Bachelor of Commerce Honours in Small Business Management

The development of small business enterprises is guided by several general principles that are essential for their success. These principles include:

1. Market Research: Small business owners need to conduct thorough market research to understand their target market, competition, and industry trends. This helps in identifying opportunities and challenges that may impact the business.

2. Business Planning: Developing a comprehensive business plan is crucial for small businesses. It outlines the goals, strategies, financial projections, and operational details of the business. A well-thought-out business plan serves as a roadmap for the business's growth and success.

3. Financial Management: Effective financial management is key to the sustainability of small businesses. This includes budgeting, cash flow management, and financial reporting. Small business owners need to monitor their finances closely to ensure profitability and long-term viability.

4. Marketing and Sales: Small businesses must have a strong marketing and sales strategy to attract customers and generate revenue. This involves identifying target customers, promoting products or services effectively, and building strong customer relationships.

5. Human Resource Management: Managing employees efficiently is crucial for small businesses. This includes hiring the right talent, providing training and development opportunities, and fostering a positive work culture. Engaged and motivated employees contribute to the business's success.

6. Innovation and Adaptability: Small businesses need to innovate and adapt to changing market conditions to stay competitive. This may involve introducing new products or services, adopting new technologies, or entering new markets. Flexibility and agility are key traits for small business owners.

By applying these principles in practice, small business owners can increase their chances of success and growth. Integrated assessment methods such as assignments, tutorials, oral presentations, and examinations can help candidates demonstrate their understanding and proficiency in these principles. Additionally, the completion of a research dissertation allows learners to showcase their ability to integrate knowledge and skills in the development of small business enterprises.