Storey’s Three Comopnent Model

Moving on to the second part of the question looking at Storey’s , â€Å"Three Component Model† and how useful it is in identifying the key characteristics of successful growth businesses. Most of the small businesses do not grow beyond their classification as a micro firm, very few of the small firms rise to become a medium-size enterprise, and even fewer rise to become large companies in the future. Storey (1994) has identified three key components in the analysis of the growth of the small firms, they are influenced by the characteristics of the entrepreneur, the characteristics of the organization; and the types of strategy associated. Various different characteristics of each component can lead to a different type of growth within the SME. The characteristics of the entrepreneur are widely accepted as the vital ingredient that influences growth. For example, the personal goals of an entrepreneur are likely to influence why a business was started in the first place, as well as the strength of the firm’s growth orientation once it was established. Storey’s places less emphasis on personality per se and more on the personal characteristics which influence access to resources. These include * Motivation: This is likely to be the most indispensable and essential action or a commitment by the entrepreneur which makes a considerable difference in the growth of the enterprise. * Previous management experience: Earlier knowhow of organizing people and processes is important in maintaining growth. * Demographics of the entrepreneur: This is essentially with regard to the personality traits of the entrepreneur viz. Age and Education. These two traits can influence the growth of the firm, Entrepreneurs with higher educational qualifications are more likely to find high-tech and knowledge-based firms which in turn can be linked with higher growth rate of the firm. * Team management over individual management: Access to a wide range of resources, skills, experiences, advice and other resources is important to growth. A group of entrepreneurs are more liable to have the attributes wanted than just one person. Alongside these characteristics are more personal ones. Owners have a need to be independent and want to be their own managers. They believe that they can control and change the environment within which they work, to their benefit. They are often high achievers and are looking for recognition of their success. † (Burns, 2001). The characteristics of the enterprise also have an influence on its growth prospects: Ownership and Legal form: A limited company is more likely to grow than a sole trader or partner ship. Limited companies offer greater goodwill thereby attracting more customers and resources that it needs to accelerate its growth. It is also possible that as the companies develop they acquire a limited liability status so that the legal form is a result of growth. Firms Age: Younger firms tend to grow more and faster than the existing old firms, which reflects the need of the younger firm to attain a significant level of ‘critical mass’ to survive in the marketplace. Firms Size: Small firms find it very hard to grow to level of the bigger firms, as they lack the resources, skills and competitive edge. One of the main reasons being the entrepreneurs with a micro-firm do not wish to grow because of the reasons stated above. â€Å"Management devolution is essential for growth as it becomes impossible for the entrepreneur to manage on their own. Those firms that recruit experienced managers from larger firms are likely to be more successful. † (Storey, 1994). Storey’s review of area where management strategy may influence the growth of small firms includes: Introduction of new products: Companies cannot rely on a smaller product or service range for growth. They continuous innovation in the form of new products and services is a key to growth. This also includes modification of the existing products. Sharing of Equity: Willingness to share equity with external individuals or organizations was identified in small firms that actually achieved high rates of growth. Market position: Adopting defined niche markets is a key ingredient for the growth of the company

The 4p’s (Product, Price, Promotion, Place)

‘Yathu's Supermarket' sells several of goods such as all groceries items, wines, alcohol, etc. We sell specific product to target specific people so that we can satisfy customers' wants and increase sales eventually as they buy the products they want. We have to be aware that our product is fashionable among the community and the customers so the products we sell are what the customers want. We also have to be cautious that our products are safe and don't harm people in any way; we also have to sell products which are reliable. In our supermarket we have to offer various types of products to increase customer choice so that they can choose what they prefer. We also have to make our product look appealing to the customers. So overall, we have to sell the products look desirable for the customers so that they will buy it. Price Price is also a major factor in determining how much sales and profit we make because customers normally look for cheap products so if we sell the products at a cheaper price then it is going to attract customers so eventually we are going to increase sales. So as we are a small business we have to lower our prices to a relatively low price than our competitors to catch customers' attention and try to persuade them to buy the product. It is important to have low prices as low prices increases sales; this is manly because customers always go for low prices and high quality products. However, we have to make the price reasonable so that we can make some profits, this is important to compete in the market. We have to try to make short term tactics to boost sales such as lowering prices of key products we sell to attract customers. We could use psychological pricing, so we can for example sell products à ¯Ã‚ ¿Ã‚ ½2.99 instead of à ¯Ã‚ ¿Ã‚ ½3.00 so this will encourage the customers to think that it is a bargain. However, in the long-run after we have established as a strong business in the market we can increase our prices gradually to increase profits. Promotion Promotion is a campaign increase customer awareness of our service. Advertising is main way of promoting our service. There is other several types of ways to promote such as personal selling, public relation or even sponsorship. Comparing with the budget we have advertising through newspapers, leaflets, etc is the ideal way as it is in reach of our budget. A successful advertising campaign increases customer awareness and increase sales/profits. ‘Yathu's Supermarket' have to limit our promotional campaign to our budget, so we have to advertise in the cheapest possible way such as leaflets, local newspaper, billboards, etc. ‘Yathu's Supermarket' have to improve our public relations so we have to increase how the customers think of us, so we have to do several activities to improve public relations, this is because customer satisfaction and customers' relationship with our business is one of the major keys to our success in the future. We have to create a brand such as a logo to represent our business. By developing a recognising brand we can help boost sales and profits by encouraging customers to make repeat purchases, so the customers will be loyal. Place ‘Yathu's Supermarket' has decided that setting up our business in Woolwich is the best way for our business and the public and also it is the most cost-effective way. We have to store our stock at our supermarket as it is the cheapest way. However, as we become a larger firm we can find our places to place our stock such as a warehouse. We can also use internet to sell goods to our customers as it is easier for them and we are able to target a wider audience. We have to make the product we sell appealing so the customers will buy it so we have to place the product in a place where it is likely catch the customers' attention. So where we place the product is essential to how much profit we make and how much sales we make. We can also provide a service such as free delivery if they spend a certain amount in the shop. So for example if they spend more than à ¯Ã‚ ¿Ã‚ ½10.00 they can get free delivery service, this will attract the attention of customers so this will likely to increase sales and the profit we make. One of the reasons why it might take the attention of customers is that probably not many people offer this sort of service so it is unique, which the customers might prefer. All these 4p's (Product, Price, Promotion, Place) are done to help my business stabilise in the market and obviously to try to make more sales and profits.

Communism in China Essay Example | Topics and Well Written Essays - 250 words

Communism in China - Essay Example The failure of nationalist leader Chiang Kai-Shek to offer protection from the threat posed by Japan led to his abduction. He was forced by the abductors to reconsider cooperation with the communist army (Office of the Historian, n.d.). This laid a foundation for the rise of communism in the country. The other factor that contributed was the rise of a dictatorial regime. The nationalist government was accused of undemocratic policies and corruption (Office of the Historian, n.d.). The discontent of the population and poor policies made the country more vulnerable to communism ideals. On the other hand, China Communist Party (CCP) received overwhelming support from peasants due to land reforms it initiated and repelling of Japanese invaders (Office of the Historian, n.d.). Lastly, foreign intervention played a role in the rise of communism. The United States and Soviet Union influenced various issues in the country. United States was in support of Nationalist government while Soviet Union supported CCP. However, Soviet Union prevailed as it occupied Manchuria and only left when Chinese Communist forces were in a position to claim victory of the area (Office of the Historian, n.d.). This led to the establishment of communism in the larger part of the

Same-sex marriage Essay Example | Topics and Well Written Essays - 750 words - 1

Same-sex marriage - Essay Example Legalizing gay marriages will lead to polygamy. People will find alternatives to one man/one woman relationships. The definition of marriage so far rests on tradition, trust, legal precedent, and the support of the people. If such marriages are legalized then it will be supported by nothing more than a single judge as in the case of Utah where the court demanded that the state has to actually prove that polygamous relationship is detrimental to the society (James Dobson). Polygamists are trying to prove that polygamy is not harmful to the culture. Dobson cites that ‘ACLU went on to say that the nuclear family â€Å"may not be necessarily the best model.†Ã¢â‚¬â„¢. Once such marriages find a place in justice, then what can stop even two/three or four marriages even amongst heterosexuals? What about the moral values on which make up a society? What do we pass on to the next generation? A tradition of distorted ideas and relations? The children would bear the heaviest brunt of such marriages in a world of decaying families. Homosexuals do not stick to one partner and study has shown that some have even more than one thousand. Children by nature are conservatives and adapt to the surroundings very easily. They hate change even in the relationship with their mother and father. We are all aware of the love and attention that a child needs from both mother and father. Even normal spilled marriages leave a child misbalanced.Religious freedom will certainly get affected.

Hamlet Analysised Essay Example | Topics and Well Written Essays - 1000 words

Hamlet Analysised - Essay Example There are only a few scenes that happen outside of it, most famously the scene at the graveside when Hamlet laments the loss of his old jester, Yorick, and then fights in Ophelia’s grave with her brother Laertes. The play is set sometime in the middle ages and there are clearly delineated family relations and moral codes of honour that drive much of the play’s action. Because most of the characters are members of the royal family they are responsible for Denmark. The family is under threat from within because of the actions of Claudius and the revenge that Hamlet seeks, but it is also under threat from the outside as the Swedish under Fortinbras are preparing to invade it. There are existential threats everywhere—and this is an important aspect to consider. Indeed, this is an important theme of the story: the threat of death that seems omnipresent. Ellsinore still has a cloud over it: the death of Hamlet’s father. It affects everyone, but Hamlet worst of all. From his first words in the play we understand the state of mind he has: He is virtually suicidal after meeting his uncle and mother, married so shortly after his father’s death. The threat from within is a theme personified by Hamlet’s suicidal feelings which are later further explored in the famous soliloquy: â€Å"To be or not to be . . .† People worry about Hamlet, but as the play continues their worry is extended to others. Ophelia, spurned by Hamlet, goes mad and drowns herself. A fear begins to grip everyone. Hamlet, anxious for revenge, kills Ophelia’s father behind the arras when visiting his mother’s room. The threat is not just at the point of the knife—it is that people are listening everywhere. Throughout the play characters are always spying on one another and reporting to others. Even Rosencrantz and Guilderstern, Hamlet’s best friends are convinced to betray him—for this they are rewarded with death

Principles of nonprofit leadership Research Paper

Principles of nonprofit leadership - Research Paper Example sults the first and foremost thing which is required by organizations is effective leadership of a nature that aspires to achieve these results in the best possible way (Principles and Practices for Nonprofit Management Excellence). Most of the nonprofit organizations believe that money is the only resource that can help an organization to achieve its desired objectives. Keeping this in view, many of the experts have argued that not only money but the leadership plays an important role. They argued that effective leadership is the only tool that helps an organization to achieve its intended objectives (A Guide for Board Members, Managers and Staff). The organization work towards achieving those goals and money only enables them to deliver results that are expected of them. In today’s era the two important resources for any organization are financial resources and human capital (Tierney). The set back or down turn in financial resources is impossible to avoid and difficult to overcome, but shortcomings in human capital can be very awkward for an organization and cannot be calibrated easily. Keeping in view above mentioned issues, the need for the nonprofit organizations is to have an effective leadership that goes all the way towards achieving intended and desired results. This paper will probe into the challenges that any nonprofit organization is expected to face while developing effective leadership (Hill, 135). It will further shed light on benefits derived by developing effective leadership along with advantages and disadvantages. It will provide an insight of the principles of nonprofit leadership. Thus, this paper is expected to make a valuable contribution in the existing stock of knowledge. It has become quite difficult for nonprofit organizations to manage in today’s tough economy. According to (Hill, 12) Following are few challenges that nonprofit organizations are facing while in the phase of developing effective leadership. With increased

Pleasant and Unpleasant Description of a Lunch Meal Essay - 2

Pleasant and Unpleasant Description of a Lunch Meal - Essay Example Negative paragraph - Truly disappointed with the atmosphere and service of the restaurant I could not imagine how the food was to taste. The service was slow, non-courteous and interruptive. Sitting on an Algonquin round table with white covers with stains on it. I was looking for a great experience and found this place lacking. The atmosphere is non-conducive no privacy and noisy. Not really worth the trouble services below average, prices much above average than the usual. Had a cheese omelet for lunch overcooked too much strong cheese on it? I could not bear it. A glass of wine here cost more than the lunch itself. "I am not looking forward to a return visit" (Catford, par 4). I used a great deal of word choice in each of my two descriptions. For example in my positive paragraph, I described the cheese omelet to be ‘tasty and delicious’ to a point that I hardly had enough. In the negative paragraph, I described cheese omelet to be ‘overcooked with too much chees e on them’. This means that I could not bear them anymore as they lacked taste. In my positive paragraph, I described the atmosphere to be ‘quiet and relaxing with good privacy’. This implies the place to be cool and conducive. In the negative paragraph, I described the atmosphere to be’ noisy and with no privacy’. This portrays the place to be unbearable and non-conducive. In my positive paragraph, I described the service to be ‘excellent’. This is further explained by the politeness, courteousness and non-interruptive nature of the service. In the negative paragraph, I describe the service to be’ slow, non-courteous and interruptive. This brings out the disappointment nature of the client.  Ã‚  

Goes around comes around Essay Example | Topics and Well Written Essays - 500 words

Goes around comes around - Essay Example If we help somebody at some stages of our life, we will be rewarded for it in future. During my school days I often studied in schools far away from my home which forced me to stay in hostels. Once a strange fellow approached me and told me that his money was stolen by somebody while he was travelling in a train and asked me, 50 dollars to reach his home. Though I was suspicious, I gave him the money and have forgotten about that incident. After around 5 year time, the same thing has repeated in my life in another location in another train. This time the victim was I and the help was extended by a military personnel. â€Å"What goes around you comes around†. If we adopt false means to gain materialistic advantages, at some point of our life we will be a victim of same sort of actions from our surrounding. I have a friend in Dubai who is working as a sales manager in a printing company. Most of the other sales guys working in other similar companies were fed up with my friend because of the illegal methods, he adopted for grabbing business. My friend believed that any methods can be adopted in business especially in sales for getting business. Ethics and morality were unknown words for him. He quiet often showed high quality printing materials to the customers for taking the order and used cheaper materials in production. He has purchased a brand new television set of a famous brand from a shopping mall in Dubai, which offered high percentage of discount on every consumer goods purchasing. After the warranty period was over, he had some problems with the television set and the technician has informed him that the actual circuit board use d inside the TV was a cheaper, second hand, and repaired one. â€Å"What goes around you comes around†. Those who are taking the sword to kill innocent people will be killed by the same sword. Veluppillai Prabhakaran, the chief of Liberation Tigers of Tamil Elam (LTTE) has caught

Meeting Held by the Historic Preservation Hearing Officer Assignment

Meeting Held by the Historic Preservation Hearing Officer - Assignment Example The meeting started after the deputy of the preservation hearing officer lead in prayers, followed by the formal opening of the meeting. Before the start of the meeting, the flag was presented, which effectively paved way for the progress of the meeting. A number of formalities set the flow and the outlook of the meeting in general, which was considerably different from previous meetings. The tone of the meeting also implied that the meeting would be different from the previous meetings I had attended. The events to be featured in the meeting were set effectively and in a speedy manner, particularly due to the enabling facilitation of the applicant’s representative Kevin Fulkerson and Kevin Weight. The representative hearing officer, Mr. Joe Viola, was also among the attendees that enhanced the flow of events and the coordination of the different discussions held during the meeting. The representative officer guided the different audience, throughout the debates on the different agendas set for the meeting. At the beginning of the meeting, the agenda items were introduced by the representative hearing officer, Mr. Joe Viola. Next, the Applicants’ representative staff, Mr. Kevin Fulkerson, led the agenda through the over sight committee, which entailed the approval of the items in the agenda, from the representative hearing officer. The formal procession of the agenda served as the overall guiding model for the meeting as discussion and the proceeding of the meeting often shifted from the stated order, in a relative manner. Different from other meetings, where a strict order is observed, the items of discussion for the meeting appeared to be taken through processing first, with reference to the rate of approving them. Instead of a strict order, the items seemed to be processed first in terms of how easily they might be approved.