Entrepreneurship and Small Business Management: Analysis & Report

This report provides an overview of entrepreneurship and small business management, emphasizing the skills needed for planning and setting up a business with creative and innovative ideas. It evaluates key aspects of an entrepreneurial mindset, differentiating between social, local, and global entr...Read More

Entrepreneurship and Small Business
Management
• INTRODUCTION
• MAIN BODY
• Evaluation of key aspects of an entrepreneurial mind-set
• Differentiation between social, local and global entrepreneur.
• Analysing the ways in which background and experience may hinder or foster
entrepreneurship
• CONCLUSION
• REFERENCES

INTRODUCTION
• The aim of Entrepreneurship and Small Business Management concept is to describe
about the skills which are required for planning and setting up the own business with
creative and innovative entrepreneur.
• In addition, this module will help an individual to investigate alternative route to start a
commercial enterprise and develop the ideologies into an opportunity which can provide
a successful commercial and economic career ahead.
• Before moving forward it is important to know the difference between the
entrepreneurship and small business management(Kim and Jeon, 2018).

Evaluation of key aspects of an
entrepreneurial mind-set.• Starting a business needs efforts, mind set and lot of work. Every day is like a new
beginning to a work, motivation and new challenges.
• If people cannot handle this acts it will fall in faster than it started. Making an accurate
plan will able to lead to a successful business career ahead
• . People who want to start their own business have ambition and goals that where they
have to reach in what duration.
• Successful entrepreneurs, Andrew Carnegie and Oprah Winfrey have similar qualities to
seek a positioning rank in a list of entrepreneurship quality.

Strong leadership quality
• A leader is someone who guides and move forward together with the employee and
achieve a great success.
• The person who is leading the team have an excellent collaboration to their co-workers
and help them to solve any kind of issue related the workplace(Turner, 2018).
• A good leader always maintain the trust and loyalty towards other employee, which can
lead them to work effectively and operate a good outcome and revenue in an
organization.

Self motivated
• It has been discovered that in the previous studies that entrepreneur is pretty intense
personalities.
• For being successful it is important to come out and display the skills and knowledge in
the world.
• Leader always work hard along with it also keeps the record of maintaining the people
motivated and courageous in a society.
• Being a successful entrepreneur it is a one of the necessary tool to understand the value
of motivation and by utilizing it helps in becoming a successful trader.

Competitive spirit
• In any kind of business, there are numerous challenges which an individual have to
confront every day.
• Starting a business and leading it to a stable position, the entire journey is a challenge for
an organization.
• Thousands of competitors are capturing the market to grow differently. An entrepreneur
should have a spirit and ambition to overcome the threats and grow effectively itself.

Impact on local, global and social economy in
business
• In the pandemic, Covid-19 all the departments and business associations affected the
global economy.
• Local business generates the high revenue and local property taxes.
• Social economy organizations have potential to increase the social innovation to manage
the environmental and social challenges.
• Social economy involves stakeholders in the decision making process. These government
models facilitated about economic and social impact and raise the democracy in society.

Cont…<
• Entrepreneurship plays significant role in the social economy.
• They can convert the labor and economy into national income and increase the
production and services and goods.
• They operates the employment in a society.
• Improvement of standard of living.
• Balanced the regional development by proving them a stable position.

Differentiation between social, local and
global entrepreneur.
• Local : In general, they are person who do business for increasing the economy of a
particular rural community.
• Henry Sy, who was the Philippians businessman of retail company. At the age of 20, Sy
became a manager of a store for an American business which is of local shoe industry.
• Henry decided to sell shoe because of loss of the family in World War II(Franch, 2020).
• After that a man started to sell G.I boot and saved money to open a shoe mart.

Cont.…<
• Global : Global entrepreneur means a person who seeks out its innovative business in
entire world.
• In other terms, it can be said as an individual who sells their services and products all
over the world and achieve a high demand and economic shares in a society.
• Here, providing a real world example for better knowledge.

Cont.<
• Mark Zuckerberg who is the founder of Facebook, it is a social media service which is
founded in 2004 at Cambridge Massachusetts, United States. At the age of 24 years,
became a successful entrepreneur whose turnover is approximately $40,653 in 2017.
• The Facebook, a website which have 2.91 billion users till now in entire world. For
becoming a successful businessman Marks followed some traits which helps in being
motivated(Xing, Liu, and Cooper, 2018).

Cont.…<
• Social : Social entrepreneur refers to a person who recognizes the obstacles occurring in
a society, they resolve the problem from their different affairs and unique ideas which
can be beneficial for other surrounding people.
• Kristina Salceanu, a social entrepreneur who has created a foundation season calendar
that invites people to give instead of receive mainly in an occasional season. Kristina got
an idea for people in ease way to donate on festive season.
• She is the founder of Advent of change, which is a multi-product retailer around
calendar.

Ways in which background and experience
may hinder or foster entrepreneurship
• The background and experience can affect the number of aspects in the entrepreneurship.
For example: Caste, race, religion and background.
• The biggest factor that act as a hurdle in entrepreneurship is the experiences of the
entrepreneur.
• This defines the conditions in which the individuals grow up. In order to understand this
with clearance.

Cont.…<
• Education level- The education level of the entrepreneurs determines their capacity for
entrepreneurship.
• For example: an individual education does not match with the capability being
entrepreneur. Then, the individual cannot start the entrepreneurship
• Cultural barrier- entrepreneurship can have a high impact if the nation does not provide
support to the entrepreneurs.
• In order to establish entrepreneurship, the support and involvement of home nation is
required.

Cont.…<
• Traits of characters- These elements acts as a hurdle in the entrepreneurship.
• The elements that are present in the individual determines their capability for being
entrepreneur.
• For example: an individual is full less confidence and the motivation is missing in them.
• Then, such personality can not become the entrepreneur. As being an entrepreneur
requires extra motivation and confidence among the individuals.

Cont.…<
• Fear of judgement- The individual who has faced trauma in the past goes with the
situation that is fear of judgement.
• This element affects the entrepreneurship.
• As the entrepreneur takes the number of decision therefore, the positive and effective
mind approach is needed.
• The fear of judgement results in the creation negative thoughts.

Cont.…<
• Economic support- This also plays an important role in affecting the entrepreneurship.
• It involves the financial status.
• Less availability of the fund affects the entrepreneurship. In order to become the
entrepreneur, strong financial base is needed.
• There are number of risks in the starting of the new business. The entrepreneurship
results in increasing the stability of economy.

Cont.…<
• This further results in the social development.
• The entrepreneurs are the ones who shape the economy by establishing new business.
• Therefore, the entrepreneur must be flexible. So, the can adjust in the dynamic scenario
of business.
• Along with this, the good and effective decision-making is required for the
entrepreneurship.

CONCLUSION
• In this report, an overview of the concept of global and social entrepreneur and the small
business management.
• This report is illustrating the understanding of management the association from different
strategies and theories(Ramachandran, Kaur, and Venkateswaran, 2017).
• In addition, the differentiation between the local, social and global entrepreneur has been
discussed with the real world trader’s example.
• The discussion is most relevant to sustain a business innovations and become a
successful entrepreneur.

REFERENCES
• Kim, B., Kim, H. and Jeon, Y., 2018. Critical success factors of a design startup
business. Sustainability.10(9).p.2981.
• Turner, T., 2018. Henry Maudsley: psychiatrist, philosopher, and entrepreneur. In The
Anatomy of Madness .(.pp. 151-189). Routledge.
• Franch, S., 2020. Global citizenship education between qualification, socialization, and
subjectification. The Palgrave Handbook of Citizenship and Education.pp.665-678.
• Ramachandran, S., Kaur, M. and Venkateswaran, C., 2017.Challenges Faced by Women
Entrepreneur in the Society at Perception of Men.