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The Impact of Competition in Chance of Small Business Success

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Abstract

The impact of competition in chance of small business success is the main idea of the research. A quantitative research method has been used for the analysis of the results. A questionnaire has been administered and the data has been gathered from a small business in Dubai, UAE. Calle Tacos is a food truck in Dubai, which has been taken in to consideration to evaluate the idea of the research. 23 workers of the Calle Tacos have been included who have given their valuable information. Competition has a negative influence on the success of the small business. Creativity and innovation are required for the success of small business competition can bring hurdles for the small businesses, therefore effective strategies must be developed for further enhancement and being competent in the market environment.

Introduction and Background of the Study

Competition has definitely influenced our reality. Competition will associate with us regardless of what we do. It has affected our exercises and how we depend on one another. Regardless of whether competition identifies with games, gambling, business, or some other perspective, it influences our day by day lives (Gani et al., 2017).

Business competition is challenging for independent or small companies because of the worldwide economy and worldwide challenge. Presently that there are such a large number of alternatives of employing, obtaining, and selling on a worldwide dimension, competition has turned out to be significantly focused. This makes it considerably harder on private companies attempting to make a benefit inside their exchange or administrations (Kuratko et al., 2015). They need to confront an ever increasing number of organizations and settings and need to stress over attempting to demolish their opposition. Parts that can be very troublesome incorporate different organizations redistributing workers. Extensive organizations can undoubtedly procure specialists on the web or from different nations and pay the specialists lesser contrasted with private companies, who can only with significant effort get to this work. Independent or small companies manage themselves as per their areas and what is inside their range or extent of work (Hatten, 2015).

Calle Tacos, which is a food truck in Dubai, has been taken as a small business of UAE, situated in Dubai. The workers of Calle Tacos have been taken as the respondents of the research tool made for the data collection procedure in the existing study. The importance of competition has been considered through the case of Calle Tacos, Dubai to find out the influence of competition on the success of small business. The research questions have been based entirely on the target of the research. There is a lack of good Mexican sustenance in the UAE. Calle Tacos compensates for that with its ­authentic Mexican road sustenance staples: burritos, nachos, ­quesadillas and tacos. Clients can tailor their snacks with a blend of protein, garnishes and sauces.

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Literature Review

Small or independent ventures can likewise separate their business venture from other, bigger organizations through their different limited time programs. This could be practiced either by offering progressively limited time projects, or advancements increasingly to potential clients. Numerous business advancements go unnoticed to the public either through poor planning, poor advancement decisions, or not connecting the advancement to other advertising exercises. Private companies that comprehend advancements as a component of a coordinated advertising effort perceive the significance of this (Choshin & Ghaffari, 2017).

Independent ventures might also build up their competitiveness through a diversified ownership agreement (Byun et al., 2016). Although not decisive, a few examinations recommend that an establishment understanding might enhance private company competitiveness. In some cases, small organizations join together into buying groups all together that on the whole they will possess the buying intensity of greater firms. Purchasing gatherings, for example, these, can be found among basic needs, hardware, appliances, and furniture supplies (Asah et al., 2015).

Entrepreneurs ought to recognize their business qualities and assets. These qualities may include business area, conveying claim to fame item stock, or utilizing better-prepared and progressively proficient employees. In the instance of another business adventure, this progression requires centering all assets the business can accumulate (Haynes,2015). Despite the fact that these assets may appear to be deficient when compared to the assets of competitive contenders, focused methodology frequently can be progressively about utilizing the assets accessible (Kumar et al., 2015). Generally speaking, smaller companies tend to tolerate more risk, despite the way that there is regularly no place for mistake (McKenzie & Woodruff, 2015). Numerous business people perceive this part of advancement and permit the two workers and themselves space for experimentation (Hillary, 2017; Goldratt, 2017).

Conclusion and Recommendations

Competition has a negative influence on the success of the small business. Creativity and innovation are required for the success of small business. Pre-startup planning is essential to be done in order to deal with the increasing competition. Culture of innovation must also be developed for the betterment of small business. Foreign strategic partnership and marketing can make the small business competitive. Larger firms have significant impact on the growth and stability of the small business. Small business need to understand and implement the effective measures to tackle with the upcoming competition. Competition can bring hurdles for the small businesses, therefore effective strategies must be developed for further enhancement and being competent in the market environment. .

References

  1. Asah, F., Fatoki, O. O., & Rungani, E. (2015). The impact of motivations, personal values and management skills on the performance of SMEs in South Africa. African Journal of Economic and Management Studies, 6(3), 308-322
  2. Choshin, M., & Ghaffari, A. (2017). An investigation of the impact of effective factors on the success of e-commerce in small-and medium-sized companies. Computers in Human Behavior, 66, 67-74.
  3. Gani, L., Gitaharie, B. Y., Husodo, Z. A., & Kuncoro, A. (2017). Competition and Cooperation in Economics and Business. Routledge.
  4. Goldratt, E. M. (2017). Necessary but not sufficient: a theory of constraints business novel. Routledge.
  5. Hatten, T. S. (2015). Small business management: Entrepreneurship and beyond. Nelson Education.
  6. Hillary, R. (Ed.). (2017). Small and medium-sized enterprises and the environment: business imperatives. Routledge.
  7. Kumar, R., Singh, R. K., & Shankar, R. (2015). Critical success factors for implementation of supply chain management in Indian small and medium enterprises and their impact on performance. IIMB Management review, 27(2), 92-104.
  8. Kuratko, D. F., Hornsby, J. S., & Hayton, J. (2015). Corporate entrepreneurship: the innovative challenge for a new global economic reality. Small Business Economics, 45(2), 245-253.
  9. Byun, S. E., Ginder, W., Kim, H., Han, S., &Centrallo, C. (2016).Small Retail Businesses’ Varied Perceptions of Market Competition.
  10. Haynes, W. W. (2015). Pricing decisions in small business.University Press of Kentucky.
  11. McKenzie, D., & Woodruff, C. (2015).Business practices in small firms in developing countries. The World Bank.

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The Impact of Competition in Chance of Small Business Success. (2022, Jun 16). Edubirdie. Retrieved February 8, 2023, from https://edubirdie.com/examples/the-impact-of-competition-in-chance-of-small-business-success/
“The Impact of Competition in Chance of Small Business Success.” Edubirdie, 16 Jun. 2022, edubirdie.com/examples/the-impact-of-competition-in-chance-of-small-business-success/
The Impact of Competition in Chance of Small Business Success. [online]. Available at: <https://edubirdie.com/examples/the-impact-of-competition-in-chance-of-small-business-success/> [Accessed 8 Feb. 2023].
The Impact of Competition in Chance of Small Business Success [Internet]. Edubirdie. 2022 Jun 16 [cited 2023 Feb 8]. Available from: https://edubirdie.com/examples/the-impact-of-competition-in-chance-of-small-business-success/
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