Biggest Problems Facing Small Business Research Paper

Biggest Problems Facing Small Business - Research Paper Example From this paper it is clear that in today’s business environment it is necessary for a small business to think beyond survival.   Lack of key management services could limit the success of a small business. An entrepreneur is one who possesses a burning desire to make a change through dedication, determination and hard work, knowing that it satisfies their ultimate business and personal objectives. Entrepreneur is a term applied to the individual who is ready to take upon him or herself a new enterprise or venture and accepts complete accountability for the outcome.Entrepreneurship refers to a company formed with an express goal of growing with a defined growth path. Small businesses are generally consortium of professionals or a family-owned company formed with specific objectives in place. In majority of the cases, providing adequate income is more important than aggressive growth.As the discussion highlights the rising advertising and promotional tools have made it really difficult for a small business to make a mark or even survive. Traditional methods of promotion and advertising do not help the consumers in the brand recognition. The management must ensure delivering of their promises and high quality experience on the first purchase of the consumer. If the experience of the consumer is not good on the first instance itself then it will lead to negative publicity and the business will not get an extra chance. Problems and Challenges Entrepreneurs have become one of the most vibrant forces in the economy with the boom in internet and technology. They are now driving the boom in technology, which itself is driving majority of the economic growth of the world making entrepreneurs very significant from a macro-economic perspective. They have a major impact on the economy. Due to growing globalization, the impact will be felt even more deeply. They have already become a major force in developing nations and in the worldwide economy. The scope of entrepreneurship will continue to change and evolve with the changing world. Some common issues pertaining to business continue to exist such as how to start a business, how to finance it, how to run the business with a sharing and learning environment within the community. Entrepreneurism is an established field with a wide range of problems at various stages of the enterprises. The challenge of starting a business is a common factor for all the entrepreneurs. Be it looking for an idea, through inventing something, finding the right opportunity to buy a franchise or breaking into a new business. Financing their entrepreneurial venture is a challenge faced by all the entrepreneurs. They are even faced with financial hurdles within corporate rules. So unless it is a self-funded venture, getting finances is a challenge that requires preparation of applications or funding proposals to be presented for IPO’s, angel investors, loans or even venture capital. There is no smooth sailing through even after passing the above challenges. Minute glitches should be taken into consideration having a good business plan. The implementation stage is very essential for a