Small Business Management and Entrepreneurship Report

This report examines the core concepts of small business management and entrepreneurship. It begins with an introduction defining entrepreneurs and intrapreneurs, highlighting their roles in the business market and within organizations. The report then details the crucial skills and traits required to start a new business, emphasizing financial management, marketing, communication, creative thinking, discipline, confidence, flexibility, and competency. A significant portion of the report is dedicated to identifying a business opportunity: emergency medical drone services for CPR, addressing the growing concern of heart attacks. The report outlines a mission and vision for this business, and discusses effective marketing strategies, including social media and mass media, to reach the target audience. The conclusion summarizes the key differences between entrepreneurs and intrapreneurs and their significance in generating and realizing business ideas. The report includes references to support the analysis.

Running Head: SMALL BUSINESS MANAGEMENT AND ENTREPRENEURSHIP
Small business management and Entrepreneurship
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Introduction
Entrepreneurs generally occupy the central position in the business market economy.
Entrepreneurs act as the trigger of hope in the non-running engine of an economy through their
brilliant ideas which actually fills the gap between expectation and reality in the business market.
Entrepreneurs encourage other individuals of the nation to offer their contribution to the growth
of the nations (King University, 2019). It is the entrepreneur which brings all the sources related
to an idea together and provides them a shape which they are expecting. While intrapreneur
generally occupies the central position in the organization and generally performs innovative
work within the organization and has no impact over the business market. Intrapreneur generally
fills the gap within the organization in order to meet employee expectations. Intrapreneur uses
available resources of the organization to provide effective and efficient performance.
Skills and traits required to start a new business
Starting a new business is not as easy as it seems to be. It requires a lot of dedication and
hard work. In addition to this new business is always connected to skills and traits. One of the
most important skills for starting a new business is financial management because cash is always
considered the backbone of every business. Therefore this skill will be very helpful in managing
the flow of cash, forecast sales, monitor profit and loss connected to the business. Another
important skill which is essential for a new business is marketing skill (Small business
Development Corporation, 2019). This skill will help in promoting the idea more effectively in
the business market. Having an effective marketing strategy ensures the generation of higher
sales. Every new business is in continuous need of an internal and external partner in the form of
stakeholder and in order to maintain a healthy relationship, communication skill is very
important. This skill will help in creating a healthy negotiation environment which can offer a
win-win situation for all the stakeholders of the business like employees, customers, and
suppliers. Another important skill required to start a new business is creative thinking with
problem-solving ability (Business, 2019). This skill will help in generating a pool of new ideas
so that the most suitable idea can be selected. While problem-solving ability will help in solving
all the possible issue by exploring the root cause of that particular issue and implement the best
solution to the issue.
Traits also play a very important role in starting a new business. One of the most
important traits required to start a business is discipline. This trait helps in focusing on the
objective of the business and will not allow any distraction related to the objective of the
organization. Another important trait to start a new business is confidence. This trait helps in
bringing thoughts into reality by offering the capability to fight the biggest challenge associated
with the business idea (Green, 2019). Another important trait is flexibility which offers the
capability of adopting the change in the business environment which is considered as one of the
important features of sustainability. Another important trait to start a new business is competency

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which makes one person different from another person. This trait helps in developing a unique
feature which cannot be easily copied by other rivals.
Business opportunity
No doubt, new products, and services have made life of a common man very comfortable
but at the same time, it has also created a big web of disease around the world because
individuals have become habitual to comfort and started feeling nervous whenever facing any
kind of challenge in their life. As per the study, it can be said that there is a constant increase in
the percentage of the heart attack on the global level and therefore must be considered as one of
the most serious concern. In this situation, emergency medical drone can play one of the
significant roles in solving this issue by offering their Cardio-Pulmonary Resuscitation service
within the time frame of three minutes on emergency base (Kim, Lim, Cho & Côté, 2017).
Mission
Offer emergency medical service with the help of drone with a time period of three minute.
Vision
Expand emergency medical drone service business on the global level with the help of social and
mass media marketing.
Make use of social and mass media marketing
The success of any business is totally dependent on their entry phase because this phase
offers the new business a platform on which they can make a positive impact of their product on
the minds of the potential customers. In this situation, social media and mass media are the two
most powerful promotion tools which can help this business to create their unique image in this
business market (Constantinides, 2014). It can be said that almost half of the world at present is
connected with social media such as Facebook, YouTube, Instagram, and Twitter. Facebook and
Instagram can be used as an appealing platform by uploading the pictures which can generate a
feeling of need in the minds of the viewer. While YouTube can be used as a platform to gain
emotional connection by upload teaser videos of emergency medical drone service
(Papasolomou & Melanthiou, 2012). Twitter can be used as a platform for two way
communication in which all the doubts related to this service can be solved with the help of
conversations.
While mass media marketing will be used to cover the higher portion of the target
audience on the global level, especially youngsters which live away from their family but are
very concern towards the health of their family members (Mulhern, 2009). Here, Television
advertisement, newspapers, and magazines which be used as a platform where this idea can be
promoted on a large base because this type of media covers all most major portion of the world.

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Conclusion
At present entrepreneurs is considered as the face of the business market while
intrapreneurs are considered as the face of the organization. These two important section shares
almost the same skills and traits. One thing which makes them different from one another is
their area of operations. Entrepreneur’s area of operation is not limited while intrapreneurs area
is fixed through rule and regulations of the organization in which they are working. These two
sections are very important for the generation of an idea and then transforming this idea into
reality.

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References
Business. (2019). 12 business skills you need to be master [online]. Retrieved from:
https://www.business.com/articles/12-business-skills-you-need-to-master/
Constantinides, E. (2014). Foundations of social media marketing. Procedia-Social and
behavioral sciences, 148, 40-57.
Green, B. (2019). You're an Effective Business Leader If You Have These 8 Traits [online].
Retrieved from: https://www.inc.com/bill-green/the-8-characteristics-of-an-effective-
business-leader.html
Kim, S. J., Lim, G. J., Cho, J., & Côté, M. J. (2017). Drone-aided healthcare services for
patients with chronic diseases in rural areas. Journal of Intelligent & Robotic
Systems, 88(1), 163-180.
King University. (2019). Entrepreneur vs Intrapreneur: Understanding the Difference
[online]. Retrieved from: https://online.king.edu/news/entrepreneur-vs-intrapreneur-
understanding-the-difference/
Mulhern, F. (2009). Integrated marketing communications: From media channels to digital
connectivity. Journal of marketing communications, 15(2-3), 85-101.
Papasolomou, I., & Melanthiou, Y. (2012). Social media: Marketing public relations’ new
best friend. Journal of Promotion Management, 18(3), 319-328.
Small business Development Corporation. (2019) Essential business skills [online].
Retrieved from: https://www.smallbusiness.wa.gov.au/business-advice/starting-your-
business/business-skills