The Role of Small Business in Myanmar

Topics: Small business, Business, Business terms Pages: 10 (2832 words) Published: October 13, 2012
The Role of Small Business in Myanmar

Total Word: 2765
Executive Summary
* Meaning of Small Business.
* Definition of Small Business in Myanmar.
* Small business advantages and basic Principles in Myanmar. * Introduction of Myanmar.
* Economy of Myanmar.
* The Role of Small Business in Myanmar.
* Advantages of small businesses.
* Disadvantages of small businesses.
* Conclusion
Meaning of Small Business
The meaning of small business is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees in the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs. Small businesses can also be classified according to other methods such as sales, assets, or net profits. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc.

Definition of small business in Myanmar.
Small businesses are carried out with minimum investment. These businesses are run with the plan to produce more income with the least amount of money invested in a business. While most people run their small businesses from their neighborhood localities, many small businesses are now also being run from the home. Perfect for those who want to do business without taking a lot of risks, small businesses are also for those people who are unemployed, or who want to spend quality time with their family.Most of the small businesses are trade mechanisms which are run on a low budget, they are extremely advantageous for people who want to earn a decent earning by operating an inexpensive business which they can afford. Small business in Myanmar depends on types of organizations and total number of employment in each industry. Classification of business enterprises in the private sector is based on four criteria, namely, power usage, number of workers employed, capital invested, and annual production. It is very rare that an establishment meets all four criteria at the same time to easily earn a business classification, It is difficult to classify a business whether it is large or small, if it employs 15 workers and uses less than three horsepower. Small business advantages and basic Principles in Myanmar

* Easier to adapt policies
* Easier to operate
* Easier to restructure
* Faster to get things done and change
* Fewer problems to deal with
* Less cost and expense
* More bonding with co workers
* More bonding with customers
* More flexible
* More knowledgeable
* More renowned and trusted as time pass
* More specialized
Most of the small businesses are operate on 3 basic principles: * Going after every small lead
* Going after every small opportunity
* Going after every small detail
Introduction of Myanmar
Myanmar is a country in Southeast Asia. It is bordered by India, Bangladesh, China, Laos and Thailand. One-third of Burma's total perimeter of 1,930 kilometers (1,200 mi) forms an uninterrupted coastline along the Bay of Bengal and the Andaman Sea. At 676,578 km2 (261,227 sq mi), it is the 40th largest country in the world and the second largest country in Southeast Asia. Burma is also the 24th most populous country in the world with over 60.28 million people. Downtown Yangon (also known as the Yangon Central Business District or Yangon CBD; formerly the Cantonment) is the central business district of Yangon,...
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