Essentials of Entrepreneurship and Small Business Management

 Essentials of Entrepreneurship and Small Business Management. The work is to be 8 pages with three to five sources, with in-text citations and a reference page. Many people are currently managing very big enterprises. Most of these enterprises are successful and they are gaining a lot of profit from them. The main goal of every business is to gain profit. Before we talk about how these businesses are run, it is important to describe what an enterprise is. From a business point of view, the enterprise is the measure that is used to encourage people on how to be good entrepreneurs. It also involves spotting ideas and looking for the best ways in which to transform these ideas into reality (King, 2002 p. 23). Therefore, it is important for every enterprise to ensure that profits are maximized. To achieve these goals, all forces of production have to be considered. These goals are achieved through entrepreneurs’ hard work and determination. However, entrepreneurs are the ones who make enterprises run. The big question is, “who are these entrepreneurs?”. To describe who really is an entrepreneur, there are some factors that have to be considered first. There some approaches that can be used to describe an entrepreneur. One of the theories that can be used to describe entrepreneurs is a trait theory. This theory describes entrepreneurs from the common identities that link all the entrepreneurs. From this approach, it is assumed that the entrepreneur has some personality that makes him or her different from other people. This means that an entrepreneur will always be an entrepreneur no matter what will happen to him or her. They seemed to be fixed to this personality. This approach, therefore, focuses on who the entrepreneur is (his or her personality) (King, 2002 p. 24). The social development approach can also be used to describe entrepreneurs. Some of these social development factors include the risks and family influences. Family backgrounds can change the personality of someone. Poor backgrounds always force some people to think of more creative ways to survive. Most of these people venture in business and they always succeed.

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