Growing Entrepreneurial Firm: Tips for Starting and Managing a Small Business

Growing Entrepreneurial Firm 1
GROWING ENTREPRENEURIAL FIRM
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Growing Entrepreneurial Firm 2
Growing Entrepreneurial Firm
Introduction
In today’s increasing challenges and competition in the market, starting a business can be
a very huge task. Despite this, entrepreneurship has continued to be considered as one of the
major recognized business approaches which have very exciting and interesting rewards. This
has been attributed by a number of reasons which majorly include government incentives and
support for SMEs.
Requirements for Starting a Small Business/Enterprise
According to the statistics done on SMEs, it shows that, in a span of two years after
initiation of the businesses, 50% of the total number of small businesses started say 10 out of 20
will collapse. Majorly, this is due to poor management practices and inability to provide
essentials of the business. In order to improve the management of small business, one key issues
business owners should be to highlight is the importance of planning (Schoonjans, Van
Cauwenberge, & Vander Bauwhede, 2013). To achieve this, there should adequate insights in the
entire business environment. EOLIO company is one of a good example of a small business
which has the high skill of management that has led to its drastic growth, especially in the past
year.
As entrepreneur acquiring financial resources can be considered as challenging activity.
Despite one being able to gather enough capital to start a business, one must be able to have very
effective skills in managing the resources while running the business. The main prospects to this
will be to avoid reckless risks, losses, and generally mismanagement of business resources. To
achieve this also, every business owner must attain and have high skills in planning and