STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
A. Definition of small firms
B. Importance of small firms in the economy
C. Purpose of the essay

II. Lack of finance
A. Explanation of the challenge
B. Difficulty raising finance
C. Reluctance of banks to lend to small firms

III. Inability to take advantage of economies of scale
A. Explanation of the challenge
B. Higher average cost
C. Examples of industries where economies of scale are important

IV. Lack of brand recognition
A. Explanation of the challenge
B. Difficulty attracting consumers
C. Importance of brand recognition in marketing

V. Competition from large firms
A. Explanation of the challenge
B. Lowering of prices by large firms
C. Increased spending on advertising by large firms

VI. Risk of failure
A. Explanation of the challenge
B. Inexperience of owners
C. Examples of industries with high failure rates

VII. Conclusion
A. Recap of challenges facing small firms
B. Importance of addressing these challenges
C. Suggestions for addressing these challenges.