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Small and Medium Enterprises - Essay Example
This study focuses on how small and medium enterprises evolve. Their needs and the critical aspects involved in establishing a SME. Innovation is critical not only to start with but to survive and prosper. There have been numerous examples of how an idea flourished into a new business not only prospering itself but in doing so also brought other small ventures into the net by sub-letting their activities…
On the other hand marketing is also a key element. Although it is easy to market an innovative idea, but 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 preposition in order to make his product appealing to the consumer in the market place.
We as humanity have come a long way, progressed from the stone ages into the new millennia via information super highway. 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. ...