Senior Seminar European Region

Questions: 1. Illustrate the issues and implementation challenges/barriers addressed by the authors in the field of small business in Europe.2. Has the author formulated a research problem? Explore the major problems discussed in the article.3. What are the objectives of this research? Does the research achieve the objective systematically and scientifically, if so how?4. Justify the Small business and Decentralization of economic power as narrated by the authors.5. Explore the outcome of indices of Eurostat as mentioned by the authors with respective measures and statistical tools used in this article.6. How does this study relate to improve your career and professional development? Answers: 1. The authors of the article have used the theory of social marginalization in the economic condition of Europe in order to identify the challenges faced by the small scale business in the European region (Barkhatov, Pletnev Campa, 2016). The global economic crisis is has direct effect in all forms of small scale business. It is also difficult for the owners of the small scale business to incorporate the use of the latest technology in business due to shortage of enough funds. The owners also face difficulty in gathering of the natural resource due to shortage in the supply chain network. The large scale business organizations and multinational companies that is present in the countries of Europe has adopted strong business polices that has helped them to gain reputation in the market. Hence, the small scale industries face huge challenge to gain competitive advantage. 2. Due to the global economic crisis the small scale business is facing huge challenge. During the last ten years several of the small scale entrepreneurs are forced to close their business (Economou et al., 2013). This is also one of the major causes of unemployment and unequal social distribution. The small scale businesses have huge contribution in the economic growth of the nation and also ensure that the large scale industries do not get the chance to practice monopoly over a product in the market (Muller, 2012). It is possible for the small scale business to initiate innovative marketing techniques, which offers the customers wide variety of choice. According to the authors the economy of a nation can become fragile in the absence of small scale business. Due to the effect of globalization the decline of small scale business can affect the global economy and financial condition. 3. The main objective of this research work is to collect statistical data about the small scale business of Europe. This will help the researchers to identify the reasons for the failing of the small scale business. The objective of doing this research is to discover solutions for the small scale business so that they are able to survive in the period of global economic crisis. It is important to implement innovative marketing strategies so that it is possible to modify the business planning of the small scale business. The researchers have able to develop future planning for the small scale entrepreneurs, which will be effective for them to expand their business. It is also the duty of the European Union to ensure that the interest of the small business is protected. 4. The decentralization of the economic power offers a unique portfolio of for business items. This helps the customer to have better choice and thereby have higher level of satisfaction. With the help of economic decentralization it is possible to privatize the public owned business companies. The small scale business is hugely affected due to the decentralization of the business. The small business owner faces huge challenge as they are unable to gain the access of the global market. In counties like Russia, in spite of having enough food market, the small business owners have less amount of share. This is due to the fact that they have lost significant share due to the process of privatization (Faguet, 2014). 5. The researchers in the given paper have used the Eurostat database in order to collect statistical information about the small business in the Europe. According to the information in the paper in Germany, 37% of the total population is worked in medium scale industries and out of that 19.2% worked in small business companies. In Italy on the other hand, 94.8% of all the business company fall under the category of small scale business and 38.5% of the population work in this sector. In Spain 94.1% of the industry are of small scale type. Nevertheless, the data indicated that in the year 2009 to 2012 the number of small scale business in Spain has reduced significantly. The case is similar in Lithuania and Latvia, where nearly 12000 small companies have ceased their business. The rate of unemployment in all the major nations of Europe have strong link with the business performance of the small companies. 6. The result of this study helps to get a better understanding of the present condition of performance level of small business in the European region. The study has also analyzed the economic and financial parameters that have direct connection with the small business. In spite of the fact that at present the condition of the small business is poor, during the past years the small business has provided an excellent platform for the growth of the middle class people. Reference Barkhatov, V., Pletnev, D., Campa, A. (2016). Key Success Factors and Barriers for Small Businesses: Comparative Analysis.Procedia-Social and Behavioral Sciences,221, 29-38. Economou, M., Madianos, M., Peppou, L. E., Patelakis, A., Stefanis, C. N. (2013). Major depression in the era of economic crisis: a replication of a cross-sectional study across Greece.Journal of Affective Disorders,145(3), 308-314. Faguet, J. P. (2014). Decentralization and governance.World Development,53, 2-13. Muller, E. (2012).Innovation interactions between knowledge-intensive business services and small and medium-sized enterprises: an analysis in terms of evolution, knowledge and territories(Vol. 11). Springer Science Business Media.