Small businesses do not conform to any neat parameters, much depends on the industry in which they operate and the personalities and aspirations of those that run them. The report outline being updated when suitable new points were found, internet sources were used to gather examples and further arguments for consideration. A list of recommended text books (from the library) were consulted for application of academic theories and models.
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It is independent, in the sense that it does not form part of a larger enterprise and its ownership is relatively free from outside control in its principal decisions (Longenecker et al, 2000).Ī background reading and research was done in writing this report by consulting lecturer notes of this module and creating points.It has a relatively small share of market in economic terms.A small firm is managed by its owner(s) in a personalized way.The committee of inquiry on small firms, set up in the UK (1971) proposed that a small firm has three essential characteristics. The European commission (EC) initiated an important set of definitions of small and medium sized enterprises based on the headcount, turnover and balance sheet value.
Some definitions focus on numerical parameters in order to differentiate between smaller and larger business types. However the legal definition of “small” varies from country and industry, a small business is the one with small number of employees generally under 100 employees in the United States while under 50 employees in the European Union (strorey, 2005). The small business administration defined a small business as a firm with 500 or fewer employees with annual revenue under £2500000 (`). What exactly is a small business and when does it become medium-sized or large, are the key questions whose answers will be portrayed in this report. 2.0 Introductionīefore undertaking the discussion it’s important to know the meaning of a small and large business. Moreover the report will look into different management styles and try to demonstrate their contributions to the small businesses compared to large ones, on top of that underpinning the strategic relationship which these style(s) have to the small businesses. Therefore the report will start by outlining the differences between a small and large business and their characteristics.
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