Entrepreneurship by definition is “process of starting a business, typically a startup company offering an innovative product, process or service.” Owning a small business involves this process, but just because owning a small business is the same as entrepreneurship doesn’t mean the entrepreneurship is the same as owning a small business.

I say this for two reasons. The first is because every small business does need a process or plan in order to get its feet of the ground and start selling their product or service. It can be everything from stocking inventory, to fixing the store to coming up with the model. This falls under the entrepreneurship category. It is what you are doing to get to where you want to be.

While owning a small business involves entrepreneurship, entrepreneurship can be involved in owning any size business big or small. A giant corporation such as Apple still uses entrepreneurship in order to launch new products or services but they most certainly do not fall under the “owning of a small business” category.

This is why I can say they are certainly related but are different.

 

Question 4: If you start a company, will you expect to always be in control, or will you be willing to share control with others if that will help the company grow and make all the participants wealthier? Describe your reasons for your choices.

I would say that I have grown to be a natural leader. I understand the importance of delegating tasks and not micromanaging, because everyone knows it is impossible to do everything yourself. When I have a great idea I love to share it with others and get feed back but most of all if they are interested join in on the adventure.

This means that they are dedicated and want to see the company succeed. I believe that with this moral where else can the company do than grow and make money. The process of growing a business will be a lot easier with people that see the same vision as you .

My second and last reason is because it has been proven that the more people that are involved in the process the less room for failure. When growing a company there is nothing that is better then having a a smaller risk of failing. Therefore I think it is a fabulous idea to have others join the company.

 

 

Question 7: What are the growth issues entrepreneurial companies face?

After reading about entrepreneurship I have come up with 3 issues that companies face.

1. Having too much work

2. Not being able to delegate effectively and efficiently

3. Funding for inventory and manufacturing