MS6UK47O - Managing Small and Medium Enterprises Assignment Sample

Introduction of : MS6UK47O
Managing Small and Medium Enterprises

Pip & Nut is launched in 2015 which is a UK based firm who deals in natural nut batters as well as snacks (Pip & nut, 2024). The firm sold their products within UK through its subscription services which allow customers to receive the boxes of snacks customized with the preferences within the mail. The firm has started selling the product in around 7000 retail outlets within UK and also employees hundreds of individuals with the revenue of £11 million in year 2022 (Mattinson, 2023). The company focus on healthy snacking by allowing customer to purchase most convenient snacks. The firm is facing challenge of quality management, supply chain management and competitive environment within the sector. The firm provides the seeds, nuts and dry fruits which are healthier alternative. These meals comprise of small portion of lean protein, healthy fats as well as carbohydrates which include snacks like vegetables, nuts and fruits.

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FINDINGS

Nature of the entrepreneur behind the venture

According to innovation theory of entrepreneurship, Pip & Nut is referred as a product business model within the food delivery market with the healthy snacks as well as meals offered within the letter box size package (Pip&nut, 2024). The firm has also introduced the separate product business model by selling the snacks to the provisions across UK. This allows users to recompense a subscription fee to acquire the periodic delivery of the food. The customers are mainly families and adults with the limited time seeking for the healthy snack alternatives (Saratchandra and Shrestha, 2022). These consumers also include workplaces which order the huge box for the employees with regards to special happenings. The clients for this business model are also environmental aware who willing to pay the higher price for sustainability, feasibility and excellence of the products they deliver. They are also offering products to suburban mothers who seeking for the healthy and expedient snacks for their children measured as the Pip & Nut’s prime client group.

SME start-up processes

The healthy snack market is a growing segment in the food sector which cater to the rising customer demand for the convenient nutritious alternatives. These snacks provide balance among the health and taste which reshape the snack landscape. Pip & Nut has seek the rising awareness of the wellness and health which drive customers to select the healthy snack options (Jahanbakhsh Javid and Amini, 2023). Pip Murray is the founder of the company. She started making her own natural nut butter at home during the marathon training. She prepared the natural peanut butter which is packed from the protein as well as healthy fats (Pip&nut, 2024). During the busy schedule as well as busy lifestyle offers the requirements for the nutritious and convenient snacks. The increase in vegan, vegetarian and gluten free diets enhance the needs of the snack alternatives linked with the needs and preferences. The firm focuses on the nutrient rich ingredients such as nuts, grain and seeds which are implemented in the snack formulation. The customers are also seeking for the clean ingredients, transparent as well as avoid adding perspectives. Pip & Nut’s online shopping platforms make it convenient for the customers to access the extensive range of the healthy snacks. Well-organized marketing strategies make focus on the health advantages which contribute in the market development. The snacks have evolved in the everyday rituals which create constant demand for the healthy alternatives.

Business concept and sources of competitive advantage

Porter

Supplier’s Power: Pip & Nut facilitates the customers to rate the snack of their app and website which use this data to customize the future boxes. The firm is continuously experimenting the new snack flavours and recipes by collaborating with chefs, nutritionists and experts to offer the high quality and delicious food.

• Buyer’s Power: Pip & Nut brand identity offers an emotional connection with their customers which creates the sense of loyalty and trust. The loyal customer base offers the repeat referrals, business as well as positive word of mouth which every firm strives for.
• Threat from substitutes: Technology helps Pip & Nut to gain competitive edge by offering the real time insights and regarding the industry. With this information, Pip & Nut to take informed decisions regarding the business strategy as well as operations. Constant innovation allows Pip & Nut to meet the changing preferences and offer the exceptional experience.

• Threat from new entrants: The development of e-commerce platform offers Pip & Nut to reach the wide audience particularly health conscious customer seeking for the niche and unique alternatives.

Current level of demand and the competitive environment

PESTLE Analysis

Political factors: This plays a vital role in development of the organization such as tax, trade laws and other policies. The international snack industry has witnessed with the development owing to the constant development in the consumption behaviour patterns as well as disposition for the healthy food products.

Economic factors: an individual income level decides the price level of the food they want to consume. The firm mainly focus on low pricing strategy which helps in attracting large number of customers.

Social factors: Customers are also looking for affordable, quick and indulgent snack solutions within their daily nutritional requirements.

Technological factors: The major competitors of Pip & Nut are KIND Snacks, Don't Go Nuts, Graze, Honey Stinger, and Annie's. Pip & Nut has filled the development and innovation of the traditional food offerings which support the development of the snack industry globally. They also have strong distribution network channel as well as e-commerce platforms which expect to flourish the international market of the healthy snacks.

Legal factors: With the rising number of people entering with the formal workforce lead to rise in the need for the snacks. The rising trend of avoiding the risk of the chronic disease as well as maintain health with consumption of these refreshments pushes the market of the health snacks (Mangla et al, 2021).

Environmental factors: Food products such as proteins, micronutrients, carbon-based, fibre, clean label goods and plant based has been mainstream in the Pip & Nut. UK remains the main market with the rising probable credited to the rising realisation about the positive health effects of food as well as nutritional trends.

Competitive Rivalry: The environmental conscious and aware customers look for the snacks with the eco-friendly packaging. Pip & Nut also focus on sustainable packaging to gain competitive edge in the UK market (Asgary et al, 2020).

Growth and development of the business to date

Pip & Nut has experience with the significant growth by expanding their business in the global market. The international healthy snacks market size is appreciated at 78.13 billion USD in year 2019 which has extended at 110.9 billion USD by year 2023 (Healthy snacks market trends, 2024). By partnering with Tesco and Sainsbury, Pip & Nut has gained competitive edge in the new market. This also offered Pip & Nut with the access to additional resources like human resources, finance as well as technology. The company has around 50 employees and gross revenue of $11 million from the zero starting point from the last 8 years (Mattinson, 2023). This also helps the company to bring diverse perspectives as well as enhance innovation by exposing with new ideas. This also helps the firm to gain competitive edge by offering them access to new products, technologies as well as services (Mardikaningsih et al, 2022). For instance, Unilever has expanded their footprint in the healthy snack market by gaining the London based company Pip & Nut. The firm has been offering the range of snack nuts, snack bars and trail mix which is making without artificial ingredients. Pip & Nut has experienced with the strong growth in the delivery and expansion in retail store within UK. Pip & Nut is now leading brand in UK by meeting the needs of customers with convenience, personalization and nutrition. Pip & Nut acquisition with Unilever can see the rapid growth in the health and wellness food market within UK.

Challenges of managing and running the business

Pip & Nut faces issue in implementing the quality management with poor coordination and communication. They are facing issues in managing the supply chain as well as stay ahead to competition (Pip & Nut joins supply chain transparency, 2024). Navigating the complex landscape of the environmental regulation as well as compliance needs is a vital task for the Pip & Nut. Collaborating with industry association as well as seeking government support is significant in alleviating the challenges. Pip & Nut producing the healthy and natural food might face with the various standards as well as certification within the various regions (Wang and Wang, 2020). Pip & Nut needs to conduct the market research and analysis regarding the regulations which are applicable to their business both in the global and local level. They need to monitor the trends and changes to assess the way that affect their future as well as present operations.

Pip & Nut is facing the challenge of resistance to change which include decreased productivity, lack of motivation, rising absenteeism as well as rebellion. Handling the resistance to change is vital that Pip & Nut must overcome to get success in the market. The business is also facing issue in poor communication which creates the stressed environment where individuals are not motivated to be inspired and productive to collaborate. The employees within Pip & Nut with unclear responsibilities led to confusion, reduces productivity as well as frustration.

The firm should implement ADKAR model of change management to overcome the challenges arising out of change which aims to limit the resistance to organizational change. The business can also implement Kotter 8 step change model is which a procedure to assist leaders in implementing the organizational change.

Transformational leadership is an efficient way to enhance the organizational culture as well as boost the organizational results. This emphasize on developing the motivation, communication as well as team building skills to motivate the followers as well a form the shared vision.

SMEs current growth and development strategy

Organizational development (OD) is a systematic approach to enhance organizational efficiency as well as health through the planned changed programs. The business is facing challenged related to resilience as well as adaptability in the market. OD intervention can enhance the organizational climate by handling challenges like trust, communication as well as employees engagement.

Ansoff matrix has 4 key strategies such as market penetration, product development, market development as well as diversification. Using Ansoff matrix the firm has focus on market development strategy. Global market expansion is vital element for Pip & Nut. This allows the firm to access the various markets without incurring costs of the set up operation in market. This also allows the firm to focus on the limited resources with the core competencies. Marketing helps Pip & Nut to create awareness regarding the healthy snacks. Customer education on the nutrition labels, food safety and dietary guides empower people to take healthy choices. This allows customers to avoid the products which have added sugar or sodium. Customer relied on ratings, reviews and expert opinion which help them to take informed decisions regarding their food choices (Maksum et al, 2020). Customer value expects Pip & Nut to be open regarding their practices. Customer awareness has enhanced the demand for transparency in the areas like sourcing, pricing and ethical business practice. Pip & Nut by prioritizing on transparency can gain customer trust as well as loyalty. By having an access to information regarding product benefits, features and reviews, customers can evaluate the alternatives and select the most suitable for their needs. This change towards the empowered decision making puts stress on Pip & Nut to offer value as well as meet customer needs.

Government support

Grants and other kind of financial support Pip & Nut to cover to costs of R&D projects. They also support the range of activities such as developing new technologies, expand existing businesses and commercialize new products. Government also offers specific tax incentives for Pip & Nut to invest in R&D. The UK government innovation agency helps Pip & Nut in developing new ideas and turns it in the commercial success (Innovate UK, 2024). This also helps the company to access funding and also connect with the other collaborators. The program also offer the company to scale internationally with access to world class programming and mentors which helps in reducing the challenges and risks (Haddad et al, 2020). Government also plays a significant role in determining the emission which limits the industries in promoting renewable energy sources. They also offer regulation against pollution which ensure long tern sustainability of the ecosystems. Debt is less expensive than the equity. The equity comes with more risk. Pip & Nut with the debt will be more vulnerable to change the interest rates as well as economic downturns.

The government can support Pip & Nut by loan guarantees, grants and other kind of financial assistance. This can help company to get the capital to start their business operations.

Social or sustainability goals

The firm is focusing on reducing the environmental impact of the packaging by using more sustainable materials as well as reduce wastage. The firm has been using the materials like paper, bamboo and recycle plastic to offer more sustainable packaging (Pip & nut, 2024). Target has also been working with the suppliers to enhance the new packaging materials like biodegradable plastics to mitigate the environmental influence of their products. Pip & Nut has also launched various initiatives to raise the awareness on sustainability which include website which offers the information about their initiatives. This helps Pip & Nut to preserve the quality and fresh products which ensure that customers are getting the best ingredients while sustaining the local businesses (Adam et al, 2020). By promoting the organic farming techniques, Pip & Nut aims to protect the environment offer customers with healthy alternatives as well as preserve biodiversity. The firm also empower the customers to make informed decisions by maintain transparency to build trust among the customers. Social enterprise focuses on the mission as well as exists to handle the social and environmental challenges. Pip & Nut adopt more sustainable business practices which include offering the volunteer days for the workers and support the local community projects.

CONCLUSION

By summing up, innovation is necessary for Pip & Nut to overcome and adapt the issues of change. SMEs by achieving economic growth with innovation can stay ahead in the highly competitive market. Packaging can create the positive and memorable customer experience which promotes the sense of relationship as well as trust with the Pip & Nut. The firm offer personalize snack box with playful and colourful packaging which highlights the range of customization as well as social sharing. Innovation must comply with the regulations and laws of various countries which might change in terms of labelling, quality and disposal. Pip & Nut needs to adapt the market trends as well as change in customer needs which drive in development.

• Product diversification: Pip & Nut needs to focus on including new products such as plant based foods which helps the company to meet the needs of the health and environmental conscious people (Hertel et al, 2023). For this the predictable cost would comprise £50000 for marketing and research.
• Geographical expansion: Pip & Nut can expand their offering in the market by rising health urbanization and awareness (Li et al, 2020). The firm is also focusing on innovating with traditional ingredients such as quinoa snacks to attract heath conscious customers. . For this the predictable cost would comprise £100000 for market entry.
• Sustainable initiative: Pip & Nut can invest in eco-friendly packaging which is designed to focus on the reducing waste (Goni et al, 2021). Biodegradable food packaging is natural way to return to environment which will enhance brand image. For this the predictable cost would comprise £30000 for sustainable project
• Technology Integration: the firm can use AI powered system which will help in analysing the data from range source and transportation routes to take real time decisions (Mubarik and Mubarak, 2020). For this the predictable cost would comprise £40000 for technological advancement.
• Brand building: the using various social media platforms, Pip & Nut can reach the wide range of audience as well as enhance their brand recognition (Tien et al, 2021). For this the predictable cost would comprise £60000 for marketing and promotional campaigns.
• E-commerce Enhancement: the firm needs to use more streamline internet payment solutions which will eliminate the barrier of cart abandonment (Silitonga et al, 2024). For this the predictable cost would comprise £250000 for customer retention.
• Community engagement: the firm needs to implement various education campaigns, bans on marketing and food labelling needs which will encourage customer trust (Dahles et al, 2020). For this the predictable cost would comprise £200000.
• Employee growth: investing in the employees training will enhance the job skills and knowledge (Kalogiannidis, 2020). This will also boost their confidence. For this the predictable cost would comprise £150000.

REFERENCES

Books and Journals

• Adam, M., Ibrahim, M., Ikramuddin, I. and Syahputra, H., 2020. The role of digital marketing platforms on supply chain management for customer satisfaction and loyalty in small and medium enterprises (SMEs) at Indonesia. International Journal of Supply Chain Management, 9(3), pp.1210-1220.
• Asgary, A., Ozdemir, A.I. and Özyürek, H., 2020. Small and medium enterprises and global risks: evidence from manufacturing SMEs in Turkey. International Journal of Disaster Risk Science, 11, pp.59-73.
• Dahles, H., Khieng, S., Verver, M. and Manders, I., 2020. Social entrepreneurship and tourism in Cambodia: Advancing community engagement. Journal of Sustainable Tourism, 28(6), pp.816-833.
• Dvorsky, J., Belas, J., Gavurova, B. and Brabenec, T., 2021. Business risk management in the context of small and medium-sized enterprises. Economic Research-Ekonomska Istraživanja, 34(1), pp.1690-1708.
• Goni, F.A., Gholamzadeh Chofreh, A., Estaki Orakani, Z., Klemeš, J.J., Davoudi, M. and Mardani, A., 2021. Sustainable business model: A review and framework development. Clean Technologies and Environmental Policy, 23, pp.889-897.
• Haddad, M.I., Williams, I.A., Hammoud, M.S. and Dwyer, R.J., 2020. Strategies for implementing innovation in small and medium-sized enterprises. World journal of entrepreneurship, management and sustainable development, 16(1), pp.12-29.
• Hertel, T., Elouafi, I., Tanticharoen, M. and Ewert, F., 2023. Diversification for enhanced food systems resilience. In Science and innovations for food systems transformation (pp. 207-215). Cham: Springer International Publishing.
• Jahanbakhsh Javid, N. and Amini, M., 2023. Evaluating the effect of supply chain management practice on implementation of halal agroindustry and competitive advantage for small and medium enterprises. International Journal of Computer Science and Information Technology, 15(2023), pp.8997-9008.
• Kalogiannidis, S., 2020. Impact of effective business communication on employee performance. European Journal of Business and Management Research, 5(6).
• Li, Y., Zhang, Y.A. and Shi, W., 2020. Navigating geographic and cultural distances in international expansion: The paradoxical roles of firm size, age, and ownership. Strategic Management Journal, 41(5), pp.921-949.
• Maksum, I.R., Rahayu, A.Y.S. and Kusumawardhani, D., 2020. A social enterprise approach to empowering micro, small and medium enterprises (SMEs) in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 6(3), p.50.
• Mangla, S.K., Raut, R., Narwane, V.S., Zhang, Z. and Priyadarshinee, P., 2021. Mediating effect of big data analytics on project performance of small and medium enterprises. Journal of Enterprise Information Management, 34(1), pp.168-198.
• Mardikaningsih, R., Azizah, E.I., Putri, N.N., Alfan, M.N. and Rudiansyah, M.M.D.H., 2022. Business Survival: Competence of Micro, Small and Medium Enterprises. Journal of Social Science Studies (JOS3), 2(1), pp.1-4.
• Mubarik, M. and Mubarak, M.F., 2020. Fostering supply chain integration through blockchain technology: A study of Malaysian manufacturing sector. International journal of management and sustainability, 9(3), pp.135-147.
• Saratchandra, M. and Shrestha, A., 2022. The role of cloud computing in knowledge management for small and medium enterprises: a systematic literature review. Journal of Knowledge Management, 26(10), pp.2668-2698.
• Silitonga, D., Rohmayanti, S.A.A., Aripin, Z., Kuswandi, D. and Sulistyo, A.B., 2024. Edge Computing in E-commerce Business: Economic Impacts and Advantages of Scalable Information Systems. EAI Endorsed Transactions on Scalable Information Systems, 11(1).
• Tien, N.H., Anh, D.B.H., Ngoc, P.B., Trang, T.T.T. and Minh, H.T.T., 2021. Brand building and development for the group of Asian international education in Vietnam. Psychology and education, 58(5), pp.3297-3307.
• Wang, S. and Wang, H., 2020. Big data for small and medium-sized enterprises (SME): a knowledge management model. Journal of Knowledge Management, 24(4), pp.881-897.

Online

• Healthy snacks market trends, 2024. Online. Available through. :<https://www.fortunebusinessinsights.com/industry-reports/healthy-snacks-market-101454 >
• Mattinson, A., 2023. Pip & Nut wins £1m backing from Greater London Investment Fund. Online. Available through. :<https://www.thegrocer.co.uk/finance/pip-and-nut-wins-1m-backing-from-greater-london-investment-fund/682172.article#:~:text=%E2%80%9CBut%20with%20an%20increasing%20product,journey%20towards%20profitability%20is%20clear >.
• Mattinson, A., 2023. Online. Available through. :https://www.thegrocer.co.uk/finance/pip-and-nut-wins-1m-backing-from-greater-london-investment-fund/682172.article#:~:text=%E2%80%9CBut%20with%20an%20increasing%20product,journey%20towards%20profitability%20is%20clear.>
• Pip & Nut joins supply chain transparency, 2024. Online. Available through. :<https://www.edie.net/pip-nut-joins-supply-chain-transparency-drive-led-by-tonys-chocolonely/ >
• Innovate UK, 2024. Online. Available through. :< https://www.gov.uk/government/organisations/innovate-uk >.

REFLECTIVE JOURNAL

During the first week I have encountered my motivation in studying on small and medium size enterprise. Small and medium size enterprise is the businesses which maintain their assets, revenues and number of workers below the certain inception. I have evaluated the challenges as well as opportunities that small and medium size enterprise face when fascinating (Naradda Gamage et al, 2020). The rising expenses as well as reduced revenue are the major challenges for the small and medium size enterprise. This includes cost of raw materials, inflation, insurance, lower demands of products and services as well as other general business expenses. In this week in have studied regarding the course objectives. I have also gained the basic knowledge of the SMEs helping in creating jobs, enhance productivity, and generate income as well as economic development. This provide the comprehensive support to the entrepreneurs such as training, mentoring as well as funding which help them to overcome the issues as well as accomplish the efficiency. The selected course has helped me with the detailed learning objectives which aid in understanding, aiding as well as determining the significant materials to learn. Taking the course has introduce me with the new areas of interest as well as offer me with the required skills to pursue the career path.

In week 2, I have studied the significance of innovation for the survival of SME’s. By embracing the innovation, SMEs can remain creative and relevant to thrive in the dynamic market. This create the long term value for the customers as well as stakeholder. Innovation in the business allows for adaptability, differentiates business from competitors as well as promotes development (Papadopoulos et al, 2020). I learned the significance of feedback loop which can be taken from users, customers, stakeholders as well as market trends. SMEs needs to gather as well as analyse the feedback and stuck on innovation. The capability to adapt the feedbacks is significant to enhance the innovative solutions. I have encountered that, innovation is a continuous procedure which entail the series of the strategic steps in adopting creative methods. Innovation is significant for the business success which drive development, gain competitiveness as well as long term suitability. By continuously adapting with the changing markets, customer needs and technology allows SMEs to stay updated. By analysing the significance of innovation, I will be able to equip with the practical solutions to gain the competitive edge of the small and medium size companies.

Week 3 learning has expanded my knowledge as well as understanding of innovation. Innovation is not limited with the technological advancement as well as advance new approached to problem solving, organizational practices, procedures and business model innovations (Bagale et al, 2021). This includes challenging the status quo, take calculated risks and think creativity to drive progress as well as achieve the breakthrough results. I have also analysed that, an organization culture which support and foster the innovation get success. This includes behaviour, values and attitudes that motivate curiosity and experiment. The culture of innovation promotes the inclusive and open environment where employees feel motivated to contribute their though as well as do not resist to change. The course has developed my understanding of adequate resources significant for innovation. This comprise of skilled human capital, dedicated funding, R&D, skilled human capital and access to specific data. SMEs need to allocate the resources strategically to support the innovative initiatives (Hewitt and Van Rensburg, 2020). These insights have appreciated me in examining the innovation approaches of SMEs. Entrepreneurial culture helps in promoting the proactive as well as forward thinking approach. This motivates workers to embrace change, adapt new technologies as well as constantly seek innovative solutions. This promotes the sense of ownership as well as empowers employees, this also motivated them to take programs, take decisions as well as contribute their thoughts which lead to improve the engagement.

Throughout week 4, I have studied the diverse characteristics, nature and range of small business which helps them to differentiate them in the market. I have understood the concept of risk and uncertainty in the business (de Moura and Saroli, 2021). The firm encounters with the challenges such as financing the operations, make products which appeal to clients, retain the qualified workers, complete the range of objectives as well as keep abreast of regulations and laws. I have encountered that targeting the niche market can offer the small businesses with the various advantages like more loyalty, less competition as well as more profitability. Serving the niche market allows the SMEs to be more innovative and agile. They can respond with the market changes, customize the products and introduce new features on the basis on specific customer feedbacks. I have encountered that ability to generate new ideas and solutions meet the requirements of customers. This also helps small and medium size business to stay competitive and create value.

I have analysed that SMEs suffer from losing skilled workforce which have major impact on their operations. However, skill development programs should be customized with the needs and collaborations with the educational institutions which helps in fostering the skill gap (Susan, 2020). This week has helped me to recap the information to understand trends and patterns.

In week 5, I have recognized that the lack of customers as well as market can validate the products which offer them with the feedbacks and customer recovery. This can lack the market research, client discovery as well as lack the linguistic competence. However to overcome this, diverse small and medium size business can conduct the market research as well customer discoveries to tailor the product accordingly (Cantele and Zardini, 2020). They also require to leverage the cultural diversity to use create value, innovation and differentiation. I have studied that, without the adequate financial resources it becoming challenging to invest in the required infrastructure, pursue new opportunities as well as hire skilled staff. Resistance to change is the common challenge faced by the SMEs when implementing the circular supply chain. This can be both internal and external stakeholder.

In week 6, I have studied about the causation approach implied which the SMEs focus on the predefined objectives to attain. An effectual strategy implies that the SMEs emphasize on the materialize in more goals that are not unavoidably predefined. I have also studies various case study start-ups in the business incubator to take the effectuation strategy have the proclivity to share the thought to perceive such network resources. SMEs take interconnection method has the limited proclivity to share the thoughts with the other incubator firms which observe the network resources which comparatively low value. The business plan based offers with the apparent and straight logical way forward which helps to assess to communicate the plan (Mangla et al, 2021). This is widely used by various authorities and also supports the funders to ask for it.

During week 7, we have taught about the roles played by the entrepreneurs which include creating and growing the business by their creative ideas. They play the significant role in generating income to grow their business. They identify gaps and plan to handle the entrepreneurs to initiate new business venture. They should understand each aspect of business such as making critical decisions and resolving conflicts. An entrepreneur is accountable for organizing the business structure as well as environment which assist each staff member to enhance their potential. The efficiency of business venture depends of the workers contribution. Defining of teams’ responsibilities as well as role is significant for maximum productivity. Allocation of roles also reduces team conflicts, enhance production as well as assist in improving employee morale.

In the 8^th week of the module, I have learned that most of the entrepreneurs use the range of methods to access the capital for their businesses. Funds for the growing business has more available as some financial statements to induce from. Small scale companies needs both short as well as long term credit. The source of the finance is significant for the development, survival and development of the sector (Zada et al, 2021). There are rage of source to finance such as love money, personal investment, venture capital, crowdfunding, angle funding and many more. Crowdfunding is the funding source where the companies contribute to the general public in the exchange for the shares within the firm. This is distinct for the angel capital fundraising where the small group of the investors invest the huge amount of the money in business.

Throughout the course, I have studied the role of government in promoting the economic development which offers the various type of support to help the firm to grow and prosper. One kind of support the government can offer is the financial assistance such as loan guarantees, grants and other type financial assistance. This can help SMEs to get capital required to start the business (Naradda Gamage et al, 2020). The government can also offer the support though regulations. This helps to ensure that SMEs are operated with the law to meet the customer expectations. I have also learned that, public awareness can assist the increase understanding of the advantages of small businesses. This supports in increasing the number of persons to start as well as grow the small business.

In last week of session, I have studied about role of social enterprise which out the interests of the plant and people ahead of the shareholder gain. These businesses can carried out with the social mission which helps in creating the positive social change. The social enterprise offers with the social benefit as well as might be for profit or non-profit which overlap for the firm. This includes charity, cooperative, mutual organization, benefit corporation and community interest firm. Within UK, more people are included with the activities which have the community and social aim than in the entrepreneurship.

REFERENCES

Books and Journals

• Bagale, G.S., Vandadi, V.R., Singh, D., Sharma, D.K., Garlapati, D.V.K., Bommisetti, R.K., Gupta, R.K., Setsiawan, R., Subramaniyaswamy, V. and Sengan, S., 2021. Small and medium-sized enterprises' contribution in digital technology. Annals of Operations Research, pp.1-24.
• Cantele, S. and Zardini, A., 2020. What drives small and medium enterprises towards sustainability? Role of interactions between pressures, barriers, and benefits. Corporate Social Responsibility and Environmental Management, 27(1), pp.126-136.
• de Moura, G.B. and Saroli, L.G., 2021. Sustainable value chain management based on dynamic capabilities in small and medium-sized enterprises (SMEs). The International Journal of Logistics Management, 32(1), pp.168-189.
• Hewitt, L.M. and Van Rensburg, L.J.J., 2020. The role of business incubators in creating sustainable small and medium enterprises. The Southern African Journal of Entrepreneurship and Small Business Management, 12(1), p.9.
• Mangla, S.K., Raut, R., Narwane, V.S., Zhang, Z. and Priyadarshinee, P., 2021. Mediating effect of big data analytics on project performance of small and medium enterprises. Journal of Enterprise Information Management, 34(1), pp.168-198.
• Naradda Gamage, S.K., Ekanayake, E.M.S., Abeyrathne, G.A.K.N.J., Prasanna, R.P.I.R., Jayasundara, J.M.S.B. and Rajapakshe, P.S.K., 2020. A review of global challenges and survival strategies of small and medium enterprises (SMEs). Economies, 8(4), p.79.
• Papadopoulos, T., Baltas, K.N. and Balta, M.E., 2020. The use of digital technologies by small and medium enterprises during COVID-19: Implications for theory and practice. International journal of information management, 55, p.102192.
• Susan, M., 2020. Financial literacy and growth of micro, small, and medium enterprises in west java, indonesia. In Advanced issues in the economics of emerging markets (pp. 39-48). Emerald Publishing Limited.
• Zada, M., Yukun, C. and Zada, S., 2021. Effect of financial management practices on the development of small-to-medium size forest enterprises: Insight from Pakistan. GeoJournal, 86(3), pp.1073-1088.

Author Bio

Casey Bennett   7 years | PhD

My name is Casey Bennett and I have obtained my graduation, post-graduation and PhD from London Business School. I have been giving education to students for the last 7 years in the United Kingdom. I can help you deal with complex dissertation topics, assignments, and essays and finish them fast.