Importance of entrepreneurial spirit in SME

Many companies start as people’s ideas. Authors are often entrepreneurs who find gaps in markets and business opportunities. This idea will be a product or marketable service. Companies have four main types of manufacturing, wholesale, retail and service. Several features of successful entrepreneurs,

• Intent to take risks
• Promoted by knowledge
• Please do not hesitate with mistakes.
• Aspiring
I decided to move forward rather than competition.
For example, Simon Woodroffe copied the idea he saw in Japan and opened the first Yo Sushi restaurant. The company evolved into a chain of successful restaurants with an innovative approach to providing Japanese food and drinks.

The first product of Henry John Heinz in 1869 was horseradish, followed by cucumber, sour creut and vinegar. It was carried by a carriage to a grocery store around Pittsburgh. Heinz is developing many of the world’s most famous brand products. Tomato ketchup, grilled beans, baby food. Today’s small and medium enterprises are creating many of the new ideas and innovations that future generations naturally think. A wonderful website design, clock radio.

Small and medium-sized enterprises
SMEs are essential to the economic success. Not only does it provide future success stories, it also fits local needs (eg hairdresser, financial advisor, emergency installer). They meet the requirements of large companies. Photo service, printed matter, catering, everyday maintenance etc. Of course, you do not have to start up your own business and do it. Entrepreneurs mean to develop the right skills, attitudes and initiatives to make innovative contributions to the organization. In this case study you can see what is in danger and what is exciting.

Most British companies today are small. Two-thirds are owned and managed by one person. Almost 90% employ less than six people. They are also important employment sources. More than 2.5 million British workers are self-employed. One out of every eight workers. These small and medium enterprises will be the names of big names tomorrow.

Small and medium enterprises survive and prosper for various reasons.

Building personal relationships – SMEs are in a position to build personal relationships with customers, employees and suppliers. In small and medium enterprises, you know the opponent. You can make a face to the person in contact. Interaction between humans and humans is as important as building strong relationships.
Flexibly respond to problems and issues – Small businesses have few hierarchies and command chains. Large enterprises may establish operational procedures and introduce procedures that are difficult to change. Small and medium enterprises are often flexible. Also, you can quickly decide whether you can do what you need.
Creativity and innovation – SMEs can introduce and develop new ideas. This is because the owner does not need to report it to anyone or ask for permission. For example, when Anita Roddick designed The Body Shop, she developed environmentally friendly cosmetic products in ordinary packaging. This would not have been admired in the traditional cosmetic business.
Low overhead – Because of the small size of the business, the overhead of small and medium enterprises is low. They work in small buildings with small heating and lighting costs and limited rents and fees. Low cost brings down consumer’s price.
Catering to limited markets and niche markets – large and high overhead companies need to make high level production to distribute costs. In contrast, SMEs can profit with significantly lower sales. Therefore, it can be sold in a much smaller market: local window cleaner that provides hundreds of homes that are specialized jewelers to specific customers.
The main reason most people choose to launch small businesses is because it brings independence. They also get rewards for themselves. They are two strong stimulants.

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