Small Business Entrepreneurship – Small Business, Strategies And Many More!

Published on: 10 June 2022 Last Updated on: 04 November 2024

“Please think about your legacy, because you’re writing it every day!”-
Gary Vaynerchuk

Being a businessperson, you can really get a chance to write your legacy on your own. So, you should no doubt, become one.

Now, no entrepreneurs launch a massive business within a day. It takes a lot of time, patience, and dedication from the owner’s side for a venture to grow. So, if you are sure that you can give all three to your venture, consider reading this article to the end.

Here, you can check out the strategies, benefits, and drawbacks of small business entrepreneurship. The best you can do is apply the strategies given here and try to avoid the drawbacks. As a result, you can majorly enjoy the benefits. Have a look:

Small Business Growth Strategies You Must Know

In this section, you can go through a few effective strategies that can work for the growth of any small business. All the following points are made keeping in mind the digital business setup. Have a look:

1. Knowledge Of Product And Target Audience

Your career in small business entrepreneurship can only lead to success if you have proper knowledge about the product. Make sure you know the market condition for a product and are able to manipulate your customers accordingly.

As a result, you can attract more TG and the chances of sales shall dramatically grow.

2. Proper Business Advertising

Have you ever searched for Essentials of Entrepreneurship and Small Business Management 8th edition PDF free download and downloaded the book? Well, then you are aware of the importance of advertising as it is written in the book.

Yes, you can put up online advertising on various digital platforms and expect to get a decent amount of sales. This is how your small business can grow. All you would need is to invest and monitor.

3. Strict Influencer Marketing

At present, influencer marketing is one of the best ways you can get your brand the necessary exposure. So, you can look for the best social media influencer. A good influencer can address your product on social media in such a way that the number of sales boosts.

In the present day, many influencers agree on the fact that influencer marketing can help a small business in the best way.

Benefits Of Small Business Entrepreneurship

As you read the book, Essentials of Entrepreneurship and Small Business Management thoroughly, you can check out certain benefits of small business entrepreneurship. Have a look at the following points and you will understand.

1. Total Control On Running A Company

A small business owner can have total control over running a company. Naturally, if you get into small business and entrepreneurship, it will be your primary responsibility to make your venture a success. This is a benefit as you are not answerable to anyone.

2. High Financial Benefits

A sustaining career in small business entrepreneurship can give you dramatic financial benefits. At times, it is way more than one can earn by doing a business.

3. Outstanding Tax Benefits

An owner of a small business gets promising tax benefits from the government. The scene is more or less the same for every country. So, most business holders can enjoy more capital gains. So, if you have a plan to open a business, this is yet another reason why you must stick to it.

Drawbacks Of Small Business Entrepreneurship

As everything has its own downside, small business entrepreneurship is no different. You should always consider these downsides as a new entrepreneur. Have a look:

1. Market Risks

Wherever there is a market, there is a risk. Well, you might at times face drastic losses while running your business. Although, it is quite natural for an entrepreneur to face such situations. Remember, as a businessperson, it is always best to have a proper financial backup plan.

2. More Stress Leading To Health Issues

A career in small business entrepreneurship can lead you to develop certain health issues due to extra stress. So, this is yet another major downside of being a businessperson. However, timely business decisions in the current approach can always help you avoid stress no matter the types of entrepreneur.

3. Time Management Can Be Tough

Most often, small business entrepreneurship can turn you into an unsocial being. It is again natural as you always dream about the betterment of your venture.

You might get no time to spare for your family or society. Likewise, you might end up finding yourself working 24/7. So, this is obviously a drawback. Well, it is the only reason business owners have the tendency to fall sick than the jobholders.

Frequently Asked Questions (FAQs):

Q1. What Are Examples Of Small Business Entrepreneurs?

Ans: Small business entrepreneurs are those who started a small venture and gradually turned it into a massive one. Some examples are Sophia Amoruso, Howard Schultz, etc.

Q2. What Are The 4 Types Of Entrepreneurship Business?

Ans: There are four types of entrepreneurship in the market. They are social entrepreneurship, small businesses, scalable startups, and large companies. All these types of entrepreneurship are different and it fully depends on the type of company that a person starts.

Q3. How Do I Start A Small Business As An Entrepreneur?

Ans: You can start a small business as an entrepreneur if you have exponential knowledge about a product/service. Moreover, you need to have proper funds to put on for the process to take place. Now, the business process must have continuity, flexibility, and outstanding production. Only then can it properly sustain itself in the market.

Final Words

As of now, small business entrepreneurship is one of the sought-after careers. Most youngsters in all the leading countries in the world are eager to start a business. However, most of them do not know the strategies and even the pros and cons of being a business person.

In such a scenario, most small businesses dry out within a few months. So, if you desire to start a small business, keep all the points given in this article in mind.

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Top 10 Best Serial Entrepreneur Of All Time – 2024 Update

Most of us are accustomed to the term entrepreneur. But in case you do not know what is a serial entrepreneur is, let me define a serial entrepreneur for you. A serial entrepreneur is someone who has more than one business in their bucket. They start one business, and then if they fail, they start another one. Or, in some cases, they sell the existing business in a great deal and start another one. What Are The Characteristics Of A Serial Entrepreneur Inc. Magazine says a strong sense of optimism and a high impact threshold characterizes successful entrepreneurs. These qualities are necessary due to the high risks that they take and the long hours of launching a small company when success seems to be a mirage in the desert. They also show strong self-reliance and a desire to stay innovative. They understand that money is not everything. Entrepreneurs do not always have a guarantee of success when they open a chain of different businesses. Sometimes, just one business takes all of the focus of an entrepreneur. Top 10 Best Serial Entrepreneur Of All Time Here are the top 10 entrepreneurs of all time. Who never fails to amaze us with their new innovative business ideas. Here are the serial entrepreneur examples. 1. Anthony Mongeluzo At the age of 21, Anthony Mongeluzo started his first professional company from his parent’s house and took a step towards being a serial entrepreneur. And that is Pro Computer Services. He also had other companies when he was a teenager. He is also the CEO and President of an information technology firm in Marlton, N.J. After some time, PCS has gained regional as well as national recognition as one of the fastest-growing companies. With an annual revenue of $25 and 25 employees, PCS has offices in four states. Companies: PilotLight studios Pro Computer Services Dynamic Telecom Solutions 2. James Currier At the age of 6, James Currier started his entrepreneurial career as a worm seller, and now she is one of the best serial entrepreneurs. When he was in the 8th grade, he opened a store in his school cafeteria. By the time he graduated from Princeton University, he already had 18 little ventures in his bucket. Jiff Inc., which is well known for making HIPAA-compliant mobile software for the medical industry, is led by James Currier. He is not only the lead investor here but also the Executive Chairperson. He has also founded Palo Alto-based Ooga Labs. It helps to develop e-commerce and mobile startups along with medical software. Companies: Tickle Ooga Labs Jiff Inc 3. Ellen Thompson Ellen Thompson has experience in starting and selling companies for more than 20 years. In 1993, Thompson founded a skill-testing firm named Know It All. In 2000, Kenexa Corp. had bought more than 300,000 shares. After she founded another company named 4 Walls, she is now the CEO of the company. This company is based near Philadelphia and helps apartment owners get customers via search engine marketing and social media. The list of serial entrepreneurs will be incomplete without this name. Companies: 4 Walls. Know It All. 4. Rod Drury This New Zealand serial entrepreneur has had a fascination with computer technology since his teenage years, and he has transformed this fascination into his career. He helped found the software company Glazier Systems. In 1999, it was sold for around $7 million. He was also the founder of AfterMail, which is an email intelligence concern. In 2006, the QSFT, or Quest Software, acquired AfterMail for $15 million. At present, Drury is the director of the New Zealand Stock Exchange, the director and founder of Pacific Fibre, and lastly, the Chief Executive Officer of an online accounting portal, Xero. Companies: Pacific Fibre. AfterMail. Glazier Systems. 5. Janet Kraus Janet Kraus is the senior lecturer at the Harvard Business School and has already started and sold 2 businesses. She is the co-founder of the concierge service company Circles. With her hard work, she developed the company with a revenue of $50 million. In 2007, she sold Circles to Sodexo. Just after that, she started leading Spire. This is a high-end social media business that is related to travel. In 2010, it was sold to Perfect Escapes. He is another serial entrepreneur who finds it fascinating to start new ventures. Companies: Spire. Circles. 6. Josh Kopelman The managing director of First Round Capital, Josh Kopelman, is very fond of forming and investing in Internet companies. It has already been around two decades since he is doing this. In 1992, the Infonautics Corporation came to the public in 1996. At that time, he was attending the Wharton School at the University of Pennsylvania. Three years later, in 1999, he started Half.com, which is an online store for used music and books. But just after one year, it was acquired by eBay. He has also invested in several startups, like mint.com and StumbleUpon. Companies: TurnTide. Half.com. Infonautics. 7. Harpal Sandhu Harpal Sandhu is the Chief Executive Officer and President of Integral Development Corporation. It is a Sunnyvale, California-based company owned by this serial entrepreneur. It was 1993 when he was the co-founder of this company. This organization claims to be the only multi-sided trading network that works for foreign exchanges. Earlier, Sandhu was the president and founder of Infinity Financial Technology. In 1998, the software company SunGard Data Systems acquired Infinity Financial Technology. Companies: Integral Development Corporation Infinity Financial technology 8. Gerard Ferro It has already been more than two decades since Gerard Ferro has been setting up and running technology and health businesses. He is also the co-founder and CEO of a prescription discount business, Free For All, which is based in Marlton. Gerer Ferro also cofounded a pharmacy benefits management concern, SUNRx. He was also the chairperson and CEO of the organization. Under his leadership, this company was able to gather a revenue of $49 million in its first five years. During the late 1980s, he was also the co-founder and CEO of Simacre. Companies: SUNRx. Simcare. Free For All. 9. Oprah Winfrey Oprah Winfrey is another shining star in the sky of serial entrepreneurs. When she was in high school, he started his career in the broadcasting industry. The media empire and her group of businesses across magazine publishing, radio, and television have made her a billionaire. As per Forbes, her estimated net worth was $2.8 billion in 2018, and she is the wealthiest woman in show business. In 2011, she launched OWN or Oprah Winfrey Network. The official website of OWN claims that 70% of homes in the United States have OWN. Companies: Oprah Winfrey Network. Harpo Productions. 10. Richard Branson In 1970, when Sir Richard Branson was around 20 years old, he started a mail-order record business. After that, it was time for a record shop in London. Within a couple of years, he built a studio, where “Tubular Bells,” an instrumental by Mike Oldfield. His Virgin Group now has around 200 companies in more than 30 different countries. Branson is also famous for promoting various social causes using celebrity power and his wealth. Being a prolific blogger, he also has written a book, which is published with the name “Screw Business as Usual.” Companies: Virgin group. 11. Elon Musk Any list of entrepreneurs is incomplete without Elon Musk. He is the billionaire mind behind Tesla CEO and the richest person alive as of 2023. Musk’s first try at business was a small start-up called Zip2. It was a searchable business directory, which is an online equivalent of Yellow Pages. Four years after the establishment of Zip2 in 1995, it was sold to Compaq Computers for $307 million. Later, it was integrated into the AltaVista search engine. After the sale of Zip2, Musk moved on to build another company, x.com, which is an online payments app that was later known as PayPal. The company was sold to eBay for $1.5 billion. Highly by the success he invested in and founded SpaceX, Tesla Motors, and The Boring Company. In 2022, he bought the social media company Twitter and renamed it X. Companies: Virgin Group Conclusion They are those entrepreneurs who have never failed to come up with new ideas in case one fails or is acquired by others. They have a bucket full of new and innovative ideas to lead and build a successful career path. They are inspirations for this generation’s entrepreneurs who are willing to make their own identity. Learn More About: Mistakes Entrepreneurs Should Avoid When Using SMS Marketing Starting An Ecommerce Business: 9 Easy Tips For The New Entrepreneur 5 Ways College Prepares Young Adults To Become Successful Entrepreneurs

Who Is An Intrapreneur? Definition, Characteristics, Pros/Cons, More

Intrapreneurs and Entrepreneurs - they sound similar right? Yeah, they do, but their definition, meaning, and characteristics are totally different from one another. Here is what we know about entrepreneurship. Read the guide till the end to grab some rich insights. Who Is An Intrapreneur? Here is a concise definition. An intrapreneur is the one who is responsible for developing an innovative project or idea within an organization. He/she doesn’t face the outsized risks that an entrepreneur doesn’t. However, he possesses the major access to all the capabilities and resources of an established company. To be very specific, the intrapreneur gets the autonomy to work on projects having a considerable impact on organizational development. The term intrapreneur is an amalgamation of two words like “internal” and “entrepreneur.” In 1978, it was first coined by Elizabeth S. Pinchot and Gifford Pinchot II in a white paper. How Does Intrapreneurship Work? You are now well aware of what is an intrapreneur. They are the employees of an organization who are given the responsibilities of working on special ideas and projects. In addition, they are given the freedom and time to develop and grow the project that an entrepreneur would. Does this sound like they work solo? Well, not really because intrapreneurs have all the capabilities and resources of the firm at their disposal. Additionally, they have different objectives. While an entrepreneur envisions the creation of a company from level 0, the intrapreneur has a broader vision for an established entity. The visions mainly involve radical changes to company processes, products, or traditions. He applies his skills and experiences directly to implement them on the job. What Are The Characteristics Of A Good Intrapreneur I hope, by now the meaning is pretty clear to you? Now, Intrapreneurship has some roles and responsibilities which require some special characteristics. Below, I have listed some of the characteristics an efficient intrapreneur must possess. 1.They Are Passionate About Problem Solving Angels and Intrapreneurs will agree on this one. Focused intrapreneurs are the ones who are passionate about solving problems and set forth to resolve business-oriented issues. 2.They Are Curious, And Adaptable Enough When it’s the start of a business, the intrapreneur has to play roles in several sectors such as product management, engineering, and marketing. Hence, angels look for people who are curious, adaptable, and respond to learning and development. 3. They Are Transparent As an intrapreneur, the fastest and most efficient way to gain the confidence of your sponsors is by showing transparency. If any unwanted circumstance happens, then also, transparency needs to be maintained. 4. They Are Resilient Intrapreneurs starting a business simply have an idea which they have to work super hard to give a shape. That’s why they need to be highly resilient since it’s likely they would come across a plethora of obstacles throughout their journey. Pros And Cons Of Intrapreneurship Here is a critical analysis of Intrapreneurship I have explained through an evaluation of its pros and cons. Take a look at the table below: Pros Of IntrapreneurshipCons of IntrapreneurshipIt decreases the financial risk on the innovatorThe glory you enjoy is not for you only, it’s shared.Makes use of all the organizational talent and resourcesThere is high potential for conflicts with the other members.Increases the delivery of better services, products, or support.Returns are generally less in comparison to the entrepreneurs.Enlarges your reputation and develops your network.There are a myriad of risks pertaining to failureIt’s a stepping stone to entrepreneurshipYou will still have a boss monitoring you Companies Around The World Having Intrapreneurs Here are some leading tech giants around the world who support Intrapreneurship just like different types of entrepreneurs: GoogleMicrosoftShutterstockIntelFacebookAppleGeneral MotorsVirgin Frequently Asked Questions (FAQs): Q1. What Does Intrapreneur Mean? An Intrapreneur is an employee who is given the support and authority to create a new service or product. Unlike entrepreneurs, they have no concern about whether or not the product would become a revenue source for the company. Q2. What Is Intrapreneur Example? One of the greatest examples of Intrapreneurship is Dreamworks Animation. It’s a media behemoth that gave classic works like Madagascar and Kung Fu Panda. They also offer classes on script writing to the animators. Q3. What Are The Types Of Intrapreneurs? The 3 types of Intrapreneur are as follows:1. Advocate, coming from a customer-facing role 2. The creator coming from an internal-facing role3. The change maker coming from an external-business-facing role. Q4. What Is The Difference Between Intrapreneurs And Entrepreneurs? The main difference between Intrapreneur and Entrepreneur is that an entrepreneur is a ground-up-and-go person when it comes to their own money. On the other hand, an intrapreneur is someone who starts steaming from inside a large company. That’s all about Entrepreneur Vs Intrapreneur. The Bottom Line That’s all we had to say about Intrapreneurs. They are overlooked often in the realm of entrepreneurship. However, with the world-changing innovation coming up, established corporations are prioritizing them. Wanna learn how to become an intrapreneur and Intrapreneur Vs Entrepreneur in more detail? Then keep an eye out on our website as we will be coming up with a guide to that. Read More: What is an Airsoft Gun?How Gun and Security Gear Advanced through the YearsParts of a Gun: All You Need to Know About the Components of Your Firearm

4 Tips To Maintain Your Fleet

Efficient fleet management is critical for transportation-dependent enterprises. Whether you run a delivery service, a logistics company, or any fleet-based business, keeping your cars in top shape is critical to success. A well-maintained fleet increases not only operational efficiency but also safety, downtime, and unexpected repair expenses. Fleet maintenance costs are estimated to cost only 15-40% of total production costs, making it a worthwhile investment for businesses. In this article, we will delve into the complexities of fleet maintenance and look at a variety of tactics for keeping your cars running smoothly, increasing their lifespan, and minimizing potential problems. If these vehicles are not maintained, a transmission shop may be the next stop for all these vehicles and end up being more costly. 1. Develop a Personalized Maintenance Schedule The core of successful fleet management is a planned and tailored maintenance schedule. Each vehicle in your fleet has distinct characteristics, usage patterns, and levels of wear and tear, demanding a tailored solution. Inspections and maintenance checks on a regular basis Inspections on a regular basis are the first line of protection against potential problems. Implementing daily pre-trip inspections allows drivers to detect and report any visible abnormalities with important components like brakes, tires, lights, and fluid levels. Furthermore, scheduling periodic comprehensive inspections performed by professional technicians provides a full review of the overall health of your fleet. Commit to Preventive Maintenance The foundation of fleet longevity and cost control is preventive maintenance. By following a preventive maintenance program, you can address and repair minor concerns before they become severe breakdowns. Fleet oil changes, filter replacements, tire rotations, belt and hose inspections, and overall system checks are common preventative maintenance jobs. Preventive maintenance not only decreases the danger of unexpected breakdowns, but it also improves the overall reliability of your fleet. Make Use of Technology CMMS software has emerged as a vital tool for streamlining fleet maintenance activities in the digital age. These advanced systems aid in the tracking of vehicle maintenance history, the scheduling of impending tasks, the monitoring of spare parts inventory, and the streamlining of communication between drivers, mechanics, and fleet management. With real-time data at your fingertips, you can make educated decisions, optimize maintenance tasks, and guarantee that nothing slips through the cracks. 2. Empower Drivers with Training Drivers are the front-line guardians of your fleet's health. Properly trained drivers not only make the roads safer but also play an important part in extending the life of your vehicles. Comprehensive Defensive Driving Training Defensive driving classes are vital for providing improved skills and knowledge to your drivers in order to minimize accidents and mitigate hazards. This type of training stresses hazard identification, effective space management, and defensive driving techniques. Drivers actively contribute to the preservation of cars and the safety of other road users by lowering the likelihood of crashes. Techniques for Efficient Driving Fuel expenditures account for a sizable amount of fleet expenses. You may significantly decrease operational expenses and contribute to environmental sustainability by encouraging fuel-efficient driving practices. Training drivers to avoid harsh acceleration and braking, maintain steady speeds, and reduce idle time can result in significant fuel savings. Load Management Expertise Drivers should be educated on the need for good load management. Excessive strain on tires, suspension systems, and brakes can result in rapid wear and poor fuel economy. On the other hand, ensuring adequate weight distribution and adherence to load limitations contribute to improved safety and performance. 3. Prioritize Tire Maintenance Tires are an important component of fleet performance, and they require careful care. Tires that are well-maintained not only save gasoline but also improve vehicle control and overall safety. Tire Inspections on a Regular Basis Implement a tire inspection program to check for indicators of wear and damage and correct inflation on a regular basis. Tires that are underinflated or overinflated can cause uneven wear patterns and greater fuel consumption. Regular inspections allow for the timely detection of tire concerns, allowing for immediate corrective action. Rotation and Alignment of Tires Tire rotation is necessary to ensure that all tires wear evenly. Rotating the tires on a regular basis helps to extend their lifespan, lowering replacement expenses. Wheel alignment is also important for tire longevity and vehicle performance. Misaligned wheels can cause uneven tire wear and reduce fuel efficiency. Tire Replacement on Time Replace tires when they approach the end of their recommended service life or show considerable wear. Investing in high-quality, long-lasting tires may have a greater initial cost, but it pays off in the form of longer-lasting, more reliable tires that contribute to improved fuel efficiency and lower maintenance costs. 4. Use Telematics for Better Fleet Management Modern telematics technology provides a wealth of data for monitoring and optimizing fleet operations. Proactive Vehicle Maintenance and Diagnostics Telematics systems give real-time information on a variety of vehicle aspects, such as engine health, fuel efficiency, and performance measures. Fleet managers can discover possible faults before they escalate by closely monitoring this data, allowing for preventive maintenance and avoiding costly breakdowns. Fuel Efficiency and Route Optimization Telematics can aid in route optimization, minimizing wasted mileage, and lowering fuel expenditures. Efficient route planning reduces vehicle wear and tear, contributing to total fleet longevity. Driver Behavior Evaluation Telematics allows for the monitoring of driver behavior such as excessive idling, speeding, and aggressive driving. Fleet managers may decrease vehicle wear and tear, assure safer driving practices, and potentially lower insurance costs by recognizing and correcting problematic driving patterns. Final Thoughts Vehicle fleet maintenance necessitates a diverse approach that includes regular inspections, preventative maintenance, driver training, tire care, and data-driven management via telematics. You may ensure the best performance and longevity of your fleet by following the tactics provided in this detailed handbook. Consistent fleet maintenance not only increases operating efficiency and lowers repair costs, but it also benefits your brand's reputation and customer happiness. Remember that a well-maintained fleet is not a cost; it is a strategic investment that will fuel your company's success and growth in the long run. Read Also: What Does Elon Musk Have In His Vehicle Fleet? 5 Essential Tips For Hiring Prom Limousine Denise Hamet Discusses Trends in Creative Transportation Strategies

Small Business Entrepreneurship – Small Business, Strategies And Many More!

Small Business Growth Strategies You Must Know