Entrepreneurs’ Plans For Starting A Small Business

Entrepreneurs’ Plans For Starting A Small Business

The main goal of entrepreneurship is to leverage opportunities that can maximize profit. Entrepreneurs’ plans for starting a small business include micro-entrepreneurship and social entrepreneurship. According to Ferrell et al. (2023), micro-entrepreneurship includes businesses with a maximum of five employees, and social entrepreneurship includes businesses that focus on addressing social problems. Micro entrepreneurs mainly focus on generating a profit by selling goods and services that attract the most customers. In contrast, social entrepreneurship focuses on creating social change by using available resources and collaborating with the community.

The main types of social entrepreneurship include community, transformational, non-profit, and global social entrepreneurship (Viswanath, 2023). Community social entrepreneurship includes focusing on issues in a small geographical area. The businesses may become large social enterprises by expanding their reach to other communities facing similar social issues. Transformational entrepreneurship focuses on addressing social problems and meeting social needs outside the government’s and other businesses’ scope to create a great social impact while generating profit. On-profit entrepreneurship focuses on reinvesting surplus revenue to expand the business’ portfolio and vision, thus gradually growing into bigger social enterprises that can solve major global and local problems. Global social entrepreneurship targets global environmental and social problems to create change in social frameworks using international and financial positions.

The main features of micro-entrepreneurship include minimal capital, small teams, and limited scale. According to Macleod (2022), micro-entrepreneurs offer a few services and products, have a small customer pool, require a small amount of money to start, and are run by a small group of employees. Microenterpreneurship is the most common plan for starting a small business because of the limited complexity of starting the business. The digital age has led to the growth of micro-entrepreneurship by creating the opportunity to run businesses online without the need for licenses and business permits that increase the cost of opening and operating a business. For example, most people post products online and deliver them to customers even though they do not have a physical shop. The growth of micro-entrepreneurship is also facilitated by the availability of grants targeting small business owners.

References

Ferrell, O. C., Hirt, G. A., & Ferrell, L. (2023). Business foundations: A changing world.

Macleod, C. (2022, September 8). Microentrepreneurship: A guide to starting small. HubSpot Blog | Marketing, Sales, Agency, and Customer Success Content. https://blog.hubspot.com/the-hustle/micro-entrepreneurship

Viswanath, S. (2023). Social Entrepreneurship. India Filings. https://www.indiafilings.com/learn/social-entrepreneurship/

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References:
1.Ferrell, O. C. (2022). Business Foundations: A Changing World (13th ed.). McGraw-Hill Higher Education (US).
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