Analysis of the Business Strategic Measures for Small Business Survival - Management Assignment Help

Assignment Task

Project Synopsis
Surviving Local Competition: Analysis of the Business Strategic Measures for Small Business Survival
 

Introduction
Over the most recent couple of years, India has developed a solid start-up ecosystem with new Start-Up’s taking birth each day. India is a developing business sector for Start-Up’s with its young and motivated pool of entrepreneurs. This development took a new turn after Prime Minister of India, Narendra Modi launching the “Start-up India” initiative in 2016. This initiative aims at developing entrepreneurship and fostering innovation by creating an ecosystem that is conducive for growth of Start-Up’s. The initiative generally requires less capital and are also supported by bank as they provide loans at ease. According Ministry of Labour, approximately 1 million people enter the workforce in every month. Hence this initiative also has the capacity to provide job opportunity for those who enter job market. Start-ups are essentially of two kinds. One that start something that no one has thought about and is often ground breaking. This type of Start-Up’s is challenging to create but once shaped often sees unprecedented growth. The second kind of Start-Up’s that we see around us are principally the ones similar to “adding old sauce in a new dish” to create something new and innovative. Whatever may be the category of Start-Up’s, Indian Start-Up’s face its own set of threats and some opportunities. So, it’s important to have an in-depth understanding of the Start-Up’s environment as factors internal and external both could contribute to either success or failure of it.
 

Objectives
Startups and small businesses play a leading role in the Indian economy by creating jobs and driving innovation. The Small Business Administration defined a small business owner as the proprietor of an organization with fewer than 500 employees. The problem is that over half of all startups closes the doors of their businesses before the businesses’ fifth year anniversary. I shall be exploring the business strategies of these startups can be used and be enabled for them to operate a business beyond the 5-year mark. I will be collecting data regarding business strategies of successful startups and small business owners through semi structured, face-to-face interviews and company documents. The findings from this study may contribute to positive social change by helping new startups operate their businesses beyond the first 5 years, allowing for the creation of new jobs, reduction in unemployment, and increase in tax revenues.
 

Project Background
The India is currently has been recovering from the Great Recession back then and now as well. The recent pandemic downturn has impacted both large and small businesses with small businesses experiencing a disproportionate decline. Exploring the reasons why the last economic downturn hit small businesses harder than large businesses may help startups better prepare for the next economic downturn.
The problem I shall be addressing in this qualitative case study is the lack of business strategies that should be in place for small startup businesses to be able to survive beyond 5 years of operation. Half of all new small businesses will close their doors before their fifth anniversary. The findings of this study may help to provide small business owners with knowledge about business strategies that may help them operate their businesses to survive beyond the first 5 years.
 

Problem Statement
Over 90% of new small businesses in the India has not survive beyond 5 years. Small businesses account for India’s employer firms. The general business problem is there is a high failure rate of new small business owners in their first 5 years of operation. The specific business problem is that some new small business owners lack business strategies to sustain their businesses beyond the first 5 years of operation.

Purpose Statement
The purpose of this qualitative multiple case study is to explore business strategies new small business owners can use to sustain their business beyond the first 5 years of operation. The target population is three small business owners in the e-commerce, F&B & retail industry, who have operated their business for more than 5 years located in the Mumbai. The data from this study may contribute to positive social change by educating small business owners about strategies to sustain their business beyond 5 years. Positive social change may result if new small business owners can become viable members of their local communities by creating jobs, reducing unemployment, and increasing tax revenue.
 

Research Methodology
Methodology is that part of the research work that consists of taking a systematic approach in solving a problem; it is a science that concerns how the research will be carried out. The dissertation work carried out for this project will be more descriptive in nature. In this project the major task is collection of data. The report will be compiled on the basis of primary and secondary data sources. This is mainly a study project, so the main focus is on studying existing literature and drawing conclusions from them.

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