There have been a number of researchers who have formulated a link between competitive advantage and personality traits. Especially in the area of small and medium enterprises, personality traits have reportedly played a significant role in explaining entrepreneurship. There are a number of researchers who want to further reinstate the link between personality traits and entrepreneurship in small and medium enterprises, for expanding and validating the study of personality (or psychological) traits approach.
There have been several of researches which were conducted in the nineteen nineties and also earlier in the eighties. Unfortunately, there were a number of inconsistencies discovered between the empirical findings and theory, which eventually led the researchers in abandoning the personality traits approach in favour of Behavioural Approach which was considered to be more effective at that time. The Environmental Sensitive Approach was also used during the eighties and nineties, which was partially successful and it also contributed in further abandoning the personality traits approach in the study of SME’s. However, by the turn of the century, personality traits approach for studying entrepreneurship was once again gaining ground, and presently personality traits study is considered as one of the major schools of thought in better understanding entrepreneurship in the small and medium business environment. Paul Burns (2007, p.8) states ‘Despite the independence criteria, SMEs could still include organisations managed by non-owner-managers. Even so, some of them may be entrepreneurs. We are still, therefore, left with our three groups – managers of small firms, owner-managers and entrepreneurs – without any clear delineation. However, it is likely to be true that the smaller the firm, particularly the owner-managed firm, the more important the personality and influence of the
The essay critically analyses the personality traits approach and its contribution to the study of entrepreneurship in small and medium sized businesses. The recent renewal of interest in the personality traits approach for studying entrepreneurship is also discussed in…
In the last two decades, SMEs in china have become a significant part of the economy under a number of supporting policies and an expanding market economy. According to Zhao (2007), support from the government as well as an expanding market economy have substantially contributed to their growth particularly in terms of income, employment opportunities, export expansion and economic structure optimization.
However, I believe that risk management is not beneficial for every organization. According to me only large organizations get mostly benefitted by the implementation of risk management techniques. On the other hand, small and medium enterprises hardly get any benefits from the implementation of risk management techniques in their system of operation.
But times have changed with the globalisation regime multinational enterprises have made a distinctive mark on the local markets as well. While on the one hand this affected the economic factors of the region or country, on the other the SMEs started realising the need for pressing changes in the management of different aspects of the enterprise.
It is a business whose head count, or turn over falls below certain specified limits. The profits made by a SME are quite low, but due to the large number of SMEs in the market, the overall contribution of a small scale business to the over all GDP is quite significant.
However, globalization also raises the risk of marginalization of countries, in particular the poorest countries, and the most vulnerable groups everywhere"2
"Several CEI countries, which are moving towards a free market economy, fear, that the globalization process of the world economy and markets might affect an economic texture that is still unprepared from a technical, financial, organizational and social point of view.
The state is the most urbanized the country. Despite these statistics, the major industries in Tamil Nadu continue to be small and medium based industries that thrive on the trade of agricultural commodities like rubber and flowers among many others. The principle and the most successful among these being the Rubber Park, Apparel Parks, Floriculture Park, TICEL Park for Biotechnology, Siruseri IT Park, and Agro Export Zones among others.
According to the essay, SMEs have become serious victims of jeopardy of late, due to various unfavourable factors making it difficult for them to sustain their existence. In order to eradicate such vulnerability, a number of practices like supportive tax reforms, financial aids, agreements with creditors and banks have been embraced by government.
Since the financial statements are meant for the future for the purpose of evaluating the feasibility of the proposal this report will discuss about the profitability of the venture that would have to be supported with good
The author explains that small and medium enterprises have been playing a pivotal role in the economic development and uplift all around the world. Their part in creating new employment opportunities has been pivotal and decisive both in the first and third world countries. There are different success criterions for an SME.
The effect of globalization has consequently resulted in industrialization in developing countries. Many SMEs have then been set up through industrialization and therefore it has created employment opportunities.
Developing countries are among other factors,
4 pages (1000 words)Essay
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