Self-Reflection and Self SWOT Analysis

Self-Reflection and Self SWOT Analysis Self analysis is nothing but calculation of ones opinions and activities. That is costing of ones emotions, personality and behavior. From this people can easily recognize their individual strength and weakness. Moreover self analysis is a process or it is a test to judge the abilities, talents and expertise. Self awareness is one of the way to yourself in which to discover our separable personalities, rate structures, politics, usual feelings and tendencies. Because for some stuffs, manufacture facts and learns we are all dissimilar to react. And this is very useful to sometimes pass time in self reflection to increase a superior vision into ourselves. SELF AWARENESS: Self awareness is a main thing for us, because when we know the healthier thoughtful of ourselves then we are the authorized to create a ups and downs and also to figure our parts of strengths. Moreover in our level of recognize areas we would like to make developments over and over again. That is so self awareness is the stage of aim setting. Self awareness is a skill for education. Education here is nothing but knowing ourselves. If a person know about ourselves, then only the person modify the stuffs they want to adjustment himself. Each person have a aim to their life like to became leadership man, playful life, relaxation life and so on. And the person will try and makes works relevant to his aim. But this everything is possible only by the investigating his emotions, reactions, trusts and qualities. Thus it is the self awareness performance. That is, a person will know about their own personalities like skills, thoughts, beliefs, inspiration and sensations. This kind person will only able to say the word i am self aware . That is, if i want to say i am self aware then i had a strong observation about myself and i had studied myself. Determining the exact path that ranges the aim can be probable simply by self-analysis. Self-awareness is one thing chooses whether you are the correct one to become a head or not. I must recognize the powers and weaknesses to become familiar for every circumstance. In the progression of these gatherings i am not forceful a person what to accept as true, how they should consider or what they should to do. I am mainly focused with persons tests in levitation their self awareness. When you grow into more self aware you automatically bring in to being to see phases of your behavior and the character that you did not warning earlier. Some authors give quotes about self-awareness they are, Raising an Emotionally Intelligent Child In the last decade or so, science has discovered a tremendous amount about the role emotions play in our lives. Researchers have found that even more than IQ, your emotional awareness and abilities to handle feelings will determine your success and happiness in all walks of life, including family relationships. John Gottman. Being powerful is like being a lady. If you have to tell people you are, you arent. Thanks to Maria Marquis Thoreau There are a thousand hacking at the branches of evil to one who is striking at the root, and it may be that he who bestows the largest amount of time and money on the needy is doing the most by his mode of life to produce that misery which he strives in vain to relieve. -Margaret Thatcher. We wait all these years to find someone who understands us, I thought, someone who accepts us as we are someone with a wizards power to melt stone to sunlight, which can bring us happiness in spite of trials, which can face our dragons in the night, who can transform us into the soul we choose to be. Just yesterday I found that magical someone is the face we see in the mirror: Its us and our homemade masks. -Richard Bach. Self-Analysis: Self-analysis involves understanding ones own  preconscious and insensible materials like ideas, Para praxes, memories, fleeting thoughts, and powerful emotions. By self analysis a person can simply find the weakness and by rectifying their weakness that person can capable to see the places and positions they have to adjust. Best of all, all persons has incorrect opinions and personal faults committed by them, But by the self analysis the person can simply able to avoid the problems and reach the requirements with no chunks. Self-analysis creates several profits that is it produces a extraordinary level of control that is to improve the person such as helpful talents, capacities and powers can leading easily and they can have a capacity to the true tracks. Self analysis process is very helpful and act as great end in idea making process which is suits for business surroundings. Career choice is almost whether they happy by gettings, assignment, place of work, organizational core, situation, challenges, superior for improvement, connection and the support from the age group. The chief dissimilarity between the self analysis and self awareness is that identifying a persons actions by approaches and talents. WELFARE IN SELF ANALYSIS AND SELF AWARENESS: By performing the self analysis a person can absorb their weakness. By this identification a person can know the real requirements to face the carrier. And they can easily increase the skills and talents by their positive skills. Moreover about decision-making and clear vision, self awareness shows positive and negative ways. CONCLUSION: Thus the method of learning own personality said to be a self analysis and ability of perform the process is called self awareness. We have to increase the strength and weakness by improving the skills. Thus the self analysis and self awareness is much important for career development. PRESENTATION OF RESULTS BASED ON ONLINE TEST: INTRODUCTION: For self analysis there are many number of tests are available and here I am going to discuss about some analysis test report. CAREER PATH TEST: The career path test is like a quiz type, which have two things they are, the activities which makes interests and gives joy and the another thing is about what kind of behaviour i have for my goal. This career path test shows result as yellow for interest and green for style and as I to accepted with this result. As in the result I am very much interested in supervision and administration management. Yes that is the reason iam doing administration course now. And also about my relaxations is like home duties and roaming is very much true. I am spending more time on managing and at all times deliberate the whole thing before starting it. So that the result of career planner quiz said as gathering report and evaluating are also suitable. Always I think of complexity in doing any jobs. I continuously use to say hard work is not the big one, only doing and finishing the thing is great. Various people can do the difficult job by hard work, but some people can do the same job by finding the easiest way. I need to be one of them always. My career planner quiz also said that I am creating the sophisticated processes for doing complex work. My results are ever reasonable because nothing I choose carelessly and without any reason. Before making decision I use to study the points for accepting and rejecting. Then only I will choose to decide if the qualities and income are high otherwise not. Next in the social equality point of view, I never took the others chances and I use give the chances for others when I am in group. This concept is very much believed by me. This concept is very much believed by me. So I agree with the points about my style such as reasonable decision maker and independent. Thus in the career test I can understand my interest and styles and I can agree with this results about my behaviour. So I accepted this self analysis test about me is true. JOHARI WINDOW: Consider the adjective list of me and my friends to map the character awareness by means of overlap and difference between them. It is called the johari window. The johari windows results accepted by me about 100%. In this window the test results grouped into four categories. First one is arena which means the characters known to both self and others? It gives me the result bold, energetic and friendly. It is accepted because I am so friendly to the people with me. Second thing is facade which means the traits known to self but not to others. It says I am happy and nervous. I accepted I am happiest person; I can make any time happy and also make nervous situation on mingle with people without mind the country, language. I am confident about what I am doing. Before start anything I use to search merits and demerits. After decide to do, I dont want to confuse myself. I am always friendly thats why I can make happy all. This is the thing I feel my strength. Ever I responsive because eve ry action there is a reaction. Pre-planning is possible only when I am sensible. Third thing in the johari test is blind spot. It is about the characteristic which is known to others but not to self. By this my friend can expose me and I can understand him that how much he understands me. I can realize my blind spots including knowledgeable and mature. About my culture surroundings i am mature. Thus this result says 100% to my mature. I am little bit nervous and little bit relaxed. Most of the time I am relaxed, nervous comes while lack of confidence in doing complex things. But I always show the relaxed face to others. In debate, I felt nervous sometimes and this results to degrade my performance. The johari windows results accepted by me about 100%.. Final category is about new who is new to both self and others. I need to concentrate these characters and analyse those characters about me. The unknown characters such as my braveness, intelligence, calmness, brave, giving, modest, able, accepting and others are under research. I need to analyse myself to become self aware. PSYCHOMETRIC TEST: In order to change my activities and a number of development tips based on my personal results for suggestions, The psychometric test is use full. There are two parts in the psychometric test that is shapes and views. That is the aim of the report is to give u ideas for your professional and personal development. Based on our personal reports of shapes we will find a few suggestions in this report in order to change our behaviour by trying certain activities. As a result of psychometric shapes test says as, I am a happy to snatch the leadership in team and make every effort to clearly regulate the individual roles and responsibilities. I am normally succeed in effective coordinating the work every day jobs and that everyone concentrates on the upcoming tasks and objectives. And my work manner like highly target motivated and for my mind think i keep in the mind the relationship between cost and benefits. I like to question usual approaches and prefer to creatively and flexibly tackle problems and tasks. I am open to new things, and occasionally contribute innovative ideas and suggestions yourself. yes i agree with this result in organizational behaviour. And this test shows that i need to aware of significance of useful contacts and relationships, and need to develop contacts quickly on the informal level and sometimes incorporate these relationship for your own purpose. And i need to recognize the core of a problem and take hold of the f undamental effects of actions. In these report i not accept with the last sentence that is i need to recognize the core of problem and take necessary effects. I know my decision is correct for current situation . Thus i agree with the aware need for me. And the test shows to try something like make list of all teams and groups in which you work together with others it helps how we describes our own role in these groups. yes so that going to try these types and even i am happy with this results i am limited with organizational development and this results reports i want to aware of here, yes it is true. Thus the progress tip given to me is great idea that can easily workout and result giving tip. The second part of the psychometric test is about view. This results summarizes the results of questionnaire views which i have completed. It indicates my personal values, professional intrests and motives. Is described under which circumstances and in which professional context i can use and develop my maximum potential. The result from the views shows that, When selecting a workplace, i should pay attention to environment of helpfulness. i want to offer my help freely and real generously and expect in return that i will also be offered the same level of support when i need it. In comparison to other professional aspects it is absolutely importance to me that i can become enthusiastic about my work and that i have the feeling that my work has a real meaning to it. And one more thing i need to feel particularly good when i often driven to perform at my intellectual peak. In comparison to my other aspects it is noticeable that it is very important for as, that company in which i was work conveys a feeling of safety and security to me. In comparison to others my attitude in this connection is absolutely typical. Thus i accepted this views results about me and try to pay attention for the above. HUMAN METRICS: The next test result is human metrics has given me result as Extravert(33%),  Ã‚  Sensing(12%),  Ã‚  Feeling(112%),  Ã‚  Judging(22%). Already I discuss my adjustment in many situations and I accept the point extraversion because I can mix together with people. This said I am important. I agreed with this. Always I take care of needs and assigning jobs to fellows. I use to give more importance to projects than life. This is 50% true. Because I use to find simple way to solve the big project not the difficult and excessive demand. And also i have moderate preference of extraversion over introversion as 33% and then i have slight preference of sensing over intuition as 12% and also i have slight preference of feeling over thinking as 12% and to i have slight preference of judging over perceiving as 22% Sensing which means physically touch. I actually aware of sensing. I always use to equip Thinking with a new, full of life sense of how the things work.. I think this I really accept I am sensing I always forecast the things in future. So I am innovative, that I always think of future. Many times before I do any activity, which really helps me that I am pre planned. Then judging result shows that I judge based on the people behaviour and attitude, which is helpful in taking right decisions. So that the result of Human metrics help me to provide for my part in doing best development. CONCLUSION: Thus the four types of test is very useful to identify our behavior and performance in organizations. The Johari windows said the behaviour I have and those behaviour are grouped four based on who knows it. The human metrics said the results by percentage and psychometric said by two parts as shapes and views. One having strength and weakness other having the things to be take care of when choosing work place. Career planning question said my interest and way. Thus the self-analysis tests results having in the region of 80% true. Hence I am accepted the test results. SWOT ANALYSIS: INTRODUCTION: The analysis is about identifying self concept that is strength, weakness, opportunities and threats is called SWOT analysis. Identifying the self concept provides development in own life. So that the analysis is to be take out and grouped as follows. (S)TRENGTHS: The positive behaviour I have is said to be strength of mine is that Problem Solving, Teamwork, Decision Making. I am very much superior to have other main strengths even as being with my team is decision-making, free and innovative idea. My friends are for all time prizing me for those things. Before me deciding anything I statistically study the qualities and demerits of doing such thing and decides if it is acceptable. In team, I ever representation only my points and I give chance to others for expose them also. This are the capability of management. I can manage any kind of people and any kind of situation. And also My strength is my adjustment. I am very much adjustable with the people without considering the country and language. I can combine with the different kind of people. The people, who yet know me, identify me as friend finder. My means of administrating fellows and making friends are my great strengths I feel. This is the thing motivate my friends to prize my brains equality. I am always welcome the changes and challenges. Then I give the imaginative and new idea to replace usual things and making the simple way for doing multifaceted thing because I prefer the stylish information. (W)EAKNESSES: Nervous Dependency Inflexible These are my weakness. Nervous even as speaking in some get-together is my very poor weakness. Still I can combine with any kind of people, I have this problem in proper and specialized meetings. one more great weakness I felt is still I cannot analyse this trouble. I am trying to beat this thing now. Dependency make me another one weakness and I feel it be able to make difficulty in my way but till it is not so. Inflexible to others stress so that I am trying to avoid this kind of weakness from me. (O)PPORTUNITIES Taking advantage from current market analyzing the current marketing strategy .For me the greater opportunity for hearing from other people who are in parallel role or same path to me. One more great thing is that attractive my open skill by means of finding the skills I have and shape the open skills in the correct way. And also to take on others in providing feedback about their experience of me. (T)HREATS The work needs excessive demand, a person being hidden by too much stress. That is the reason I wish easily reachable work. That is the large number of daily stress, which conspires against self-reflection CONCLUSION Thus from the SWOT analysis, i know my strengths, weakness, opportunities and treats. Based on my strengths and weakness i am going to improve my active skills and simultaneously beat my problems. And from opportunities and threats i going get feedbacks from experienced persons and at the same time to impose my attractive skill in correct way of manner

The Cayman Islands :: essays research papers

Part I - The Question   Ã‚  Ã‚  Ã‚  Ã‚  When I was 18, my family took a trip to Cancun for Spring Break. I absolutely loved the beaches and palm trees, the white sand, hot sun and blue waves. Ever since then I have had a real passion for tropical islands. My favorite and perhaps the most beautiful Islands I’ve researched are the Cayman Islands. I’ve only seen pictures and heard stories but I’ve already decided that’s where I am getting married. I still however, don’t know anything about the islands. My love for these islands and my thirst for knowledge on the topic has driven me to do more research and find out the history behind the Cayman Islands. I want to know everything about them, so far the only thing I know is that there are three islands, Grand Cayman, Cayman Brac, and Little cayman. I would like to know more. I am hoping to learn about the early development of the islands, the people, growth, tropical climate and environment. I am doing this purely for my own reference and curiosity. Part II - Research   Ã‚  Ã‚  Ã‚  Ã‚  I began researching for this paper online because it was easy for me to use and a lot faster than looking up information in text books, and it’s a lot more accurate and up-to-date. Immediately I found about a hundred web sites worth printing. After scrolling through page after page, site after site I realized I had barely scratched the surface, so I decided to pick the ones with the most promising titles and print them all. Then I began the tedious task of sifting through all those papers until I found the best ones. I think I ended up with about six different sites, all on different things about the islands. One of the best ones was about the history of the Cayman Islands, I found this to be the most factual. Another good one mostly was about the Geography and Geology of the islands. The rest of them were mainly about visiting the islands, the discovery of the islands, touring the islands and comparing and contrasting the three islands.   Ã‚  Ã‚  Ã‚  Ã‚  After this I went to the Jackson Community College Learning Center and read through books and Encyclopedias about Cayman Islands but I found most of these to have the same information as my web sites, but not as good. I found a few pictures and maps that were helpful in my own understanding of the islands, unfortunately they wouldn’t be much help with my paper. The Cayman Islands :: essays research papers Part I - The Question   Ã‚  Ã‚  Ã‚  Ã‚  When I was 18, my family took a trip to Cancun for Spring Break. I absolutely loved the beaches and palm trees, the white sand, hot sun and blue waves. Ever since then I have had a real passion for tropical islands. My favorite and perhaps the most beautiful Islands I’ve researched are the Cayman Islands. I’ve only seen pictures and heard stories but I’ve already decided that’s where I am getting married. I still however, don’t know anything about the islands. My love for these islands and my thirst for knowledge on the topic has driven me to do more research and find out the history behind the Cayman Islands. I want to know everything about them, so far the only thing I know is that there are three islands, Grand Cayman, Cayman Brac, and Little cayman. I would like to know more. I am hoping to learn about the early development of the islands, the people, growth, tropical climate and environment. I am doing this purely for my own reference and curiosity. Part II - Research   Ã‚  Ã‚  Ã‚  Ã‚  I began researching for this paper online because it was easy for me to use and a lot faster than looking up information in text books, and it’s a lot more accurate and up-to-date. Immediately I found about a hundred web sites worth printing. After scrolling through page after page, site after site I realized I had barely scratched the surface, so I decided to pick the ones with the most promising titles and print them all. Then I began the tedious task of sifting through all those papers until I found the best ones. I think I ended up with about six different sites, all on different things about the islands. One of the best ones was about the history of the Cayman Islands, I found this to be the most factual. Another good one mostly was about the Geography and Geology of the islands. The rest of them were mainly about visiting the islands, the discovery of the islands, touring the islands and comparing and contrasting the three islands.   Ã‚  Ã‚  Ã‚  Ã‚  After this I went to the Jackson Community College Learning Center and read through books and Encyclopedias about Cayman Islands but I found most of these to have the same information as my web sites, but not as good. I found a few pictures and maps that were helpful in my own understanding of the islands, unfortunately they wouldn’t be much help with my paper.

Reconstitution of a Partnership Essay

Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all. An essential element of partnership is to have an agreement and wherever a change takes place in this relationship it results in reconstitution of the partnership firm. Reconstitution of the firm may happen under any of the following circumstances and as a result there will be a change in the profit sharing ratio: 1) Change in the profit sharing ratio amongst the existing partners; 2) Admission of a new partner; 3) Retirement of an existing partner; 4) Death of a partner and 5) Amalgamation of two partnership firms Change in the profit sharing ratio of existing partners: The partners of a firm may decide to change their profit sharing ratio and in such eventuality, the gaining partner (i.e. the partner whose share has been reduced) unless otherwise agreed should be paid some compensation and the compensation is the value of goodwill represented by the gain because the change in profit sharing ratio means that one partner is purchasing from another partner of the profits. For example; James and Jones, two partners of a firm are sharing the profits of the firm in the ratio of 3:1 and if it is decided that in future both will be equal partners, it means that James is selling to Jones  ¼ th (3/4-1/2) share of profits. Therefore, Johns will pay to James an amount equal to one fourth of the total value of goodwill. In concrete terms, suppose, the profit is $20000 previously James would get $15000 and Jones would get $5000. After the change in the profit sharing ratio, each would get $10000. James, therefore, loses annually $5000 and Jones gains $5000. If the goodwill is valued at $40000, Jones must pay James one fourth of $40000 namely $10000. This adjustment is usually made by passing an adjustment entry. In this case, John’s capital account will be debited and James’ capital account will be credited with $10000. In addition to the adjustments for goodwill, the change in profit sharing ratio also requires the adjustment of profit/loss on revaluation of assets and reassessment of liabilities, accumulated reserves and profit (or loss) etc. Sacrificing ratio and gaining ratio: Change in the profit sharing ratio of existing partners will necessarily mean that one or more partners are surrendering a part of their share in the profits in favor of one or more other partners. A part of share being so surrendered is termed as â€Å"sacrificing ratio† while the share gained by each partner is termed as â€Å"gaining ratio†. â€Å"Sacrificing ratio† is computed by deducting the new ratio from the old ratio. â€Å"Gaining ratio† is computed by deducting the old ratio from the new ratio. References: http://classof1.com/homework-help/accounting-homework-help/

Access tofinance as a growth constraint for SME - Free Essay Example

Sample details Pages: 6 Words: 1722 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? Introduction Many researchers have proved that small and medium size firms faces more constraints to access external finance as compare to large size firms. However there is no research on the factors which effects on the growth of SMEs in developing economy of Pakistan. Study shows that SME plays a key role in the economic development of the country but due to the lake of developed financial institutional structures SME sector faces obstacles to access the external sources of finance. Don’t waste time! Our writers will create an original "Access tofinance as a growth constraint for SME" essay for you Create order Government should take serious steps for the monitoring and development of financial institutional system. Regardless of the increasing interest in the development of community by providing funds to SMEs there are different views regarding to the effectiveness of Pro-SME policies. older in terms of years of incorporation, large size firms and foreigh-owned firms less hurdles to access the external sources of finance as compare to the new small size and locally owned firms. Many researchers stress on the importance of all other factors which effects the business environment for all firms. These factors includes entry and exit barriers for the new entrants in the business, presence and implementation of property rights, contract enforcement, presence of information related to the firms like credit bureau, channels for external finance. Presence of competitive business environment which allows encourages the new innovative entrepreneurs. Furthermore, access to finance plays a very key r ole in the overall business environment rather then constructive destruction in which a large number of inefficient and low growth SMEs . This paper is going to contribute in the policy making for the SMEs. Literature review SMEs, business environment and growth Studies shows that SMEs play a vital role in the economic development of the country but the imperfections in the financial institutional structure impede the progress of SMEs. Many studies at country level ad microeconomic level have reviewed the importance of SME in the industrialization process which leads to economic development ( Snodgrass and Biggs, 1996 ), on the other hand Beck et al. (2005a) studied the relationship between SME, poverty alleviation and economic growth using a cross country data base and found a signification relationship. Same sort of work has been done by Ayyagari et al. (in press) by using Cross-country data and applying regressions between GDP per capita growth and SMEs share in manufacturing Employment and showed a strong positive relationship between GDP per capita and SME share. In his study he not only controlled other variable which may effect the growth of that country but also control those variables which may become reason for reverse causation and simultaneity biases he still found a strong relationship between economic growth and SMEs. On the basis of results from this study we can conclude that SMEs do not foster the economic growth but a large share of SMEs is a characteristic of growing economy. Result of this finding is consistent with the results of Beck et al. (2005a) that a large SME sector in the economy is a characteristic of fast-growing economies, but this is not a reason of the growth of economy. Furthermore he didnt find any evidence for the relationship between large SME sector in the economy and faster income growth. Klapper et al. (in press) used firm level data of Europe and found that regulations related to entry of new businesses effects the economic development. A regulation related to the entry of new businesses is one of key element of business environment and was measured by the cost of registration for a firm, because a high registration fee may act as a barrier for the entrance of new firms. M ean while he considered property right protection and access to finance as those variables which may help the new firms to enter in the business. Further he concluded that low entry barrier and healthy business environment results high productivity, more employment and economic growth. The paper concluded that poor business environment have adverse effect on the SME sector performance because they are more sensitive to the business environmental factor such as market imperfection and dampen competition as compare to large size firms. A comparison study of Italy and UK was conducted to study the effect of entry barrier on the SME sector growth. In Italy the entry cost is 20% of GNP where as it is 1.4% of GNP in UK but the growth rate of smaller firms in Italy is slower then UK. The reason for slower growth of Italy small firms is the existence of many old and inefficient firms. But due to low entry barrier at beginning a larger number of small size firms starts out in Italy but th ey grow more slowly as compare to UK. These finding are complementary to the results of Beck et al. (2005a) and also helps to understand that why a large size SME is improbable to be linked with faster growth, Large SME sector is result of low entry barriers but also with better business environment. Firms are more likely to enter in those economies where they can easily access to external finance better property right laws and better investor protection. (Demirguc-Kunt et al., 2006 ) used firm level data from 52 different countries and found that firms are more likelihood of incorporating in those area where they face less hurdles to their growth, well developed financial institutional sector, presence and implementation of laws, investors protection in terms of strong shareholder and creditor rights, low tax rates and easy bankruptcy process. In those countries where financial and legal institutional are more developed and have favorable business environment, corporations in th ose countries reports less financing, legal and regulatory hurdles. Djankov et al. (2004) used survey data by interviewing with the entrepreneurs and non-entrepreneurs form seven cities across Russia and found that beside personal characteristics business environment is also one of the most important factor for a entrepreneurs to take decision to become the entrepreneur. The study also found several significant evidences that perception related to the corruption and attitude of government officials towards entrepreneurship encourage or discourages the entry of new firms in economy. These results are similar to the results of Johnson et al. (2002). Cull and Xu (2005) studied the behavior of Chinese entrepreneurs and found that Chinese entrepreneurs are more willing to reinvest their earnings if they feel confident and secure about legal system specially property right protection and have easier access to external finance. To study the different dimensions of business environ ment and to check that are all these dimensions are equally important Ayyagari et al. (2005) used firm level survey data of 80 countries and found that out of different variables like access to finance, legal and taxation system, corruption macroeconomic and political stability only finance and political instability have greater impact on the firms growth and finance is the most strong among all these. By combining all these results we can conclude that the presence of competitive business environment which allows encourages the new innovative entrepreneurs. Furthermore, access to finance plays a very key role in the overall business environment. In many poor countries or in developing economies the enterprises and SMEs holds a very large share and form the base for private sector-led growth (Hallberg, 2001 ). Ayyagari et al.(in press) found that SME plays a key role in the employment rate of any country he found that enterprises with up to 250 countries holds the overall 60% of the total employment in manufacturing countries. (Ber-ger and Udell, 1998; Galindo and Schiantarelli, 2003) studied both the developing and developed economies and found that in both economies small size firms have less access to the external fiancÃÆ'ÂÂ © and their growth is more effected with this constraint. Schi er and Weder (2001) show that older in terms of years of incorporation, large size firms and foreigh-owned firms less hurdles to access the external sources of finance as compare to the new small size and locally owned firms. The result of the studies were not only statistically but also economically significant. Kumar et al. (1999) studied the Indian firms and find that the average size of firms in human capital-intensive and RD intensive industries is larger in countries with better property rights and patent protection. Conclusions This article summarizes recent empirical research which shows that access to finance is an important growth constraint for SMEs, that financial and legal institutions play an important role in relaxing this constraint, and that innovative financing instruments can help facilitate SMEs access to finance even in the absence of well developed institutions. The research has a number of important policy implications. The research summarized here suggests that a competitive business environment, of which access to finance is an important component, facilitates entry, exit and growth of firms and is therefore essential for the development process. A focus on improving the business environment for all firms is more important than simply trying to promote a large SME sector which might be characterized by a large number of small but stagnant firms. Although SMEs constitute a significant part of total employment in many countries, one of the reasons they may not be able to contribute to e conomic growth is because they face greater growth obstacles. Indeed, compared to large firms, SMEs are more constrained by different obstacles, and limited access to finance is an important one of these. Research suggests improving legal and financial institutions helps all deserving firms access finance and grow, but the effect is greatest on smaller firms. Both firm-level and industry-level studies suggest that small firms do relatively better compared to large firms in countries with better-developed institutions. Furthermore, we see that in the absence of well developed financial markets and legal systems, it is difficult for firms to grow to their optimal size since outside investors cannot prevent appropriation by corporate insiders, limiting firm size. This is important for The literature suggests that a focus on improving the institutions and the overall business environment is probably the most effective way of relaxing the growth constraints SMEs face and facilit ate their to contribution to economic growth. However, institution building is a long term process and in the interim innovative lending technologies hold promise, providing market-friendly ways of relaxing the constraints SMEs face. A contestable financial system makes it more likely that such technologies will be adopted more rapidly, with foreign banks playing an important role in facilitating this process, whereas public banks have been less useful in the past.