Small businesses are the spine of this country. These businesses are responsible for creating jobs, coming up with new ways of doing old things, as well as assisting with keeping money in the local community. Among those of us who own small businesses, there’s misunderstanding between the terms ‘Small-Business Owner’ as well as ‘Entrepreneur’. Both can own small businesses however they have different styles of leadership in addition to thoughts about running their business. One is not better than the business. They’re just different.
So, what is ‘entrepreneurship’ exactly?
The word ‘entrepreneurship’ has a number of different definitions. This is because a diverse number of experts have different views on it. Some of them say that entrepreneurship is a company undertaking in which people work for themselves. However, this has been questioned by some experts as they say that a person can’t work independently. This is because business needs innovation as well as leadership.
Here are some of the characteristics that are displayed by entrepreneurs:
- Entrepreneurs seldom want matters to stay as they are. These people are looking to change the status quo, develop things in addition to creating more energy.
- Entrepreneurs create things, look to perform tasks in different ways and are often technically minded.
- Entrepreneurs are usually looking for the next big thing, ready to move on once their company is good enough.
- Entrepreneurs will perform tasks, more often than not, because of passion or opportunity as opposed to strictly profit or a way of making a living.
- Entrepreneurs want to turn the world on its head!
The shared factor in all the explanations of entrepreneurship is that this type of mindset involves grabbing an idea, creating a business around it as well as managing the business around it and assuming its risk.
What is a ‘small business’?
Conversely, a small business is not poles apart from entrepreneurship. Experts define this type of entity as a business which is owned or controlled by a single person or a few individuals. The process of decision-making is also directly influenced by the owner. Its shares in the market are comparatively small and, in addition, a small business also has few employees mostly less than 50.
Here are a few of the characteristics of a small business owner:
- Small business owners are frequently happy with how things are at the moment. They are content to carry on doing what they’re doing if they are successful.
- Owners of small business owners are more prone to do something which others are doing, such as opening a shop.
- Small business owners are usually more sentimental. They see their business as part of the community in addition to part of their family.
- Owners of small business want to make a living as well as serving their local community first and foremost.
oth small business owners as well as entrepreneurs are self-employed. Some of the biggest corporations in the world, such as Apple, started out as home-based entities. Thus, most entrepreneurs start from modest beginnings as small businesses but they bloom owing to the fact that they are always hungry for increased levels of success.
Both small businesses in addition to entrepreneurial studies and entrepreneurial projects are imperative as they lead to the growth of the economy. In addition to this, these entities help in eradicating the high levels of unemployment which have become a key issue all over the world. The projects have also helped in the utilisation of local resources in addition to the development of technology. This means that both are useful in order for the economy to prosper.
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