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Running head: LITERATURE REVIEW
Literature Review: Challenges Faced by Small Business Enterprises
Small businesses are usually sole proprietorships, corporations or partnerships
which have a relatively small number of employees and collect less revenue than
other large-sized businesses. Consequently, they can also be classified as small
depending on their sales, assets, shipments, and annual revenues among others
(Khalique et al., 2011). Such businesses can include restaurants, grocery stores,
bakeries, and other retail or service stores. Small business enterprises contribute
significantly to the economic, social and political development of a country. These are
usually diverse in nature and can be set up in different geographical areas, urban or
rural. Resulting from the great role played by these businesses in the overall
development of a nation, they can be considered the backbone of the economy.
However, these businesses are often faced with challenges of different forms, mostly
because of worsening economic conditions or poor planning on the part of the
business. Numerous researchers have delved into the matter to look into some of the
challenges facing small business enterprises, both in the U.S. and globally, in an effort
to increase the survival of such businesses in a constantly changing market.
Khalique et al., (2011) suggests that all small businesses face similar
challenges regardless of their geographical location. Accordingly, this commonality is
based on their ability to gain a competitive advantage in the market and in terms of
their overall survival. In Malaysia, for instance, the authors argue that the main
challenges facing small businesses stem from liberalization, globalization and the
rapid changes in technological advancement. Some of these challenges include low
productivity, inadequate managerial capabilities, inadequate financing, regulatory
burdens and recession (p.399). As such, their strategy to deal with this is to take
measures toward becoming a knowledge-driven economy.
Zulkilfi-Muhammad et al., (2009) investigate how small businesses compete
with other businesses in the global business environment. Like...