Sweden Essay

and they have a wide variety of options. Their government is similar to the U.S’s. Sweden

Sweden stands as an opulent and ancient country that prospers far more than most countries.

Small and Medium Enterprises (SMEs) as defined by the US business Act of 1953 refer to business enterprises that is independently owned and operated and that isn’t dominant in its operation. One with fewer than five hundred employees. According to Bank of Ghana (2006) under the Funds for Small and Medium Enterprises Development defined small and micro enterprises as firms with assets (excluding land) of between 25million Ghana cedis and 5million Ghana cedis. A lot has been said and written about SMEs the world over. It has also formed the subject of discussions in so many seminars and workshops both locally and internationally. In the same vain, governments at various levels (local, state

Economically their system is sound and fairly healthy. Sweden has a population of 9.517 million. Their GDP is $525.7 billion USD with a small difference between their GNI which is at $420.1

The SME sector is a significant component of the EU economy responsible for driving growth through entrepreneurship3.

According to the global market, Sweden is at the sixth place among the rankings for ease of doing business. It is considered to be highly competitive despite their economic activity to slow down in 2017. Even so, it’s central bank has helped the

Baldwin et al. (1997) concludes that the main reason for business bankruptcy is inexperienced management. Riding et al. (2001) cited in Orser & Riding (2003) concluded that the prime reason given by lenders for default of loans was poor management skills of borrowers. Similarly, Mason and Harrison (2001) found that most of the business investors believe that their ability to invest was limited by the quality of the opportunities the SME owners/managers see. They further identify two primary deficiencies: (1) unrealistic assumptions or information that is not credible, and (2) the entrepreneur/management team lacked

According to the data of the Department for Business Innovation and Skills of UK government, there are 5.4 million small and medium enterprises (SMEs) in 2015. Based on the official EU definition, if the staff headcount of the enterprise is less than 250 and the turnover is less than or equal to 50 million euro, which will be classified as medium sized enterprise. And for small and micro enterprises, their headcount should not be more than 50 and 10, the turnover has to be under 10 million euro and 2 million euro. Most of the SMEs contribute in the Construction section and there is a number of 956,000 SMEs estimated by the government. Furthermore, the industry of Professional, Scientific and Technical Activities (792,000), Wholesale and

Most developed countries have suffered through at least one financial crisis. The term financial crisis is in itself very broad and applies to a various number of situations in which financial institutions or financial assets rapidly decrease in value. In the late 1980’s and early 1990’s, the Scandinavian countries – along with Finland – all faced rather serious financial crises, but the outcomes differed vastly among the nations as Denmark and Sweden pushed through to fairly satisfactory results, but Norway and Finland suffered greater complications. No nation’s crisis was identical to another’s and perhaps thereof the different outcomes, but what other factors played a role in deciding a nation’s fate. To better compare and analyze, the focus of this paper will be placed on simply two of the nations involved – Sweden and Finland -, two nations bordering each other, with a great many similarities but two very different outcomes from respective crisis and how they handled their respective issues, and what can be used for future reference.

In Kenya, SME’s are vital as they employ more than 87% of the labor force that contribute 18.4% of the National Gross Domestic product (GDP). (GOK, 2009).However, their existence in the Kenyan economy has not been without fair challenges that inhibit their growth, potential and offer them an average lifespan of five or less years in existence.

In the context of small to medium enterprises, statistics show that about half of new businesses fail within five years (Anderson 2014). The reasons for why new businesses fail have been a number of reasons. Some of them are due to high interest rates, taxes, and lack of bank lending (Anderson 2014). In the UK sector, it has been noted that the chances of a new business from flourishing is even harder than before the financial crisis (Anderson 2014). With the countless amount of reasons for why SMEs do not prosper

Entrepreneurs establish Small and Medium-sized Enterprises (SMEs), which are playing an increasingly significant role in the global economy. According to the recent statistics of UK, of all private sector businesses, SMEs accounted for 99.3% at the start of 2015; 60% employment at 15.6 million; and 47% annual turnover at £1.8 trillion (FSB.org, 2015). Thus, it is of vital importance to understand how to formulate and operate an SME.

Currently, SME’s in Kenya employ more than 87% of the labor force that contribute 18.4% of the National Gross Domestic product (GDP), (GOK, 2009).However, their existence in the Kenyan economy has not been without fair challenges that inhibit their growth, potential and offer them an average lifespan of 5 or less years in existence. (Bowen, Morara, & Mureithi, 2009)

SMEs are a very heterogeneous group of businesses usually operating in the service, trade, agri-business, and manufacturing sectors. They include a wide variety of firms such as village handicraft makers, small machine shops, and computer

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.