The Benefits Of Entrepreneurship And Small Business Management

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Based on the book Entrepreneurship and Small Business Management of Roberto G. Medina’s (2014) A small business operator keeps long working hours and absorb whatever damages that happen as a result of his faulty decision-making. However, he is afforded some benefits. First, the opportunity to gain control over his own destiny. Second is the opportunity to reach his full potential. Next, the opportunity to reap unlimited profits. Lastly, the opportunity to make a contribution to society and receive recognition for his efforts. (p. 18) According to Schumpeter (1942), small business is a great contribution in our economy in two ways: they are important element of the overall renewal process and it is one of the mechanism in which millions of people enter the economic and social mechanism, Robbins et al. (2000;293). Small business performance is linked to customer’s needs. Stokes and Wilson (2010) said that ‘Entrepreneurship’ is an elusive term and it is …show more content…

While these differences may derive from the numbers of employees and the size of turnover, our primary concern will be their management implication. (Stokes and Wilson, …show more content…

You can bring a product to market more quickly when you have only a few people involved in its creation. Enough number of people and processes is a must-have to a larger company for them to develop their product, slowing the process will give you an advantage. You can also adapt your product, based on the feedback of the customers, much more easily than your huge competition. While they are studying options and gaining approvals, you can already have your product on the shelves. (Kermit Burley, Demand

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