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The Benefits Of Entrepreneurship And Small Business Management

960 Words4 Pages

Based on the book Entrepreneurship and Small Business Management of Roberto G. Medina’s (2014) A small business operator keeps long working hours and absorb whatever damages that happen as a result of his faulty decision-making. However, he is afforded some benefits. First, the opportunity to gain control over his own destiny. Second is the opportunity to reach his full potential. Next, the opportunity to reap unlimited profits. Lastly, the opportunity to make a contribution to society and receive recognition for his efforts. (p. 18) According to Schumpeter (1942), small business is a great contribution in our economy in two ways: they are important element of the overall renewal process and it is one of the mechanism in which millions of people enter the economic and social mechanism, Robbins et al. (2000;293). Small business performance is linked to customer’s needs. Stokes and Wilson (2010) said that ‘Entrepreneurship’ is an elusive term and it is commonly linked to small business management because it involves the recognizing opportunities process and the development of new ventures, but entrepreneurs also operate in a wide range of context including bigger corporation and the public sector, not just small businesses. In our local economies, small business contributes by bringing growth and innovation to the community in which the business is established. It also helps stimulate economic growth by giving job opportunities to people who are in need of job and may not

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