This website uses cookies to ensure you have the best experience. Learn more

Small And Medium Enterprises Essay

1068 words - 4 pages

Small and Medium Enterprises (SMEs) are the backbone of global economic activity. In emerging economies, SMEs account for over 90% of firms, 60-70% of employment and 55% of GDP. In fact, in India, SMEs contribute more than 8% of the country’s GDP and account for 45% of the manufactured output and 40% of exports. However, the growth of SMEs, especially in India and other emerging countries has slowed down over the last few years. As I see it, a good number of these companies — as enterprising as they may be — are unable to transcend the barrier of scale. Improving the scalability, performance, and sustainability of SMEs can help achieve the economic growth that is sustainable and truly global. Advisories that can solve the key issues faced by these firms — lack of short and long term growth strategy, lack of efficient marketing and sales practices, and lack of exposure to industry best practices and new technologies — are the McKinseys and the BCGs that only multi-million dollar companies can afford.
My dream is to start a low-cost strategy-consulting firm that will provide advisory solutions to SMEs in emerging economies. I hope that through my initiative I will be able to create growth stories for quite a few SMEs and eventually contribute in a small way by strengthening global economy and changing the life of a few thousand people for better.
My work experience at Keane, a US-based $1 billion IT services firm, exposed me to operational side of IT such as business requirement gathering, application designing, and application development. Later at McKinsey & Co., with its Global IT Services division, I worked on a few critical and high-impact projects that exposed me to strategic side of IT such as the importance of efficient and effective IT implementation and the impact of continuous service improvement on an organization. This experience along with my engineering background has helped me develop a sense of appreciation for the role technology plays in the growth of organizations and economy as a whole — a quality that will help me to resolve one of the key issues, lack of or inefficient use of technology, faced by SMEs.
Immediately after my MBA, I would like to work for a global consulting firm like McKinsey in “Strategy” functional practice that provides strategic solutions to companies working out of developed as well as emerging economies. This consultant role will expose me to various strategic and multi-disciplinary business problems and best practices of multiple industries outside of IT. Through this experience, I wish to become an expert in select functions and industries. This expertise will help me decide which industries and functions my consulting firm would focus on initially.
By moving up the ladder in a consulting firm, I will learn how to manage consulting engagements. I will also get involved in and understand intricacies of business development, talent acquisition, and talent retention activities. These activities will...

Find Another Essay On Small and Medium Enterprises

The Succes and Difficulties Faced by Small and Medium Enterprises

1148 words - 5 pages Small and medium enterprises (SMEs) play a fundamental role in the economic development of a country. They have assisted in rapid economic industrial development of Asian countries especially the Asian Tigers. Nonetheless, they have faced major challenges in the competitive global environment that have led to their engagement in unethical practices that negatively affect their reputation. The problem with SMEs begins at the infancy stage; most

Current Relationship between Small and Medium Size Enterprises in Nigeria and E-Marketing

2618 words - 11 pages the potential of Internet in order to develop company image or competitive advantage. (Gilmore, Gallagher, Henry 2007) The purpose of this study therefore is to ascertain the current relationship between Small and Medium Scale Enterprises in Nigeria and Electronic-Marketing. Also it is to ascertain how E-marketing could be used by small scale businesses in Nigeria to tackle its challenges, survive in the market, and thrive enjoying competitive

The Effect of Technology to the Competitiveness and Productivity of Small and Medium Scale Enterprises (SME’s)

2492 words - 10 pages make decisions on how large companies and corporations suit their products and services offered, be filled into micro enterprises. So they came up with an idea of building a firm or a business establishment or the so called "Small and Medium Scale Enterprises" or "SME's". Small and medium scale enterprises are built to foresee the development of small scale businesses through the help of these large companies. (Rigol, Field &Mande, 2011). It is

Imposition of Corporate Social Responsibility Regulations or Legislation on Small to Medium-sized Enterprises

3911 words - 16 pages . Small and medium sized enterprises (SME) are often overlooked. The question isdo Small & Medium Enterprises participate in CSR?CSR involves voluntary initiatives by enterprises, which go beyond compliance with law. Allthis while it has been on voluntary effort. If the number of SME participation is in at verylow level, shall we impose a regulation & legislation to get SME into CSR?The awareness of CSR may be is still not up to a

Reference Guide to Small and Medium Enteprises

1861 words - 7 pages organizations in UK. Small Medium Enterprises UK and EU statistical offices define SMEs as Small Medium Enterprises in which medium-sized business have less than 250 employees; small sized business have fewer than 50 employees. There is an additional category known as micro-business who has less than 10 employees. The below figure shows SMEs employees size, its turnover and balance sheet total. Figure 2 Small Medium Enterprise Business environment

Assessing International Marketing Opportunities for Small-and Medium-Sized Companies

3368 words - 13 pages create insightful implementations. The term ‘company’ or ‘firm’ is mainly implied to small and medium enterprises with regard to the export facet rather than for large international enterprises. Besides, the entry modes are presumed to be the subsequent decision of the firm after identifying the market elect and therefore, would not be covered in this report. II. IMPLICATIONS 1. Apply a systematic process of researching export markets (3 steps) The

Management Activity Analysis in Small and Medium Sized Enterprise and Multinational Companies' Context

1511 words - 6 pages The purpose of the small and medium enterprises in ensuring its prospect future through growth is not only about doing further business or making more money or acquiring greater kudos through larger size. Where knowledge management maturity is high, there the firms are realizing handsome profits and significant increase in growth. Growth is a strategy that basically addresses the question of unsafe and doubtful environments, with the help of

Small and Medium Sized Scale Enterprise (SMEs) Finance Sources and Difficulties

2016 words - 8 pages capital size of small and medium enterprises is well-matched. Because of its flexibility and spontaneity, which helps angel investment becomes the favorable financial assistant for technology-oriented SMEs. The practice in many countries indicates that fund rising in hi-tech industry companies mainly rely on angel investment instead of formal capital market at their preliminary stage. The involvement of angel investor would mean that venture

Sources of Capital to Small And Medium Size Enterprise in developing countries

2583 words - 10 pages During the last two decades Small and medium size enterprises have played an increasingly important role for economies worldwide and continues to be an important tool for economies especially for the growth of developing countries. The main challenge faced is the level of credit risk. The goal for a bank is to maximize the risk - adjusted rate of return; hence managing credit risk is essential for long term profitability and lending. Loans


731 words - 3 pages Fluctuation of Currency exchange rates Rao. (2008) , exchange rate risk in the automobile industry, small currency exchange rate fluctuations have negatively effect on the stock returns of firms. Using quantitative research method, the research investigated the effect of currency exchange rate movements on stock returns of European based motor vehicle companies with market interests in USA concluded that the short movement in exchange rates

Research on the Development of Harayana's Enterprises

860 words - 4 pages Objectives of the Study 1. To study the pattern of growth of Small and Medium Enterprises (SMEs) in Harayana. 2. To study the level of contribution of the units of SMEs of Harayana in providing employment opportunities, GDP and exports of India. 3. To analyze the impact of policies initiated by Government of Harayana for the development of Small and Medium Enterprises. 4. To examine the initial and operational problems and challenges faced by

Similar Essays

Small And Medium Enterprises Essay

1970 words - 8 pages operators of Small and Medium Enterprises (SMEs) to another. Among the products marketed are as coconut jelly, (peanut brittle peanuts), dodol, kuih bangkit, bahulu and others. 1.2.2 Vision & Mission FAZZ Enterprise Vision To makes Fazz Enterprise, a company that is known by all segments of society and market expansion throughout the national and international level. Mission Fazz Enterprise mission is to maximize the profit on the sale of

Malaysian Small And Medium Enterprises Essay

1652 words - 7 pages SMALL and medium enterprises (SMEs) are broadly defined as manufacturing, manufacturing-related services (MRS) and agro-based industries that employ around 200 full-time employees or have an annual sales turnover of not more than RM50mil (Chermaine, 2013). Besides, the term also refers to enterprises in the services, primary agriculture and information and communication technology industries with not more than 75 full-time employees or annual

Malaysian Small And Medium Enterprises Essay

1369 words - 5 pages SMALL and medium enterprises (SMEs) are broadly defined as manufacturing, manufacturing-related services (MRS) and agro-based industries that employ around 200 full-time employees or have annual sales turnover of not more than RM50mil (Chermaine, 2013). Besides, the term also refer to enterprises in the services, primary agriculture and information and communication technology industries with not more than 75 full-time employees or annual sales

Bank Financing Of Small And Medium Enterprises

1108 words - 5 pages 95% of finance applications. 5. The government should formulate policies that would make it compulsory for banks to lend to the SMEs. 6. Commercial banks should refine services for SMEs. For this, they should have a separate segment or department and all services should be compiled in one basket. Conclusion Small and Medium Enterprises play a major role in economic development by creating employment