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Entrepreneurship and Business Management Assignment

   

Added on  2020-03-16

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ENTREPRENEURSHIP AND BUSINESS MANAGEMENT 1ENTREPRENEURSHIP AND BUSINESS MANAGEMENTby [Name]CourseProfessor’s NameInstitutionLocation of InstitutionDate
Entrepreneurship and Business Management Assignment_1

ENTREPRENEURSHIP AND BUSINESS MANAGEMENT 2Although there is no universally accepted definition of an entrepreneur, Hapiro (2016)suggests that an entrepreneur as an individual who initiates a business enterprise, by accepting various risks and challenges associated with entrepreneurship with the aim of making profit. A person who identify an opportunity in a particular area, recognises the needsand wants of the customers and establishes a business enterprise to satisfy the identified needs and wants is known as entrepreneur. Entrepreneurs are known to be people who take financial risks with the aim of makingprofit. They tend to be good at identifying new opportunities and coming up with better ways of operating their businesses in order to satisfy their customers. For example, they are good inidentifying new possibilities and noticing unmet market needs. The high pro-risk-taking attitude which they possess make them more likely to exploit the possible opportunities they spot.According to Yavuz (2014), an entrepreneur can be in control of commercial activities, directing various factors like production of goods and services, human resources, financial flows and material resources. In addition to initiating a business, entrepreneurs play the role of a manager and oversees various factors which favour the growth their businesses. Most of the entrepreneurs are good in time management and this makes it possible for them to balance family life and business activities.According to Valdez (2011), the term entrepreneur refers to the qualities of initiative, team-building, leadership and innovation in new venture design. Unlike small business owners, entrepreneurs are focused to growth of their business and always seek to use technology innovation to establish a change for the sake of maximizing profit. Some key features which characterize Entrepreneurs comprise of being resourceful, self-motivated, willing to take risks, and having vision and flair.
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ENTREPRENEURSHIP AND BUSINESS MANAGEMENT 3Small business is defined as an enterprise that employs less than 20 members of staff (Williams, 2015). Although sometimes the word entrepreneur and small business owner are used interchangeably, they refer to two different things. One of the factor which brings the difference between the two is the level of their self-efficacy. Comparing the two, entrepreneurs have strong belief of their capabilities as compared to small business owners. Entrepreneurs have goals and enjoys seeing their businesses at a different level after sometime while small business owners enjoy the existence of their businesses more than theirgrowth.Entrepreneurs exhibit dynamic forces when planning and launching of new business enterprises. They handle various issues in their businesses like for example product design, establishing most efficient production methods, undertaking marketing activities among others (Rose, 2011). On the other hand, small-business owner is a person who owns a business enterprise but may not be involved in running the business. Comparing the two, small business owners plays few roles in running a business as compared to an entrepreneur.Entrepreneurs and business owners differ in the manner in which they relate to their business. To start with, entrepreneurs take their businesses as assets, or something that need to be well managed so that it can enable them to realize better returns (Judith, 2015). On the other hand, small business owners happen to be more sentimental concerning their enterprises. An entrepreneur is an organizer and a person who takes risks, and utilizes available opportunities to make profit. They introduce new idea after the other, and use innovation to enhance customer satisfaction (Colleen, 2015). On the other hand, small business owners areindividuals who organize the processes involved in running businesses and experience the challenges of running an operation-based business opportunity to make a profit. Small
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