1 INTRODUCTION A small-scale business is a business that is privately owned and operated‚ with a small number of employees and relatively low volume of sales. In addition to number of employees‚ other methods used to classify small companies include annual sales (turnover)‚ value of assets and net profit (balance sheet)‚ alone or in a mixed definition. The smallest businesses‚ often located in private homes‚ are called micro businesses (term used by international organizations such as the World
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Problem/Opportunity Statement -Stagnant Growth Decision making processes in the business environment to drive growth‚ requires a process or establishment of a plan. Managers have to take decisions with far-reaching consequences‚ opportunities must be grasped‚ threats avoided. However‚ managers do not make decisions without doing research. As written in the e-text Business Research Methods “Good business research is based on sound reasoning"(Business Research Methods‚ 2006). There is an environment
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MANAGEMENT CHALLENGES AND SOLUTIONS Managers spend their days juggling projects‚ people‚ and problems. Good managers have learned how to balance them. They complete projects successfully and on time‚ guide and support their employees‚ maintain good relationships with customers‚ and solve problems quickly and decisively. Less effective managers often get bogged down and sidetracked. A good manager recognizes challenges and finds ways to solve them. Less effective managers may not even recognize
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There is certainly no formula to become a successful entrepreneur. Some may succeed and make good profits‚ others sink along the way. Which are the most lucrative sectors for entrepreneurs? Here’s a list of 20 good opportunities entrepreneurs can look at... 1. Tourism Tourism is a booming industry in India. With the number of domestic and international tourists rising every year‚ this is one hot sector entrepreneurs must focus on. India with its diverse culture and rich heritage has a lot to
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What Are Some Economic Challenges and Opportunities of Globalization? Have you ever wondered what life would be like without electronics‚ transportation and no communication whatsoever to any other countries? Simple examples (like the ones previously stated) have had a great impact on today’s society‚ and have caused drastic changes in economies all over the world throughout the past few decades. Four reasons why Canadian economy has been affected by globalization are: the World Trade Organization
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Working capital management is the toughest task for the business growth. It is very important that‚ we go for funding requisite amount in form working capital as per the needs of the business in appropriate time. Hence it is pretty encouraging that‚ every entrepreneur looks for an appropriate working capital (Investorword’s.Com. 2013) for the business. Phase – 1 Sales – The sales are increasing by $4 million each year and it may be accepted as SNC started it’s business in the year 2006 and would
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GLOBALIZATION Globalization is the increasing integration of different national economies into one global market economy. It alters competitiveness conditions with the arrival of new players on the global scene and causes traditional roles to be redefined. GLOBALIZATION AS A GLOBAL TREND What seems to be a novelty is‚ in fact‚ a series of changes related primarily to the gradual removal of trade barriers‚ financial market deregulation‚ the communication technology revolution‚ and the impact of
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Plan Opportunities and challenges of setting up a business Introduction It would be a good idea to open a new business. However‚ it is important to analyze the risks because of the big finance investment. It is important to analyze the opportunities‚ challenges and risks before starting a new business. Business The economic system works where business and organizations exchange goods and services for other goods and services or for profit. Every business requires some form of investment
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“CHALLENGES OF NEW BUSINESS START UP‚ THE UNTOLD STORIES” In a bid to preview this article‚ I will share with you my views on what a start up is‚ common challenges experienced and my untold story. I would however start with this quote by Ajaero Tony Martins a successful entrepreneur and investor: "Starting a business is like building a ship and embarking on a voyage‚ armed with a plan‚ a map and a team. You will have to sail against storms‚ unpredictable weather and uncertainty. If your ship sinks
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Super Six” focussed our research on the problem of ethics and actuarial science. As Sholom Feldblum states “The actuary has a dual role: an objective professional providing guidance on insurance issues and a business manager promoting the goals of an insurance company” (Sholom Feldblum‚ pg.1). The purpose of our research was to determine the most common ethical problems an actuary faces‚ and the most appropriate methods to solve these problems. Solutions were necessary so that our stakeholders‚
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