ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT BOOK
Now in its 5th edition this comprehensive, practically focused and highly accessible text explores the contexts, choices and strategies facing the small business. Understand the latest global developments in small business management and entrepreneurship with this new edition of the market-leading textbook by David. Editorial Reviews. About the Author. Steve Mariotti, founder of the Network for Teaching His popular book The Young Entrepreneur's Guide to Starting and Running a Small Business has recently been published in a new edition by Random.
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The only reason why I purchased this book was for a class in college. I was grateful that I did buy this book because there is a lot of useful information in it. Table of Contents will reveal the book's thorough coverage of entrepreneurial and small business management issues, both quantitative a.d qualitative. Find Entrepreneurship & Small Business Management Textbooks at up to 90% off. Plus get free shipping on qualifying orders $25+. Choose from used and new .
Seldom has there been greater unanimity among countries on the need to use market forces in the simulation of economic growth. Weather in developing, under developed or developed nations, everyone recognizes the need to expand the private sector as the major instrument for increasing income. Entrepreneurs are now held up to be role models and one of the fastest growing business has become entrepreneurship education the art of starting and running a business.
Definition and Historical Background of Entrepreneurship or Entrepreneur The concept of entrepreneurship varies from country to country as well as from period to period and the level of economic' development thoughts and perceptions; a concise, universally accepted definition has not yet emerged. Not only different people have different views of what entrepreneurship is, but also the same people may use different definitions when researching entrepreneurship in different economic and social context.
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The development of the theory of entrepreneurship parallels to a great extent the development of the term itself. So, let us discuss the concept of entrepreneurship given at different times by different writers on the subject.
A common contract during this time provided a loan to the merchant-adventure at a relatively greater interest rate, including insurance.
While the capitalist was a passive risk bearer, the merchant adventure took the active role in trading, bearing all the physical and emotional risks. When the merchant-adventure successfully sold the goods and completed the trip, the profits were divided with the capitalist taking most of them up to 75 percent , while the merchant-adventure settled for the remaining 25 percent through passage of time.
Middle Ages In the middle ages, the term entrepreneur was used to describe a person managing large production projects.
In the case of large production projects, the person would not take any risks but would merely manage the project using the resources provided.
A typical entrepreneur in the middle ages was the cleric - the person in charge of greater architectural works, such as castles and fortifications, public buildings, abbeys and cathedrals. Since the contract price to supply was fixed, any resulting profits or losses since the price of raw materials and other cost of production are uncertain reflected that the entrepreneur was risk taker.
Cantillon viewed the entrepreneur as a risk taker, seeing the merchants, farmers, crafts man and other sole proprietors buy products at certain price and sell at uncertain price-therefore, operating at a risk condition Further more, in the 18th century the entrepreneur role was distinguished from the capital- providing role. A venture capitalist is a professional money manager who invests in a risky investment from pool of equity capital to obtain a high rate of return on the investment.
Whereas, an entrepreneur is one who creates and manages his own enterprise as well as one who assumes all risks related to running the venture.
In the late 19th and early 20th Centuries In the late 19th and early 20th centuries, entrepreneurs were frequently not distinguished from managers and were viewed mostly from an economic perspective. Hess and Ely defined the term entrepreneur as the one who organizes and operates an enterprise for personal gain. Thus, an entrepreneur is both a risk taker and a manger. In the Middle of 20th Century According to Joseph Schumpeter, the function of an entrepreneur is to reform or revolutionize the patter- of production by exploiting an invention, or more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, opening a new source of supply of materials or a new outlet for products, by organizing a new industry.
The concept of innovation and newness are integral part of entrepreneurship in this definition. Briefly, an entrepreneur is one who innovates, raises money, assembles inputs, chooses managers and sets the organization going with his ability. According to this definition, innovation can occur through: i.
Introduction of new quality in a product, ii. Development of a new product, iii. Discovery of a fresh demand and a fresh source of supply and, iv. Changes in the organization and management The concept of entrepreneurship is further refined when principles and terms from a business, managerial and personnel perspective are considered. In particular the concept of entrepreneurship has been explored in this century.
Initiative taking, ii. The acceptance of risk or failure. For Knight, the entrepreneur is an individual who is prepared to undertake risk and the reward. Hisrich, and Peters. This definition stresses on four basic aspects of being an entrepreneur. Entrepreneurship involves creating something new value.
Entrepreneurship requires the devotion of the necessary time and effort though only those going through the entrepreneurial process appreciate the significant amount of time and effort it takes to create something new and make it operational.
Entrepreneurship assumes risk in the form of financial lose, psychological tension and social problems. Entrepreneurship also involves rewards of independence, followed by personal satisfaction and money.
Casson , attempts to synthesize some of the attributes and concepts that have been discussed with the major writers above.
Small Business Management in the 21st Century Small Business Management in the 21st Century offers a unique perspective and set of capabilities for instructors.
(BA) Entrepreneurship and Small Business Management -...
Garg 66 Pages. Entrepreneurship and Small business notes The purpose of this note is to prepare a ground where the students view Entrepreneurship as a desirable and feasible career option.
Anand Saxena and Dr. Jyotsna Sethi NA Pages.
Entrepreneurial Finance Entrepreneurial Finance examines the elements of entrepreneurial finance, focusing on technology-based start-up ventures and the early stages of company development. Antoinette Schoar NA Pages. IT management sophistication in small business This research deals with information technology management in small businesses. Suraweera, Theekshana NA Pages. Section 2. Prospective entrepreneurs need to weigh the advantages and disadvantages before deciding whether to start their own businesses.
The rewards of going into business for yourself are being your own boss, doing something you enjoy, having the opportunity to be creative, having the freedom to set your own schedule, having job security, making more money, and being recognized within the community.
The risks of self-employment are working long hours, having an uncertain income, being fully responsible, and risking one's investment. Although certain background experiences may increase the likelihood of becoming an entrepreneur, a can-do attitude and desire are more important. Successful entrepreneurs are persistent, creative, responsible, inquisitive, goal-oriented, and enthusiastic.
The ten foundation skills entrepreneurs need to organize their businesses are communication skills, math skills, problem-solving skills, computer and technical skills, decision-making skills, organizing and planning skills, teamwork skills, social skills, adaptability skills, and basic business skills.Opportunity to do what you enjoy: A common sentiment among small business owners is that their work is not work.
It was almost too simply written and skimpy on details, yet some of the chapter questions were basically not covered in the text. Not all entrepreneurs make great managers, and not all managers are cut out to be entrepreneurs. Entrepreneurship involves creating something new value.
Antoinette Schoar NA Pages. Roger rated it it was amazing May 31, Small business managers face the risk of failure as well, but once the company has achieved certain milestones, the chances of failure are reduced. The following discussion is about this issue. A typical entrepreneur in the middle ages was the cleric - the person in charge of greater architectural works, such as castles and fortifications, public buildings, abbeys and cathedrals. Entrepreneurs are now held up to be role models and one of the fastest growing business has become entrepreneurship education the art of starting and running a business.
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