Concept of entrepreneurship

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Create a 9 pages page paper that discusses the concept of entrepreneurship. Entrepreneurs take risks on a daily basis. In their operations, they seek to increase their market shares thus compelling them to carry out extensive market researches with the view of increasing their operations. Small businesses feel the pressure since they have smaller capitals but have the desire to increase their capital bases through heightened wealth creation. To achieve such, most small businesses diversify their operations thus spreading their risks across several industries. Most small business suffers from uncertainty, by diversifying their operations and products they venture into different industries and markets thus retain a portion of every market. With such an operation, the businesses have a surety of excellent performance in at least an industry thus cushioning the rest from possible loses. The uncertainty and the lack of adequate capital thus compel small entrepreneurs to view entrepreneurship as concerned with wealth creation.

Bigger companies have well-structured decision-making organs and make decisive decisions on their investments. Additionally, such businesses enjoy larger market shares and larger capital bases. They can, therefore, take risks and gamble with their investments. Such are the luxuries that smaller businesses do not enjoy. Smaller entrepreneurs approach the practice with the view of making more money and saving as much of it as possible. While a big business like Wells Fargo in the United Kingdom can decide to venture into real estate, a smaller business owned by a sole proprietor may not since such individuals lack adequate capital and may not dare risk their small capital on such a precarious industry. This depicts the inability of smaller businesses to carry out effective market research and capital drives. Big businesses use their money to create more capital while smaller businesses save up their profit in the process of capital accumulation and wealth creation (Peter, 1994).

Management, a fundamental operational feature in businesses refers to the coordination of the people concerned in order to realize a set of goals and objectives. The management of small businesses is less coordinated owing to their small structures. Big businesses, on the other hand, have effectively coordinated structures and therefore make informed investment decisions less likely to incur losses. In a small business context, management is reduced to a one-person affair. Management in an organization comprises staffing, controlling, planning and organizing the activities in a business organization. The functions are all vital in the achievement of the objectives of the business (Homburg, Sabine & Harley, 2009). To big businesses, such functions are well coordinated by professionals who make effective decisions concerning the attainment of the organizational goals. Big organizations have elaborate structures and may not always benefit an individual. In such organizations, the longevity of the business and its sustained profitability is always of more importance to the management and the stakeholders than the accumulation of wealth. The case is different in smaller businesses with smaller management structures, in such businesses. decision-making is the responsibility of the proprietor. When a business serves the interest of the individual, the dreams and aspirations of the business become increasingly compromised as they seek to meet those of the proprietor most of who view business as a means of creating more wealth.

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