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Small Business Management: An Entrepreneur's Guidebook 6th Edition by Mary Jane Byrd, William Megginson, Leon Megginson
النسخة 6الرقم المعياري الدولي: 978-0071244640Small Business Management: An Entrepreneur's Guidebook 6th Edition by Mary Jane Byrd, William Megginson, Leon Megginson
النسخة 6الرقم المعياري الدولي: 978-0071244640 تمرين 1
What are some of the problems facing small businesses Again, give examples from your experience.
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There are some unique problems that affect small businesses more than large businesses. These unique problems can result in limited profitability and growth. If the problem persists, the business may close down permanently due to financial failure.
It is important to understand and address the problem faced by small business as their failure can have a negative impact on the growth of the economy.
Some of the major problems faced by small businesses are
• Inadequate financing is the main cause for business failure. Without adequate funds, the small business owner is unable to maintain the facilities, pay salary to employees, produce and market the product or to carry out necessary business functions.
• Inadequate management refers to poor management, inadequate planning, limited business knowledge which will result in making poor management decisions that can prove too costly for the small business owner.
• Unnecessary government regulations and paperwork will make it difficult for small business managers to comply with and many a times small business owners will not be aware of any regulations. They may be unknowingly breaking the law and may get into legal problems for doing so.
From the experience of owning and operating a small firm, it can be said that regulators constantly showed up and demanded explanation from small business owners about possible regulatory violations. Sometimes the business owners are able to explain their position but most of the times the owners are not even aware of what the regulators are referring to. This can really upset the small business owners as they feel helpless and unable to defend themselves in the best possible manner. It is also not viable for the small firm to have a dedicated legal team as it would result in additional expenses.
Another common problem observed is the lack of financial resources which can really upset the functioning of the business. It was quite common for employees to not receive payments on the designated date and dissatisfaction among the employees was quite common.
Inadequate management planning and control was quite evident in the small business and many times employees were left confused regarding the managements course of action. All this resulted in employee dissatisfaction and poor productivity from the employees.
It is important to understand and address the problem faced by small business as their failure can have a negative impact on the growth of the economy.
Some of the major problems faced by small businesses are
• Inadequate financing is the main cause for business failure. Without adequate funds, the small business owner is unable to maintain the facilities, pay salary to employees, produce and market the product or to carry out necessary business functions.
• Inadequate management refers to poor management, inadequate planning, limited business knowledge which will result in making poor management decisions that can prove too costly for the small business owner.
• Unnecessary government regulations and paperwork will make it difficult for small business managers to comply with and many a times small business owners will not be aware of any regulations. They may be unknowingly breaking the law and may get into legal problems for doing so.
From the experience of owning and operating a small firm, it can be said that regulators constantly showed up and demanded explanation from small business owners about possible regulatory violations. Sometimes the business owners are able to explain their position but most of the times the owners are not even aware of what the regulators are referring to. This can really upset the small business owners as they feel helpless and unable to defend themselves in the best possible manner. It is also not viable for the small firm to have a dedicated legal team as it would result in additional expenses.
Another common problem observed is the lack of financial resources which can really upset the functioning of the business. It was quite common for employees to not receive payments on the designated date and dissatisfaction among the employees was quite common.
Inadequate management planning and control was quite evident in the small business and many times employees were left confused regarding the managements course of action. All this resulted in employee dissatisfaction and poor productivity from the employees.
Small Business Management: An Entrepreneur's Guidebook 6th Edition by Mary Jane Byrd, William Megginson, Leon Megginson
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