Entrepreneurship-Continued


Published: December 2, 2019

Is there a dissimilarity between an entrepreneur and a small business person?

According to Merriam-Webster (2019), an entrepreneur is a risk-taker who develops a business and will make a profit when there is one. These entrepreneurs look to change the world through their product, idea, or service. Whereas, a small business person seeks to make a living for his/her family and not necessarily something new, such as a restaurant where there are many, but not the same kind. The Small Business Administration (SMA) says small business is one, depending on the industry, has under 500 employees, or doing less than seven million dollars in revenue per year (depending on the industry).

No matter what you call them, they are an essential part of our money-making society. The government alone can not take care of all of the problems of society nor hire all the workers that want to work. The partnership between business-government and others is a necessary part that keeps our economy as one of the greatest in the world through entrepreneurship. Entrepreneurship in America accounts for 90% of all businesses, and they are family orientated businesses.

Small to Midsize Enterprises (SMEs) form a large part of the global economy with a particular amount being family owned and operated. If entrepreneurship were to STOP, the economy as we know it now would cease to exist, and the goods and services as we know it would no longer be available. The government can not do it all, so if the government is not going to do it, who will, then, without entrepreneurship? Thus, we would have to find another economy to take its place.

So tell me, what do you think? Can we, as a society, make it without entrepreneurs or small business people? Now, answer this question, if we did not have entrepreneurship in America, what economic source would replace it? Sound off let me hear from you.

References

Merriam-Webster (2019), retrieved from https://www.merriam-webster.com/dictionary/entrepreneur