Question

Explain the term entrepreneur. How would you describe the difference between an entrepreneur and a small business owner?

In your own opinion - do you think entrepreneurship will continue to grow? Why or why not?

If you answered yes to the above question - In what areas / industries do you think this growth will occur?

Answer 1

ENTREPRENEUR

An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of his or her business venture. The business idea usually encompasses a new product or service rather than an existing business model.

Such entrepreneurial ventures target high returns with an equally high level of uncertainty. The entrepreneur is willing to risk his or her financial security and career, spending time as well as capital on an uncertain venture, arranging for the necessary capital, raw materials, manufacturing locations and skilled employees. Marketing, sales and distribution are other important aspects which are controlled by the entrepreneur.

Even if some of these functions are outsourced, the risk is still carried by the entrepreneur. This makes entrepreneurship different from inheriting and/or running an existing business, working for a startup or entrepreneur for a salary, being a commissioned agent, or selling already available goods or services as a franchisee or dealership.

Small Businesses vs. Entrepreneur

There is a fine line between being a small business (SB) owner and an entrepreneur—the roles actually have a lot in common—but there are distinct differences that set them apart. Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks.

Limited growth with continued profitability is what is hoped for in most small businesses, while entrepreneurial ventures target rapid growth and high returns. As a result, entrepreneurial ventures generally impact economies and communities in a significant manner, which also results in a cascading effect on other sectors, like job creation. Small businesses are more limited in this perspective and remain confined to their own domain and group.

yes , i think entrepreneursip will continue to grow because of the following reasons -

EASIER THAN EVER

The ease and relatively low cost of starting a business have begun to attract a more diverse population of small business owners, . There is a sense that the pool of people who are considering entrepreneurship, whether it's due to social tastes or other things ... seems to have changed quite a bit.

A CHANGING ECONOMY

the financial crisis in 2008 led many people to distrust traditional career avenues, such as the finance industry, as weakened job security made such jobs much less appealing.

But with the view of entrepreneurship this view can be changed not only this will improve GDP but also provide employment to several people

industries in which growth will occur

1. Professional Consulting

2. Home-Based Child Care

3. Tutoring

4. Elder Care

5. Private Chef

6. Freelance Online

7. Develop Apps

8. Sell Courses

9.Be a Virtual Personal Assistant

10.Become a Social Media Influencer