What are the problems faced by small convenience stores of UK in terms Literature review

What are the problems faced by small convenience stores of UK in terms of surviving against the larger competitors and obtaining financing - Literature review Example The paper tells that it was in the year 1971 when the Bolton Committee presented its report concerning small businesses, made the first attempt to define small, medium and large sized firms and highlighted the indispensable importance of SMEs for the British economy. Not only that SMEs generate bulk of the employment, contribute significantly to the overall GDP but they create value for their customers and the entire society. However, SMEs also face significant challenges, which are unique in their own. Many business start-ups who fail to address those challenges become history. Amongst these challenges, problems related to financing and facing competitive pressures from the larger players in the industry rank at the top of the list. In fact, these challenges and problems have ensured the decline of many SMEs as well. This investigative report is an attempt to explore these problems faced by small businesses within UK related to financing and surviving against larger competitors. The same has been presented in under the heading of critical literature review. The study then narrow downs the focus to small convenience store within UK and conducts a questionnaire-based research to explore the dynamics of problems and challenges faced by small convenience stores in the above-mentioned areas. The common perception about entrepreneurial ventures and small businesses is that their growth slows down during recession like large corporations and big businesses but the evidence coming from Berger and Udell reveals that the same might not be true. ... 1 Respondents identifying competitive advantage enjoyed by larger firms 22 Table 2 Respondents on their perceived competitive advantages 24 Introduction It was in the year 1971 when the Bolton Committee presented its report concerning small businesses, made the first attempt to define small, medium and large sized firms and highlighted the indispensable importance of SMEs for the British economy. Not only that SMEs generate bulk of the employment, contribute significantly to the overall GDP but they create value for their customers and the entire society. However, SMEs also face significant challenges, which are unique in their own. Many business start-ups who fail to address those challenges become history. Amongst these challenges, problems related to financing and facing competitive pressures from the larger players in the industry rank at the top of the list. In fact, these challenges and problems have ensured the decline of many SMEs as well. This investigative report is an atte mpt to explore these problems faced by small businesses within UK related to financing and surviving against larger competitors. The same has been presented in under the heading of critical literature review. The study then narrow downs the focus to small convenience store within UK and conducts a questionnaire-based research to explore the dynamics of problems and challenges faced by small convenience stores in the above-mentioned areas. Critical Literature Review The common perception about entrepreneurial ventures and small businesses is that their growth slows down during recession like large corporations and big businesses but the evidence coming from Berger and Udell (2011) reveals that the same might not be true. The study focuses on 112 different small business in London alone and