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Research in both Australia and overseas, has shown the major economic importance of small businesses to employment creation and economic growth. However in spite of their importance, small business remains difficult to define. Nonetheless, one of the unique features or characteristics of small businesses is the simplicity of their management structure. Typically, the small business is directly managed by owners who make nearly all the important decisions and most often oversee their execution as well (Perry et al, 1988, p.74). However, like any business, a small business requires specific management skills which need to be acquired to lay the foundation for a viable business. The high rate of small business failures attests to the need for such skills. Recent management literature however, has gone one step further and linked performance not just with having the right skills, but also with having the right knowledge and the right attitude for the job. Together, the sum of these are known as "competencies". |
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