Trendsetters shops Assignment Example | Topics and Well Written Essays - 3000 words

Trendsetters shops - Assignment Example The small and medium enterprises are the enterprises which play a very important role in the global economy and constitute 90% of the global economy. Because of the saturity in the developed countries the Small and medium sized enterprises are making more advancements in the developing nations which are mainly the BRIC countries (Brazil, Russia, India and China). The WTO has recognized the importance of these small scale industries and thus has promoted these industries. The small and medium enterprises are the enterprises which begin with their own innovations and inventions and survive competition in order to succeed globally. This report is a personal report and in this topic I will focus mainly on the development of our own small medium enterprise called the â€Å"Trendsetters† in which I and my brother are partners and it is a family business. I have been into this business as soon as I completed my higher secondary exams. I began my role in the firm as accountant. This t opic and firm has been chosen by me for my research purpose as I have personalized experience in the firm and I foresee my future in this firm. Beginning of as an accountant in the business I have started managing all the aspects of the business in order to carry our family legacy further. I and my brother have started discussions concerning all details about the shop like the supply chain procedures that we need to adopt, the pricing and the marketing strategies that needs to be implemented, the seasonal highs and lows etc. â€Å"SMEs enhance competition and entrepreneurship and hence have external benefits on economy wide efficiency, innovation, and aggregate productivity growth. SMEs are generally more productive than large firms. SME expansion boosts employment more than large firm growth because SME are more labor intensive† (Small and Medium Enterprises, 2011, P.1). This research will shed light on â€Å"Trendsetters† as case study and example of successful small business in India. This research relies on the case study methodology, whereby personal description is provided which calls for analytical as well as descriptive study and provides accurate information on the actual developments in the research topic. 2. History of Trendsetters Shop: My Grandmother was the brain from where such an idea of family business emerged. She was a great textile designer and she could make her own designs which of course she did not market but created for her own family uses. Due to her talent people came to her for design tips on their clothes. My father grew up hearing this that many people wanted my grandmother to start her own small business but my grandmother was afraid because of the knits and guts that is required in the business field. My father had then acquired his business administration degree and instead of venturing out and sourcing him to other firms he decided with grandmother to start his own business so that his academic excellence and my grandmother’s ideas of design could merge together and they started a small garment factory. There was difficulty in procurement of initial capital and the initial capital was a loan with 10% interest from the Regional Rural Bank in our locality. With 5 of my grandmother’s friends our business’s first contract began. It was a very small contract but it ensured confidence in my father to further the business. My father became the managing director of the firm. The present number of employees in the firm is 75 which consist of designers, purchase officials, logistics officials and marketing officials. Comments: Even though the enterprise is a small scale it shows the merger of business idea with high academic excellence. It is notable how the family merged skills with education in order to start their own business. â€Å"Another area in which small entrepreneur has faced the difficulty is that of management. The principles of management have not been properly stu died and translated into practice owing to the influence of old traditions and customs. It has seldom bothered to