StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Needs and Critical Aspects of Small and Medium Enterprises - Essay Example

Cite this document
Summary
The author of this essay "Needs and Critical Aspects of Small and Medium Enterprises" focuses on how small and medium enterprises evolve. Admittedly, once companies get into the cycle of production, their input into the innovation side gets decreased day by day…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.1% of users find it useful
Needs and Critical Aspects of Small and Medium Enterprises
Read Text Preview

Extract of sample "Needs and Critical Aspects of Small and Medium Enterprises"

Download file to see previous pages

On the other hand, marketing is also a key element. Although it is easy to market an innovative idea, it doesn't usually happen. Many novel ideas are only found practicable when someone faces problem years later, only to find that the solution had been there years ago. Other inputs that are crucial is the entrepreneur's ability to take measured risks, how adaptable he is, ability to identify a need in the market as well as find a niche or a universal selling proposition in order to make this product appealing to the consumer in the marketplace.

We as humanity have come a long way, progressed from the stone ages into the new millennia via information superhighway. But time doesn't end here and nor will the need of mankind to prosper, thrive and flourish!Discuss the relationships among entrepreneurship, innovation, and marketing in the SME new venture context. It is important to use both academic theory and research to support your arguments. You should include up-to-date research from journals; however, you must not just quote the research, as you are expected at a university to show that you can also analyze and comment on the implications of the research.

Include in your assignment good examples from business (and personal experience if possible) of this relationship, remembering to give examples of notable successes as well as failures, and the lessons that can be learned from them both academically and entrepreneurially.Since ages, man has always wanted to engage in new endeavors and look for innovative ways to prosper. This is how; he usually tries to maximize profit by investing his intellectual capital. This urge has always brought novel accomplishments for themselves as well as their countries.

However, this has not always been a successful activity. And this is the point that brings us to our discussion regarding 'Relationship among entrepreneurship, innovation, and marketing in SME new venture context.'SMEs are an essential driving force that keeps economies operating; they play a crucial role in the generation of employment. However, in order to secure such a position a minimum level of innovativeness within these companies needs to be maintained. A research on factors for winning innovations can give a much efficient strategy from these organizations as well as the public sector in developing motivating surroundings.

Since the fall of Rome to the eighteenth century, there was 'no' escalation in per capita wealth creation in the west. However, with the start of entrepreneurship, per capita, wealth generation and earnings in the West rose interestingly by 20 percent in the 1700s and kept on increasing to 740 percent in the1900s (Drayton, 2004). This was some exemplary growth. All through this time, entrepreneurial thinking has evolved by random twist and turns and reflective developments offering new conceptualizations of what it means for something to be entrepreneurial.

It is now widely accepted by both Academy and in business schools globally that the management field has changed its vision and perspective on entrepreneurship. In past 5 years, the Academy of Management's Entrepreneurship Division has "dramatically outpaced the growth of every other division" by 77 percent (Shaver, 2004).

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Needs and Critical Aspects of Small and Medium Enterprises Essay”, n.d.)
Needs and Critical Aspects of Small and Medium Enterprises Essay. Retrieved from https://studentshare.org/macro-microeconomics/1531808-small-and-medium-enterprises-essay
(Needs and Critical Aspects of Small and Medium Enterprises Essay)
Needs and Critical Aspects of Small and Medium Enterprises Essay. https://studentshare.org/macro-microeconomics/1531808-small-and-medium-enterprises-essay.
“Needs and Critical Aspects of Small and Medium Enterprises Essay”, n.d. https://studentshare.org/macro-microeconomics/1531808-small-and-medium-enterprises-essay.
  • Cited: 0 times

CHECK THESE SAMPLES OF Needs and Critical Aspects of Small and Medium Enterprises

Case Studies of Social Networking Used in SME/Business

Its advantages have widened the horizons of social networking, thereby providing an opportunity to the business enterprises to establish them.... Business enterprises find it easy to maintain their contacts and interact with the customers.... Quality Management 31 8 critical Appraisals 31 9 Training Material 32 9....
35 Pages (8750 words) Dissertation

Assessing the marketing and business capability of small to medium sized businesses (SMEs)

The above study has clearly stated the potential of small and medium-scale enterprises.... The small and medium scale industry plays a major role in resource utilization, employment creation, and income generation.... … Recommendations small and medium, scale industry is growing day by day, and, most importantly, the industry is contributing a major part to countries' economic development.... Objective of the study The study has provided the backdrop for the crystal clear review of the marketing components and activities of the companies under the small and medium scale enterprise....
9 Pages (2250 words) Assignment

The Ways Of Competitive Advantage Development

hellip; small and medium enterprises exhibit a variation in terms of market orientation as well as brand orientation.... In addition, commercial banks, investment banks, and other financial institutions help the enterprises through the provision of credit facilities and guidance on feasible investment destinations (Reijonen 2012).... enterprises have adopted unique policies and practices that have to ensure their stability or growth.... These enterprises are vital to the process of driving innovation and competition not only in the US but also in the world at large....
7 Pages (1750 words) Assignment

Is succession planning a neccessity every small to medium family business should face

The author views will be presented with justified evidence from both the data collected and previous findings of other research; gapes in the literature… This will take shape in five proceeding headings, as follows: firstly, Empirical Research Discussion.... Secondly, strategic business analysis....
16 Pages (4000 words) Essay

Impact of Malaysia Budget 2013 on Small and Medium Enterprises

A paper "Impact of Malaysia Budget 2013 on small and medium enterprises" claims that the Malaysian budget 2013 takes into account diverse views and sources on the path of the Malaysian economy.... Like other countries across the globe, Malaysia's economy is built on a solid pattern of small and medium-sized enterprises.... small and medium-sized enterprises have had bigger challenges in their business performance, incursion, and marketing, compared to the large enterprises....
9 Pages (2250 words) Assignment

Social Media for Small to Medium Enterprises

The software will need many people who are professionals and consultants simply to manage it generating the necessity of the small and medium enterprises to come up with a way to help them organize their data.... The organization of these data by the small or medium enterprises should be in a smaller scale and cheaper to avoid having to hire expensive consultants or having to pay for consulting contracts.... Modern drivers for change have been able to assist in the development of innovative features that assist in sustaining business competitiveness in areas that include creative design, virtual enterprises, social networks as well as mobile platforms....
8 Pages (2000 words) Essay

Constraints of Small Business Development in South Africa

he European Commission has created new thresholds on the limits of headcount, turnover and balance sheets, the conditions for the enterprise categories of medium, small and micro businesses that come in the category of small and medium enterprises (SMEs).... The paper "Constraints of small Business Development in South Africa" describes that the South African small business should lookout for new business fields like in Canada, most of the new SMEs are venturing into new enterprises like business process outsourcing....
7 Pages (1750 words) Case Study

The Management and Marketing in Small and Medium Enterprises

This paper "The Management and Marketing in small and medium enterprises" tells that it is best that the structure of the organization or the organizational chart is drawn and posted in the main office room.... nbsp;He can be into a small or medium business enterprise....
6 Pages (1500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us