A Study On The Life Cycle Study Of A Small Business Essay

INTRODUCTION By examining a range of published journal articles on the life cycle study of a small business this report shows that different researchers have different views as to the growth of a small business. The article will be looking at the definition of a small business and how it relates to Private Fly. Also, it will be describing the different lifecycle models with reference to the article ‘HOW I MADE IT’, how they relate to Private Fly and a critical analysis of these models. It also looks at entrepreneurial traits as a tool that affect the growth of a small business and critical analysis of these traits. There is no single definition for small business an earlier attempt was given by Bolton Report (1971). Which suggests two definitions of small business. Firstly, he says a business is small if it meets three criteria’s: †¢ Independent †¢ Manged in a personalised manner †¢ Relatively small share of the market Secondly, he described it using a quantitative approach using assets, turnover, profitability and employment. However, Katz and Green (2007) describes a small business as when it involves 1 to 50 people and has its owner managing the business on a day to day basis. Various researchers have come up with different models to analysis the lifecycle of a small business. LIFE CYCLE MODELS USING SCOTT AND BRUCE (19987) AND CHURCHILL AND LEWIS (1983) TO ANALYSE PRIVATE FLY Researchers have broken down the various stages or cycle that a small business goes through.Show MoreRelatedForecasting Management Philosophy Life Cycles1371 Words   |  6 Pagesâ€Å"Forecasting Management Philosophy Life Cycles: A Comparative Study of Six Sigma and TQM,† the author emphasizes on the â€Å"Management fads their life cycles†. 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