the business
to determine legal structure so that in registering the business their registration will not
get cancelled by the government. Registration is important for SMEs so that they will get
legal certificate of their actual existence.
3. Get a tax identification number from IRS- Taxation policy is also essential for the
business. Hence, it is essential for new start ups to go for tax identification.
4. Finding a location for business- It is essential to find a suitable location like building for
conducting business activities.
5. Finding employees- After fulfilling all legal formalities it is essential to find some more
people for company so that they will help them in their operational activities.
6. Engage in operational activities and achieve success- after hiring employees the owner
of business explain them hoe they can work for their success and they engage in
achieving organisational profit (Mathibe, 2019).
The business concept and any sources of competitive advantage
SMEs is a type of business which is operated on small basis by hiring small number of
employees and earning less incomes as compared to normal sized companies. They are good to
serve their local products to their local customers. This business consist to produce local
products like popular food items and cultural cloths of country. The prices of their products are
low because they target low income customers. Marshfield Bakery can gain competitive
advantage by producing different flavours of Rusks and biscuits because nowadays most of the
customers need vast variety of their eatable products. This will help them to compete well in
their industry. Secondly, they are also gaining good competitive advantage by their innovative
and new products. They are introducing a vast variety of new products every year which help
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them to develop the value of their company in market and due to this reason they are having
potential growth.
The current level of demand and the competitive environment
Currently UK population is demanding fresh and hygienic food and beverages from the
restaurants and cafes. The customers in UK currently more focused to their health and prefer to
eat those food items which is prepared with fresh vegetables and in a hygienic way. Marshfield
Bakery baked their biscuits and rusks by considering all factors of current market to fulfil their
current demand. They are having tough competitive environment as there are many Bakery in
UK which are having strong strategies to attract more customers like low cost products and many
more. Hence, Marshfield Bakery are supposed to make new and innovative strategies to lead the
market by defeating their competitors.
The growth and development of the business to date
Marshfield Bakery made home made biscuits, cakes and many other products which is
preferred by their customers. They provide natural taste like it is baked at their home itself.
Recently, they are focusing on introducing new products every year to expand the varieties in
their menu list. In this year 2021 they introduce 13 new products to serve their customers.
Recently they are focusing to adopt new and advanced machinery for making coffee, cakes and
many other food items. They expand their business by opening new Bakery in different locations
of UK (Omotayo, 2017).
The challenges of managing and running the business
There are various kind of challenges and issues faced by a business to run their business
properly. Marshfield Bakery is also facing some issues like adopting effective promotional tool.
They are unable to promote properly due to high expenses of advertising agencies in UK. They
are only reliable on social media promotion which is also not up to the date. In simple words
they are facing issue to adopt effective promotional tool for their business. Secondly they are
unable to manage their multiple orders at a single time due to the lack of workers. Sometimes
they receive multiple orders at a same day and same time which is tough for them get them
prepared on time (Bello, 2018). Due to this reason they lost few of their loyal customers. Other
issue in Marshfield Bakery is that they are unable to focus on their financial activities. They are
potential growth.
The current level of demand and the competitive environment
Currently UK population is demanding fresh and hygienic food and beverages from the
restaurants and cafes. The customers in UK currently more focused to their health and prefer to
eat those food items which is prepared with fresh vegetables and in a hygienic way. Marshfield
Bakery baked their biscuits and rusks by considering all factors of current market to fulfil their
current demand. They are having tough competitive environment as there are many Bakery in
UK which are having strong strategies to attract more customers like low cost products and many
more. Hence, Marshfield Bakery are supposed to make new and innovative strategies to lead the
market by defeating their competitors.
The growth and development of the business to date
Marshfield Bakery made home made biscuits, cakes and many other products which is
preferred by their customers. They provide natural taste like it is baked at their home itself.
Recently, they are focusing on introducing new products every year to expand the varieties in
their menu list. In this year 2021 they introduce 13 new products to serve their customers.
Recently they are focusing to adopt new and advanced machinery for making coffee, cakes and
many other food items. They expand their business by opening new Bakery in different locations
of UK (Omotayo, 2017).
The challenges of managing and running the business
There are various kind of challenges and issues faced by a business to run their business
properly. Marshfield Bakery is also facing some issues like adopting effective promotional tool.
They are unable to promote properly due to high expenses of advertising agencies in UK. They
are only reliable on social media promotion which is also not up to the date. In simple words
they are facing issue to adopt effective promotional tool for their business. Secondly they are
unable to manage their multiple orders at a single time due to the lack of workers. Sometimes
they receive multiple orders at a same day and same time which is tough for them get them
prepared on time (Bello, 2018). Due to this reason they lost few of their loyal customers. Other
issue in Marshfield Bakery is that they are unable to focus on their financial activities. They are
required to manage their expenses so that they can cut down the expenses on unproductive
activities and contribute the saved money in productive activities so that they can grow well.
The SMEs current growth and development strategy
Recently SMEs are growing well in the UK economy due to the contribution of SMEs for
development and generation of employment. Government also support SMEs because they are
fulfilling the needs and requirements of local customers. They provide employment to more than
60% of employee. They develop by adopting innovative strategies of gaining more customers
like they mainly focused to introduce new and innovative product for their growth. They try to
adopt advanced and modern technology in their business which will help them to increase their
production (Storz, C., ten Brink, 2021).
Any government support measures that may be available to help the business overcome the
challenges faced
Government plays an important role in development of SMEs in UK economy.
Government lower the taxed imposed on small business so that they can focus more on their
business activities and achieve success. Most of the banks allow loans to new business man and
have the facility that they can repay the loan after achieving success. This step of government
support SMEs and help them to motivate them to focus ion their business. There are various UK
government websites which support the development of SMEs which further help them to
mitigate their issues and challenges (Karadag, H., 2017). This websites are Mentor ME where
government provide access to 15,000 volunteers who are good business mentors from SMEs
community to provide their mentorship to new business who just enter the industry. This will
help to mitigate the issues of uncertainties in business by lack of business knowledge. Secondly,
with the help of UK Trade and Investment (UKTI), their government provide opportunities top
SMEs for international growth by allowing to use their export method for exporting their
products to other countries at a very low cost of exportation (Maziti, 2018).
CONCLUSION
From the above information it is concluded that entrepreneurs are the most innovative
people who have good ideas to grow their business well. It is essential that effective
activities and contribute the saved money in productive activities so that they can grow well.
The SMEs current growth and development strategy
Recently SMEs are growing well in the UK economy due to the contribution of SMEs for
development and generation of employment. Government also support SMEs because they are
fulfilling the needs and requirements of local customers. They provide employment to more than
60% of employee. They develop by adopting innovative strategies of gaining more customers
like they mainly focused to introduce new and innovative product for their growth. They try to
adopt advanced and modern technology in their business which will help them to increase their
production (Storz, C., ten Brink, 2021).
Any government support measures that may be available to help the business overcome the
challenges faced
Government plays an important role in development of SMEs in UK economy.
Government lower the taxed imposed on small business so that they can focus more on their
business activities and achieve success. Most of the banks allow loans to new business man and
have the facility that they can repay the loan after achieving success. This step of government
support SMEs and help them to motivate them to focus ion their business. There are various UK
government websites which support the development of SMEs which further help them to
mitigate their issues and challenges (Karadag, H., 2017). This websites are Mentor ME where
government provide access to 15,000 volunteers who are good business mentors from SMEs
community to provide their mentorship to new business who just enter the industry. This will
help to mitigate the issues of uncertainties in business by lack of business knowledge. Secondly,
with the help of UK Trade and Investment (UKTI), their government provide opportunities top
SMEs for international growth by allowing to use their export method for exporting their
products to other countries at a very low cost of exportation (Maziti, 2018).
CONCLUSION
From the above information it is concluded that entrepreneurs are the most innovative
people who have good ideas to grow their business well. It is essential that effective
entrepreneurs must have the ability to bear risk, must have good decision making skills and many
others. The biggest challenge of new venture is their competitors and their strong competitive
strategies impacted negative upon new companies. Hence, it is essential to formulate a effective
competitive strategy at initial level of growth. Government support is also one of the biggest
support which help the SME to grow well liker low interest rates, less restricted policies for
trading and many others.
Reflective journal
Within my academic studies I had learn the key aspects of the micro, small and medium
enterprise along with the management strategical and concepts. Below is the brief illustration of
reflective analysis on my learning experiences within the 10 week learning course of MSME.
Week 1
In the first week of MSME learning classes I had introduced with the concept of
entrepreneurship ans its importance in the management and success of MSME. My teach taught
in detail about the small medium enterprise, nature of the entrepreneurship, roles and
responsibilities of the entrepreneur, entrepreneurship style of management, types of the
entrepreneur, then entrepreneur and the small business along with the study of entrepreneurship
wider forms. I have learn that SME is the small medium size business and MSME is the concept
defining micro, small and medium size business. By the aid of this week study I had improved
my knowledge about the difference between , micro, small, medium, large size, business and
identified that organisation size difference is vary on their numbers of employees and turnover.
By the help of that week study now I understand the value of SME, such as this is contributing
in the higher employment and encourage the global economy by generating 25% of GDP. I have
learn that entrepreneurship is the, intellectual or creative skill, which involves the innovative
changes implementation in the market and business, by taking the risk and moving the assets in
to the right area for higher return. I had learn the characteristic of the entrepreneurship, such as
this is involving the innovation, risk taking, high energy level and leadership quality.
Week 2
In the second week of the MSME learning I had learn about the innovation and its role in
the businesses. Our week plan was to understand the terms of innovation and measures in
others. The biggest challenge of new venture is their competitors and their strong competitive
strategies impacted negative upon new companies. Hence, it is essential to formulate a effective
competitive strategy at initial level of growth. Government support is also one of the biggest
support which help the SME to grow well liker low interest rates, less restricted policies for
trading and many others.
Reflective journal
Within my academic studies I had learn the key aspects of the micro, small and medium
enterprise along with the management strategical and concepts. Below is the brief illustration of
reflective analysis on my learning experiences within the 10 week learning course of MSME.
Week 1
In the first week of MSME learning classes I had introduced with the concept of
entrepreneurship ans its importance in the management and success of MSME. My teach taught
in detail about the small medium enterprise, nature of the entrepreneurship, roles and
responsibilities of the entrepreneur, entrepreneurship style of management, types of the
entrepreneur, then entrepreneur and the small business along with the study of entrepreneurship
wider forms. I have learn that SME is the small medium size business and MSME is the concept
defining micro, small and medium size business. By the aid of this week study I had improved
my knowledge about the difference between , micro, small, medium, large size, business and
identified that organisation size difference is vary on their numbers of employees and turnover.
By the help of that week study now I understand the value of SME, such as this is contributing
in the higher employment and encourage the global economy by generating 25% of GDP. I have
learn that entrepreneurship is the, intellectual or creative skill, which involves the innovative
changes implementation in the market and business, by taking the risk and moving the assets in
to the right area for higher return. I had learn the characteristic of the entrepreneurship, such as
this is involving the innovation, risk taking, high energy level and leadership quality.
Week 2
In the second week of the MSME learning I had learn about the innovation and its role in
the businesses. Our week plan was to understand the terms of innovation and measures in
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innovation, I learn the process of innovation. Along with all these concepts I had also learn the
impact of business size on the innovation. Study started with the introduction of difference
between the invention and innovation. From which I understand that the invention is process of
developing and introducing some thing new which have been never, developed before. In other
hand innovation is the process of adding something new in the existing products and services,
which launch socially or commercially. On the basis of the UK government innovation is the
introduction of something new in the products and services with improved quality and
effectiveness. I had learn that there are the two type of the innovation such as incremental
innovation
, radical innovation. From this week study I learn that innovation helps the organisation to meet
competitive edges by helping to make new changes on the basis of customers needs, which is not
provided by the other competitors. From the week two learning it has been identified that,
organisation should make the innovation for higher benefits, but before the conversion of
innovative idea into reality, organisation have to measure the input and output of the innovation.
Week 3
In the third week of MSME learning, I learn about the small businesses nature,
characteristic and variety. That session was very good due to the effective classes of the risk and
uncertainty concepts. Week 3 promoted the importance of risk and uncertainty management in
the business organisation in order to prevent the loss. From week 3 study session I also
understand the importance of interrelationship between the business sized and risk management
process. I learn the market, customer and uncertainty analysis is very important for the
organisation. Risk is the possibility of unplanned event and uncertainty is the negative outcome
of the well known activities or task. I also learn the type of business uncertainty management
strategical such as the registration as limited company is the uncertainty prevention measure,
focus on the short term survival, selective investment, separation of the risk factors by stabilising
the portfolio of business. This lean ring experience will help me in my future professional life to
manage the my job role or entrepreneurship,because throughout the help of which I can easily
manage the risk and uncertainties.
Week 4
Challenging Conventional Views on SMEs and Entrepreneurship was the learning are of
the forth week session. That session promoted the importance of guidelines, standards and basic
impact of business size on the innovation. Study started with the introduction of difference
between the invention and innovation. From which I understand that the invention is process of
developing and introducing some thing new which have been never, developed before. In other
hand innovation is the process of adding something new in the existing products and services,
which launch socially or commercially. On the basis of the UK government innovation is the
introduction of something new in the products and services with improved quality and
effectiveness. I had learn that there are the two type of the innovation such as incremental
innovation
, radical innovation. From this week study I learn that innovation helps the organisation to meet
competitive edges by helping to make new changes on the basis of customers needs, which is not
provided by the other competitors. From the week two learning it has been identified that,
organisation should make the innovation for higher benefits, but before the conversion of
innovative idea into reality, organisation have to measure the input and output of the innovation.
Week 3
In the third week of MSME learning, I learn about the small businesses nature,
characteristic and variety. That session was very good due to the effective classes of the risk and
uncertainty concepts. Week 3 promoted the importance of risk and uncertainty management in
the business organisation in order to prevent the loss. From week 3 study session I also
understand the importance of interrelationship between the business sized and risk management
process. I learn the market, customer and uncertainty analysis is very important for the
organisation. Risk is the possibility of unplanned event and uncertainty is the negative outcome
of the well known activities or task. I also learn the type of business uncertainty management
strategical such as the registration as limited company is the uncertainty prevention measure,
focus on the short term survival, selective investment, separation of the risk factors by stabilising
the portfolio of business. This lean ring experience will help me in my future professional life to
manage the my job role or entrepreneurship,because throughout the help of which I can easily
manage the risk and uncertainties.
Week 4
Challenging Conventional Views on SMEs and Entrepreneurship was the learning are of
the forth week session. That session promoted the importance of guidelines, standards and basic
factors consideration in the business entities for successful management and growth. all over the
week session covered the study of conventional thinking, elements of the conventional views
development for the SME. along with the study of assumption are wrong or misleading,
alternative views of entrepreneurship is also learned. one of the most important concept in this
learning session was the model of business success, such as the the servitisation (subscription)
business, the platform-based business, the social, authentic business, the employee-centric
business models. That was existing because from that l had learn various models of business
process, on the basis of which entrepreneur can specifically start the business. These models give
the right structure for the business planing, development and success. This model helps to
specify the type of business on the basis of they of products and services entrepreneur want to
provide in the market. This model can help me in the future professional work in order to choose
ans manage the right business structure.
Week 5
The fifth week learning area was the owning and running a small business, which
promoted the value of proper knowledge related to the ownership and business management
process. Such as I understand that for the effective start up and business success that is important
to manage the realistic business plan. I identified that there is nothing to do in the business
without effective business plan, because for the financial support also requires the business plan
in detail. One of the most interesting part in that week study was business plan approaches.
Because from that part I learn the key steps and part of the business plan through which
organisation can make the safe entry into the market. That is involving business idea, market
analysis, resources requirements, action planing, analysis and achievement of financial support,
from different sources, review and follow the plan. I analysed that business plan is also very
essential in context to the managing the effective control over the business function, helps in the
management of effective communication, feasibility and funding. This can helps me in the
future business management project task and entrepreneurship career, in terms of systematic
project and business goals accomplice.
Week 6
Under this week session I had learn about the growing and consolidating the business,
which has increase the values of different business growth strategies in my mind. Within that
session one of the most interesting part was the business consolidation. From that I had learn the
week session covered the study of conventional thinking, elements of the conventional views
development for the SME. along with the study of assumption are wrong or misleading,
alternative views of entrepreneurship is also learned. one of the most important concept in this
learning session was the model of business success, such as the the servitisation (subscription)
business, the platform-based business, the social, authentic business, the employee-centric
business models. That was existing because from that l had learn various models of business
process, on the basis of which entrepreneur can specifically start the business. These models give
the right structure for the business planing, development and success. This model helps to
specify the type of business on the basis of they of products and services entrepreneur want to
provide in the market. This model can help me in the future professional work in order to choose
ans manage the right business structure.
Week 5
The fifth week learning area was the owning and running a small business, which
promoted the value of proper knowledge related to the ownership and business management
process. Such as I understand that for the effective start up and business success that is important
to manage the realistic business plan. I identified that there is nothing to do in the business
without effective business plan, because for the financial support also requires the business plan
in detail. One of the most interesting part in that week study was business plan approaches.
Because from that part I learn the key steps and part of the business plan through which
organisation can make the safe entry into the market. That is involving business idea, market
analysis, resources requirements, action planing, analysis and achievement of financial support,
from different sources, review and follow the plan. I analysed that business plan is also very
essential in context to the managing the effective control over the business function, helps in the
management of effective communication, feasibility and funding. This can helps me in the
future business management project task and entrepreneurship career, in terms of systematic
project and business goals accomplice.
Week 6
Under this week session I had learn about the growing and consolidating the business,
which has increase the values of different business growth strategies in my mind. Within that
session one of the most interesting part was the business consolidation. From that I had learn the
organisation can combine with the several other small organisation to make higher benefits and
achieve success. One of the key strategy or process of the consolidation is acquisitions, through
which one leading organisation collaborate with several small organisation and use their
resources to make effective success. This knowledge will further help me in the strategic
planning and management of the business profit and growth.
Week 7
In the seventh week of the MSME learning, I had learn the finance & small business
strategical and concepts. That subject promoted the efficiency and importance if the financial
function in the business success or effective management of other functional departments. One
of the most interesting part on that session was source of funding for rising business resources.
From that subject I developed my knowledge about the different financial resource's which can
be use by the organisation on the basis of their business needs and convenience. Such as I had
learn that the common funding sources are angels investors, crowdfunding, private equity funds
and venture capital. From that unit I learn that each type of the funding sources are having their
own advantages and disadvantages. Such as the angles investors is one of the good funding
sources, with the advantage of right time investment aid, in the required amount, along with this
it also benefit the organisation with the angels investors resources. But the disadvantage of this
funding sources is sharing of the organisation control to the investor and higher chances of
conflict. This learning experience will helps me in the future professional job role to effectively
get the right financial source support for the organisation success.
Week 8
In this week session I had learn the SME and Enterprise Public Policy consents and
procedures. This week session has implemented the crucial value of the SME and enterprise
polices application in the business process and management criteria in order to reduce the chases
of legal and financial issues. In that week session the most interesting topic was government
introduced polices for the business enterprises. Such as the employment legislation, health and
safety law, environment protection and sustainability law. From that study session I learn that
within the each business organisation that is very important to manage the employees
satisfaction, health and safety along with the environment protection and sustainability on the
basis of below disused policy's. This policy will further help me in the professional job role and
achieve success. One of the key strategy or process of the consolidation is acquisitions, through
which one leading organisation collaborate with several small organisation and use their
resources to make effective success. This knowledge will further help me in the strategic
planning and management of the business profit and growth.
Week 7
In the seventh week of the MSME learning, I had learn the finance & small business
strategical and concepts. That subject promoted the efficiency and importance if the financial
function in the business success or effective management of other functional departments. One
of the most interesting part on that session was source of funding for rising business resources.
From that subject I developed my knowledge about the different financial resource's which can
be use by the organisation on the basis of their business needs and convenience. Such as I had
learn that the common funding sources are angels investors, crowdfunding, private equity funds
and venture capital. From that unit I learn that each type of the funding sources are having their
own advantages and disadvantages. Such as the angles investors is one of the good funding
sources, with the advantage of right time investment aid, in the required amount, along with this
it also benefit the organisation with the angels investors resources. But the disadvantage of this
funding sources is sharing of the organisation control to the investor and higher chances of
conflict. This learning experience will helps me in the future professional job role to effectively
get the right financial source support for the organisation success.
Week 8
In this week session I had learn the SME and Enterprise Public Policy consents and
procedures. This week session has implemented the crucial value of the SME and enterprise
polices application in the business process and management criteria in order to reduce the chases
of legal and financial issues. In that week session the most interesting topic was government
introduced polices for the business enterprises. Such as the employment legislation, health and
safety law, environment protection and sustainability law. From that study session I learn that
within the each business organisation that is very important to manage the employees
satisfaction, health and safety along with the environment protection and sustainability on the
basis of below disused policy's. This policy will further help me in the professional job role and
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individual career, to manage the business activities and function legally without any compromise
with the government laws and polices in order to reduce the chances of company loss.
Week 9
Within this learning session I learn the social enterprises concepts, this study session
increased the value of social enterprises in my mind. One of the most interesting part in this
session was understanding the difference between the social enterprises and importance of the
social enterprise in the global market. I had learn that the social enterprises are the organisation
which use the commercial strategical and functions for the social welfare and well bing. These
types of the organization are non profit organisation, get the funds from charities and trust to
serve the social services and use that on public well-fare. These type of the organisation which
do not have to pay the tax. I can use this knowledge of the social enterprise to sustain in the
market among these type of the organisation with effective strategies, and I can use the social
well-being concept in my own business plan to meet the sustainability standers or CSR.
Week 10
During the 9 week session, my study was related on entrepreneurship background where I
have gained more knowledge regarding with small, medium and large business along with their
description and characteristics. To small business I understand they have very less capitalisation
and sources of finances are not fixed. Even start up business comes under small and medium
business. Through more detailed information of small business features are like low manpower,
less investments, small market segments etc. All these characteristics helped me to more
understand about how small business operates business in competitive market effectively.
with the government laws and polices in order to reduce the chances of company loss.
Week 9
Within this learning session I learn the social enterprises concepts, this study session
increased the value of social enterprises in my mind. One of the most interesting part in this
session was understanding the difference between the social enterprises and importance of the
social enterprise in the global market. I had learn that the social enterprises are the organisation
which use the commercial strategical and functions for the social welfare and well bing. These
types of the organization are non profit organisation, get the funds from charities and trust to
serve the social services and use that on public well-fare. These type of the organisation which
do not have to pay the tax. I can use this knowledge of the social enterprise to sustain in the
market among these type of the organisation with effective strategies, and I can use the social
well-being concept in my own business plan to meet the sustainability standers or CSR.
Week 10
During the 9 week session, my study was related on entrepreneurship background where I
have gained more knowledge regarding with small, medium and large business along with their
description and characteristics. To small business I understand they have very less capitalisation
and sources of finances are not fixed. Even start up business comes under small and medium
business. Through more detailed information of small business features are like low manpower,
less investments, small market segments etc. All these characteristics helped me to more
understand about how small business operates business in competitive market effectively.
REFERNCES:
Books and Journals:
Raza, S., Minai, M.S., Zain, A.Y.M., Tariq, T.A. and Khuwaja, F.M., 2018. Dissection of small
businesses in pakistan: issues and directions. International Journal of Entrepreneurship,
22(4), pp.1-13.
Hasanah, U., Sihotang, M.K., Munardi, B. and Hisan, K., 2021, February. IMPLEMENTATION
OF MANAGEMENT FUNCTION IN DELI SERDANG SMALL BUSINESSES IN
MARKETING MUSLIM PRODUCTS IN NORTH SUMATERA. In Proceeding
International Seminar of Islamic Studies (Vol. 2, No. 1, pp. 735-740).
Mathibe, D. and Croucamp, P., 2019. Policy and strategy framework for black, women-owned
small and medium businesses, with reference to the Johannesburg and Tshwane
metropoles. Journal of Public Administration, 54(4-1), pp.714-727.
Omotayo, T. and Kulatunga, U., 2017. A Gemba Kaizen model based on BPMN for small-and
medium-scale cosntruction businesses in Nigeria. Journal of Construction Project
Management and Innovation, 7(1), pp.1760-1778.
Storz, C., ten Brink, T. and Zou, N., 2021. Innovation in emerging economies: How do
university-industry linkages and public procurement matter for small businesses?. Asia
Pacific Journal of Management, pp.1-42.
Maziti, L., Chinyamurindi, W. and Marange, C., 2018. The relationship between strategic
leadership, innovation performance and competitive advantage amongst a sample of
small businesses in South Africa. Journal of Contemporary Management, 15(1),
pp.368-394.
Karadag, H., 2017. The impact of industry, firm age and education level on financial
management performance in small and medium-sized enterprises (SMEs): Evidence
from Turkey. Journal of Entrepreneurship in Emerging Economies.
Bello, A., Jibir, A. and Ahmed, I., 2018. Impact of small and medium scale enterprises on
economic growth: Evidence from Nigeria. Global Journal of Economics and Business,
4(2), pp.236-244.
Books and Journals:
Raza, S., Minai, M.S., Zain, A.Y.M., Tariq, T.A. and Khuwaja, F.M., 2018. Dissection of small
businesses in pakistan: issues and directions. International Journal of Entrepreneurship,
22(4), pp.1-13.
Hasanah, U., Sihotang, M.K., Munardi, B. and Hisan, K., 2021, February. IMPLEMENTATION
OF MANAGEMENT FUNCTION IN DELI SERDANG SMALL BUSINESSES IN
MARKETING MUSLIM PRODUCTS IN NORTH SUMATERA. In Proceeding
International Seminar of Islamic Studies (Vol. 2, No. 1, pp. 735-740).
Mathibe, D. and Croucamp, P., 2019. Policy and strategy framework for black, women-owned
small and medium businesses, with reference to the Johannesburg and Tshwane
metropoles. Journal of Public Administration, 54(4-1), pp.714-727.
Omotayo, T. and Kulatunga, U., 2017. A Gemba Kaizen model based on BPMN for small-and
medium-scale cosntruction businesses in Nigeria. Journal of Construction Project
Management and Innovation, 7(1), pp.1760-1778.
Storz, C., ten Brink, T. and Zou, N., 2021. Innovation in emerging economies: How do
university-industry linkages and public procurement matter for small businesses?. Asia
Pacific Journal of Management, pp.1-42.
Maziti, L., Chinyamurindi, W. and Marange, C., 2018. The relationship between strategic
leadership, innovation performance and competitive advantage amongst a sample of
small businesses in South Africa. Journal of Contemporary Management, 15(1),
pp.368-394.
Karadag, H., 2017. The impact of industry, firm age and education level on financial
management performance in small and medium-sized enterprises (SMEs): Evidence
from Turkey. Journal of Entrepreneurship in Emerging Economies.
Bello, A., Jibir, A. and Ahmed, I., 2018. Impact of small and medium scale enterprises on
economic growth: Evidence from Nigeria. Global Journal of Economics and Business,
4(2), pp.236-244.
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