What is small business entrepreneurship?
What is small business entrepreneurship? This is an extremely popular question and surprisingly very little directly answers this question online. I, the one and only Ed Pisani Jr., will be attempting to walk you down the slippery sloop of the answering this question.
So what is Small Business Entrepreneurship?
Well, simply put the purpose most small business entrepreneurs get started is because of ‘Innovation’. The innovative mind of an entrepreneur drives him or her. The possibly of fast, steady, or higher earning potential and/or profit drives the entrepreneur. Most entrepreneurial ventures aren’t just concerned with making money, but they are risking a lot of time and effort to try to make more. As a small business compared to a big one, the entrepreneur has the ability to make rapid changes and adjustments to grow the business. From being able to create new and simpler business processes internally to shaking up a market by introducing an innovative product, service, or feature. They want to become the most recognized small business to be seen as ‘the next big thing’.
A small business entrepreneur is determined to create such a strong brand from the quality of service and/or quality of it’s products. At the heart of a small business entrepreneurial venture is the desire to win and not only win but we win on the owner’s terms. Therefore, the idea of winning comes from a great idea or reinventing a particular concept.
What does the small business entrepreneurship look like?
Well, he or she is a leader, a team-builder or maybe a lone wolf. They are most certainly a capitalist with a highly motivated mindset. Some can be viewed as influential while others are known for being visionaries. Typically, the small business entrepreneurship mindset is based on seeing a desired outcome and working tirelessly it and towards overall success that awaits them that no one else can see. A Small Business Entrepreneur is a risk taker because it takes guts to step away from a salary career and go it alone. It takes guts to grow a business from nothing not knowing if it may fail due to health reasons, family reasons, or financial reasons. The small business entrepreneur stays focused and keeps people motivated while also holding them accountable.
A lot of times, he or she is experienced and specialized in a particular industry. They are driven to build a team of loyal employees that see and understand entrepreneurial venture’s core mission. They push their team to constantly improve the small business processes. Always urging them to find new ways to do their work. They look for more efficient and profitable avenues to develop more unique products and/or service offerings. As a small business entrepreneur, some may also have a sense of friendly competition while others are very intense while in an competitive arena. But, all of them are always on the lookout for new ways to improve themselves and/or their business.
What is small business entrepreneurship by Ed Pisani Jr.
The management style or strategy of the small business entrepreneur is high risk with a lot of long-term planning. The small business entrepreneur looks at putting money into the business as an investment with the proper return on investment to seen in the future. Some small business entrepreneurs expect a return on investment very quickly and they are the most demanding to see their seed money be made by back very quickly. Don’t be fooled just because a business has a small revenue stream that it isn’t being run correctly. In all likelihood, the small business is simply being overseen with an individual who is trying to limit any losses while attempting to develop an idea, service, or product under extreme uncertainty. No matter the size of the company – the small business entrepreneur is always planning for the worst case scenario as well as the best case one too.
The office environment at a small business is generally fast-paced and sometimes competitive but each situation is unique to the owner’s personality style. Most business owners looking to grow, are not interested in excuses, busy work, or time wasters. They are often first to point out smart time management tactics and prioritization to deliver the desired results. The offices can look super kind or very cluttered again based on the lead entrepreneur. Some successful small business entrepreneurs thrive on collaboration and discussion of their team. Many days they will encourage business conversation revolving around promoting the business, decreasing waste, and most of all promoting productivity.
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What is an entrepreneur’s small business setup?
Most times, the small business is privately owned and operated. Some are setup as a DBA or doing business as for the sole owner; while others are more official in nature. These entities are the LLC, Incorporation, and so on. Most small businesses are actually micro in size, with a small number of employees and relatively low volume of sales versus a multi million dollar entity. The term small, micro, medium, or large business is based on sales, profits, and employees, which determines the level generally given by others of the entrepreneur business. But beware, the entrepreneur is and will act like the Fortune 500 CEO. His or her decisions will equal to the battle tested business veteran. Those who underestimate the small business entrepreneur may do so at their own peril.
What is small business entrepreneurship?
So back to the original question What is small business entrepreneurship? Are you what many would call a small business entrepreneur?
- You currently run a business from your home, garage, or very small rented office space
- You’re a member of your Chamber of Commerce or Rotary Club
- You have a family business passed down through generations but is not over 500 employees strong / under $500,000 in net revenue
- You work 100 percent (or 150 percent) at your small business (it’s your full-time job)
- You sell or manufacture a product.
- You provide a service for people or other businesses
- The idea of failure doesn’t scare you…too much.
- You use social media to market your business…and either do it yourself or subcontract it out to another small business
- You tend to do all the work and have trouble delegating
- You delegate a lot of work to others to look into new revenue opportunities
- You have started more than one business (successfully or not).
Do you want to more about this topic – well I have put a list of books you can read. Click the link and enjoy seeing if you have what it takes to become the best you – you can be!
- Entrepreneurship: The Practice and Mindset
- The Portable MBA in Entrepreneurship
- Disciplined Entrepreneurship: 24 Steps to a Successful Startup
- The Introvert Entrepreneur: Amplify Your Strengths and Create Success on Your Own Terms
- Christianity and Entrepreneurship: A Guide to locating Gods Entrepreneurship in you.
- The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs
- Essentials of Entrepreneurship Second Edition: Changing the World, One Idea at a Time