Entrepreneurship: Small Businesses and Economic Contributions

This report delves into the multifaceted world of entrepreneurship, defining entrepreneurs and exploring various approaches to launching successful ventures. It examines the different types of entrepreneurship, including lifestyle, growth, small-scale, scalable, large-scale, and social enterprises. The report also discusses the business startup process and the vital role small businesses play in the economy, emphasizing their contribution to job creation and the provision of goods and services. Furthermore, it covers the business cycle and its impact on businesses, as well as the ways governments assist local enterprises. The report highlights the importance of innovation, market research, and business planning for entrepreneurial success, providing a comprehensive overview of the field.

Running Head: ENTREPRENEURSHIP
Entrepreneurship
Name of the Student
Name of the University
Author Note

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The aim of the paper is to take into concern the way small business are affected by the
ways, Entrepreneurship ventures are taken into consideration. As such, the course of the
paper would follow the course where the concept of entrepreneurs would be discussed in all
its effectiveness. The paper would also bring it in its concern the different approaches that has
been taken towards shaping the entrepreneurship venture. As such, various forms of the
entrepreneurship as well as the concept of the business start up would be discussed in the
course of the paper. The paper would finally invest its concern towards the contribution of the
small scale business on the economy that has been either localized, or has been spread on a
wider base, in both national as well as international sphere.
Who are Entrepreneurs?

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In the basic sense of the definition, an entrepreneur can be defined as a person who
takes up the initiative to put up a firm that aggregates the resources and the stakeholders I n
order to come up with service and make it marketable in order to earn profit from the market.
However, in reality, entrepreneurship is much greater than creating a firm and giving shape
to it. Rather it is about giving shape to a dream that has been destined to bring about some
changes in the life of the entrepreneur and the people who revolve around him in this venture.
The entrepreneur is the one who gives birth to an enterprise.
As such, the enterprise evolves as a result of the action that has been taken by the
individuals who are aiming at bringing about changes in the organizational set up. This is
mostly noted in terms of the business where the initiatives are being taken in order to give
ruse to a wide array of product as well as services in their area of concern.

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Social enterprise therefore can be termed as the outcome of an initiative where the
profit that has been surplus are invested in some business or in the aspiration of the
community or corporation. As such, the surplus profit is not used in order to enhance the
earnings of the shareholders and the stakeholders in order to enhance their journey.
Several Approaches taken towards Entrepreneurship
In order to establish a successful entrepreneurship, it can be noted that several steps required
to be brought together in order to ascribe it with a shape. The first step of being a part of the
Entrepreneurship is being the entrepreneur in itself. The person desiring to be in the field of
the entrepreneurship need to conduct considerable amount of research in the concerned area
of the market before operationalizing the market and conduct the research. The research
should include the substitutes of the organization who are making a mark in the market with
similar range of products and services. As such, these bodies are capable of casting potential
threats to the market in general.
As such, the market research should be backed by the research about the particular
market. The market research should also include the attributes and understanding of the needs
of the market and the steps required to be taken in order to give a shape to the endeavor. It is
important for the entrepreneur to keep in concern the that the product or the service that has
been introduced by them in the market are not similar to the services or the product
introduced by other entrepreneur.
As such, entrepreneurship is all about bringing about innovation in thee corporate
sphere with a newly evolved creativity. It has been noted that the innovation of the market
should be marked by the creativity as well as individuality of the entrepreneur who would
bring about the product in the market. The innovation in the business idea should be backed
by evolved thinking in the sphere of the business, followed by the creation of the business

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plan and the proposal for the business. The business proposal in return should be marled by
the financial plan in order to carry out proper execution of the market that has been the
concern of the entrepreneurs.
The business and the related structure should be chosen by the entrepreneur keeping
in concern multiple factors that has been taken up by the entrepreneur. The next step of
setting up the entrepreneurship is to find a title in order to demarcate the business venture
from other business venture that exists in the market and it requires to be registered as an
official body. It is also important that proper license has been acquired in terms of the
business venture where the entrepreneur would be considered legally authorized in order to
create the business venture. As such the organization is left with a suitable location from
where they can operate their business.
The steps that has been enumerated in the following course of the discussion are some
of the basic steps that the entrepreneur should consider in order to bring out innovation and
give it a proper shape in order to suit the market.
Types of Entrepreneurship venture
Lifestyle: The entrepreneurship venture can be distinguished on the basis of the areas that
takes into consideration the personalized aspiration of the individual and the steps that has
been taken by them in order to provide the client with a transformation in the way that is
desired by them. The implication of the sector is noted by its ability to provide the clients
with their desired way of living, aspiring them to be what they want to. It primarily evolves
from their areas of passion and interest.
Growth: This form of entrepreneurship aims at creating a different set of actions which in
turn aims at creating a production followed by the increase in the same and extend the

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performance of the venture on the basis of the enhancement in their quality and quantity.
Such initiative involves a considerable amount of risk that requires to be adopted in order to
evolve with a greater growth in future.
Small Scale initiative: The small scale refers to the lesser involvement of the stakeholders and
resources in the process of creation of the business venture and thus it is also important to
note that the initiative that has been taken involves lesser amount of risk. The initiative of the
small scale entrepreneurship is also noted in the fact that the business organization are
equipped with controlling the difficulties that come on the way of the organization and they
take loan or resources in order proceed in their initiative.
Scalable: The feature of this particular form of business endeavor is noted in the ability of the
entrepreneur to come up with innovative idea in order to make profit and tolerate the hurdles
that has been adopted by the organization. As such initiatives are mainly concerned with
providing innovative ideas to other firms in order to succeed them in their venture. Such
initiative commonly use the prominent social media platform in order to co e up with the
changes. Thus it has been noted that the changes has been adopted by such initiatives both in
their internal as well as external ventures.
Large: Large companies are the ones who are aimed at providing innovative ideas in order to
create new offer or production along with their existing array of products that they have
planned to introduce in the market. The companies as such, take the help of the creative
technology in order to receive desired result which has been created on a massive scale.
Social: The form of entrepreneurship aims at identifying the areas that require intervention
and thereby makes attempt in order to make changes that would make the world a beautiful
one. The revenue that has been generated from the venture has been used in order to bring
about the desired social changes as desired by the organization.

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Business Start Up
A business startup can be considered as an initial step where the business had been in
its preliminary stage, where they are concerned with the delivery of the product and the
services in the market. As such, in most of the cases the business venture begin their initiative
by adopting loans from the government backs as well as from other privatized corporate
agencies. At times, the organization can resort to crowd funded sources in order to carry
along with their business venture.
Small Business
The importance of the small business to the market scenario of the country are unparalleled
because the company has been marked by the desire to produce product and services in the
market. It is also important for the overall scenario of the market because it provides the
market with job related opportunities. As such, the contribution that they make in terms of the
business venture are greater as compared to the capability of the individual contribution.
Business in terms of the product and services are the areas which guides the lives of
the individuals around the world. The business takes place both in terms of service as well as
product that they initiate in the market. The aspiration of the consumers are lined with the
need or the want of the company where the work together in order to bring about desired
changes in the market. The organization should adopt something tactical in order to deal with
the complications that might arise from the needs of the consumers from the market. It is
important for the country as an organization should take up the production of the product and
the services in order to face the challenges that lie in the way and tackle it with crucial care.
Another reason that marks the importance of the business venture in the country
includes attributes of the job opportunities in the country. In the country that has been

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developing, it has been known that the organization can come up with initiative in order to
tackle problems of job opportunities that might exist in the organization. As such, in order to
enhance their opportunities as well as their contribution, it needs to be noted that the
organization need to contribute to the global market as well. It is important for the small scale
business to exist for a country as it would prepare them for their lives.
Business Cycle and its impact
The importance of the business cycle to a business in unparallel in nature, thus it has
been noted that the importance of the business cycle is marked by its ability in order to create
an influence on the economic cycle of the company. The two peak point in the business cycle
is marked by the boom phase and the recession phase where the boom phase hints at the fact
that the business had been held in a positive way and on the other hand the contribution of the
recession is noted in the fact that the business had been affected in a negative way. The
recession phase might be indicative of the fact that the business had been encountering delays
in delivering the product and the service, or they are unable to return the credit that has been
borrowed by them. The business can be affected by a multiplicity of factor where the factors
can include the profit, expenditure and other factors related to money. The business can also
be affected by a greater turnover of the employees from the organization.
Government assists the local business in a number of ways, which include providing
them with supporting help followed by the training, loan and the localized help that can be
provided to the organization functioning in the venture. The helps might therefore include
finance and loans, support in the business and the findings in terms of the startups.

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