Entrepreneurs of Small Enterprises in the UK

Entrepreneurs of Small Enterprises in the UK Liquidity problem is an important strategic issue to run business enterprises. Small enterprises are realising the importance of such problems to reduce losses arises from this. Liquidity problems arise from shortage of working capital that require to maintain daily operations of the enterprise. If this problem persists for long-time, entrepreneurs are bound to stop their business. But it is difficult for small enterprises to get right support at the right time from banks and insurance companies due to certain terms and conditions imposed by them. So a study in this field will be helpful for both entrepreneurs and financial institutions to know current scenario of enterprise level management of liquidity problems and the role of financial institutions to solve this problem. Intelligent forecasting of the future trend in market conditions is a preventive measure to solve liquidity problem whereas, bank support through different financial products is a curative measure in management of liquidity problem. This study has been initiated to identify and analyse entrepreneurs view towards liquidity problems of small enterprises and role of bank to solve this problem. Categorically the major objectives of the present study are: To identify various reasons of liquidity problems of small enterprises; To uncover the views of entrepreneurs regarding the research topic in light of their age, education, invested amount of capital, enterprise life, location and nature of business; To assess the risks identified by the entrepreneurs arises from liquidity problems of their enterprises; To identify and analyze the role of bank in terms of available financial products to manage liquidity problems; To suggest probable solutions to solve liquidity problems of small enterprises. Hypothesis: H 1: There is no impact of small enterprises length of life on the size of liquidity problems. H 2: Amount of investment has no influence on liquidity problems. H 3: Nature of business has no impact on liquidity problems. H 4: Banks facilities are enough to solve liquidity problems of small enterprises. 7. Sources: Broad Subject Area: Business Finance Books and Journals: Alsbury, A. (2001), Quick Answers to Small Business Questions, Series Editor Jay, Prentice Hall, London. Allen, F. and Gale, D. (2007) Understanding Financial Crisis. Oxford: Oxford University Press. Bygrave, W. D. (1994), The entrepreneurship paradigm 1: a philosophical look at its research methodologies, Entrepreneurship theory and practice, Vol. 14, No. 1, pp 1- 26. Bhaduri, R., G. Meissner and J. Youn (2007). Hedging Liquidity Risk. Journal of Alternative Investments, Winter 2007. Cecchetti, S. (2008), Monetary Policy and the Financial Crisis of 2007 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 2008. Available at: http://fmwww.bc.edu/ec-j/sems2008/Cecchetti.pdf [Accessed: 11 November 2008]. Cohen, W. (2005), The entrepreneur and small business problem solver, 3rd edition, Published by John Wiley and Sons. Dawson, J., Findlay, A. and Sparks, L. (2006) The Retailing Reader. London: Routledge. John L. Knight, Stephen Satchell (2003). Forecasting Volatility in the Financial Markets. Butterworth-Heinemann. Dorfman, Mark S. (2007). Introduction to Risk Management and Insurance (9th Edition). Englewood Cliffs, N.J: Prentice Hall. Douglas Hubbard (2009) The Failure of Risk Management: Why Its Broken and How to Fix It John Wiley Sons. Hisrich D. R. Peters P. M., (2002) Entrepreneurship, 5th edition, Pub., Tata McGraw-Hill. Hawkins, M. (2008) How to Benefit From Consumer Behaviour During a Financial Crisis. EzineArticles. Available at: http://ezinearticles.com/How-to-Benefit-From. Hannon, P.D. and Atherton, A. (1998), Small firm success and the art of orienteering: the value of plans, planning and strategic awareness in the competitive small firm, Journal of Small Business and Enterprise Development, Vol. 5 No. 2, pp. 102-19. Islam N. Mamun Z. M., (2002) Entrepreneurship Development, An Operational Approach, Pub., The University Press Limited,. Leaf, W. and Sykes, E. (2009), Banking, 3rd edition, T butterworth Ltd. McConnell I. (2009), Economic output posts biggest quarterly decline since 1980, The Herald (Glasgow), January 24th Issue, Final Edition, p. 26. Simpson, M et al. (2006), marketing in small and medium size enterprises, International Journal of entrepreneurial behaviour and research, Vol. 12, Issue-6, pp 361-387. Available at:www.emeraldinsight.com [Accessed: 15 November 2009] Stoltz A, Viljoen M (2007) Financial Management: Fresh Perspectives, Published by Pearson South Africa. Websites: Small business banking, (2009) available at http://www.bytestart.co.uk/content/banking/banking-guides/business-banking-the-basics.shtml, [Accessed: 15 th November 2009] Office for National Statistics (2008), Unemployment rates rises to 5,7%.. Available at: www.statistics.gov.uk [Accessed 14th November 2009]. Number of enterprises, employment and turnover by number of employees and industry division, UK, start 2004, Available at www.statistics.gov.uk [Accessed: 14th November 2009] HSBC and Barclays news, , 10th November 2009, Available at: www.news.bbc.co.uk, [Accessed 12th November 2009] SME Academy London [online] Available at: http://www.smeacademy.co.uk/, [Accessed 13 November 2009] Banks Websites: www.barclays.co.uk www.hsbc.co.uk www.natwest.com www.lloydstsbbusiness.com 8. Literature Review: The economic recession that hit the UK in the second half of 2008 caused the retail industry to experience certain difficulties (McConnell, 2009; Kollewe, 2009). The credit crunch and growing unemployment reduced consumer income and spending levels and causes uncertain flow of cash for business enterprises. In such conditions, small enterprises are experiencing irregular cash flows, look at the cost cutting strategy, excessive burden of debt, reduction of buyers and uncertain profit margins or losses. As a result shortage of short term capital creates liquidity problems to small enterprises. In business, liquidity refers to the financial ability of an enterprise to meet its short term obligations to bear day to day expenditures. The liquidity of retail sector specially small enterprises are greatly affected by macroeconomic factors. These factors are divided into two: direct and indirect factors. The direct factors can be recognised as the decreasing disposable income, job insecurity and credit financing hurdles (Office for National Statistics, 2008). The indirect factors are challenges of credit financing and investment capability which commercial organisations face and which make these organisations unable to continue with producing high quality products and customer service (The Economist, 2008). Other macroeconomic factors that are related with small enterprises financial crisis are house price, house rent, and employment rate, and inflation rate, availability of bank loan, interest rates and changes of consumers behaviour. Storey [1994] notes that small firms, however they are defined, constitute the bulk of enterprises in all economies in the world. In the latter half of the last century the increasing important roles of small firms and entrepreneurship cannot be in any way understated [Bygrave 1994; Timmons 1994;]. Small firms are now a complex subject matter of research because of its huge number of limitations. These features of small enterprises are supported by Robinson and Pearce [1984] who focused on the issue of resource limitations of small firms. These limitations are best summarised by Carson and Cromie [1989] who suggest that small firm is actually characterised by three types of limitations, those of: their impact on markets; finance; physical resources; It is obvious that among these three limitations, finance is one of the most important one what is equally important for promoting products and services of small enterprises in the markets and acquiring physical resources. But undoubtedly these three limitations are in a cycle and interdependent. Liquidity problem is not only the result of shortage of fund, this problem is the consequences of other two limitations too. Definition of small enterprises of European Commission Enterprise and Industry [europa.eu] refers to maximum number of employees are 49 and maximum annual turnover is 7million Euro for small enterprises. As per EU definition, there are 4,267,555 small enterprises in UK where 11,441,000 employments exist [UK Bureau of Statistics: Start 2004]. It is undoubtedly important to find out immediately the problems of such a large sector and solutions of the problems. As noted by Hill and McGowan (1999), there is no agreed definition or clear understanding, in view of the large literature that exists, of who the entrepreneur is or what it is they do. Entrepreneurship is probably best understood as a process, the constituents of which are the entrepreneur, their persistent search of opportunities, usually grounded in the market place, and efforts to marshal the resources needed to exploit these opportunities; hence the concept of the entrepreneurial SME (Hill and Wright, 2001). How entrepreneurship is vital and important for small enterprises? Hill and McGowan (1999) answer this question by adding that, without entrepreneurial commitment, determination, vision, energy, tolerance of risk, and ambition, the entrepreneurial process in small and medium enterprises would not happen. Entrepreneurs making decision in various circumstances must be sure to learn as much as possible about the situation, and approach the decision from a logical and rational p erspectives (Ricky W. Griffin, 2002). The financial crisis, which transmitted internationally and caused disturbances in a wide range of powerful economies, many countries are seen to be on the brink of recession if not already plunged into it (Deutche Welle, 2008). Todays financial crisis what causes liquidity problems of business enterprises could be recognised as a major challenge for the survival of millions of small enterprises. The wide scope of the crisis caused a downturn in many industries, the bankruptcy of leading organisations and overall economic recession to countries like the UK, Germany and France (Deutche Welle, 2008; Hopkins, 2008; Office for National Statistics, 2008). Many EU countries including UK experienced the shock in their banking sectors as the provision of credit financing became a great challenge. Banks were suffering from lack of liquidity, which caused both business and non-business consumers financial hardships (The Economist, 2008). Though few banks like HSBC and Barclays [BBC, November 2 009] claimed that they are now in profit with enough liquidity to lend, most of the banks are in problem. Bank has short term and long term loan facilities, mortgage facilities, interest free bank overdraft facilities for small business enterprises [Small business banking, 2009]. There is a well-known idea that such facilities for small enterprises are very limited and process is very complex. Though various researchers carried out so many research to find out various factors that have direct and indirect impact on operations of small enterprises, relationship between entrepreneurship and small enterprises, buyers behaviour, marketing strategies, family and non-family business trends in this sector, there is still gap in research regarding liquidity problems and role of bank to solve this problem in terms of entrepreneurs perspective. Specially at the time of current economic down town there is a necessity of new research in the mentioned field. 9. Intended Methods of Data Collection: Assumptions of the study: Small enterprise: This study considers EU [maximum employee: 49] definition to select small enterprises. Scope and limitations of the Study: The study will focus on randomly selected 40 small enterprises of different sectors like hospitality, grocery, fashion and stationary from UK (London Area: Zone 1-4). Since the study will cover only the mentioned area, it will not reflect the exact UK scenario as a whole about the research. Data Collection Procedures: The proposed study is an empirical one. Both primary and secondary data will be used during the study. For collection of primary data self completed questionnaire will be used to collect information from entrepreneurs and executives of business enterprises. Observations and interview will be conducted in several cases to confirm more authentic information from the entrepreneurs. Secondary data will be collected from available literatures in form of books, journal, magazines, published materials, research articles, and online materials. To identify available financial products of banks to solve liquidity problems of small enterprises, banks websites will be used as a source of data and information. The researcher will also call the respondent to ensure timely feedback about questionnaire. In case of necessity, personal contacts will be used to support the research process. Methods of Data Analysis: Some parametric and non-parametric tools and techniques of statistics (like average, percentage, test of hypothesis, sampling distribution, etc); will be used to analyze data and information related with the study.

Associates Degree vs. Bachelors Degree Essay

It is fairly impossible today to establish a career an advance within it without a college education. However, the cost of a college degree has been on the rise each year. Attending a community college is a good option for individuals who are concerned about cost, time, flexibility or are unsure of their career path. Starting at a junior college before transferring to a university is also a smart thing to do. If a four-year degree is needed, it is worthwhile to complete the general requirements at a two-year institution, then move on to a university. School is not for everyone. If a student struggled through high school, then maybe a certificate program at a junior college is perfect for that person. Because a certificate program takes less time to complete, this means there is less time for a student to struggle through it. Not every job requires a four-year degree, so why waste time and money? If a student does not want a four-year degree, junior colleges offer a great number of programs of study that are interesting. Junior colleges offer certificates and associate’s degrees in various fields. Students may decide to take only a couple of semesters to get a certificate in a certain field. Earning a certificate takes less time and saves a lot of money. If a student decides to get a certificate, the student does not have to take the general requirements for an associate’s degree. The certificate programs are designed to prepare a student for an entry-level job upon completion of the program. ?Financial advantage: The most obvious reason that students attend community college is for the financial advantage. Many junior colleges cost less than two thousand dollars each semester to attend full time, which is optional. Attending community college gives students the chance to prepare for the financial demands of a 4-year university if they plan on transferring. If transferring is something the student would like to do and wouldn’t have the finances for then they could apply for scholarships, there are also extra-curricular activities at junior colleges, including sports, drama clubs, and so on, so you aren’t missing out on the extras if you go to a community college. Some even get scholarships and are able to transfer to a university. In addition to the savings on tuition and classes but there is also the factor of room and board. If attending a community college then you can live at home and save yourself housing and food costs. ?Many students don’t realize that if they plan on working while attending school, community college is hands down, the best option. They offer far more night classes than other universities and more schedule options. The workload, unfortunately, is lighter than a state school or private university and attendance is not usually required so students get out what they put in. Community colleges offer more flexibility in their course design than four-year colleges and universities. This makes a community college more convenient and welcoming to non-traditional students and those with prior work or family commitments. Course schedules are developed with attention to the variable needs of both part-time and full-time students, so classes are usually offered throughout the day and evening, and sometimes on weekends. Community college programs offer the diversity needed for those students who are not available to attend school full-time during the day.? A college education is a requirement for most professional jobs. Even officers in the military are required to have a bachelors degree. Also having a higher education than a high school diploma increase your earning potential, so having an education beyond high school can lead you to a high paying job, in which case you will be able to pay off your school debt if any was acquired and make up for other costs while attending classes. Attending college allows educational growth. It also gives experience of the importance of time management. For many college could be the last chance for study in such an academic environment in which the professors teach them plenty of knowledge in many aspects and they try their best to collect as much and as best as they can on the students subject(s) of choice. This also helps them gain an abundance of knowledge for future life. ? In conclusion, all people are encouraged to attend college or university. The more people attend college or university, the more developed society is. As long as background knowledge and experience decide one’s job opportunities, people who attend college or university are constructing their future with the best materials.

Huck Finn’s Consciousness

In Mark Twain’s quote, â€Å"a book of mine where a sound heart and a deformed conscience come into collision and conscience suffers defeat† evidently has symbolism. The deformed conscience in this quote refers to southern society in Huckleberry Finn’s world, while the sound heart refers to individuality and Huck Finn being an individual. There are many influences that contributed to Huck Finn’s â€Å"deformed society†. Some are the southern society he grew up in, the fact that Jim is a slave, his heart and individuality, and the fact that he feels that Jim is a person and not a slave.In Huckleberry Finn, Huck and Jim, a slave, take many adventures together. The problem is that the time period is pre-Civil War. Slavery is still huge in the South and blacks are looked down upon. This troubles Huck and often causes internal conflict. Southern society in this time period was difficult. Huck was often struggling with the fact that his society was tellin g him one thing, but he believed another. Society has a huge affect on Huckleberry’s feelings and actions and often cause conflict. This society has â€Å"deformed Huck’s conscience† because he doesn’t know what to believe or what is right.Another thing that deformed his conscience was the fact that Huck thought of Jim like a person and a friend, and not a slave. This was a problem for a few reasons. First of all, tying back into southern society, Jim was a slave and he was looked down upon. No one would think of befriending a slave, let alone trying to help him escape. Huck, however, is trying to escape himself from his society and environment with his dad. In today’s world, the society still affects the way we respond and think. Like Huck, if our society tells us one thing that we don’t agree with, we have trouble.Most people would want to fit into their society and do what everyone else believes, but sometimes it doesn’t work out. Today’s society runs in a way that influences everyone around us. There are many forces, however, that attempt to change the â€Å"deformed conscience†. These forces can be known as leaders in society. People from the president to world-wide leaders can help change this process and can change how society affects people in the community and their take on life and the society around them.

The Appeal of the Horror Genre Essay - 856 Words

The horror genre has many lessons to teach us as an audience although being the genre most connected with that of ridiculousness. It is regularly associated with the reaction it seeks from its audience; both emotional and physical. In cinema success is measured by terrifying chills, bloody deaths and the volume of the audiences scream. The appeal of horror narrative in literature, film and theatre lies in the pleasures it associates with fear, suspense and terror; no matter what it is trying to convey to the audience. Even when writers layer the genre with academic thoughts on psychology, theology and the world in which we live in, horror remains the primary outlet to examine the notions of dread, uncertainly, mysterious and the abject.†¦show more content†¦Films such as ‘Carrie’ (DePalma 1976), ‘Misery’ (Reiner 1990), ‘Evil Dead’ (Raimi 1981), ‘The Exorcist’ (Friedkin 1973), ‘The Birds’ (Hitchcock 1963) have all been made into stage productions; treading the boards as a Broadway Musical or as serious drama. These adaptations have gained cult followings and mixed reviews. In 2014 the London theatre scene will be dominated by horror on stage. Productions of ‘Fatal Attraction’ (Dearden 2014), ‘American Psycho’ (Aguirre-Sacasa 2013), ‘Let the Right One In’ (Thorne 2013), ‘Woman in Black’ (Mallatratt 1987) and ‘Ghost stories’ (Dyson Nyman 2012) will lead the early part of the season. The power of stage horror doesnt just match that of horror cinema, it can actually outdo it as it can carry a blow that is extremely intensified because it is live. The question for the stage though is how do we adapt iconic horror from screen to stage without the magic of high expensive technical effects? Horror on stage could be said to date back to the Ancient Greeks and their tales of incest, murder and revenge, only using the role of the messenger as narrator to the horrors that happened off stage. In modern times, however, we only need to look to Paris and the Thà ©Ãƒ ¢tre du Grand-Guignol, which presented explicit revenge tales from the late 1800s to the mid-1900s. The plays placed emphasis onShow MoreRelatedBuffy the Vampire Slayer and the Horror Genre Essay877 Words   |  4 PagesBuffy the Vampire Slayer and the Horror Genre Typically the Horror or more specifically Vampire genre will have the theme good vs. evil where the hero represents good and the villain represents evil. 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