The paper “ Australian Small to Medium Enterprises – Nature, Number, Characteristics, Factors That Influence the Success or Failure of Business" is a brilliant version of a term paper on business. The report has entirely summarized the business environment in Australia, the factors that contribute to business success as well as failure, characteristics of a good entrepreneur and the synopsis of my business choice together with its justification on viability. These businesses have created numerous employment opportunities for the unemployed Australians and therefore changing the lives of many people for the better.
The service sector is one of the business sectors that have attracted quite a number of business interests with the development of increasing numbers of start-up enterprises. The sector has continued to show incredible results in terms of numbers of business startups and realized revenues and as such is one of the reasons that have made this my choice of business interest. In this report I realized that there are several factors that contribute to the success of any enterprise which includes allocation of adequate funds for the project, proper management of financial resources, use of a more efficient technology, economic environment, proper legal structures of the country, skilled and experienced human resource as well as a fair competitive market environment.
Market surveys also play a crucial role in making a business a success. However, it is also notable that there other forces that can lead to failure in business which includes inadequate funds, poor management skills, and inadequate market research. For any business to succeed there must be some driving force and this force comes from the entrepreneur himself who is expected to play a vital role in making the business a success.
Some of the characteristics that are associated with a good entrepreneur include image promoter, good financial manager, imaginative and creative as well as good negotiation skills. The business I chose is one that is charged with offering outside catering services. This choice was based on the observation that there is an increasing and ongoing need for these types of services. There are always functions which require catering services such as weddings, birthdays, conferences and seminars. In addition, over the past few years, there has been an increasing number of international business conferences.
The cost of commencing the business is approximately 1.5 AUD. This cost has been reached after factoring in all cost areas for the start of the business. Entrepreneurship is one of the key areas of any given economy. The numerous advantages it carries include revenue generation through the payment of taxes and creation of employment for the jobless people who wish to make their career in enterprising. This report is aimed at giving a general view of the business environment in Australia for possible sponsorship by Ms.
Irene Cando who is a retired business lady from Canada. The report will summarize the key factors that influence the success or failure of the business, the nature, number and characteristics of Austrian SMEs, the requirement for successful entrepreneurship as well as the legal framework that regulates entrepreneurship apart from giving the financial estimates for the start of the business (Timmons & Spinelli 2004).