1. Introduction Local enterprises are form as a small and medium enterprise, and it also called as SMEs. In Singapore, they are operating in all industries, sectors of the economy and it contribution Singapore economy are highly crucial, after that they need to foster any economy in their country. In 1 April 2011, SMEs will be determined as businesses with annual sales will not more than $100 million and will not employ more than 200 employees in Singapore. Nowadays, SMEs are defined as firms with employment size of 199 and below for non-manufacturing firms, fixed asset investment of$14 million and below for in manufacturing.
Government’s measures to achieve the economic performance Since Singapore does not own any natural resources, government needs to invite investment and economy consumer to spend in Singapore from other country. As an example, Resort World Sentosa is one of the best attractive area for foreigners. RWS is one of the maijor factors for helping to grow GDP growth rate in Singapore. Government sets better job opportunities for Local consumers more than foreign workers. So that the economy of Singapore is
Introduction Singapore is widely regarded by the global community as a developed nation. As a city-state with no natural resources and humble beginnings as a small fishing village, it may seem nothing short of a miracle that Singapore is where it is today, as these circumstances have not stopped Singapore from achieving high economic growth, boasting one of the world’s highest Gross Domestic Product (GDP) per capita. These accomplishments can be accounted to several key milestones in Singapore’s past that have influenced the country’s policy-making decisions, such as the introduction of free trade in Singapore, as well as principles of governance left from its colonial days under the British. Free Trade in Singapore One of the most important
In South Africa, SMEs contribute 56% of private sector employment and 36% of the gross domestic product (Fatoki Olawale and David Garwe 2010:1) Brand marketing Ehmke, Cole (2011:4) a carefully conceived and executed marketing plan with a focus on the customer is a major contribution to business success. A good marketing strategy can be enough to differentiate one business from the rest, all other things being equal. Brand name recognition is reliant upon a good marketing strategy and a consistent, reliable product and venture. Ventures who do not have the resources available to market themselves as their own brand may want to consider joining an alliance or cooperative to market their product under a recognizable brand
Government support is no less important in influencing the success of SMEs. The Government, through various ministries and agencies have taken various initiatives and programs to support the development of SMEs. It aims to promote the development of SMEs more competitive and resilient SMEs towards increasing the contribution to the national economy. Government support for the development of SMEs is in the form of a special program designed to provide infrastructure to make it easier for entrepreneurs to venture into business, cultivate the entrepreneurial spirit and educate potential entrepreneurs. To ensure that SMEs remain viable, various measures are also regulated by the government to help SMEs improve their success.
In line with the foregoing, Panitchpakdi (2006) viewed SMEs as a source of employment, competition, economic dynamism, innovation, which stimulate the entrepreneurial spirit and the diffusion of skills. Because they enjoy a wider geographical presence than big companies, SMEs also contribute to better income distribution. Thus, over the last few decades, the contribution of the SME sector in the development of the largest economies in the world has beamed the searchlight on their uniqueness; and this has succeeded in overruling previously held views that SMEs were only “miniature versions” of larger companies. Small and Medium Enterprises advocates, firstly; its endurance competition and entrepreneurship and hence have external benefits on
The micro small medium enterprises or businesses are the cornerstone of every country’s economy all around the world as they contribute an important percentage to the GDP of each country. Also they beat unemployment by establishing new jobs and maintain the current job sheets by boosting and flourishing in the competitive economical environment. But what does SME stand for? ‘SME’ is commonly used in the European Union, the world trade organization (WTO), the United Nations, the World Bank and other international organizations around the world. The exact determination/ definition of SMEs varies from country to country.
Now what is most important is giving due attention to its operational effectiveness. The current study reveals that among the factors, inter alia, the success of SMEs depend to a large extent upon such factors as management expertise skills, financial resources, government support, marketing strategy, technological base, strategic business plans and entrepreneur skills., product / service marketing, marketing research information, demand forecasting and analyzing, pricing policy and strategy, trained sales staff and market segmentation. Since this study covers only a very small number of SMEs located in a city having the ingredients of both commercial and industrial enterprises, a broad based study may provide detailed facts and information to be quite useful both for academic purposes and future
They are widely dispersed across the country and produce a diverse range of products to meet the needs of the local markets, the global market and the national and international value chains. SME’s sector has emerged as a highly vibrant and dynamic sector of the Indian economy. SME’s not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. SME’s are complementary to large industries as ancillary units and this sector contributes enormously to the socioeconomic development of the country. XIV.