The Differences Between Entrepreneurship and Small Businesses; Strategies to Create a Strong Entrepreneurs

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The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs
Shakarra Warner
Principles of Management
27 January 2015

The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs
In the modern world, people do not always rely on the traditional aspect of working for someone or a company. Many individuals want more control and power over their lives and money. With inspiration from a hobby or skill, some people decide to become entrepreneurs. According to Bateman and Snell, 2013 “…an entrepreneur is an enterprising individual who pursues a lucrative opportunity.” Entrepreneurs increase job development and decrease unemployment amounts that affect the economic growth. With all the benefits of entrepreneurship, state agencies strive to promote the awareness of resources available to build a better economic system while distinguishing an enterprise from a small business.
Sometimes there is confusion between the meaning of entrepreneur and small business owner. Entrepreneurs are managers just as small business owners, but in a less formal aspect and without a hierarchy of management levels (Bateman and Snell, 2013). Entrepreneurs make an effort for growth and high profitability as their principal objective, whereas small businesses expect regular to reasonable sales and fixed growth (Bateman and Snell, 2013). It is important to know the difference between the two when deciding the types of profits and sustainability one would like for the business practice.
Entrepreneurs take risk as a part of their business unlike small business owners (Marks, 2012). Entrepreneurs are always in search of the next best thing to invest in, and small businesses find a product or service to profit off. Entrepreneurs can go months or years with no revenue in search of the next innovation to a…...

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