Nurturing small and medium sized enterprises in Europe

Tourism is one of the world’s major industries responsible for economic growth, foreign exchange earnings, employment opportunities and regional balances in individual countries and across regions. This industry generates over 5% of the European Union (EU) gross domestic product and has strong linkages with other economic sectors. In fact, tourism triggers infrastructural developments that are related to the industry such as airports, seaports, parks, roads and rails. Within the EU alone, the tourism sector consists of about 1.8 million businesses. Most of these tourism businesses are small and medium sized enterprises (SMEs) that employ 5.2% of the total European workforce that translates to approximately 9.7 million jobs, with a significant proportion of young people (EU, 2010). This chapter considers relevant academic literature that differentiates SMEs from their larger counterparts. It maintains that small businesses are often constrained by their size and limited resources. Arguably, the accessibility to finance is one of the most critical factors for the SMEs’ inception and growth. These entities are often viewed by financial institutions as relatively risky when compared to enterprises from other industries. Therefore, this chapter contends that tourism SMEs may easily find themselves in an ‘equity gap’ where it may prove very difficult to raise capital for further investment. Consequently, national governments and other regulatory stakeholders are increasingly stepping in to support micro and small enterprises in many contexts. In this light, the European Union (EU) has reaffirmed its commitment for SMEs. As a matter of fact, the EU has drafted the ‘Small Business Act’ in 2008 and refined it again in 2011. The EU’s commitment is quite evident from their frequent calls for research and training schemes in the subject areas of “SMEs” and “tourism”; where grants are frequently issued under ‘Marie Curie’ and ‘Cordis FP7’ programmes. Therefore, this chapter identifies specific policies and initiatives that are aimed at fostering a climate for job creation and competitiveness for SMEs in Europe. By the end of the chapter you should be able to: • Define small and medium sized enterprises in the European Union context; • Distinguish the differences between small and medium sized enterprises and large firms; • Learn about the European Union measures that are currently supporting the financing needs of small and medium sized enterprises; • Be knowledgeable of crowd-funding as an alternative form of financing.peer-reviewe

Navigating Out of the Crisis: A Trade-led Recovery-A Practical Guide for Policymakers in Asia and the Pacific

The current economic and financial crisis is an unprecedented challenge for policymakers of the Asia-Pacific region. While the region's policymakers have gained considerable experience in responding to national or regional financial crises, they have less expertise in addressing a crisis that originated in the financial sector and then reverberated throughout the real economy. Governments in the region may benefit from considering other countries' experiences in how to react to sharp reductions in trade, employment and production. In addition, as this crisis has spread globally, the solution will have to be based on a global and coordinated response to limit long-term harm, in particular to the most vulnerable economies. This guide outlines short-, medium-, and long-term trade-related policy tools at the international, regional and national level which Asia-Pacific countries may want to consider both mitigate the impact of the economic crisis and to invest in more resilient economies for the future. This book has 7 chapters (1) National Coordination for a Trade-led Recovery, (2) Maintaining the Supremacy of the Multilateral Trading System, (3) Addressing Trade Financing and Trade Development Constraints, (4) Diversifying Products and Markets for Exports, (5) Enhancing South-South Trade and Cooperation, (6) Promoting Asia-Pacific Businesses for Long-Term Competitiveness, and (7) Looking beyond the Crisis: Positioning the Asia-Pacific Region for the Futureeconomic, financial crisis, Asia-Pacific, WTO, international trade, competitiveness, South-South Trade, export, Diversifying products, Multilateral Trading System, Trade-led recovery

The Use of Structural Funds for Enterprise Competitiveness Growth in the Czech Republic

The competitiveness of enterprises depends not only on their strategies and operations but also on the macroeconomic and microeconomic environment in which they operate. The various instruments for business support can be found in industrial policies of EU member states, which were often successful due to co-financing from EU structural funds. The Operational Programme Industry and Enterprise uses the structural funds as the main financial source of the Czech national strategies for industry development in 2004-2006. The paper summarizes the main policies for both business environment and enterprise competitiveness development in the Czech Republic which focus mainly to the infrastructure for industrial research, innovation, industry clusters, human resources and business development.Structural funds; competitiveness; enterprise development; innovation

European Tourism Regionalization and Globalisation

The advent of the Third Millenium, as do all periods of transition, offers the starting point for proceeding towards a new interpretation of the process of development in the field of tourism which enterprise appears to lend itself as a contribution towards the achievement of certain objectives or aims of the European Union (UE), such as the protection of the environment, sustainable development, the improvement of the quality of living standards, the overcoming of conflicts for enduring peace, the growth of European regions and of employment and not least the enacting of a policy of cohesion. During recent years numerous factors such as the globalisation of the economy, the new economy, a better functioning of a single Market and the introduction of the Euro currency have all contributed to a greater internationalisation of the streams/flows and at the same time, have obliged Member states to face new challenges, which can either constitute opportunities or risks, according to the actions which will be undertaken and according to the capacity of anticipation, programming and managing of such change. On such a premise will be founded the necessity to select an integrated policy of tourism on a communitary level which, taking into consideration the specificity of the relevant sectors, will guarantee the European Community its place as representative of the most important geographical space on the world tourist market.

THE INFLUENCE IN ROMANIAN HOSPITALITY INDUSTRY OF SMALL MEDIUM-SIZED FIRMS AND THEIR SPECIFIC MEANS TO IMPROVE PERFORMANCE

SMEs play an important role in fostering variety, self-fulfillment, and independence in society as well as essentially contributing to social and local integration. Because the tourism sector, especially the hospitality industry, in Europe is dominated bysmall medium-sized enterprises, tourism, performance, Internet

eEnabled internet distribution for small and medium sized hotels: the case of hospitality SMEs in Athens

Advances in information and communications technologies (ICTs) have strategic implications for a wide range of industries. Tourism and hospitality have dramatically changed by the ICTs and the Internet and gradually emerge as the leading industry on online expenditure. The Internet revolutionised traditional distribution models, enabled new entries propelled both disintermediation and reintermediation and altered the sources of competitive advantage. This paper explores the strategic implications of ICTs and the perceived advantages and disadvantages of Internet distribution for small and medium-sized hospitality enterprises (SMEs). Primary research in Athens hotels demonstrates the effects of the Internet and ICTs for secondary markets, where there is lower penetration and ICT adoption. Interviews and questionnaires identified a number of strategies in order to optimise distribution. The analysis illustrates the strategic role of ICTs and the Internet for hospitality organisations and Small and Medium-sized organisations in general. Most hotels employ a distribution mix that determines the level and employment of the Internet. The paper demonstrates that only organisations that use ICTs strategically will be able to develop their electronic distribution and achieve competitive advantages in the future

The Italian Mezzogiorno: From a "National Matter" to an "European Opportunity"

The aim of the paper is to analyze the present economic conditions of Southern Italy, particularly regarding the actual competitiveness of this region and possible future developments. We will outline the various features of Southern Italy economy giving emphasis to those limiting its competitiveness and, subsequently, suggesting opportune ways to improve it. Besides an opportunity coming from the international economic scenario, Southern Italy also has a great chance for its development from its traditional sectors. Moreover, it has really important environmental and cultural capitals which, besides an important touristical attractive, represent a potential of competitiveness able to start up development processes. The geographical position of Southern Italy can also bring significant advantages: Mezzogiorno is right in the middle of the mediterranean area which is showing high development potentials and is itself a large potential market. Regarding the institutional and political context, the governmental capacity of local administrations has improved over the last years and they started to pay more attention to increasing and promoting territories’ resources. There has also been a major ability to face criminality and corruption and a new “social disapproval†towards illegal phenomena is growing. Among weaknesses the infrastructural endowment still seems to be inadequate. Transportation infrastructures present low integration between the different modalities with the consequence of difficult reachable market outflows. Logistic systems are still underdeveloped. Negative features are also present within the productive system. Traditional businesses with scarce innovation capacity are still too strong and generally the whole system is not improving network connections and scales economy. Then bureaucracy, even though much less than in the past, is an obstacle especially regarding the start-up of new firms. A big threat is represented by the growing competitiveness of developing countries in some traditional sectors of Mezzogiorno production. Final recommendations will result from the analysis of the actual and perspective economic situation compared with the main developments of global economy.

Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges

Impact of Trade Facilitation on Export Competitiveness: a Regional Perspective

After decades of war and internal conflict, Cambodia is now an emerging economy and a new democracy. The country's economy is highly dependent on external assistance and a few crucial industries such as agriculture, tourism, and most importantly, garment manufacturing for export.Trade, Transport, Facilitation, Cambodia, garment, export