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May 10, 2023

Martin and Gardiner (2007, p.309) states that “every business big or small in its present scenario is started in the form of a small business only” (Martin and Gardiner, 2007). Steve Jobs, one of the greatest entrepreneurs and founder of Apple Company, have also said that every small business requires being passionate in order to succeed. However, Green (2014) also agrees to the same and said that due to rising challenges in the business environment of an organization, there is requirement of constant work and passion to become successful (Green, 2014). Globalization and internet are the major reason for the growth of small businesses. This is due to the fact that these developments assist business working and operations to lower its operational cost. As per Martin and Gardiner (2007, p.310), any business which has less then 500 employees is termed as a small business enterprise (Martin and Gardiner, 2007, p.310). Although, Van Auken (2015) critizes that "this number varies from industry to industry" (Van Auken, 2015). Small enterprises do not generate revneue as high as the big enterprises, but play vital role on the growth of an economy. They provide employment opportunities to many unemployed individuals. Thus, they are offering a source of income to deserving candidates thus leading to increase their living standards. They promote innovations and thus help an economy to increase its business potentials. It was also found that small business enterprise or SME`s provide business associated assistance to large corporations as well. Generally, SMEs stand for Small and Medium Enterprises of a nation which operate their business at small level and a very low scale.

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