Study Of A Business Of Financial Consultation Service For Micro ﾬ? And Micro Businessemen

Many people want to live the “American Dream”, and what better way to do that than to start a small business. Small businesses are incredibly important to the United States economy. Small businesses have been around from the beginning of the history of the U.S. and remain a large portion of the business community today. Small businesses are the driving force for job creation. Small businesses struggle to meet regulations set in place by the government and at the same time stay afloat in the U.S. economy. There are strict size standards set in place that make small business owners weary of expanding the amount of people they employ. Small business owners also struggle with offering healthcare to their employees. Small businesses try to stay ahead by introducing new and unique products. In an ever-changing economy, it is important to understand the impact of small businesses in the United States.

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

The goal is to run a success small business that provides exceptional service, provides an excellent work environment, and provides supplemental income to the owner.

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

Intrapreneurship, also referred as corporate entrepreneurship, is a key concept in this era of fierce market competition. The start-up philosophy applied to established companies positively promotes change and

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

The small business marketplace is extremely dynamic and the changes are fast. Here are some encouraging facts from the US Small Business Administration on small businesses. There are about 30 million small businesses in the United States and employ just over half of the country’s private workforce. They employ a staggering 40% of high tech workers such as computer professionals, scientists and engineers. More than half of the small businesses are home-based businesses and two percent of them are franchises. One of the most important aspects is the fact that a majority of innovations in the United States come from small businesses.

In the Academy Marketing Studies Journal, it states,“Since 2008 the number of small businesses using social media has doubles as their leader seek to create visibility and awareness, to identify and attract new customers, and to reinforce or change their companies respective perceived brand images.” Since marketing trends follow social media so closely, financial crisis can occur if businesses are unable to adapt to their target audience’s needs. If the business wishes to thrive and continue to evolve with modern trends, then an awareness of ever changing strategies is critical to success. Small business owners start off with a concept and a goal of meeting a need in their community to the best of their ability, however, recently large corporations have become more prevalent in meeting those same needs at a larger scale. Therefore, small businesses have encountered a higher number of crisis because they could not compete with the larger corporations. The Journal of Entrepreneurship Development states, “A system is considered to be strong when its smallest individual components are strong, self organized and controllable… a well organized small scale industry in the strong quantum for large scale production.” This article highlights a concept that the nations likelihood for experiencing financial crisis is attributed to the strength of its small scale industry. Small size enterprises have been especially hit hard by global crisis due to their size and limited resources, and

To facilitate and empower small and medium entrepreneurs, enhance industry standards through a highly motivated team of innovative bankers

The word “startup” has become ubiquitous in American vocabulary. However, there is really no common understanding of the definition. Wikipedia defines a startup as “an entrepreneurial venture, typically describing newly emerged, fast-growing business.” Yet, if you look further, you’ll find that different people mean radically different things when they use the term.

Specific analysis will cover a comparison and contrast of the different business models of entry into entrepreneurship; detailed discussion of the recommended business model; and comparison of the strengths and weaknesses of the chosen model against some established business using case examples.

Entrepreneurship can simply be defined as the art and process that “ involves capturing ideas, converting them into products and, or services and then building a venture to take the product to market” (Zhao, pp. 26). The essential aims to be accomplished by these procedures is the creation of a new organizations or reganerating any part of any organizations for the purpose of achieving further improvement and betterment of the comprehensive business or company. For entrepreneurs sans of access to an inaugurate business system, incubators and accelerators provide a possible support mechanism for access to partners and resources. The process of Entrepreneurship can be labeled into a number of categories. These may include economical, social or other forms of entrepreneurship. However, it is important to note that one of comparatively recent discovered and introduced type of entrepreneurship is the Technological Entrepreneurship.

Micro-finance is a service provided by banks and other financial institutions in which extremely affordable and easy loans are provided to the low-income segment of the country and those people having no source of financing. It is mostly practiced in under-developed and developing countries. Micro-finance ensures that these people have a secure income source for their future. Furthermore Micro-finance serves a dual purpose of:

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.