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

Small Businesses In The Economic Development

1018 words - 5 pages

Introduction

Even though small businesses in Zambia may not generate as much money as large establishments, they are a very important component of and a major provider to the strength of the Zambian local economy .This paper discusses the roles of small businesses in the economic development of Zambia. It aims to shed light on some of the challenges faced by most Zambian entrepreneurs as well as explain how entrepreneurs can develop for themselves a competitive advantage. It will further go on to identify and explain some entrepreneurial characteristics of our local entrepreneurs, while finally shedding light on how business opportunities are created.

Role of Small Businesses in ...view middle of the document...

Entrepreneurs may also face challenges with exploiting technologies as well as the inability to take advantage of the policies and programs for SME’s that are set up around the country, these would include Zambia Development Agency, The Zambian Entrepreneur and Citizen Economic Empowerment Commission.

Developing a Competitive Advantage

As defined by Investopedia, a competitive advantage is “An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition”. (Investopedia, n.d.) With this definition we will be able to understand just how a small business can develop for itself a competitive advantage. The two core types of competitive advantage strategies that can be used are comparatibe advantage and differential advantage. Comparative advantage also known as cost advantage is the ability a business has to produce goods or services at a cost lower than its compeditors or to yield a larger margin on sales. A differential advantage is seen when the products or services of a business differ from its compeditors. In order to have a competitive advantage, a small business must create for itself an edge over its competitors as well as have the ability to generate greater value for the firm and its stakeholders .

Characteristics of the Zambian Entrepreneur

Andrew Patricio and Stefanie Neyland who are Small Business Experts at BizLaunch.com stated that “Being an entrepreneur requires much more than just big ideas. A true entrepreneur is a rare breed; it’s someone who possesses a unique cocktail of traits, skills and characteristics that enable them to beat the odds and go after their dreams full throttle” .(Patricio and Neyland, 2013). This is the attitude that most if not all Zambian entreprenuers possess. Some characteristics that these entrepreneurs posses are as follows, Being goal orriented which requires them to set goals with strategic planning, they are also very commited to their business seeing failure as an chance to future triumph . Furthurmore they are opportunity oriented and focus their time on opportunities and not assets, they is also a very big element of confidence and optimisim that...

Other Papers Like Small Businesses In The Economic Development

The U.S. Equal Employment Opportunity Laws as They Apply to Small Businesses

632 words - 3 pages same laws but they are treated little different because of the fact that small businesses have less hiring capacity and they often have only a small fraction of the recruiting budget available to large businesses, which results in smaller businesses hiring much less frequently and possible much less diverse pools to choose from. Some of the areas that seem to differentiate both small & large businesses are workplace safety, corporate governance

The IMF approach to economic development

2217 words - 9 pages specifically promoting (or failing to) FDI inflows into Developing Nations as part of the SAPs could be examined further. Moreover, to present a more complete view of “the one size fits all” criticism regarding the appropriateness of the IMFs polices the relevant issue of MORAL HAZARD associated with the one-size-fits-all IMF approach could be Title: The IMF approach to economic stabilization. Purpose In this short essay I will discuss the

The Influence Economic Development In Timika Papua By PT. Freeport Indonesia

2993 words - 12 pages THE INFLUENCE OF PT. FREEPORT INDONESIA TO ECONOMIC DEVELOPMENT MIMIKA PAPUA(A Scientific Paper)As Requirement to Fulfill the Assignment in Conversation V SubjectByZiana Rosawida11111053S1 English LiteratureHigher School of Foreign LanguageTEKNOKRATBandar Lampung2014CHAPTER ONEINTRODUCTIONBackground of the StudyBased on the news from Tabloidjubi.com, On April 11, 2013 at 02:54:40 has a issue that Jayapura, Although PT Freeport Indonesia has very

The Impact of Supply Chain in Businesses and Consumers

1252 words - 6 pages impacts businesses and consumers one must be able to define, establish, and maintain the process of a supply chain. This paper will uncover the meaning of a supply chain and evaluate a well-known business’s supply chain and its impact on the different levels within the business as well as the impact of technology. Supply Chain Definition Offering products and services to customers is a process that must be mastered by an organization in order

Creativity and Its Role in Entrepreneurship, Innovation and Economic Development

1705 words - 7 pages Introduction The concept of entrepreneurship, innovation and economic development is closely related to our life. A look at your surroundings and you shall find the product of entrepreneurs, packaged in innovative ideas, which might draw reflection on how the economy of a nation is doing today. For instance, standing in front of my eyes is a heat-resisting vacuum flask, with branded Thermos. The Thermos’ vacuum flask was invented by a

The Strategies The Meiji Government Used To Achieve Economic Development

641 words - 3 pages The Strategies The Meiji Government Used to Achieve Economic Development? The Meiji government during the 1880's created both an institutional and constitution structure that allowed Japan in the coming decades to be a stabile and industrializing country. Two major policies and strategies that reinforced stability and economic modernization in Japan were the creation of a national public education system and the ratification of the Meiji

The World Economy and the Logic of Economic (Under-) Development

1615 words - 7 pages Review Essay Global Political Economy The World Economy and the Logic of Economic (Under-) Development Table of content 1 Table of Content Introduction Summary Critical Discussion Conclusion Reference 3 3 4 5 6 Based on the following three articles: · Immanuel Wallerstein, „The Rise and Future Demise of the World Capitalist System“, Comparative Studies in Society and History 16 (1974), pp. 387-415. · Jagdish Bhagwati, „Free

The Impact of Corruption on National Growth and Economic Development

4703 words - 19 pages there are 7, 8 or 9Ms to list resources, or whether tax is a political, economic or a legal influence. It doesn’t really matter: you have identified that considering resources might be important and also that tax can be an important environmental influence. You do not need to know any models that are not mentioned in the ACCA Paper P3 Study Guide. clues about the main models might be useful The question mentions, or the scenario has information

Arundhati Roy’s New Perspective in ‘the God of Small Things’

1559 words - 7 pages . ************************ BIBLIOGRAPHY PRIMARY SOURCE: Roy, Arundhati. The God of Small Things New Delhi: Penguin Book India (p) Ltd., 2002 SECONDARY SOURCES: Kachru, Braj B. 1994. "English in South Asia." In Robert Burchfield (ed.). The Cambridge History of the English Language. Vol. V: English in Britain and Overseas. Origins and Development. Cambridge: CUP: 497-626. Sanyal, S.C. 1987. English Language in India & Indo-Anglian Prose Style. London: TEFL.

The Effects of Ineffective Communication in a Small Business

2903 words - 12 pages End of Seminar Project 1 End of Seminar Project: The Effects of Ineffective Communication in a Small Business Nicolle R. Waddy AMBA 640, Section 1136 Professor Das September 7, 2011 End of Seminar Project 2 Table of Contents Executive Summary Introduction I. Project Management Plan A. Project Overview 1) Project Goal 2) Stakeholder Analysis 3) Project Manager 4) Project Team 5) Team Contract 6) Project Deliverables 7) Employee Survey

Proposal of Incremental Innovations in Erp's for Small Brazilian Businesses

666 words - 3 pages 3 " 0 ) ) # ) ( ' & % " $ " ! # " ¢ ¦ ¤ ¤ ¦ ¥ ! ¦ £ ¥ ¦ ¥ ¤ ¥ ¤ ¡ © ¨ § ¦ ¥ ¤ £ ¢ ¡   2 g w w w  y w ” y „ € ‘ w ƒ w … ‚ „ w

Related Essays

The Financial Challenges Facing Small Businesses

1491 words - 6 pages Small Business FinancingAmerica's economic stability is based largely upon small business. Without mom-and- pop operations, the economy would face financial hardship. Although small businesses comprise a large sector of the economy, they are faced with a unique set of problems that continually challenge their ability to be successful. Most frequently, poor management is cited as the integral reason businesses fail; inadequate or ill-timed

The Effect Of Big Box Firms On Small Domestic Businesses

3311 words - 14 pages opportunities as well as neutralize threats and take advantage of economies of scale and scope. Subsequently, the Big Box domination has a large scope, in which they can be perceived as leading to an economic downturn and affects the people’s motivation to pursue skills and higher paying employment. The destruction caused by Big Box Firms, also indirectly affects the innovation present in modern day business, leading to a downturn in creativity and ingenuity. Lastly, although there are certain suggestions that small businesses can apply to try and compete with the Big Box Firms, the reality that they actually will be able to compete is slim to none.  

Economic Development In America Essay

1419 words - 6 pages Introduction Economic development is a term closely related to industrialization, western inputs and modernization trends in this wake of globalization. It is a transition term that best describes growth movement a state can experience. In the contemporary society, economic growth is a measurable terminal phrase tied to sustainability of input policies. For instance, a policy that

The Economic Problem For Governments, Businesses And Individuals Year 7

605 words - 3 pages want one. This is the economic problem. You want 2 billion dollars but it is very unlikely that you will get it. You want the coolest thing in the world. The economic problem is that you have unlimited wants and limited needs. Business Businesses; they want what is best for their workers. They might want to give them free access to the downstairs gym. A small company may want to buy a large company! Businesses want to be rich. That is