ENTREPRENEURSHIP SMALL BUSINESS MANAGEMENT
Although it lacks a universal language in today’s market, entrepreneurship is considered a platform to make wealth by a lot of people globally. The reasoning behind is that entrepreneur puts together all factors of production (land, capital, and labor) hence involving the process of analyzing opportunities in the market, organizing the necessary resources and investing them to accrue Since entrepreneurship involves identifying market opportunities that result in greater income returns later, the typologies of entrepreneurship are signified in the many opportunities. The opportunities can be imitative by reflecting good business models mainly for their personal benefits, a locative that is pointed out aftermarket observation, discoveries based are always commenced under uncertainty and risk conditions and the construction based that is due to the entrepreneur’s adequate experience and sufficient tolerance with the harsh environment.
(Hunter, 135-9). This report aims at expounding on the viable ways the FSB will bring influence to local community through by promoting entrepreneurship. The rules and regulations regarding the running of such enterprises are reached upon by mutual agreement of the parties and endorsed. They are involved directly in the provision of goods and services directly to the market. d) Micro-enterprises. These are small businesses that employ a small number of employees. It usually operates with less than 10 employees and begins with a small initial capital. According to SBA: • Microbusiness makes up to 53% of total U. S. sales. • Micro businesses contribute to 54% of all U. S. Also, the survival business venture had the lowest self-identity as compared to other business ventures forcing the business to struggle and labor and required to be labor intensive which in the long run become expensive.
These characteristics and roles are similar in all the private, public and social business ventures as they all expected to achieve fast economic growths for the society to benefit as they provide job opportunities and the tax payments ensure the development of the infrastructure. The business ventures are responsible for ensuring public welfare is safeguarded by minimizing cases of inequalities between the private and the public enterprises. Monopolistic business ventures need to be limit as they encourage unfair competition in a market. Some deterrents to monopoly are; controlling market prices aimed at profit maximization which imposes a heavy burden on micro businesses not yet at the monopoly level. The desire for financial dependence has led to the rise of the freelance industry.
Most people have gone to self-employment in which they earn their own money from their work. Freelance business has contributed greatly to this sector since most people in many countries in Europe have ventured into full-time freelance writing as their job. This gives satisfaction and financial dependence. Small businesses have encouraged innovation, therefore, enhancing competition and feeding new ideas into the market. , better housing, medical care, food, etc. small business promotes innovation and new ideas thus opening up new markets. When the resources are equally distributed, many people can open a new business. As a result, the living conditions of the people improve. The making of a successful entrepreneur Entrepreneurship is a journey that is punctuated by a number of hardships.
Risk taking is another ability that characterizes good entrepreneurs. They are able and willing to take all risks and invest their finances in a business with an aim of making some profit. Entrepreneurship is very risky, but to be successful, one must go against the odds and take up the risks. Entrepreneurs exhibit the greatest level of flexibility and open-mindedness. Although vision and directions one thing an entrepreneur needs to possess, there many unknowns in their journey to investment. Networking: Successful entrepreneurs are very god at networking. They build good networks with friends, family, and neighbors and even their competitors. Some have networked with people who have mentored them and worked with them in the journey towards entrepreneurship. Entrepreneurial personality An entrepreneur’s mind is dynamic and has the ability to execute innovations hence they are the main raw material for the venture.
The actor’s family upbringing and their background play a key role in the nourishment of fresh ideas to push the business forward. Some of the traits are talkativeness, agreeableness, conscientiousness and emotional stability which enables the entrepreneur to be confident and open hence exploring ideas is easy to him/her. The talkativeness plays a role when it comes to negotiating. Conscientiousness makes the entrepreneur to be oriented to his objectives. These traits improve the business in one way or another. The traits can attract investors as they can notice the type of business venture destined for greatness and would want to be associated with it. While there is the life full of smiles and joy in entrepreneurship, most people are being hindered by past experiences and background.
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