Business Research
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Business Research
Topic One
Summary
The article, Success Factors for Minority Small Business Sustainability, focuses on the factors that may help a small business to succeed. The author if this article is known as Tawny Barnes, who published the article in 2019. According to the article, small business owners play a more significant role in improving the economy of a country. The article focuses on Canada as one of the countries that have a lot of small businesses. Various factors play a critical role in the success of these businesses, as well as sustainability (Barnes, 2019). The article claims that one of the factor is technology. Technology in business has emerged as one of the most important tools. Therefore, technology helps small businesses to succeed since it provides various functions such as marketing to help the consumer be aware of its existence. The use of social media is one of the ways that can be used by small business to gain more customers and succeed in its operations.
Business Topic Analysis
This article is related to chapter five of the book, which talks about Managing information for business success. This chapter focuses on the idea that technology is an essential tool in a company. Technology can be used to manage information in a business. When this information is well managed, it will be easy for the business to understand what is critical to its success. Therefore, the small business will focus on these factors to ensure that it gains success. This chapter is related to the topic since both of them have explained why technology is important to a business. It has been found, and technology is important as it will help the small scale business to succeed.
Business Term
The business term that is evident in the article is business sustainability. Business sustainability refers to management as well as the coordination of social and financial demands, environment, as well as the concerns to ensure responsible success that is ethical and ongoing. The business term is found on the second page of the book.
Topic Two
Summary
Exploring Leadership Skills for the Sustainability of Small and Medium-Sized Enterprises is the other article that focuses on important issues in business. The article, which was published in 2019, explains that leadership skills are essential in every business, especially the small scale for success as well as sustainability. Both small and medium business plays a critical role in the growth of the economy. These businesses contribute to the economy by creating employment for the people in rural areas so that they can some income. As much as most of the people have resorted to smalls scale business, most of them tend to fail. One of the reasons that have been unable in most SMEs is poor leadership skills (Peters, 2019). This article investigates some of the leadership skills that the leaders of the small scale businesses have employed to develop sustainability within five years. During the study presented in this article, the contingency model, as well as the skilled-based leadership model, were used as the basis of this investigation. From the study, various findings were discovered. Some of the main finding from this study included leadership values, leadership skills, leadership challenges, improvement within the leadership skills, and the development of leadership skills. These findings would influence the small business as they will gain new skills that they can use in the leadership and help in moving towards the rights direction. In the end, when there is a reduced number of SME’S failure within the market, it would result in favorable economic conditions, reduced poverty in communities as well as families.
Business Topic Analysis
This article is related to chapter nine of the textbook, which focuses on management and leadership. In this chapter, a lot of focus has been put in place to explain the importance of management and leadership in business the chapter has described that when starting a businesss, it is important to have proper leadership in place. This leadership will be able to deal with different issues meant to improve the business. Furthermore, the necessary leadership skills have to be observed in this case. These leadership skills are essential as they will provide a proper way to lead the business. As these measures are observed, there will be a high chance for the business to succeed. This information relates to what has been presented in the article. The article has explained how leadership plays a significant role in the success of small businesses (Peters, 2019). The main advantage of having a successful business is that it will lead to improved economic situations.
Business Term
One of the business terms that is evident in this article is the small and medium-sized enterprises. The small and medium enterprises is a business that maintains the assets, revenue, and the number of employees below a certain level, and it makes a majority business in many countries such as Canada.
Personal Impact
Completing this assignment comes along with various impacts. One of the personal impacts that I have experienced from this assignment is that small businesses play a critical role in the entire economy of a country. These small businesses provide a lot of revenue that aid in economic growth. Various factors influence the development of these small businesses. An example of an element that affects the development of small businesses is technology. Technology can be incorporated to handle various activities of the business, such as marketing. Management and leadership is the second factor that plays a significant role in the success of a small business. Proper management and leadership ensure that the small business are running effectively towards the achievement of the goals and objectives.
The main element that I liked about the research component of this assignment is that I managed to explore and learn some of the aspects that have to be considered when developing a small business. The reason for selecting these particular topics and articles is because nowadays, there are a lot of small businesses that fail within a short time after they have been established. Therefore, I decided to choose these articles to understand the possible reason for business failure and the solution that can be employed to improve the situation.
Furthermore, I believe that more research should be done to identify factors that influence the success of small businesses. More factors affect the success of the small business rather than technology as well as leadership and management. For instance, another factor that hinders the success of these small firms is inadequate cash. Most of these businesses do not have sufficient funds that can be used to carry out various activities. Therefore, if these businesses get enough funds, they will succeed as they will be able to handle all the operations effectively.
References
Barnes, T. (2019). Success Factors for Minority Small Business Sustainability. Retrieved from https://scholarworks.waldenu.edu/dissertations/6398/
Peters, Y. J. (2019). Exploring Leadership Skills for the Sustainability of Small and Medium-Sized Enterprises. Retrieved from https://scholarworks.waldenu.edu/dissertations/6854/