Small Business Management Essay Example | Topics and Well Written Essays - 3250 words

Small Business Management - Essay Example These businesses have an entrepreneurial tool that allows them to effectively compete with other small businesses and with the large corporations in the market. Integrity and responsibility plays a significant role in enabling small businesses to excel in customer service and in good product quality. Customers always respond to evidenced integrity by being aware of the business’ ethical issues. Innovation is also central to small businesses’ success. Small business entrepreneurs excel by seeing opportunities and business ideas differently through innovative approach to business (DTI, 2001). Innovation allows small businesses to compete with the large corporations, such innovations are not only reflected by the new products but are also reflected by the way business carries out business, the involved business processes, technology and leadership approaches. According to Gooderl et al (2005, p. 10), small businesses differ from other types of businesses in terms of potent ial for growth. Some of the small businesses have promising startups implying that they have potential to drastically attain significant profitability and size. Other small businesses have marginal startups implying that they lack such prospects. Small businesses offer great rewards to their owners, some of the small businesses rise to become multinationals. ... economy; its future strength and growth potential. There are various scholars who have written about small businesses and their growth and have provided the various benefits related to small businesses in an economy. Small businesses in U.K. have played an important role in reducing unemployment, improving people’s living standards and improving performance of the economy (Moore 2008, p. 249). Small business sector is thus vital in boosting of the economy. It is the small businesses that are translated to the medium and the large businesses allowing for continued flow of new small businesses. Despite the importance of small business sector to the country’s economic growth, U.K. is still dominated by the large corporations, which on average prove more innovative than the small firms. However, the economy has shown increasing growth of small business companies in the various sectors and the government has been supportive to the sector. Besides the contribution made by the small businesses sector to the U.K. economy, there are various other factors that reflect people desire to invest in entrepreneurship. There are various reasons that facilitate growth of small businesses that emanate from the owners or the entrepreneurs. There are few studies that have been on done exploring the relationship between the theory and small business management and the management behaviours of these businesses. This study will explore the small business sector by identifying one small business in U.K and examining the various aspects of the firm and relating them to the existing theories and literature on small business management. This study will seek to answer some of the following questions: What are the reasons that influenced the entrepreneurs of the