Why Do Small Businesses Fail And How To Minimize Risk Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2179 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? Abstract It has been suggested that the impact of potential causes of small enterprise failure might be reduced if business owners got appropriate advice. This paper reports the results of a national study of small retail and service firms to determine the failure reasons of starting a business. Much of the literature indicates that success and failure of small businesses has a lot to do with preparation of the business owner. Don’t waste time! Our writers will create an original "Why Do Small Businesses Fail And How To Minimize Risk Finance Essay" essay for you Create order People who establish a plan for success are usually the people that have better chances of success with their small businesses.The primary audience for this paper are people who are considering starting their own business. A review of the literature was conducted to determine reasons for business failure. The paper concludes with suggestions of how might build on these efforts. Table of Contents Introduction P.4 2.0 Hypothesis Development P.5 3.0 What is business failure? P.5 4.0 Literature review 5.0 Method 5.1 Research Design 6.0 Statement of Results 7.0 Analysis and Discussion 8.0 Conclusion 9.0. Recommendations 10.0 References P. Introduction More and more people are considering starting their own business. By opening a business there could be large profit to be made. However, there are losses may occur as well. Some peoples argued that starting a business in a field that they know well would not fail. Knowing if starting a business at all is what most small businesses fails to consider. According to an SBA Study done in 2005, About 1/3 of Small Businesses fail in the first 2 years, and just over half fail within 4 years. (as citied in Shawn, 2009). These statistics are depressing for people looking to start up a new venture. Richard (2000) claimed SMEs in successful business networks can generate up to 50% more in gross revenues than firms that work in solitude. (p.12). However, Richard (2000) concluded that the most significant reason for this high failure rate is the inability of SMEs to make adequate use of essential business and management practices. (p.12). Abdelsamad and Kindling (1978) stated that although failu res cannot be completely avoided in a free enterprise system, the failure rate could be reduced if some of its causes are recognized and preventive action is taken. (p.24). It is important that small business owners evaluate if they are compatible with entrepreneurship in order to prevent from being part of the failure statistics. Most of the studies on business failure have been elaborated into a predictive perspective. Those business failure prediction literatures mainly analyses statistical models that tend to determine. Moreover, the predictive literature has strong limitations and it provides few clues as to why and how business failure takes place. In fact, predictive studies propose a classification of firms in a default and credit risk management perspective without giving any concrete information about the potential causes of their failure. With tough economic conditions, knowing the reasons business fail and how to avoid failure can increase your chances of success. The results of this study will benefit entrepreneurs to understand the factors of failure involved in new venture startup, to help entrepreneurs to balance between expectation and reality in the process of starting the businesses. The aim is to let business owners know more about preventive measures to avoid such failure and improve chances of success with good preparation and planning and insight. A brief literature review is presented in the next section, followed by the description of the sample and methodology, results and implications, and finally the summary and conclusions. Hypothesis Development People keen on starting a small business sometimes forget about the managerial and entrepreneurial skills necessary to run a business. According to Steiner and Solem (1988), key success factors in small manufacturing businesses would include an owner/manager with experience in the business or prior experience; adequate financial resources; a competitive advantage based upon customer and product specialization; and strategic planning.(p.5). (as citied in Linda Shonesy Robert D. Gulbro ,1998).When going to start a successful small business, you are required to have expertise in business planning, financial management, marketing, human resources management etc. Business knowledge should be on the top of any requirements for small business success. If you dont know anything about the products, how can you sell the products to customer? You can acquire this knowledge through trial and error when starting a small business, but you will probably have to declare bankruptcy before you lear n them all. My theory is that lack of entrepreneurial skill is the main reasons of small business fail. Many people think the business would not be failed if resources provided, such as capital and manpower. Of course, financial management and business planning are also absolute necessities for being a successful entrepreneur. Certainly, you are unable to satisfy customers without these skills. In brief, the question is, however: is entrepreneurial skill the most important factor to prevent business failure? What do we mean by Small Business? Every country has own definition of small business. Some of them defined for different business sectors or industries, while some determined by number of employees. Typically, definitions are based on the number of people employed. For example the traditional definition in Germany had a limit of 500 employees, while in Belgium for 100. In the United States, small business is defined by the number of people employed and it refers to less than 100 employees. There are lots of different definitions of small and medium sized firms. In the recent literature, there is nevertheless a large tendency to differentiate between micro, small and medium size firms. Medium sized firms have a structure and an organization that tend to be closer to the ones of large firms and as the impact of human and psychological factors is less important in these firms than in smaller one. This research is based on the definition of small businesses adopted by the European Commissions definition (2003). Tabl e 1 summarizes the criteria which delineate small business. Enterprise category Headcount Turnover or Balance sheet total medium-sized 250 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 50 million ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 43 million small 50 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 10 million ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 10 million micro 10 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2 million ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ¤ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2 million Table 1: Definition of Small and Medium sized Enterprises (European Commission, 2003) Definition of Business failure We have to consider the meaning of the business failure concept during the research. Some researchers defined their meaning of failure as bankruptcy, while some researchers defined as discontinuance of a business for any reason. The concept of business failure has been differently defined according to the context and the characteristics of the sample of firms. Business entity does not follow the rules and achieves the goals set forth in their business firm, as a result, earning an adequate return and may caused discontinue existence. Business firm stops working due to retirement or businesses are sold for a profit without leaving any liabilities are not classified as a failure. According to Bruno Leidecker (2001), no two experts agree on a definition of business failure. Some conclude that failure only occurs when a firm files for some form of bankruptcy. Others contend that there are numerous forms of organizational death, including bankruptcy, merger, or acquisition. Still o thers argue that failure occurs if the firm fails to meet its responsibilities to the stakeholders of the organization, including employees, suppliers, the community as a whole, and customers, as well as the owners. (p.51-52).In this paper, business failure is considered as incapability of business firm to maintain due to loss of capital. Literature review There are many studies to better understand business failure. However, according to Gaskill, Van Auken and Manning (1993), there are many questions still to be resolved and warrant additional explorationprevious studies do not provide a comprehensive or unified explanation for small firm failure.(p.10) (as citied in Robert, 1996). Why some businesses fail and why some succeed is a matter of debate, although there are some common mistakes that can sink a business in no time. One key area that small business owners often overlook is the importance of planning. Dennis (2001) found that management skills could ensure that small and medium sized enterprises are better prepared to compete in domestic and international (p.52). It is required to know what kinds of planning you should do before starting the small business. It includes unplanned financial management and unplanned marketing research. The results of failure are many; however, no one is concerned on it. Therefore, the researchs purpose is to discuss the significant reason of why small business failure. Poor Business Planning Small businesses often face variety of problems according to their size. Research indicates that poor planning is responsible for most business failures. Doug  Ãƒâ€šÃ‚  Derek (2006) found that the single largest barrier to succession can be identified as those who do not have a succession plan.(p.308). People work hard to turn small businesses into successful enterprises. However, they have no plan for what will be happened to their business. Cause of bankruptcy often a result of poor planning rather than economic conditions.Most of the business owners who do not have succession plan indicated that it is too early to plan. However, Doug  Ãƒâ€šÃ‚  Derek  (2006) found that professional advisers indicated it is never too early to start planning. (p.308). In contrast, it is a barrier to overcome if succession occurs over a short period of time. It is inadequate time for the business owner to plan and execute. Another reason why small businesses fail is poor plan ning of both finances and future growth. According to the Small Business Administration and the US Department of Commerces statistic, businesses that fail because their principals cannot, or do not, use financial information appropriately. (as citied in Brian, 2003).Some business owners often lack of the necessary start up funds and cannot come up with adequate financing. Business owners have to arrange adequate money on hand to cover all your financial needs of the business before starting their small business. Also, it is required to calculate how much money needs to carry out daily living expenses and how much money is required to run your business. Furthermore, some of them have no cash and expect either a bank to provide financing. They wrongly assume the banks will provide them with financing based only on their good ideas. But in most instances, the banks would not take into consideration as it reflects poorly the persons ability to manage finances if has no cash. And also , owners cannot ignore the demands of new venture. Many business owners do not know what they need to know and lack of the capital to hire experienced business advisors. Poor Financial Management Small business financial management is a vital aspect of growing a company. According to Mark H. Friedman, founder of Real Time Strategy, Small-business owners live and die for cash flow. (as citied in Nancy , 2006). The most important thing is the monitoring of working capital. This includes accounts receivables, accounts payable and especially cash on hand. Once lack of adequate working capital would affects the particular business. When business is going really well with cash coming in, small business owners tend not to prepare for the next round of business. And cash flow problem occur. Cash flow is a basic measure of a firms ability to maintain sufficient funding to pay off its current liabilities. The owner should know companys bottom line and make good decisions. They should take control of finances by coming up with a budget before purchasing or investing. In order to avoid overspending and hence invest effectively, small business owner should stabilize their cash flow. Wit h this approach can ease a cash crunch, it also can increase the value of the business. Most business owners raise capital from banks. However, Daniel   Richard (2005) found that early stage capital is often the most difficult to raise. (p.64). In fact, it is difficult to raise the capital required in order to properly launch and sustain a business. It will be high cost even if the capital is available. It is crucial for a new business to maintain sufficient resources especially the capital because without proper financing, a new enterprise may find it difficult to compete with competition. The owners have to know how banks approves loan before submitting an application. Financial advisors can help in this situation. gd Lack of Entrepreneurial Skills Most of the peoples think that all it takes to run a business is money. That is not true. You could be an excellent salesperson but lack the skills to handle the seemingly mundane day-to-day skills needed to keep a business running. Entrepreneurs wont make money if cant sell products. Mostly during the startup phase of a new business, lack of entrepreneurial skills in an owner can cause a business to fail. This may not be true during the later growth and maturity periods of business where more administrative and management skills are required. A small firms performance outcome is a function of many variables, including individual owner characteristics, owner behaviors, and environmental influences. Entrepreneurs generally have a high need for achievement and social awareness, and they are high risk takers. Consequently, the personal and personality characteristics of an owner can be a cause of business failure. 5.0 Methodology Subjects 5.1 Research Design Data and Sample Instruments Procedure Data Collection 6.0 Statement of Results 7.0 Analysis and Discussion 8.0 Conclusion 9.0. Recommendations

Essay about What is World History - 4758 Words

What is world history? Bruce Mazlish contends that world history, as opposed to global history, is the study of systemic processes of interaction among diverse peoples, best typified by the work of William H. McNeill. By contrast, global history is the history of globalization, a process that Mazlish argues did not begin to occur on a significant scale until at least the 1950s, and, more plausibly, the 1970s. Citing prominent economic historians, Nicholas Kristof asserts that globalization actually started in the second half of the 19th Century, when steamships, the telegraph, the railroad, and European, North American, and Japanese empire-builders brought humankind into a single densely interwoven community of trade, investment,†¦show more content†¦To me, this is globalization, the global diffusion of humankind and human cultures. In only a few thousand generations, Homo sapiens was everywhere, and everywhere essentially the same, despite superficial differences such as sk in color or width of nose or degree of hirsuteness. Globalization outran evolution. The sheer mobility and versatility of Homo sapiens precluded significant differentiation. Accordingly, I would like to define world history as the history of all the doings of the species Homo sapiens on (and off) the planet Earth, the globe Earth, since its emergence in Africa more than 100,000 years ago. In all these millennia, humankind has swarmed over the whole planet and has exchanged ideas, institutions, technologies, and languages back and forth and every which way, often making it difficult if not impossible to ascertain which idea, institution, technology, or language first arose where or when. 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Marble Female Figure Free Essays

Marble Female Figure Cycladic Final Neolithic, ca. 4500-4000 BC Bequest of Walter C. Baker, 1971 (1972. We will write a custom essay sample on Marble Female Figure or any similar topic only for you Order Now 118. 104) â€Å"The figure represents a rare type known as steatopygous characterized by particularly full legs and buttocks, and is undoubtedly indicative of fertility. â€Å" RACHELLE DARDEN Rachelle Darden Art History 11 Short writing Assignment 2 The marble female figure is a sculpture selected from the Ancient Greek and Roman Galleries at the Metropolitan Museum in Manhattan. It’s also known as the final Neolithical Cycladic marble. The figure, now missing its head is an example of an uncommon type known as steatopygous. This sculpture is a representation of the Human Body in which its described by its distinctive features. It has a thin torso or abdomen suggesting a slim like body however it can be defined by its abstract but round shape. This particular piece is non-realistic in which the form of the breasts are in the shapes of what look like rain drops however they don’t look like actual female breasts but because of their placement it’s obvious that’s what they’re supposed to be. The entire has a plump like nature to in which it suggests that it’s a larger female, not your average female from this era. The thighs on the sculpture are also suggestive because not only are they round but they have a bit of an outline suggesting that they are extra-large which coincides with the rest of the sculpture. The sculptor gave this piece some very distinct features. In fact the most significant piece to this particular sculpture would be the buttocks. The buttocks literally are the largest feature on the sculpture and protrude the rest of the body. The thin yet round abdominal like structure gives the idea of a hin female but definitely a thick one. In contrast, the figure’s upper torso is flat in profile with the arms typically framing V-shaped, pendant breasts. The pudgy, evidently idealized thighs narrow to tiny, stump like feet. However on the feet there are no toes and they don’t stretch out like they would on a regular human body. The body prop ortions are accurate in which you can tell that this sculpture is a very developed female with a very mature body. Looking at the sculpture there’s also a lot of age because its proportioned so well and has a lot of femininity. How to cite Marble Female Figure, Papers

Health Systems between the USA - UK & Australia-Samples for Students

Question: Discuss about the Health Systems between the Usa, Uk and Australia. Answer: Introduction: With the advancement of technology the overall life expectancy of common people significantly increased. Thus the degree of progression of a country can be gauged by the advancement of their health care system. In this assignment, a comparative assessment of healthcare system is done among Australia, the United States of America and Britain. The key objective of this assignment is to scrutinize the cost, accessibility, choice and quality of the healthcare system in the contextual countries. The goal of this assignment is to gauge the efficiency of each country in managing their health care system. The advantages and disadvantages lie within the health care system of Australia, the United States of America and Britain is also assessed. The scopes of improvement are also identified here with putting stress in the Australian system. At the beginning of the assignment, a separate analysis is done in between the given countries. Finally, at the concluding portion, a comparative analysis i s shown with the help of charts, graphs and tables. The assignment is ended by proffering advantages of each country with the other while putting stress on the Australian system. Discussion: Australia Cost: The health expenditure in Australia is calculated as 140.2 billion Dollars which is 9.5 per cent of gross domestic product or GDP of the entire country. Furthermore, 70 per cent of the total costs of the healthcare system is funded by the government with the help of taxpayers money (Mukherjee, 2008). Access: Though the health care system in Australia is good but it's expensive and due to this reason, out of pocket costs stop people receiving care (Davis et al. 2014). Actually, what happens in Australia's health care system is called co-payment process where the patients also pay which is almost 20 per cent of the total cost. However, sometimes, the patients share increases to such a level which is not affordable by the patient (Mukherjee, 2008). Choice: A patient in Australian set up cannot choose their own particular specialist physician. Furthermore, they also might not have a decision about when they are admitted to a health care facility for elective medical procedures. Medicare benefits also depend on a timetable of expenses known as the Medicare Benefits Schedule, or MBS. This is particularly set by the Australian Government after a conversation with the therapeutic experts. Experts are not required to cling to the timetable of treatment (with the exception of optometry) and can charge more than the booked expense (Lancet,2014). Quality: The overall quality of Australian health care system is satisfactory with few scopes of improvement in by strengthening doctor patient ratio (Mukherjee, 2008). Britain Cost: The total health care funding by UK government since 1997 to 2013 has been increased significantly. The total healthcare expenses in private and public health care system in the year 2013 was 150.6 Billion compared to 54. 9 Billion in the year 1997. The total growth recorded for the health care expenditure from 1997 to 2009 was 8.1 per cent whereas the growth has been reduced to 2per cent from 2009 to 2013. The primary funding for health care has been taking place in national insurance contributions apart from general taxation and user charges. The primary advantage of the private sector in health care is the choice of consultants which NHS has adopted recently as patient's basic rights. The main disadvantage of health care is the cost of the treatment which is quite low in NHS in the UK (Anhang Price et al. 2014).Access: national health care system in the UK has been the most accessible health care system in terms of cost. The funding has been increased significantly in the NH S which provides more choices for the low cost and high quality treatment. Whereas the in the accessibility in the private sector dependent on the affordability and wealth. The choice of specialist was always available in private sector which NHS has been implementing as the basic right of the patients. The cost involved in both the cases poses a huge difference where high cost treatment offered by public sector compared to NHS scheme (Mukherjee, 2008). Choice: the people covered under NHS have been provided with some effective rights for choices such as general surgery and NHS care. Even the patients under NHS can choose the organization covered under NHS according to their convenience but the choice in private section depends upon the cost affordability and wealth. Quality: the quality concerns of NHS have been resolved by the periodic increase in budget allocation from 1997 to 2013. The primary concern of the NHS constitution is to provide maximized value with less cost (Fleming, 2008). USA Cost: the national expenditure of United States on Health care has been increased to $3.2 trillion which is a significant increase by 5.8 per cent. The affordable care act has a significant impact on the health care system in the USA which increases the public health care funding. Therefore total growth including private and public sector has significantly increased in late 2015. The government coverage for health care services in the United States is 27.8 per cent whereas the primary funding took place from 84per cent insurance coverage for health care system in the United States. The advantage of private health care system in the USA is fast treatment and free choice of doctors whereas in the case of government funded organizations the queue is long and the choice is less (Runciman, 2012). Access: the accessibility in the private health care system is high compared to government funded hospitals in the USA. 84per cent of the insurance coverage of the United state population could access the facility whereas the rest of the population has a less accessibility in the private sector hospitals in the USA (Lancet,2014). Choice: the choice is high in case of private hospitals and various range of treatments could be availed by the insurance holders in the USA. Patients in private sector hospital could choose any treatment method according to the insurance coverage (Howick et al. 2014). Quality: the quality of the total health care system in the United States is quite high and 84per cent of the insurance covered people could avail the high quality treatment depending upon the affordability and insurance coverage of the nature of the treatment (Alhassan et al. 2015). Results: Figure 1: Australian Health system (Source:Corallo et al. 2014 Figure 2: Life Expectancy among the inhabitant (Source: Corallo et al. 2014) Figure 3: Distribution of doctor per 1000 person Source: Corallo et al. 2014 Figure 4: Distribution of hospital bed per 1000 person (Source:Corallo et al. 2014) Health care Issues Australia USA Britain Basic concept The health care system in Australia is the mixed type where the governmental control is accompanied with the privatization. Each and every Australian Citizen is entitled to the access of the Universal Medical Cover which is also called Medicare. Being an industrialized country, the access to health care system is not ensured by the contextual government. However, the government has provided employee retirement income security act which guarantees full employer preference over health insurance. Hence, it is seen that the health care system in the United States majorly owns by the private sector. The Government of the contextual country establishes a statutory body named National Health Service or NHS to ensure the health of their citizen. Cost (total health care expenditure per capita) 4,115 dollar 9,086 dollar 3,364 dollar Accessibility (per 1000 population) Doctor: 3.4 Hospital bed: 3.4 Nurse:11.3 Acute care: 3.4 Doctor:2.6 Hospital bed: 2.5 Nurse: 7.9 Acute care: 2.5 Doctor: 2.8 Hospital bed:2.8 Nurse: 8.2 Acute care:2.7 Choices As the Australian health care system is a mixed system where privatization and governmental control coexist, the choice of health care is moderate. In the case of the United States, the choice is relatively high as people have sole responsibility for the hospital bill payment. As the healthcare system is fully controlled by statutory organization National Health Service or NHS, the choice is less. Quality Moderate quality moderate affordability High quality low affordability Comparatively Low quality but high affordability. Ranking as per World Health Organization (WHO) 32 37 18 Table 1: Comparisons summarized in charts, tables, pro/con lists etc. (Source:Corallo et al. 2014) Conclusion: All of these three countries have a lack of doctors as per 1000 patients. It is also accompanied by the problem of lack of hospital beds per 1000 patients. Hence, the welfare of the patients should be the first priority to the authority instead of anything else. On this note, each of the above discussed countries needs to pay more attention to improve their doctor patients ration along with the number of bed allocations. Advantages of Australia's system compared to Britain: More choices are available as it is a mixed system. Advantages of Australia's system compared to the USA: It has greater affordability as it is partially controlled by the governmental body. Ways of improvement of Australia's system of implementing elements of the British or US system: Australias health care system will be better if they concentrate on the patients problem, more than their money making thought. Co-payment is something that the poor cannot enjoy even when they want that facility. Ways of improvement of the British, US systems: the British healthcare system needs to pay more attention to the quality, whereas the US system needs to provide health care at more affordable rates. References: Alhassan, R. K., Duku, S. O., Janssens, W., Nketiah-Amponsah, E., Spieker, N., van Ostenberg, P., ... de Wit, T. F. R. (2015). Comparison of perceived and technical healthcare quality in primary health facilities: implications for a sustainable national health insurance scheme in Ghana.PloS one,10(10), e0140109. Corallo, A. N., Croxford, R., Goodman, D. C., Bryan, E. L., Srivastava, D., Stukel, T. A. (2014).A systematic review of medical practice variation in OECD countries. Health Policy, 114(1), 5-14. Davis, K., Stremikis, K., Squires, D., Schoen, C. (2014). Mirror, mirror on the wall. How the performance of the US Health care system compares internationally. New York: CommonWealth Fund. Eijkenaar, F., Emmert, M., Scheppach, M., Schffski, O. (2013). Effects of pay for performance in health care: a systematic review of systematic reviews. Health policy, 110(2), 115-130. The cost of health care in Australia. (2014). Lancet (London, England), 383(9919), 756. Mental Health Council of Australia. (2006). Smart services : Innovative models of mental health care in Australia and overseas. Deakin West, A.C.T.]: Mental Health Council of Australia. Runciman, W., Coiera, E., Day, R., Hannaford, N., Hibbert, P., Hunt, T., . . . Braithwaite, J. (2012). Towards the delivery of appropriate health care in Australia. The Medical Journal of Australia, 197(2), 78-81. Fleming, Jennifer, Foster, Michelle, Taylor, Sandra. (2008). Health care practice in Australia : Policy, context and innovations. South Melbourne, Vic. ; New York: Oxford University Press. Health care in the USA: Turning the corner. (2014). Lancet (London, England), 383(9912), 99. Mukherjee, K., Segal, Richard. (2008). Economic Tradeoff between Purchase of Medical Care and Other Commodities in the USA, ProQuest Dissertations and These