Example Of The High Growth Market Opportunities Article Review
Type of paper: Article Review
Topic: Business, Market, Growth, Government, Minority, Democracy, Politics, Small Business
The High Growth Market Opportunities for the Challenges Facing Minority Owned Business
This part of the paper will particularly deal with relevant literature on the growth market opportunities and challenges facing owned business. A number of researchers do argue that market opportunities for small owned business strongly relates to the capital framework of the business. Thus, the leverage of a business to earnests the availed market opportunities will depends on its financial strength. Other authors, on the other hand, give insight in terms of the economy of a particular region or a country, the stronger the economy, the more opportunities availed for the business owners. The discussion in this section will entail most authors’ views, insight and comments on high growth market opportunities for the challenges facing minority-owned business.
According to Leitch, Hill and Neergaard (2010) minority business are small businesses that are owned by a particular set of minority groups of people. The groups include Native Americans, Hispanic American, African Americans and Asian Americans. The purpose of owning such small business is to support them economically or hope for future growth of such business to become an empire. Wright, Roper, Hart and Carter (2015), also notes in his writing that the government has initiated various programs that aid such business to spread their wings and gain many benefits from the market opportunities available so as to enhance their growth. The same sentiments are echoed by Wright, Roper, Hart and Carter (2015) when he mentioned small business development program that was flagged by the government so as to support such businesses. From the authors writing it is obvious that the government has noticed the existence of this small business and their struggle to earnest the available market opportunities. The government has thus laid key strategies that will enable the minority business to face the market challenges and grab the opportunities that are availed.
Kiss, Danis and Cavusgil (2012) argues the importance and role of minority-owned business to the economy of the country since the sector can employ over 5 million citizens. As per the argument tabled by Parker (2015) the challenges facing their growth can be alleviated then small business will be able to employ a large number of jobless people in the society. In terms of the global economy, the high growth and current market opportunities pose great challenges to the minority-owned business. The policy makers are the ones who can elevate this minority owned business to overcome the threats posed by the current trends in the market due to globalization. According to Parker (2015) the first step in elevating these small businesses is making the government recognize minority businesses as an important part of the economy. Wright, Roper, Hart and Carter (2015) in his literature give insight on how recognition and support for this business will solve the economic puzzle that the American economy is facing. Solution to the problem of high growth market to small business start with the government giving out incentives for the owner’s so as to gain economic stability (Leitch, 2010). The other step in mitigating the challenges that the minority business owners face in terms of high market growth is for the policy makers to reduce the interest rates.
Apart from the ways mentioned above through which the government can help minority business to overcome the challenge of high growth market. Other authors have tabled credible arguments on the topic, and much can be done to overcome such challenges. Leitch, Hill and Neergaard (2010) argue that the government can develop credit procedures that are innovative and can be managed by small business owners. The step can be achieved through the initiative of the Federal Government, the Federal Reserve’s can do a great if channel into this credit idea. The regulatory procedures that the government administers for legislation and operation of the small business should also be reduced to levels that the entrepreneurs can manage well (Liedholm, 2013). According to Kiss, Danis and Cavusgil (2012) the big business are known to grow continually and gain more market share due to regulatory measures that favor. The growth of big business cannot be compared to small business due to the regulatory measures placed by the authorities and policy makers. Liedholm (2013) echoes the same in his writings by arguing that penalties and harsh regulation are some of the government policies that thwart the growth of small business. According to Kiss, Danis and Cavusgil (2012) the penalties and regulation should be placed on people or factors that dare threatened the establishment of minority business.
In terms of growth opportunities, Parker (2015) concludes that the growth of the small business directly corresponds to challenges that are in the market. Debt and other negative factors such as laws and regulations are known to negate the growth of the business and hence the ability to take the opportunities in the high growth market. Factors such as debt and available resources to enhance sustenance and sustainability of the business are also critical (Levie, 2015). Small firms that have a chance to earnests the available market challenges do so due to persistence and loops that some investors finds in the market. For most minority firms to find the loops that lead to high growth opportunities, the investor must focus on the current trends and blanks in the business world. According to Leitch, Hill and Neergaard (2010) finding the loops in the market required the investor to be a market genius and focused on daily happening in the society since from those then opportunities are created. The authors still do agree on the fact that global trends in the business world are constantly changing, and opportunities even for small businesses avail themselves all the time. Taking United States market as a sample, big firms hold a large part of the market but this does not cancel the possible success of large business.
The review cannot be complete without mentioning some example of small business strategies that can grab the available opportunities and those struggling to reach the same level. Starting with the main strategy that was placed by the Department of Commerce for minority business in Washington DC, the minority business owners should now appreciate the efforts of the government (Parker, 2015). The government went ahead and placed over 44 special business centers with equipped specialized to help owners of small business to overcome challenges that prevent them from grabbing the opportunities available in the market (Parker, 2015). Some of the programs that the government initiated through its departments include inner city capital connections, initiative for a competitive inner city and minority business agency. This are but some of the strategies that the US government implements to honor and protect small business so as to enable them thrive.
Kiss, A. N., Danis, W. M., & Cavusgil, S. T. (2012). International entrepreneurship research in emerging economies: A critical review and research agenda. Journal of Business Venturing, 27(2), 266-290.
Leitch, C., Hill, F., & Neergaard, H. (2010). Entrepreneurial and business growth and the quest for a “comprehensive theory”: tilting at windmills?.Entrepreneurship Theory and Practice, 34(2), 249-260.
Levie, J. D., & Smallbone, D. (2015). Immigration, ethnicity and entrepreneurial behavior.
Liedholm, C. E., & Mead, D. C. (2013). Small enterprises and economic development: the dynamics of micro and small enterprises. Routledge.
Parker, K. F. (2015). The African-American Entrepreneur–Crime Drop Relationship Growing African-American Business Ownership and Declining Youth Violence. Urban Affairs Review, 1078087415571755.
Wright, M., Roper, S., Hart, M., & Carter, S. (2015). Joining the dots: Building the evidence base for SME growth policy. International Small Business Journal, 33(1), 3-11.