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INTRODUCTION to Entrepreneurship

Entrepreneurship basically is a concept through which an individual gets the opportunity to own a business and bring either new products into the market, or look to improve or innovate the existing ones. Today in the world there are a lot of entrepreneurs in different industries and markets. Due to this very reason, business environment, regardless of the type of products and/or services offered, is becoming more and more competitive (Caldwell, 2014). Many authors have gone on to length to say that this factor additionally contributes to people or the general public getting much better goods and thus improving the quality of life that they lead. For economies as well, having entrepreneurs is of great importance, as they help in overall development of the nation.

The present study has been undertaken with a view to provide information and analysis on differences between owners of small business firms and entrepreneurial corporations. There are a lot of distinctions between them, yet in many aspects they are similar to each other. This report is an attempt to shed light on the same. Another part of the report is where a profiling and comparison between two contrasting entrepreneurs – Steve Jobs of Apple and Sir Richard Branson, owner of the Virgin Group has been made.

 

ASSIGNMENT 1

Business firms are of many types, and for the economy of a region they are of extreme importance, because of fact that they contribute in great numbers to the overall development. Authorities and government of the country must pay a lot of attention to ensure that the business houses get a conducive environment, where not only can they flourish, but also help the society in general (Lloyd and Woodside, 2013). In this regard it can be said that business owners also play a very vital role in such a process. But it is also very much important to note that they are generally of two types – small business owners and 'the entrepreneurs'.

Difference between small business owners and entrepreneurs

There are a lot of differences and distinctions between the two of them. Such owners differ in many terms from one another. One of the major points of comparison between them is that entrepreneurs are characterized as risk takers while owners of business firms are not. It can better be understood through the titles that they get (Marks, 2013). On one hand, entrepreneurs are also known as the individuals who tend to bring innovation and inventive products or goods in the market. But 'owners' do not do so. Herein it may not be wrong to say that this difference arises because of the inherent traits and characteristics that they possess. Entrepreneurs like to do experiments with their surroundings, but 'owners' of business firms are not interested in such activities. It can be explained through an example that Bill Gates is an entrepreneur, because he was one of the first few persons, who looked to bring computers right into homes of normal people and turn it into personal computers (Bolton and Thompson, 2013). He had the vision, an aim in his mind and a passion to make it a reality. While business believe in going about their work and not experimenting with the surroundings. They do not like too many changes. 

There is another point of difference between the two of them as well. It can be understood through fact that entrepreneurs see their company as an asset through which dreams can be realized. They believe that it is something that can be shaped, developed and made market ready. According to them, a company can be sold when it is at the maturity stage and at its peak in terms of performance (Carter and Jones-Evans, 2006). This is the step which has to be carried out, so as to shift their attention towards the next big project. On the other hand owners of business firms are more sentimental to their organization, meaning that there are very less chances that they might look to sell it in the market. They are of the opinion that business is a part of their family, as many a times it has been seen that such firms are the result of a long lineage of history. Main motto of entrepreneurs is to bring revolution in market, process of which may entail that profits may have to be forgone. They give more importance to passion rather than to income and profits. But it is not the case with business owners, as they are more practical in nature and the main purpose of running a business is to make money (Carlad and et. al, 2004).