Managing SMEs: Report on Entrepreneurship, Start-ups, and Challenges

This report provides a comprehensive overview of managing Small and Medium Enterprises (SMEs), focusing on the nature of entrepreneurship and the start-up process. It explores the key elements of a successful business, including the development of business concepts, sources of competitive advantage, and the current levels of demand and competitive environments. The report also examines the growth and development of SMEs, the challenges faced in managing and running these businesses, and the strategies employed for growth. Furthermore, it discusses the role of government support measures in helping SMEs overcome challenges, particularly in the context of economic changes like Brexit. The report emphasizes the importance of innovation, effective management, and the contribution of SMEs to economic development, concluding with recommendations for sustainable growth and success in the dynamic business landscape. The report highlights the importance of adapting to market changes and utilizing technology for operational efficiency. The report also emphasizes the importance of SMEs in creating job opportunities and reducing poverty.

MANAGING SMALL AND MEDIUM SIZED
ENTERPRISES

EXECUTIVE SUMMARY
Managing small and medium size enterprises can be summaries as the nature of enterpriser and
challenge for business action is to find a manner of achieving a sustainable competitive
advantages over the other competing goods and organization in the market. it requires a business
model for to change idea and concept into a business model make a start up business model.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
FINDINGS.......................................................................................................................................1
The nature of entrepreneur..........................................................................................................1
The start-up processes.................................................................................................................1
The business concept and any sources of competitive advantage...............................................2
Current level of demand and the competitive environment........................................................3
The growth and development of the business to date.................................................................3
The challenges of managing and running the business...............................................................3
The SMEs current growth and development strategy and government support measures that
may be available to help the business ........................................................................................4
overcome the challenges faced....................................................................................................4
CONCLUSION................................................................................................................................5
RECOMMENDATIONS.................................................................................................................5
REFERENCES................................................................................................................................7
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INTRODUCTION
Small business enterprises are an internal fabric of any developing nation. The
entrepreneur devotes their high time and efforts to make business more successful. These are the
business which contribution in the development and economic growth of any country. The report
will cover about the professional placement resources which is a small and medium size
organisation and provides the per friendlily staffing agency place medical representative in temp
jobs in all the states of UK. which It challenging task to manager each and every business
whether it was a small or large enterprises. The aim of this report is to understand the nature of
entrepreneur and start-up process. Further, business concept and any sources of competitive
advantages and recent stages of requirement and the competitive environment.
FINDINGS
The nature of entrepreneur
Entrepreneur is an individual who collects resource to create an economic action while
bearing various kinds of risk which can be social or economic. Hence, he nature of entrepreneur
can be define as the procedure of creating something new with value of devoting the necessary
time and efforts assuming the accompanying financial, psychic and social risk(Dunne, 2016). To
become an entrepreneur today which involves reward of being a business individual.
The start-up processes
Start-up firm creates an effective idea and brings the best resource in industry. The
process of start-up is discussed as below:
Ideation: This is the first step of process where person gets an idea to develop a venture.
All the start-ups stand with the big idea which turn today a large scale business( Laukkanen and
et.al 2016). But these is a situation where an individual ask themself so many questions about
the business and funding. The idea is not enough to build any organisation it required high fund
to convert the idea into a business.
Concept: These is next process of after getting idea for the start-up but it is important for
individual to give specific concept about the idea by finding the co-founder who can contribute
for this idea into a business organisation. So it is important to have a companion from the side
who can understand us and share vision and passion to develop a business.
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Prototype: These is the next process of any start-up which required to bring action plan
for that proper evaluation and validated the idea and find individual a co-founder required to start
building a prototype, which can be important to develop effective concept about the business.
Business model: These can be another step for any start-up which is business model
phase which are going to detail about what the products and services does intends to do and how
it is going to add the value for customers. It requires a business model for to change idea and
concept into a business model make a start-up business model.
Organisations: These can be another step where registering an organisation might seem
an effective but we be here to address all your concern and answer each and every recently asked
question to develop a business.
The business concept and any sources of competitive advantage
The main challenge for business action is to find a manner in achieving a sustainable
competitive advantages over the other competing goods and organization in the market. The
business concept is an idea for any firm which includes common source of information such as
the services or products, target demographic and unique selling proposition that gives a company
an advantage over competitor. The competitive advantages which gets from the strategic
planning such as follows:
The differentiation and cost leadership strategic will assist to desire competitive
advantage in wide are of market or industry segment. Cost leadership: The aim of such strategies is to provide less cost goods and services
provider in the market. Differentiation focus: In these strategy enterprises objective is to differ within just one or
small unit of target market segment. The priority customers required of segment mean
that there is a chance to give goods and services which is effectively different from
competitor who may be targeting a wide range of member customer.
 Differentiations leadership: These will help to gain the competitive advantages for the
business target much larger market and aims to achieve competitive advantages across
the whole of an industry. This strategy involves selecting one or more criteria utilised by
buyers in a market and then positioning the enterprises uniquely to meet those criteria.
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Current level of demand and the competitive environment
Each and every business has recent level of demand and the competitive environment
which shows an effective brand value of organizations. Porter’s five forces of organisation will
help to know the current level of demand and its competitive environment.
 Supplier power: As the professional placement resources organisation require high
number of resource or manpower which they find from various job portals. This is driven
by the number of supplier of each essential input, Uniqueness their goods and services,
relative size and strength of the supplier and cost of switching from one supplier to
another(Piperopoulos and Dimov, 2015).
 Buyer power: An evaluation of how essay it is for buyers to for to drive prices down.
This is driven by the various of buyer in the market, significance of all single buyer to the
firm.
 Competitive rivalry: This can be the most important aspect for professional placement
resources which have various other competitor in the industry.
 Threat of substitution: There is high threat of other firm to give same services which
can be already provided by the organisations.
 Threat of new entrant: Profitable market attract new entrants, which decay profitable.
Unless necessary have capability and serviceable barrier to entry.
The growth and development of the business to date
The growth and development of the professional placement resources is the best
organisation for the marketing aims and objectives which are important for the firm to bring an
effective development in the firms. The operational information such as enterprises based on the
firm development and growth of the enterprises to operate firm task. Financial information or the
position of the placement. So it is important for the firm to make an effective development of
the enterprises(Kerzner and Kerzner, 2017). Though the UK economy is not under the control
and nation is facing various issues but recent growth and development of the business will be in
a positive manner which required to make an effective development.
The challenges of managing and running the business
There are various challenges of running an enterprise like staffing agency because there
are various other firms which will give high competitive and organisation require making an
effective development with help of better resources. To reduce such challenges managing and
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run the business market potential in which research and development team will be helpful to
reach the market. Each and every business the market for their goods and services is too small to
support them. It is not enough to know that market exist for a goods and services. Capital is
another factor which is important for the each and every firm which require making an important
decisions and rune business easily.
The SMEs current growth and development strategy and government support measures that may
be available to help the business
overcome the challenges faced
The small and medium size firms ventures are adding to the improvement of the economy
and development according to the prerequisite. The Brexit had change the entire endeavour
improvement cycle because the European affiliation and exceptional Britain division. Under this
all the little and new organization are connected. Regardless, due to the Brexit the progression of
the distinctive firms have been rot. The Gross Domestic Products of the nation in like manner
reduce and giant joblessness(Schaper, 2014). Moreover, the development have been addition in
the nation up-to 1.9% and 10% estimation of the Euro reduces which show the provoke affect.
The short lived shortcoming will be looked by the nation and the Britain won't contribute in the
midst of the move of European affiliation will be impacted to the diverse business. The nation
like china and the east Asian tigers is helping the headway and thought of the new organizations
business which passes on the positive sense of duty regarding the nation economy. The privately
owned business in the United kingdom contribute around 2 million turnover and they don't
required more than 10 agents to control such business. The SME have simply differentiated is
that, start-up will contribute with the new considerations and systems with the fruitful
entrepreneurial undertakings. Obligation in Employment which can be the honest to goodness
duty of these wander as they make business opportunity in the UK economy which will make
particular movement(Piperopoulos and Dimov, 2015). As it will lessen the neediness in the
country if the more conspicuous business will be made by this wander in the United Kingdom.
Brexit give the unmistakable bearing the United Kingdom economy in wording more work will
be distant and government use will be lessen which will add to financing for new association in
the country will make more occupations. On the contrary side free organization will give the
items and endeavours which are starting at now exist in the market. For that governing body is
supporting to develop this business for the social and money related change. The transient
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disaster will be augmentation yet in the long terms this little and new organization will assemble
the work and reduction the destitution.
Likewise, the capable changes in desire for ordinary solaces of the general open due to the
private ventures and start-up are having gigantic effect in travel of life of the comprehensive
group. The procedure for want for customary comforts has changed with there thing and
associations given to the general populace had significantly extended. For instance UBER has
change in the propensity for the comprehensive group to self drive to utilize these firms with
clear charges and additional there time(Blackburz, Hart and Wainwright, 2013). Essentialness for
Entrepreneurship is moreover a dedication The little and new association satisfy the social needs
and also they influence excitement among individuals to do there have business with restricted
assets and assets. This will affect cash related change and progress with close to nothing and
start-up will be to appear. As appeared by examine in the earlier year in London in excess of
6,000,00 new organisations has existed in the market. Cash related change will increment with
this open gateway. So it has enough set nature for huge business.
CONCLUSION
From the report managing small and medium sized enterprises it can be easily conclude
that the professional placement resource which will help to develop in a better way if they
utilise certain technology in the firm to bring rapid operation of the organisations. The SME have
simply differentiated is that, start-up will contribute with the new considerations and systems
with the fruitful entrepreneurial undertakings. The procedure for want for customary comforts
has changed with there thing and associations given to the general populace had significantly
extended. The aim of such strategies is to provide less cost goods and services provider in the
market. Differentiations leadership will help to gain the competitive advantages.
RECOMMENDATIONS
There are certain recommendation to the small and medium size organization to develop in a
effective way such as follows:
 To overcome the challenges face organization require making an effective planning for
the firm.
 Small and medium organisation require utilising their funds to achieve higher growth and
development.
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 If the firm will adopt various technology to bring their operation in the business better
manner.
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REFERENCES
Books and Journals
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Blair, E.S. and Marcum, T.M., 2015. Heed Our Advice: Exploring How Professionals Guide
Small Business Owners in Start‐Up Entity Choice. Journal of Small Business
Management, 53(1), pp.249-265.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small
business. Palgrave Macmillan.
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized
enterprises (SMEs): External knowledge sourcing strategies and internal organizational
facilitators. Journal of Small Business Management, 53(4), pp.1241-1263.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Collins, J.D., Worthington, W.J. and Schoen, J.E., 2016. Family business CEO succession:
Examining personal retirement expectations. Journal of Small Business Strategy, 26(2), p.51.
Dunne, T.C and et.al 2016. The impact of leadership on small business innovativeness. Journal
of Business Research, 69(11), pp.4876-4881.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Laukkanen, T and et.al 2016. Does market orientation pay off without brand orientation? A
study of small business entrepreneurs. Journal of Marketing Management, 32(7-8), pp.673-694.
Piperopoulos, P. and Dimov, D., 2015. Burst bubbles or build steam? Entrepreneurship
education, entrepreneurial self‐efficacy, and entrepreneurial intentions. Journal of Small
Business Management, 53(4), pp.970-985.
Sampaio, A.R., Thomas, R. and Font, X., 2012. Small business management and environmental
engagement. Journal of Sustainable Tourism. 20(2). pp.179-193.
Schaper and et.al., 2014. Entrepreneurship and small business.
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