Good Essay About Entrepreneurship And Small Business

Introduction

Both the entrepreneurs and the small business owners show the same characteristics, mostly when growing the ventures at first. They are both known to work for many hours and make personal sacrifices when building their businesses. Many individuals use the concepts of entrepreneurship and small business ownership interchangeably, but although they might have much in common, they are different. Differentiating between the two can be tricky. Factors like personal objectives, technical expertise, strategy, and motivation create distinctions between small business ownership and entrepreneurship.
In entrepreneurship, there is the capability and readiness of an entrepreneur to develop, organize, and control a business venture together with the associated risks with an aim of making profit. On the other hand, an individual owns and operates a small business independently to earn profit. Compared to the small business owners, the entrepreneurs show more independence (Wagener, Gorgievski, and Rijsdijk 1523). In addition, the entrepreneurial business enterprises are for the new innovative offerings whereas the small businesses more often than not deal with known and established services and products. With regards to the risks, the entrepreneurial business ventures deal with lots of unidentified risks whereas small businesses deal with identified risks. The risk-taking propensity for the entrepreneurs is higher than that of the small business owners (Wagener, Gorgievski, and Rijsdijk 1525). What’s more, the entrepreneurial ventures usually impact the communities and economies in a considerable manner whereas the small businesses remain confined to their group and domain.
There are certain characteristics that increase the possibility of success for both the small business owners and entrepreneurs. One of the factors is being achievement oriented. Successful business owners and entrepreneurs make things happen. In fact, they do not let obstacles prevent them from achieving their goals. The business owners and entrepreneurs should also show strong leadership skills for their ventures to succeed. However, some of the factors that decrease the possibility of success for small business owners and entrepreneurs include poor planning and being impatient. Personally, I have failed in the past in some of my ventures because I did not take my time to get the information about management, finance, and marketing and ended up with a poor plan. In addition, I was discouraged by the lack of profits during the first three months in some of these business enterprises.

Work cited

Wagener, Stephanie, Marjan Gorgievski, and Serge Rijsdijk. "Businessman or host? Individual differences between entrepreneurs and small business owners in the hospitality industry." The Service Industries Journal 30.9 (2010): 1513-1527.