Creativity and Innovation in the Development and Growth of SMEs

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Critically evaluate the factors impacting the growth and development of local SMEs and how innovation and creativity could help overcome the challenges facing FRACINO, the British leading manufacturer of coffee machines, as it looks to expand further on the European market.
You will critically evaluate four (4) significant factors (4 internal and 4 external factors) impacting the growth and development of local Small Medium Enterprises (SME’s) in the global economy and demonstrate how innovation and creativity could contribute to overcoming the challenges faced by FRACINO.
As supportive guidance your report may cover the following:
• Show an understanding of the concept of entrepreneurship and the contribution of SMEs to the UK economy.
• Show an understanding of the concept of innovation and creativity and how they could help overcome the identified 4 factors (2 internal and 2 external factors) on the global market. You should balance your report and arguments within it equally between the 4 factors.
• Show an understanding of the key considerations while considering growing a business beyond the national borders.

Module Learning Outcomes:

1. To assess the concepts of entrepreneurship, innovation and creativity and their role in the development and growth of SMEs.

2. Discuss the contemporary challenges evident within the global business environment and the impact on the SME sector.

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