By definition, entrepreneurship is the activity of setting up a business or businesses, in response to a need or opportunity seen in society. Now, some people view a small business and entrepreneurial venture as the same thing, however they are completely different. A small business by definition is an independent business having fewer than 500 employees that do not engage in any new or innovative practices and has a low impact on its industry. Then, an entrepreneurial venture is when an organization pursues opportunities and new practices in order to have growth and profitability as its main goals. Now, when a person becomes an entrepreneur, they can face some problems in their daily functions of planning, organizing, leading, and controlling
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This can be an issue for some entrepreneurs because they do not know where to begin. This can lead to an unclear, incomplete, and poorly written business plan. If that is done, an entrepreneurial venture will falter, the vision will be unclear, and will most likely never become a reality. A solution to this issue however is simple, an entrepreneur needs to research and plan out their full business plan accordingly, so their vision will come through. A good business plan pulls all the entrepreneur’s ideas together into one document and displays how their business is to be ran. It also can be used to raise money for the business, which can be very important for the start-up of a new entrepreneurial …show more content…
This can be a common leadership error among entrepreneurs because sometimes entrepreneurs assign tasks to people without knowing their strengths and weaknesses. By doing this, a task may not get done correctly or not done at all by the employees. This just wastes valuable time and money for entrepreneurs and can delay other tasks from getting done. However, a solution to this problem could be entrepreneurs discussing with employees their strengths and weaknesses in their hiring interviews to see where everyone can contribute effectively and efficiently in the entrepreneurial venture. The entrepreneurs should also clearly define their goals and deadlines before the tasks are assigned, so the employees know what the entrepreneurs expect of
This can be an issue for some entrepreneurs because they do not know where to begin. This can lead to an unclear, incomplete, and poorly written business plan. If that is done, an entrepreneurial venture will falter, the vision will be unclear, and will most likely never become a reality. A solution to this issue however is simple, an entrepreneur needs to research and plan out their full business plan accordingly, so their vision will come through. A good business plan pulls all the entrepreneur’s ideas together into one document and displays how their business is to be ran. It also can be used to raise money for the business, which can be very important for the start-up of a new entrepreneurial …show more content…
This can be a common leadership error among entrepreneurs because sometimes entrepreneurs assign tasks to people without knowing their strengths and weaknesses. By doing this, a task may not get done correctly or not done at all by the employees. This just wastes valuable time and money for entrepreneurs and can delay other tasks from getting done. However, a solution to this problem could be entrepreneurs discussing with employees their strengths and weaknesses in their hiring interviews to see where everyone can contribute effectively and efficiently in the entrepreneurial venture. The entrepreneurs should also clearly define their goals and deadlines before the tasks are assigned, so the employees know what the entrepreneurs expect of