The Differences Between an Entrepreneur & Small Business Owners
Autor: CL Luke • August 5, 2016 • Term Paper • 2,261 Words (10 Pages) • 800 Views
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INTO GCU Assignment Front Sheet
Student ID | S1628942 |
Student Name | Chenglong Lu |
Essay Title | The Differences between an Entrepreneur & Small Business Owners |
Course | Graduate Diploma of Higher Education in Business |
Module | New Venture Creation |
Number (1,2,3 etc) and Name of Coursework | |
For the Attention of Lecturer | |
Submission date | 0/0/2016 |
Turnitin report attached (Yes/No) | Yes |
Word Count | 1875 |
Student Signature | |
Staff Signature |
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The Differences between an Entrepreneur & Small Business Owners
Many giant corporations started out as small businesses, and their founder had been related to the concept of “entrepreneurs”. But their cases were not universal. It's hard to imagine that every small business owner has the capacities to become an entrepreneur. Since entrepreneurship has been the topic of "intensive inquiry" over the years (Stewart et al. 1998), the differences between an entrepreneur and small business owners is worthy of discussion. In this essay, I will first discuss the entrepreneurial traits, then the concept of small business owners. Thirdly I will use Runyan et al.’s (2008) SBO and EO model to compare both entrepreneurs and small business owners. At last, the correlation and transformation between entrepreneurs and small business owners will be mentioned.
An entrepreneur is an individual who establishes and manages a business for the principal purposes of profit and growth. The entrepreneur is characterised principally by innovative behaviour and will employ strategic management practices in the business (Carland, et al., 1984). An entrepreneur is always looking for a short term business creation so they can create a successful business, sell it and then move on to the next business opportunities. They are looking for the high risk/high return.
Timmons and Spinelli (2003) had summarised entrepreneurship into six different traits, which were commitment and determination, opportunity obsession, tolerance of risk and uncertainty creativity, self-reliance and ability to adapt, motivation to excel and leadership. Paul Burns (2010) also described entrepreneurship traits as six behaviours, which were the need for independence, need for achievement, internal locus of control, drives & determination, creative & innovative and moderate risk-taking. Each of the traits above, as Burns indicated, is necessary but not sufficient.
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