An Analysis on the Success and Failure of Two Pharmaceutical SME Establishments

Jado Zebari, Mohammad (2017) An Analysis on the Success and Failure of Two Pharmaceutical SME Establishments. Masters thesis, American University of Iraq - Sulaimani.

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Abstract

SMEs (Small & Medium Size Enterprises) do not have a specific definition. They are defined in different ways according to individuals or organizations. In a general prospective; an SME is a small or medium business, company or organization that is usually established by one individual or two as partners. A business with small/medium scale revenue, small/medium facility and a small number of employees can be considered an SME (Baenol, 1994). SMEs are considered one of the essential economical developing factors in the 21st century. As the large cooperation expand, the need for SMEs has increased as well in order to provide small & medium scale services that are essential to make available for the financial growth opportunities for less capital holding entrepreneurs and business establisher as well to provide service for the common middle class customer. The SME business usually falls under these types; wholesale, retail, manufacturing, pharmaceutical, service providing, agriculture and construction. The SME establisher must definitely have an entrepreneur characteristic and set of skills which include planning, time management, decision making, leadership, critical thinking, motivation techniques, analytical skills, research skills and organizing skills. These set of skills are essential to possess in order to account yourself as a businessman/woman and guarantee a successful business start-up procedure. In the pre-initiation procedure of establishing a small business, the business owner must consider a few fundamental business principles; potential customer, capital capacity, market nature, managerial capacity, rational risk taking, initiative spirit, adaptability to the market change and crisis management. These principles are the backbone of a successful and sustainable business. Most importantly, technical business oriented skills are a key point of managing the business in the post-initiation process; business management skills, marketing skills, buying skills, costing skills, stock/inventory control skills, record keeping skills, business planning skills, negotiation skills and salesman skills. In terms of business oriented knowledge, the entrepreneur should have good knowledge about products, services, customers, sellers, raw material, consumables, price, cost, cash sale, credit sales, sales income and profit (Doole et al., 2006; Chaston, 1998; Carson, 1985). Pharmaceutical Business, specifically local drug stores are also as an SME. In the recent years in the Kurdistan region there was a noticeable increase of pharmaceutical drug stores opening all around the 3 provinces. With the number increasing, there will be an increase difficulty in competition, customer retaining as well as penetrating the existing market.

Item Type: Thesis (Masters)
Subjects: University Thesis > MBA Thesis
University Thesis > MBA Thesis
Depositing User: N/A AUIS Library
Date Deposited: 23 Jan 2018 06:36
Last Modified: 28 Jan 2018 07:33
URI: http://eprints.auis.edu.krd/id/eprint/82

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