Entrepreneurship is considered as the new business setup for a profit. A
person who takes these responsibilities is called an entrepreneur. This is similar to a business.
But the difference is a new businessman starts on a developed idea made by others. But an
entrepreneur walks through a completely different path. A small business is a business for
small investments employees and little profit. Management can be easy and one
handed.Moreover,entrepreneurship and small business management both of are managed by
private individual entrepreneurial ventures can be defined as new adventures to the
production to earn a value. Starting a new business and entrepreneurship are different things.
Entrepreneurship works as a complete innovation by one.
There are many start-up organization such as :
Hassle.com :
Online platform offering home cleaners for a fixed fee of 10 pounds an hour across the UK.
YouTube : YouTube is a long Video content sharing platform founded by Steve Chan,
Jawed Karim and Chad Hurley. It was launched in February, 2005.
Star link:
Star link : Star link is the first private satellite internet provider operated by spacex across
the world founded by Elon Musk. Currently available in the USA and Canada but will be
available soon for the whole world, They are trying to do it.
SOCIAL ENTERPRISES: Social enterprises actually are a business which serves a society
and a community. Making revenue by serving the society whether for profit or nonprofit.
SCALABLE ENTREPRENEURIAL VENTURE:
This startup mainly starts to go to a high level by creating an example .It may be couldn’t
make revenue from the first. But the goal remains to make profit. Biggest examples of
scalable entrepreneurial ventures are Facebook, YouTube and Instagram online shops. It has
brought a noticeable change in the economy which can be started with a small budget and
struggle with less hassle than other ventures. But this market is very competitive.
LARGE COMPANY ENTREPRENEURIAL VENTURE::
Continuous process to cope up with consumers’ needs by new invention or production,
sometimes it may be only a new packaging or model, such as
google,Microsoft,samsung,xiaomi etc. Lifestyle Entrepreneur or Entrepreneurship. They
bring a variety of professions and make revenue in a different way. This is the type of
individual who does a start-up for changing their lifestyle rather than making profit, examples
of this is a food blogger or traveller’s. Tim Ferris is one the example of lifestyle entrepreneur.
INNOVATIVE ENTREPRENEUR OR ENTREPRENEURSHIP:
Innovative entrepreneur is who discovers a new way of product or service and
entrepreneurship is the practice of making the way. Previously mentioned these
entrepreneurial ventures related to typology of entrepreneurship suchlike leading
role,direction,capabilities of the holding body, this is how it works. Increased the
international job opportunity. They can also get funds from investors and the international
community.
Small business in the economy plays a vital role for a country to make more profits and
employment opportunities . Burns ,P (2011). Most important thing is that small businesses
inspire people to stay in their own area and job.
MICRO BUSINESS:
It is an example of a small business with less than 10 employees . The object works in local
areas mainly .Usually sells goods or services collected from a wholesale market. Capital
consumption keeps increasing in this dimension. Money could not be deposited in one hand
rather it circulates among the people. Street Vendors, Plumbers, carpenters and small farmers
are the fair enough example of micro business in uk.
SMALL BUSINESS:
Small businesses make investments in seven digits not more than nine digits. It has limited
resources. Small businesses have smaller teams of workers and also small market size. Small
businesses are a larger advantage for the UK. Baby care, elder care, and home made cake
services are the huge source of benefits in the UK. These small businesses turnover economic
growth. International workers also can grab opportunities, no option to disagree. It has made
more job vacancies for the people.
IMPACT OF MICRO BUSINESS ON ECONOMY:
Micro business expands the field of businesses. It also makes competitors. This can lower the
price of products in the marketplace and consumers can gain benefits. They are the hands of
large companies by adding explanation of business.
Figure: Impact of micro Business in economy for job opportunity
IMPACT ON GDP:
When it makes expands of markets as usual, this can make more GDP for the large numbers
by being a buyer of more products and resources. Hired by abroad may put a fact in GDP for
many countries such like developing country where huge population is a fact to unable find a
job, here it the a golden option to work for the foreign countries who works with man power.
Such small businesses Undoubtedly have made the biggest change in the economy and also
made the career field broader.
FOREIGN TRADE:
Micro business opens the door to international trade .It helps to improve goods and services.
Consumer market increases, bringing many opportunities to do something unique. That
consists of mutual relations among the varieties of culture, which developed the exchange
market. Export, import type businesses come into the limelight. Different types of products or
services from various cultures and traditions can be shared. It possibly becomes easy to find
proper trained and experienced labour for a specific job at a reasonable cost. Comparatively
active manpower can be found out.
REDUCING UNEMPLOYMENT:
For a developing country like Bangladesh, micro business is supporting communities and can
improve job opportunities such as many online shops which require more delivery men and
graphic designers. The maximum size of micro business in Bangladesh is micro
business.So,micro businesses can reduce unemployment rate and can make more
opportunities.
INNOVATION AND GROWTH OF ECONOMY:
Discovery of new ideas can be a major source for the growth of the economy. Without new
inventions one will not be able to cope up in this competitive marketplace of the modern era.
The relative performance of open economies is analysed in an endogenous growth model
with asymmetric trade. A resource-rich country trades resource-based intermediates for final
goods produced by a resource-poor economy. The effects of an increase in the resource
endowment depend on the elasticity of substitution between resources and labour in
intermediates’ production. Peretto, Pietro & Valente, Simone. (2011).
One example is if everyone is doing the same business with the same products.Then,it will
raise tough competition among the businesses. But ,even invention is tough ,though one will
be capable to stay long in market and it can growth to economy.
Figure : Small, Medium and Large sizes Business.
SMALL BUSINESS: A small business is a small marketplace and smaller team of workers
which can invest in seven-digit but not more than nine digit. Small business could not invest
much money at the first. It mainly works in the local community. Buys products from a
nearby marketplace or factory.
MEDIUM BUSINESS:
Medium businesses have a turnover and employees more than 250. Small and Medium sized
businesses are almost similar in type. They can generate profit and also can get fund from
friends or family. They can develop their product quality from their earning revenue.
Sometimes may fall into loss but has the ability to change it into success. Working for
customer satisfaction made their existence in the marketplace longer than small businesses.
Increases the job vacancy as they need to hire employees to focus on different departments.
By this, it also creates job opportunities.
LARGE BUSINESS: Large businesses are usually can serve internationally they have a
wide range of consumers and has facilities to manage the organization via the latest
technology. They came receives big amount of funds from investors. Large business can
generate higher profit so that they are capable to reinvest to grow more. It expanded
marketplace, creates various way of work enforcement
Figure: Differences among small, medium and Large sizes business
SMALL BUSINESS:
1.Limited source of fund
2.low development chances
3.profit margin is lower
4. aim to make profit
5. self-organized by owner
MEDIUM BUSINESS:
1.Can raise funds from family or friends
2.need to gain customers satisfaction
3.Profit margin is like to gain the ability to develop products quality
4.Can turn over from loss
5.Can hire people to organize the business
LARGE BUSINESS:
1.Has the opportunity to raise a large fund
2. wide explanation of the entire marketplace
3. profit margin is high and can reinvest to grow the business
4.thinks to grow the business
5. Create an employment vacancy
These businesses contribute to many aspects of the economy such as local, regional,
national and internationally.
Local Economy: Can serve the local community and earn a small amount of profit for its
own expenses. Easy to handle by own self .
Regional Economy: can expand their business and need employees to manage the business.
Increased the number of profits and staff.
National Economy: can play a vital role in the national economy by the growth of
opportunity and vacancy rate. Local businesses buy products from nearby markets, factors, or
companies. In this situation, business circulates in a local area and makes more chances for
the local Community. It also can decrease the rate of traffic by distributing all over the
country such as an improving country Bangladesh.
International Economy: Growth of GDP, source of varieties, huge opportunity to raise
underinvest, large revenue, employment opportunities also. In this global village, connections
across the countries may have a tremendous chance to grow more easily and anyone can
connect with others without hassle. No one would be cheated by others as everything is
happening in a wide range. It’s also a beneficiary for global trade.
Figure : Economic growth of Bangladesh
Importance of small business and start-up for the growth in economy :
Small businesses and Startups contribute to the economy mainly by creating new job
opportunities, expansion of business, and bringing a variety of platforms to work on it.
SOCIAL ECONOMY:
Social economy can be defined by a connection between social behaviour and economy. Such
as trade union, social union, Charities fund etc. which mainly works to develop social value
and organizing systems. A social economy can put a balance into a society. As large as the
platform, as many correlations will be developed. Interaction can improve consumers’
capacity to buy more products. Community will be more strong and well mannered to each
other as dependency will increase among them.
Small businesses and Startups make a solution for the targeted local area. Which can
remove the unemployment ratio. Starting a small business from a local area can be
comparatively easy and convenient, can create diversity by this result market competition
increases, Extra product value can be added to ensure good quality. J.Anna,(2022). Small
business and Startups brings advantage to the people of each unit who are unable or unwilling
to move into other locations. As moving into another place may increase their cost of living
expenses. It’s an obvious good side of small business and start-ups. Though it also meant to
be able to work from a level of all lowest or highest level educated and experienced
employees They can start a job and may gain experience which will make them motivated to
work furthermore. Comparatively, it has so many positive implementations to economic
growth.
CONCLUSION :
However, small businesses and start-ups can put a upper chance in the growth of the
economy. That can make growth by adding diversity and expands the marketplace by
focusing on local customers’ needs, which is more targeted. Small businesses may not have
the desire to grow big but making a profit is considered enough for them. Besides, Start-ups
may be a tough road to walk SMes are most important for job creation and global economic
development. It’s not so easy to start but when it is established then the result is sweetest than
ever, however struggling is a must for entrepreneurship. Jeff Bezos, Founder and owner of
Amazon says ” Work Hard, Have fun and make history” . Successful Startups and small
businesses can play a significant role in economic growth and job creation. They also
contribute to economic dynamism by spurring innovation and injecting competition. Startups
are known to introduce new products and services that can create new value in the economy.
Taghizadeh-Hesary, Farhad & Yoshino, Naoyuki & Kim, Chul & Morgan, Peter & Yoon,
Daehee. (2021). Investment in Startups and Small Business Financing. 10.1142/12246.
Winning mind set of Entrepreneur : Being an entrepreneur is not a cup of tea. It brings
happiness but at first, it creates much uncertainty. For a successful entrepreneur some mind
set can be defined such like will force, Confident, Hard-Work, Continuity, Decision-making
power taking risk and innovation dealing capabilities with others
Will force is the key to drive the will into work motivation. Determination can pull drag into
confidence. Then action will occur. Action is not the first step of starting, the first step is a
will force which will keep in a track to find out a way.
Confidence is a must to start on the way of entrepreneurship rather than having to end in
only wantrepreneur instead of entrepreneur. Confidence can lead to doing hard work.
Hard-work will make the tough situation into an easier task. That is the foundation of the
growth of an entrepreneur. Behind every successful result there is hard work.
Continuity has to be followed, rather every hard work will fall into an end. Through many
ups and downs, continuity will make a line to go far. Continuously doing some task is the
core element of success.
Decision making characteristics are needed to lead an organization. As an entrepreneur,
Startups as well as necessary to make an instance decision as their own.
Capability of taking risk undoubtedly is a huge opportunity to grab any new advantage
though it has also higher risk of failing but yet as much as high is the risk, as equal the chance
of gaining much.
Innovative mind is more demanding than being competitive with the same idea in the
marketplace.
Dealing with others is also needed to be a leading role as well as for entrepreneurs.
These are the mind-set or behavior which can lead through in success and can be made
successful entrepreneurship. That is how they led to success
Kweek week First multi-platform service, that is the UK-based local business, connecting
event organizers & attendees in a one-stop-shop comprising promotion, ticketing &
recommendations. (https://beststartup.co.uk/)
Facebook is the markable example of global entrepreneurship which is connecting people
through the world. The founder of Facebook is Mark Zuckerberg. He graduated from Harvard
University at CSE. As well as increasing many job scopes via online and hires a lot of
employees to manage their business in silicon valley. It’s an American social media platform.
Ashoka has pioneered the field of social entrepreneurship, identifying and supporting the
world’s leading social entrepreneurs since 1980. Social entrepreneurs are individuals with
innovative solutions to society’s most pressing social, cultural, and environmental challenges.
Mark Zuckerberg has faced a lot of challenges to overcome the situation. All has to be done
by him. To overcome social dilemmas and controversies he had to face many difficulties and
decisions to make it more worthy to make a strong social network. That is how the motive
has circulated him. Many situational and motivational factors work behind his success.
Positive point of views : Max Weber is a German-Sociologist and author. He is prominent
for the development of ethical values theory on entrepreneurship. He was fond of hard work,
work fluency for the development of a business. It motivates one’s goal to become rich.
Innovation and productivity can lead to success. “If you get up in the morning and think the
future is going to be better, it is a bright day. Otherwise, it’s not.” ( M., Elon., 2017)
Negative point of views of author: Many research has covered that some entrepreneurs may
fall in depression when they fail to achieve success. Which can affect physical and mental
health. Those are not used to tackle the situation, many can face a major problem such as
inferiority or dilemma. Failure at the first try is very common in entrepreneurship, said many
authors and business specialists.
“Failure and Inventions are inseparable twins”. (B., Jeff., 2016).
Entrepreneurial mind set personality impacts the entrepreneur. It is not created
intentionally. Talents come from nature. It can not be made intentionally. But somehow in
many cases, it comes from many social environments. There is a deep connection between
entrepreneurial personality mind set and entrepreneurism. It fosters the thought into action.
Creates strength to go on. Can enrich economic growth.
There are many more facts that lead one into becoming a successful entrepreneur or
failure. Many background factors lead to this. Some may go behind in success, some may
achieve it such as family influences. In many cases, entrepreneurs get help from their family
to enrich their development and on the other hand, some may get obstacles to failure. The
same environment can make different perspectives for the different ones.
Positive influences: some may get foster energy from sadness broken family that he will go
the far way which he could not achieve in his childhood which those he will give to his
children or society, this positive influence comes from negative vibes and also a loving
family can bring positive sight to the line of success by a loving family.
Negative Influences: Some may grow up in a standard or happy rich family. He can feel he
has got everything so he does not achieve anything new more in life, he is happy enough so
yet he may carry the good capacity to do something new good but also he gave up to do
something new. That is how an entrepreneurial mind set does not influence to make the
person into an entrepreneur and fails them to become an entrepreneur.
Conclusion: Everyone is not supposed to be the same one. But also entrepreneurship creates
new opportunities, job vacancies, product and service varieties, turnover marketplace,
wide-field to do something new to cope with other competitors. It helps to grab the product at
a reasonable price to consumers.
However, talent comes naturally but needs to nourish the talent into successful
implementation to make anything happen. This is the key to becoming a successful
entrepreneur. Entrepreneurship is the most valuable aspect to enrich economic growth. That is
how also SMEs (Small and medium entrepreneurship) put value in the economy.
Entrepreneurship is the state of being an entrepreneur, or the activities associated with being
an entrepreneur. (P.Sung.,2022).
To make a successful school-to-work transition, in addition to good academic performance,
students need to have some career awareness and develop a career interest, as well as
accumulate career-related, non-cognitive skills in communication, time management,
teamwork, and problem-solving, and to seek out opportunities that build up to career goals.
(Gardner and Lambert, 1993;Mortimer and Zimmer-Gembeck, 2007).
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