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Decision

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Management of Small Business Firms | Analysis Report – Assignment 2 | Mersha TantaryS0223372MGMT11109 – Introduction to ManagementGenevieve HealyCQUniversity Sydney Campus |
5/10/2012
5/10/2012

Executive Summary

The focus of the paper is on the article by Verreynne (2012) the secret to running a successful small firm? Mind your own business. The main idea is to determine the success small businesses and how their management practices differ from the large companies. The small business can differ from the lifestyle focused and the growth oriented firms, the lifestyle focused emphasise most on the customer and employee retention through providing them a sense of ownership whereas the growth oriented firms keep working in learning and development.
Behind the unique way on how the small firms manage their companies, there is a laxity of business plans in most of the organisations which end up with slower progress or growth. While leadership in small firms are the best aspect compare to other firms since most of people in the organisation play an important role by working independently.
Small entrepreneurial businesses without family ties and household or family businesses are strongly concerned with economic security, business survival, maintenance, and growth. For the small businesses, leaders are vision process-oriented, where managers are organizational-oriented. Both leaders and managers focus on people, but managers also focus on systems and structures. Leaders are decision makers along with managers, but managers may take longer to make decisions because they need to be aware of the organizational visions and goals. Where managers deal with conflict, leaders seem to be involved with conflict- meaning a manager accepts the status quo, where the leader challenges it.

Table of Contents 1.0 Introduction 1 2.0 Lifestyle firms vs....

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