Issues in Small Business and Entrepreneurship

Issues in Small
Business and
Entrepreneurship
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Table of Contents
Introduction.....................................................................................................................................3
Main body........................................................................................................................................3
The personality characteristics of entrepreneurs to business growth in small firms..................3
Issues and challenges prevailing in small businesses and entrepreneurship...............................5
Conclusion.......................................................................................................................................7
References.......................................................................................................................................9
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Introduction
Entrepreneurship is the process of applying skills and expertise in the field of business to
create value for consumers for the purpose earning profits and wealth. Entrepreneurship is a
skill and is quite challenging profession as it requires high expertise and experience in order to
perform the functions of management effectively and efficiently. Entrepreneurs and small scale
businesses are often challenged in numerous areas including arranging and accessing resources
and finances. In the following literature review, analysis and evaluation of strengths and
weaknesses associated with personality attributes and traits of entrepreneurs are discussed. In
this literature review, the major issues and challenges are identified which are faced by
entrepreneurs and small-scale businesses in establishing and managing their businesses.
Main body
The personality characteristics of entrepreneurs to business growth in small firms
Entrepreneurship is a skill which is associated with establishing an enterprise and
collecting and assessing various physical and financial resources. An entrepreneur is a person
who initiate a new business plan and risk his personal savings in order to allocate the resources
to start his venture. The process of entrepreneurship is quite challenging and the ability of risk-
bearing is what increase the chances of success for an entrepreneur. Entrepreneurship must have
some attributes and qualities which are required for growth and development of its small-scale
enterprise (Morozova, Popkova and Litvinova, 2019). Entrepreneurship is associated with
developing a small-scale venture which over the time can grow and expand with huge
investments and capital addition. Following are the strengths and weaknesses of an entrepreneur
linked to small business growth:
Strengths of an entrepreneur
Bold and open-minded: One of the major attribute of an entrepreneur is characterised by
his bold and open-minded attitude which ensures that how effectively he would be able to grab
an opportunity (Huarng and Yu, 2021). An entrepreneur must keep his mind open in applying
new ideas and should not restrict or limit the possibilities through maintaining a conservative
attitude. In order to run business through exploration of opportunities, small-business owners and
entrepreneurs must maintain bold and open-minded attitude enhancing their chances of success.
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