Entrepreneurship in Small Business Management: An Overview

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WHAT MAKES A
ENTREPRENEUR?
ENTREPRENEURSHIP IN SMALL BUSINESS
MANAGEMENT

TABLE OF CONTENT

INTRODUCTION
Being a successful entrepreneur means focusing on
the new ventures everyday. It has helped in driving a
strong inner peace to succeed in the business. The
goals should not set in the way of permitting the
countless setbacks to the business. The personality
and opinion of the entrepreneur matters the most. It
can help in looking out for new innovation and ideas
and emerge them to meet the demand of the
business. The business can help in improvising the
product and services offered by them.

WHAT IS CONCEPT OF
ENTREPRENEUR
 An entrepreneur is the one who undertake the responsibility
and initiative for high achievements. Further, it is necessary
for him to outlook for the skills that are eventually
necessary to bring about the change in the business. This
can create wealth, new green field projects and building
many employment opportunities and leading to the growth
of the other sectors.
 The concept involves the decision-making and complex
socio-economic, technological, psychological and dynamic
feature to the process. The fusion of capital, human talent
and technology has helped in equally applicable range of
the business activities. There are different entrepreneurs
through which the process can stray some incidents.

EXAMPLES OF DIFFERENT
ENTREPRENEUR
For example: The entrepreneurial gambles have been well
played by the following entrepreneurs. They are: Bill Gates,
the founder of Microsoft has eventually launched the
products such as Microsoft office, Windows and Internet
Explorer. The other example is Steve Jobs, who is co-
founder of Apple computers and the products which are
launched are iPods, iPhones and Macs. Other than this,
Mark Zuckerberg, pierre Omidyar and Caterina Fake are
some of the well-known entrepreneur

There are different types of the entrepreneurial ventures which helps in following the
targets. They are:
 Small business entrepreneurship: This focuses on the low employees in the
business and is usually start-up type of the business. The revenue generation is
not much of this organization. however, the types of the business can run the
family through which the partner with friends can meet with the product or
services in order to grow exponentially.
 Scalable startup entrepreneurship: This is the type of the business through which
the idea or setting of the business is mainly focused on innovative products or
services. The entrepreneur is likely to believe that their ideas can be helpful in
bringing about the change in the world. This requires the investment from the
venture capital.
 Large company entrepreneurship: This can cover a finite number of lifecycle
through which new products or services can be recorded with the longevity of the
business. The large size organization may force in a disruptive innovation and
creating new products for the new market.
 Social Entrepreneurship: This is highly responsible for the managing and
reluctantly dealing with the customers demand. The scalable products and
services are offered in order to meet the for-profit needs of the organization.

Basis of
comparison
Survival Lifestyle Managed
growth
Aggressive
growth
Growth rate on
annual basis
Nominal in
regular way
<5 % and are on
weekly or
monthly basis
10-15% percent
within 1 or 2 year.
>20 percent for
2-5 years
Exit Approach Shutdown, Sell transfer Merge and
transfer
Sell, merge or go
public
Entrepreneurial
orientation
Very little Short Restrained high
Legal
responsibility
Substantial Substantial Less Important Insignificant
Technology
investment
None Inadequate Reasonable High

Similarity Survival Lifestyle Managed
growth
Aggressive
Growth
Management
skills
Selling and
making
Management skill
and selling of the
goods skills
Planning, selling
and strategizing
Selling and
planning and
cashflow
Source of
finance
Self Self and family
and friends and
banks
Self, investors,
family and friends
or banking
Self and family
and friends and
banks and private
investors
Economic
motive
Sustain oneself Income
substitution and
sustain oneself
Wealth creation
and sustain
oneself
Wealth creation

CONCEPT OF ENTREPRENEUR
TYPOLOGY
The concept of the entrepreneur can give rise to the different set
of the combinations. This can highly lead to the certain work
prospects. The representation of the four ventures can help in
developing the entities for the business rather building the
stages. However, the lifestyle business always remains
transitioning into another type of venture. This may help the
company to meet the category into which they fall.
 The typology can be recorded in terms of improving the
efficiency, effectiveness and performance of the organization.
This can be highly related to the expert idea generator,
empathic super sales person and other characteristics in order
to meet intuitive business performance. This can be
integrated with the discovered range of the services by
authors.

TYPOLOGY

CAN ENTREPRENEURSHIP EXIST
IN PUBLIC SECTOR?
 Public sector entrepreneurship exist on the idea
whose time has come. This concept can meet with
the increasing range of the entrepreneurial spirit
into the heart that blend two different roles. This
can direct on the building new relationships,
working across sector lines and leveraging
resources. Thus, it exist in case of re-emerging the
rapid change in the services that are offered to the
public. The OECD has established the pressure by
putting difficult decision on the development of
the sector. This can require new skills and
capabilities in order to grain the society and
politics.

EXAMPLES OF PUBLIC
ENTREPRENEUR
The type of organizations that are established can aim to
provide quality products or services to the customer. This
has no significant impact on the profitability rather than
providing welfare and development.
 For example: Clive Jackson, the founder and CEO of
Victor is the best example to the public entrepreneur.
The organization of Victor has garnered around $45
million USD in funding and exceeds the revenue goals for
next year. Other than this, Marc Biles, Founder and CEO
of Ratio is also public entrepreneur.