...NORTH SOUTH UNIVERSITY Case Analysis On “Creation, Management and Succession of a Small Firm” Author: Dinesh Kumar Likhi Source: South Asian Journal of Business and Management Cases 2012 Course code: MKT 620 Sec: 01 Marketing Management Submitted to Dr. Jashim Uddin Ahmed Associate Professor School of Business and Economics North South University Submitted By | | Md. Rafizul Haque | 1420900060 | Sayed Faisal Waky | 1512921660 | Md. Mahmudul Haq Shihano | 1421306060 | Asif Rahman | 1421190660 | Arifur Rahman | 1430691660 | Date: 22nd of June 2015 Case Overview Deepak Gulati, a mechanical graduate from one of the top five institutes of the country is the main character of the case. After completing his graduation, he started his career in a multinational company. Within a span of 10 years, he became one of the youngest regional managers of his company. But, surprisingly he wanted to quit the job as he was not satisfied with it for several reasons like- restriction of freedom of action, subjective performance evaluation of the employees and some others. At the same time, thoughts of setting up his own business also came into his mind. Finally ‘Times Marketing Private Limited’ (TMPL) was founded by him and his friend Abhijit Sen after leaving the job. Although the company incurred some losses at the earlier stages, but slowly and steadily it became a successful venture at the end for Deepak Gulati and his friend. Creation of New Venture Some...
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...Experiences of ISO 9000 with small firms in building services M.A. Atherton and P. Austin The authors M.A. Atherton is based at the School of Engineering Systems and Design, South Bank University, London, UK. P. Austin is with Austin Hall Management Consultants Ltd, Woking, UK. Introduction Small firms In the context of quality systems a small firm has been defined[1] as one run by a single manager who is the owner, or in close touch with the owner, and who knows the proce- dures which everyone in the firm should be following. Recognizing that definitions vary, more than 85 per cent of UK firms are classi- fied by Manchester Business School[2] as small. There is usually little formal manage- ment structure in a small firm, the manager effectively acts as a quality manager by fre- quently checking all the firm’s activities and so assurance of quality depends more on staff competence than documentation. Small firms often feel that they provide a better quality service than many larger firms which have the standard; thus if the client insists on the stan- dard they risk losing a good service. However, small firms often do not fully appreciate that as they grow these hands-on management Abstract Describes an approach for overcoming some of the barriers to achieving ISO 9000 faced by small firms in the building services sector. Draws on the experiences of several firms to illustrate the importance of partnerships in overcoming some...
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...the introduction of the Big Box Format, many small business owners have been forced to close their doors, consequently leaving them in limbo with regards to how they are supposed to support their families. The Big Box Format of conducting business has stiffened competition in business as a whole. These Big Box Organizations have the ability to use their vast amount of resources to exploit market opportunities and neutralize threats, as well as take advantage of the economies of scale and scope. Subsequently, this report touches upon the large scope effects of the Big Box Format; as well as addresses certain strategies that small businesses could apply and if they are realistic. Big Box Firms are organizations that undermine local business as well as entrepreneurialism and innovation. They are composed of Firms that occupy a minimum of 50,000 square feet of land containing a wide variety products available for sale (Investopedia, 2013), therefore many consumers consider Big Box Firms as one stop shop. Subsequently, the Big Box Firms apply predatory marketing strategies, in which they highlight their ability to offer cost savings as well as convenience. FINDINGS Modern Concept, Classic View Although the Big Box format of conducting business can be considered somewhat of a modern business concept, the Big Box format contains certain elements that relate back to classic business theories. The way that these Big Box firms conduct business, contain certain characteristics...
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...1042-2587 © 2008 by Baylor University E T&P The Effect of Small Business Managers’ Growth Motivation on Firm Growth: A Longitudinal Study Frédéric Delmar1 Johan Wiklund This study addresses the role of small business managers’ growth motivation for business growth, taking into account the important effects of previous motives and feedback from earlier performance. We hypothesize that small business managers’ growth motivation has a unique influence on firm outcome measured as growth in sales and in number of employees. Data were gathered from two different Swedish samples of small firms using telephone interviews. Using cross-lagged regression analysis, we find support for our hypotheses when examining employment growth, but only partial support when examining sales. Introduction The psychological construct of motivation has an important role to play in entrepreneurship research. As stated by Shane, Locke, and Collins (2003, p. 257): “We believe that the development of entrepreneurship theory requires consideration of the motivations of people making entrepreneurial decisions.” One of the areas in entrepreneurship where motivation is potentially of great importance relates to firm growth. There is research to suggest that growth is one of the most important outcomes of entrepreneurial efforts because it indicates the degree of success of that effort (Bhidé, 1999; Venkataraman, 1997), and effort exerted is closely related to the individual’s motivation (Davidsson, Delmar...
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...* Life, family and work priorities clash fiercely Women are still performing the majority of domestic and child care responsibility in the home, even when there are two spouses working full-time. As such, and as long as women are bearing the children in our species, women will not view child rearing and child care in the same way as men do, and will prioritize the responsibilities around it differently. * Sex discrimination. Women entering the work force are met with overt hostility. In some cases, benevolent attitudes have been found to be patronizing and can do as much harm as outright discrimination. More generally, hostility is not required for discrimination to exist. In other words, stereotypes can end up creating different or lower expectations for women in the absence of hostility. And another strand of literature argues that there is not hostility toward women so much as a preference for men. Evidence for each of these explanations can be found in the repeated studies that have concluded that women on Wall Street and in corporate America are paid less than men for similar work. * Male-driven culture. The second explanation is more complex, and states that the current male-driven culture does not allow women to succeed. Women’s values and approaches are different, and when entering the work force women find that the male culture is not to their taste or are driven off. Those women who do succeed adapt to the male culture. In other words, women need to become...
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...going to work in small firms." Evaluate this statement. Comments: Globalization is changing the world economy. Firms, even small ones, can no longer ignore events going on outside their borders because what occurs in one country has implications for the rest of the world. Individuals who believe they can act in isolation by working for a small firm are not being realistic, but rather myopic and insular. Today, thanks to advances in technology, many small firms sell and source internationally very early in their evolution, those that fail to take advantage of international opportunities may not achieve their full potential, and ultimately may fail as competitors that do recognize the importance of international business dominate. In the United States, for example, almost 90 percent of firms that export employ fewer than 100 people. They also account for more than 20 percent of U.S. exports. [2] How have changes in technology contributed towards the globalization of markets and of production? Would the globalization of products and markets have been possible without these technological changes? Comments: Technological change has made globalization a reality. Major advances in communication, information processing, and transportation have brought the world closer together. The development of the microprocessor is perhaps the single, most important innovation as it increased the amount of information that could be processed by individuals and firms. The Internet...
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...When we think of entrepreneurship, we often think of small, start-up firms. Describe how a large corporation in an established industry can be “entrepreneurial” and discuss how Peng’s entrepreneurial strategies apply in this situation. Entrepreneurship as a scholarly field seeks to understand how opportunities to bring into existence future goods and services are discovered created and exploited, by whom and with what consequence (Venkataraman,1997). Entrepreneurship is nothing but the identification of those resources which were previously unexplored. Entrepreneurial opportunities do not only take the form of new products and services, they can also take the form of new methods of production, new raw materials, new ways of organising and new markets. For large corporations in an established industry, entrepreneurship is a big challenge. The companies must innovate and develop new ideas in order to motivate their leaders for entrepreneurship. Two steps must be followed to achieve this goal. Firstly, companies must periodically evaluate its product performance and need to have complete information about the environment in which it is operating. Secondly, in order to achieve success, the companies must experiment with their existing products. They should have their one face focused on the old strategy and the other seeking out the new one. When an existing company starts new venture, it face lot of barriers because it is a risky proposition. They must consider industry’s condition...
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...An Analysis of Small Business Patents by Industry and Firm Size by Anthony Breitzman, Ph.D. and Diana Hicks, Ph.D. Haddonfield, NJ 08033 for Under contract no. SBAHQ-07-Q-0010 Release Date: November 2008 This report was developed under a contract with the Small Business Administration, Office of Advocacy, and contains information and analysis that was reviewed and edited by officials of the Office of Advocacy. However, the final conclusions of the report do not necessarily reflect the views of the Office of Advocacy. Office of Advocacy ww w.sba.gov/advo Small Business Research Summary Advocacy: the voice of small business in government No. 335 November 2008 An Analysis of Small Business Patents by Industry and Firm Size Anthony Breitzman and Diana Hicks., Haddonfield, NJ 08033 2008 [60] pages. Under contract no. SBAHQ-07-Q-0010 Background This study is the third in a series that examines small business patent activity. The authors created a database of 1,293 technology firms with 15 or more patents issued between 2002 and 2006. These firms are designated as innovative firms because of their high level of patent activity. Using this database, the authors analyze the relative strengths of small and large technology businesses, including information such as the industry and technology within which the firm patents and the importance of the patent. The results demonstrate that small businesses that innovate are indeed special and that the technology...
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...CUSTOMER AND SUPPLIER LINKAGES FOR SMALL JIT MANUFACTURING FIRMS by Carol Lee Stamm and Damodar Y. Golhar Customers around the world are increasingly selective about the quality and cost of purchased goods. To be competitive in a global market, a manufacturing firm, regardless of its size, must devise ways to produce quality goods at a lower cost. The JustIn-Time (JIT) philosophy has been proposed and implemented as a way of meeting this challenge. Three major tenets of the JIT philosophy include waste reduction, continuous quality improvement, and increased participation in decision making (Hannah 1987, Schonberger 1986, and Warne 1986). Successful implementation of the JIT philosophy strengthens both customer and supplier linkages. Large manufacturing firms are reporting success with JIT implementation (Schonberger 1986, and O'Neal 1987). As a result, more manufacturing firms are expected to embrace the JIT philosophy in the future (Stokes 1989). This will increase the number of small firms implementing JIT; however, little attention has been devoted to the experiences of small JIT firms. Existing literature provides only a generic description of the expected Dr. Stamm is an associate professor and the chair of the Department of Management at Western Michigan University, Kalamazoo. Her research interests include the JIT philosophy, inventory, and quality control. Dr. Golhar is an associate professor of management in the Haworth College of Business...
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...Is the Growth of Small Firms Constrained by Internal Finance? Robert E. Carpenter UMBC Bruce C. Petersen Washington University First Version: December 4, 1998 Second Version: June 18, 2000 This Version: January 22, 2001 Abstract This paper examines the long-standing theory that small firm growth is often constrained by the quantity of internal finance. Under plausible assumptions, when financing constraints are binding, an additional dollar of internal finance should generate slightly more than an additional dollar of growth in assets. This quantitative prediction should not hold for the relatively small number of firms with access to external equity. We test these predictions with a panel of over 1600 small firms and find that the growth of most firms is constrained by internal finance. Our results have implications for several different research literatures, including models of firm growth. JEL Codes: L0, D9 We thank Steven Fazzari, Lauren Lax, Josh Lerner, Dorothy Petersen, Laura Rondi, Alessandro Sembenelli, Jim Rebizter, James Stock and three anonymous referees for valuable comments and suggestions. We also thank seminar participants at Binghamton University, Case Western Reserve University, the CEPR Conference on Industrial Structure, CERIS-CNR, Depaul University, the 1998 EARIE meetings, the International Conference on Funding Gaps at the University of Warwick, the London School of Economics, the University of Michigan, the University of Missouri, the University...
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...Between a Causal Model And a Time- Series Model? In: Business and Management Choose One Of The Forecasting Methods And Explain The Rationale Behind Using It In Real Life. What Is The Difference Between a Causal Model And a Time- Series Model? Choose one of the forecasting methods and explain the rationale behind using it in real life. I would choose to use the exponential smoothing forecast method because it weighs the most recent past data more strongly than more distant past data. This makes it so that the forecast will react more strongly to immediate changes in the data. This is good to examine when dealing with seasonal patterns and trends that may be taking place. I would find this information very useful when examining the increased production of a product that appears to be in higher demand in recent times than past. Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model. By looking at the data of other companies the fast food chain would be able to put together a forecast to determine if their business venture was viable. They could examine the sales data and determine through a exponential smoothing forecast if it made sense for them to enter into the market. This would show the trends and changes in the data more recently rather than in past time. What is the difference between a causal model and a time- series model? Give an example of when each would be used. The time–series model is based on...
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...Management of Small Business Firms | Analysis Report – Assignment 2 | Mersha TantaryS0223372MGMT11109 – Introduction to ManagementGenevieve HealyCQUniversity Sydney Campus | 5/10/2012 5/10/2012 Executive Summary The focus of the paper is on the article by Verreynne (2012) the secret to running a successful small firm? Mind your own business. The main idea is to determine the success small businesses and how their management practices differ from the large companies. The small business can differ from the lifestyle focused and the growth oriented firms, the lifestyle focused emphasise most on the customer and employee retention through providing them a sense of ownership whereas the growth oriented firms keep working in learning and development. Behind the unique way on how the small firms manage their companies, there is a laxity of business plans in most of the organisations which end up with slower progress or growth. While leadership in small firms are the best aspect compare to other firms since most of people in the organisation play an important role by working independently. Small entrepreneurial businesses without family ties and household or family businesses are strongly concerned with economic security, business survival, maintenance, and growth. For the small businesses, leaders are vision process-oriented, where managers are organizational-oriented. Both leaders and managers focus on people, but managers also focus on systems and structures. Leaders...
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...Australian equivalents to international financial reporting standards (A-IFRS) on the accounts of small-, medium- and large-sized firms. Design/methodology/approach – For 135 listed Australian entities, the half-yearly accounts ended 30 June 2005 are examined to identify the effects of A-IFRS. Data are gathered on the change in major balance sheet and income statement elements, the major reconciling items and earnings variability. Findings – Findings show that more than half of small firms have no change in net income or equity from A-IFRS, and that there is an increase in the number of adjustments to net income and equity with firm size. The study also finds that A-IFRS has increased net income for small- and medium-sized firms. Equity has increased (decreased) under A-IFRS for small (large) firms. Small firms experience higher earnings variability than medium-sized or large firms under A-IFRS. Research limitations/implications – The sample is limited to 31 December reporting date firms and not all A-IFRS must be complied with when firms restate their comparatives. Practical implications – Analysts, auditors and other account users should be aware that the effects of A-IFRS are correlated with firm size. Originality/value – This is the first Australian empirical paper on the effects of A-IFRS. It raises doubts about the contentions of some that A-IFRS will have widespread adverse effects on firms’ accounts. Keywords Financial reporting, Accounting...
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...TOTAL QUALITY MANAGEMENT PRACTICE IN SMALL AUDIT FIRMS IN NIGERIA CHAPTER ONE INTRODUCTION 1.1 Background of the study Total quality management (TQM) practices in small audit firms have had accounting antecedence. The concept can be traced back to early 1920 production control idea notably, the concept developed in the late 1940’s and 1950’s, pioneered by American Feigenbaum, Deming and Juran. The concept total quality management (QTM) has many definitions. The gurus of total quality management discipline like Deming, Juran, Crosby, Ishikawa and Feigenbaum defined the concept in different ways, but still the essence and spirit remained the same. According to Deming, quality is a continuous improvement process towards predictable degree of uniformity and dependability. He identified fourteen principles of quality management to improve productivity and performance of an organization. Juran defined quality as “fitness for use”. According to him, every person in an organization must be involved in the effort to make products or services that are fit for use. Crosbly defines quality as conformance to requirement. His focus was on zero defects and doing it right the first time. Ishikawa also emphasized importance of total quality control to improve organizational performance. According to him, quality does not only mean the quality of products but also of after sale services, quality of managing the company itself and the human life. Feigenbaum defined total quality management...
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...Critical examination on the difference between managing a small organization to a big formal organization as an entrepreneur By James Muhowa, Social Science Student Successful entrepreneurs are opportunists who, through their creativity, drive and vision, create economic or social value. They challenge conventional wisdom by practicing disruptive innovation — innovation that creates new markets through the application of a different set of values. They change the rules of the game by questioning the status quo and upping the stakes. It follows that an entrepreneurial organization can be defined as: An organization that places innovation and opportunism at its heart in order to produce economic or social value (Meta, 2013). The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield (Say, 1803) whether a charity or a profit oriented organization, there is a need to use a businesslike approach is the organization is to endure overtime, so should every manager (Armstrong, 2009). A businesslike approach to management is one that focuses on allocating resources to business opportunities and making the best use of them to achieve the required results. All organizations, large or small, are today struggling to develop in an external operating environment which is epitomized by turbulence and uncertainty. Indeed, the natural cycle for most is from this entrepreneurial state, via growth, to protection, atrophy, crisis and...
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