Entrepreneurship and Small Business Management

Entrepreneurship is at the heart of every business. Every large company began as a small business, led by an entrepreneur. As our economy becomes more volatile, having the skills and knowledge to start a new business may mean the difference between prosperity and poverty. Entrepreneurial skills are also in demand in established companies. Every business, large or small, must be entrepreneurial in order to survive. Innovative thinking has replaced “do it our way” as the rallying cry of the corporation. Students who learn to think independently flourish in chaotic environments and to keep cool under pressure are in high demand. Entrepreneurship is an important engine of growth in the economy. In this text, you’ll learn about what an entrepreneur is and the key characteristics and skills that a successful entrepreneur possesses. Some examples of entrepreneurs will also be given. Entrepreneurs are pioneers, innovators, leaders and inventors. They are at the forefront of technological and social movements – in their fields, in their forward thinking, in their desire to push the envelope. They are dreamers and most importantly – doers. They act as the manager and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which an individual (or team) identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. The exploitation of entrepreneurial opportunities may include actions such as developing a business plan, hiring the human resources, acquiring financial and material resources, providing leadership, and being responsible for the venture’s success or failure. Entrepreneurship typically operates within an entrepreneurship ecosystem which often includes government programs and services that promote entrepreneurship and support entrepreneurs and start-ups; non-governmental organizations such as small business associations and organizations that offer advice and mentoring to entrepreneurs (e.g., through entrepreneurship centers or websites); small business advocacy organizations that lobby the government for increased support for entrepreneurship programs and more small business-friendly laws and regulations; entrepreneurship resources and facilities (e.g., business incubators and seed accelerators); entrepreneurship education and training programs offered by schools, colleges and universities; and financing (e.g., bank loans, venture capital financing, angel investing, and government and private foundation grants). The text Entrepreneurship and Small Business Management sequence offers a unique learning experience to students who aspire to start businesses or obtain employment in growth-oriented small businesses. This book will help students identify career options in small business, expand their knowledge of entrepreneurship, and develop venture management skills and techniques. Ideal for students at any level, the chapters of this book explores the contexts, choices and strategies facing the small business venture, including extensive coverage of planning a new venture.