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Entrepreneuship-and-Small-Business.docx

Entrepreneuship-and-Small-Business.docx - Entrepreneuship...

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Entrepreneuship and Small Business Entrepreneurship is accepting the challenge of starting and running a business. This is to start a business. An entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics that a very small fraction of the population has. Anyone that wants to work for themselves is an entrepreneur. - Anyone who wants to work for himself, - Means undertake - High aptitude who pioneer change, found in low pop Entrepreneurial ventures and small businesses have differences: Differ in 4 ways: • Amount of wealth creation: they'll basically make a lot of money for themselves, Rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit. Speed of wealth creation: they make money really quickly, While a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid. For example, this may occur within five years. Risk: While a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid. For example, this may occur within five years. Innovation: often involves substantial innovation beyond what a small business might exhibit. This innovation gives the venture the competitive advantage that results in wealth creation. Innovation may be in new products, new production methods, new markets, and new forms of organizations. Reasons why people want to be an entrepreneur: • New ideas/process/product- produce a better product, or a current product at a lower cost, than anybody else. Perhaps they have gotten hold of a new widget or have conceived of an improvement that they are convinced has a large potential market • Independence- doing things on their own way, satisfaction out of what they achieve • Challenges - motivated and driven people like a challenge, excitement and the challenge of doing something new or difficult • Family pattern- grew up in a fam that has a small business of their own, This background may predispose young men or women to think along the same lines. Sometimes there is a family business, and the next generation grows up expecting to take its place there in due course. • Profit- natural for people to benefit monetarily from their ideas and dedication and to be rewarded for the money they risk and their hard work- enjoy problems and satisfaction a business brings when a business brings profits
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• Immigrants - cause they find it hard to find employment, lack ed and weak language skills makes ir diff to find employment- desie to succeed if they have the capital – start their own business Important entrepreneurial characteristics: - self directed : self started, confidence in you, don’t hesitate to step in situations, comfortale and self dcipline- responsible for success and failure - determined:
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