The paper “ Management of Small Business” is an exciting variant of the essay on management. This report evaluates how chief executive officers in various firms in Australia view success based on firms that are growth-oriented and others that are not growth-oriented. Companies have very many reasons as to why they operate. A number of them operate because they want to make profits. Others run because they want to satisfy the expectations of the client, the success of the company, while others operate for personal goals like fulfilling the needs of the chief executive officer.
Regardless of all these reasons, the fundamental reason why firms operate is to develop and have a significant contribution to the economy of the country. The paper seeks to determine how small firms operate in relation to success. The paper looks at the lifestyle and growth-oriented firms. For lifestyle firms, growth was not their intention because the management basically concentrated on the satisfaction of their clients, making profits, and repaying the initial investment. The firm also placed a high concern on the value of happiness, lifestyle, family, and retirement provision.
On the other hand, firms that are growth oriented put a lot of concentration on the development of the firm instead of the personal situations of the chief executive officer. IntroductionLeaders of small firms experience a lot of concerns related to the performance of the business. There are various reasons in which small firms continue to exist and grow, while others do not. A number of people think it is because of marketing strategies that are well-targeted, good selection and support of staff, customer service that is outstanding, effective strategy of decision making, and a mutual vision of the future, among other things.
Recent studies show that small businesses survive and succeed because of innovation (Verreynne, 2012). For small businesses, the limitation may be the process in which limited resources are best used to sustain innovation. A research was conducted on 2,000 firms in Australia to see how various chief executive officers viewed success in small firms and the results were insightful. This report, therefore, illustrates what success means to small firms.
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