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Concept of starting a business to offer a product or service
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Small Business & Entrepreneurship

Concept of starting a business to offer a product or service

A small business is an organization, partnership or sole proprietorship that has fewer resources and annual revenue than a medium or large company. An entrepreneurial venture is a concept of starting a small business to offer a product or service with the intention of disrupting an industry or maximizing profit. Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks. Entrepreneurship is when an individual that has an idea acts on that idea, usually to disrupt the current market with a new product or service. Entrepreneurship usually starts as a small business but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea. Small businesses are either services or retail operations like grocery stores, medical stores, tradespeople, bakeries and small manufacturing units.

Types of entrepreneurship

  • small business.
  • scalable startups.
  • large company or intrapreneurship.
  • social entrepreneurship.
  • Innovation entrepreneurship.
  • Big business entrepreneurship.
  • Small business entrepreneurship.
  • Scalable start-up business entrepreneurship.

It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees).

Small business become successful

  • Get Organized. To achieve business success you need to be organized.
  • Keep Detailed Records. All successful businesses keep detailed records.
  • Analyze Your Competition. Competition breeds the best results.
  • Understand the Risks and Rewards.
  • Be Creative.
  • Stay Focused.
  • Prepare to Make Sacrifices.
  • Provide Great Service.

Small Businesses

  • Health Care and Virtual Medicine.
  • Accommodation and Food Services.
  • Arts, Entertainment, and Crafts.
  • Personal Trainers (online)
  • Site building and web design.
  • Local Auto Repairs.
  • Second hand (Online) Stores.
  • Pet services.

Bookkeeping. As mentioned earlier, bookkeeping is one of the most popular businesses to start. And apparently plenty of entrepreneurs are taking notice, since bookkeeping is the most common type of business being started currently too.

The skills of the entrepreneur

  • Understanding the Skills.
  • Communication.
  • Sales.
  • Focus.
  • Ability to Learn.
  • Business Strategy.
  • Education and Career Outlook.

Characteristics of an Entrepreneur

  • They're passionate. Successful entrepreneurs have a passion for what they do.
  • They're business savvy.
  • They're confident.
  • They're planners.
  • They're always on.
  • They're money managers.
  • They never give up.