RESEARCH PROPOSAL

Role of Small and Medium in Barking and Dagenham towards the local economy.

Introduction1

Problem Statement1

Research Objectives2

Literature Review2

Selection2

Role of SMEs3

Challenges for SMEs3

SMEs in comparison to Large Organisations4

SMEs in Barking and Dagenham5

Methodology5

Conclusion6

References7

Role of Small and Medium in Barking and Dagenham towards the local economy.

Introduction

Small and medium enterprises have had an important role in the development of many economies (Asheim, 2003). Every big corporation starts out small, and grows out to be big. Barking and Dagenham is an outer London Borough which has the aim of supporting and sustaining small and medium enterprises. These enterprises have played an important role in the development of this borough which in turn has contributed to the local economy. Developed, developing, and under developed countries in their cycle of development have realised the importance of SMEs for their economic growth and development. SME's are also viewed as significant contributors to the Gross National Product (GNP), and their ability to generate self employment. SMEs have a significant role on creating wealth, and reducing poverty (Nelson & Prescott, 2003).

Problem Statement

Small and Medium enterprises have had an important role in the development of small regions in large countries (Reynolds, 1997, p.79-84). It is one of the ways that the government can face the challenge of unemployment. Due to their scattered distribution, and small size, it is not easy to determine the contribution of these enterprises (Supyuenyong, 2009, p.63-80). Small and medium sized business, conventional firms in particular, have been faced with and are facing difficulty in competing on a daily basis. In recent years, economic conditions have been such that large corporations have been force to lay off workers. Small and medium enterprises are a great option for such people to be a part of the economy.

In the UK, SME retailers have been mostly overlooked in the past and their commitment to the nearby community in which they are based is some of the time just valued when the differences that they give is lost. Unluckily, unlike the greater retail networks, that have complex advertising offices with undisputed campaigning power, SME owners have small chance to impact administration strategy for the reason that they don't dependably have a common say. Likewise, unlike the greater business that have an unmistakably demarcated business and advertising method, numerous SME retailers show no evident vital course which makes them considerably more powerless in this dynamic environment (Omar & Fraser, 2010).

Research question

What are the key contributions of small medium enterprise in Barking and Dagenham borough to local economy?

Research Objectives

Explore the importance of the contribution of small medium enterprise

Impact to growth of local economies

Identify the possible challenges faced by small medium enterprise

Identify the opportunities of small medium enterprise in Barking and Dagenham

Provide suggestions for small and medium enterprises in Barking and Dagenham

Literature Review

Selection

Selecting the correct and suitable literature is exceptionally central to make the research practical and important. Research topic and publication year is the criterion for the appropriate literature ...