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Difference between a Small Business Owner and an Entrepreneur - Literature review Example

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The following literature review "Difference between a Small Business Owner and an Entrepreneur" is focused on the age of entrepreneurs. It is stated that during the 1990s, there was approximately 1,400 percent increase in the start-up entrepreneurial business as compared to the last forty years…
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Difference between a Small Business Owner and an Entrepreneur
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Download file to see previous pages Small business sector is characterized by a range of activities undertaken by the managers of small firms. A small business owner refers to “an individual who establishes and manages a business for the principal purpose of furthering personal goals” (Carland et al., 1984, 358). The major conditions include: business has to be the primary source of income; takes the majority of owner’s time and resources. Moreover, the owner considers business as an extension of his or her personality and ties family needs and desires in an intricate manner (Carland et al., 1984, 358).
On the other hand, an entrepreneur is “an individual who establishes and manages a business for the principal purposes of profit and growth” (Carland et al., 1984, 358). Entrepreneurship is distinguished by innovative behavior and application of strategic management practices in the business (Carland et al., 1984, 358). Despite the fact that there is a plethora of definition of entrepreneurship, there is general consensus that it involves a transformational process of market change conducted by specific kind of managers (Stokes and Nicolas, 2006, 29). Despite the considerable overlap between small business and entrepreneurship, both concepts are distinguishable. All new business ventures cannot be categorized as entrepreneurial in nature.
Entrepreneurship is not a new phenomenon as people have been referring to entrepreneurs for hundreds of years. The word entrepreneur originates from the French that refers to someone who takes between or goes between. In early days, the term represented a middleman who used to direct the resources that are provided by others. During middle ages, entrepreneurs managed huge projects on the behalf of landowners or church, for instance, building a castle or cathedral. The concept became more complex with the addition of some elements of risk and profit. ...Download file to see next pagesRead More
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