Solutions for small business strategic management
- December 9, 2020
- Posted by: RSIS Team
- Categories: Business Management, IJRSI
International Journal of Research and Scientific Innovation (IJRSI) | Volume VII, Issue XI, November 2020 | ISSN 2321–2705
Solutions for small business strategic management
Assoc. Prof. Dr. Le Nguyen Doan Khoi,
Department of Scientific Research Affairs, Can Tho University
Abstract
This paper focused on discussing the possible ways small business can develop and adopt strategies in order to make some general concepts for the actors of a given environment. The study is about small businesses, their features and dynamics in the course of making use of the tools and techniques in strategic management. It investigates how small businesses, in their course of building competitive advantage, make strategic decisions, and the factors related to the mere smallness of such businesses as affecting strategic choice are discussed.
Keywords: Small business, strategic management, business environment
1. INTRODUCTION
Small business possess fundamentally different resources and capabilities and these differences will and should affect their choice of strategy. Small businesses are different in their management style, decision making behavior and others, from their larger counterparts and are confronted with various challenges and blessed with a number of opportunities in their struggle to achieving a fit between their capabilities and their environmental context.
Understanding the features of small business and their management and decision making behavior is very important in the course of studying their strategic choice and mode of doing business. The number of publications on Strategic Management are many, and essentially most of them deal with large, established business corporations and until lately, has virtually ignored small-business firms. Small businesses however, are becoming increasingly important almost in every sector, and they can not be ignored when discussing strategic management.
In discussing strategy, the factors on which organizations differ are very important, as strategy is basically managing these factors in dealing with competitors who may or may not share the factors. Of the many factors on which organizations can differ, size is probably the most apparent one. The mere size of an organization can be a significant
