I believe that being an entrepreneur and owning a small business is literally one in the same. The business that youre running doesn’t have to be a big corporation or a firm in order for you to be labeled as an entrepreneur. Being an entrepreneur is all about being innovative and taking risks and that’s exactly what youre doing when you open a small business. You are providing a new service to the community with your small business and taking many risks along the way. All small businesses have the potential to grow exponentially throughout their run. Whether it stays small or turns into a giant corporation, youre still going to be the entrepreneur who brought it to life.
5 thoughts on “Do you think entrepreneurship and owning a small business are different and why?”
Comments are closed.
Great answer! Do you, however, think that an entrepreneur can open a business that might be similar to an existing company, for example, when Uber launched, it didn’t take long for Lyft to follow, and now even Gett is in the run? I’m asking if that is still called an entrepreneur although he/she isn’t being innovative, but rather riding a wave of the huge success other companies might have within the same field or sector?
Nice! I agree that small businesses are really entrepreneurs, whether they decide to grow and expand differentiates them.
I would love to see your reply to Daniel Kvist. But you can absolutely argue that you have different standards regarding whether a follower (Lyft) is innovative given the existing of the first mover (Uber). So please illustrate more on your standards of innovation.
Also, this is only a part of our discussion, please share your thoughts on study question 4 and 7. Thanks!
**Please always refer to our course calendar to check whether you have covered all the topics.
@daniel I agree with your post and although he/she is pretty much copying a system that works, lacking any type of innovation, however its still a huge risk opening up this “copy cat” business because you don’t necessarily know if its going to work or not and that alone is a huge risk which relates to what being an entrepreneur is all about.
@kning My apologies professor, but I am now fully aware of what needs to be met! (Ill include my chapter answers below and I completely understand if is too late for submission)
4. In regards to starting my own company, I am very willing to share control with my business partners in order to help our company grow. Its essential to have business partners you can trust. They can even expand your business further by being strong at areas of the business where you are weak at.
7. Entrepreneurial companies can face a number of growth issues during its lifespan. The book goes into detail on companies that “start small, stay small”, not exactly moving from where they begun. A business may even tend to lag over anyone of the five stages of the entrepreneurial process. This “lag” can prevent businesses from venturing over the stages of the entrepreneurial process into maturity.
I am very glad that you mentioned who are you willing to share control with — your business partners. Then what about hiring managers and your financing options decisions?
Do you think a company can repeat the five stages of the entrepreneurial process and keep scaling up after “maturity”?