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Essay / Research Paper Abstract
This 3 page paper is a concise expansion that looks at if the way small and medium sized enterprises approach their start up may be a key predictor to their future failure. The paper looks at a range of research considering different issues from the need for formal strategic planning through the managing the marketing process. The bibliography cites 9 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEsmeind.rtf
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Unformatted sample text from the term paper:
of the indicators for success or failure may be in the way SMEs approach the start up. Over the years there has been a general trend towards aspects of
planning. There is a saying a man who does not plan to go anywhere will usually get there. In SMEs this appears to be true when looking at the role
of formal planning. In older research it has been shown that there is a direct link between either no formal strategic planning taking place, or where there are inadequacies in
that process (Stoner, 1983). In looking at success in SMEs there was also a direct correlation between those that did plan and those that succeeded (Stoner, 1983). Today this
is what we would expect, there needs to be dome level of competent planning simply to get a business off the ground, let alone to carry on. However, the need
for this to be in a formal structure is more questionable, as research by Robinson and Pierce, 1983) did not find the same links when they were looking strictly at
formal planning only. If we consider the work of MeKiernan and Morris, (1994), they found only 1 in 5 new SMEs would undertake formal strategic planning and as the failure
rate is not this high this may not be as strong an indicator as initially expected and cannot be supported with later research (MeKiernan and Morris, 1994). The difficulty may
be in the way planning is measured and an entrepreneur may have a non formal but very inclusive plan that is constantly changing and adapting. Gibb and Davies (1990) look
at this from a different perspective, claiming tat there are four main areas of potential characteristics that can indicate success or failure. These are the entrepreneurial personality, the organisational development,
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