Letter to Mr Bowen
Dear Mr. Chris Bowen
It has come to my attention recently that you as ‘Minister for small Business’ are planning on cutting the funding and resources supplied to small/medium sized business. This is provided in the latest statistics released by the media.
Small/medium business (SMEs) are seen as the engine room of the Australian economy. SMEs are better described as and can be determined by the number of employees, type of ownership, sources of finance, legal structure, market share, and management structure. The size of a business is determined by the number of employees. Small to medium business are most commonly found to be independently owned, locally based, reliant on internal support, personalised service, independently operated, not dominant in the industry, closely controlled by owner or operator.
According to research conducted by the Australian Bureau of Statistics in 2010 Small to medium business accounted for approximately 98 percent of all private sector business. During times of boom in the Australian economy number of small business increase rapidly where as in times of recession many business fail and the amount decreases. In 2010 it was estimated that 78000 medium sized business were operating in the Australian economy.
When owning or running a SME there are multiple factors that lead to the success or the failure of a business in Australia. The five main keys to success in a SME are seen as Entrepreneurial abilities, Access to Information, Flexibility, Focus on market niche, Reputation. New entrepreneurs often launch into a business venture often not clear to the difficulties involved. Sometimes their lack of knowledge results in the failure of their business, sometimes the failure of there business can be due to the lack of motivation behind running the business. The two classifications of a SME failure is unincorporated and declared bankrupt and incorporated and liquidation or voluntarily closure. The failure rate of SME’s in
It has come to my attention recently that you as ‘Minister for small Business’ are planning on cutting the funding and resources supplied to small/medium sized business. This is provided in the latest statistics released by the media.
Small/medium business (SMEs) are seen as the engine room of the Australian economy. SMEs are better described as and can be determined by the number of employees, type of ownership, sources of finance, legal structure, market share, and management structure. The size of a business is determined by the number of employees. Small to medium business are most commonly found to be independently owned, locally based, reliant on internal support, personalised service, independently operated, not dominant in the industry, closely controlled by owner or operator.
According to research conducted by the Australian Bureau of Statistics in 2010 Small to medium business accounted for approximately 98 percent of all private sector business. During times of boom in the Australian economy number of small business increase rapidly where as in times of recession many business fail and the amount decreases. In 2010 it was estimated that 78000 medium sized business were operating in the Australian economy.
When owning or running a SME there are multiple factors that lead to the success or the failure of a business in Australia. The five main keys to success in a SME are seen as Entrepreneurial abilities, Access to Information, Flexibility, Focus on market niche, Reputation. New entrepreneurs often launch into a business venture often not clear to the difficulties involved. Sometimes their lack of knowledge results in the failure of their business, sometimes the failure of there business can be due to the lack of motivation behind running the business. The two classifications of a SME failure is unincorporated and declared bankrupt and incorporated and liquidation or voluntarily closure. The failure rate of SME’s in