Entrepreneurs and Small Business

Entrepreneurs and Small Business

Reflect on the contributions to society of small businesses and consider two (2) benefits and drawbacks of small business ownership. Next, address the question, “Should employees be encouraged to follow the path of entrepreneurship?” Justify your response.

Reflect on the contributions to society of small businesses

Small businesses are relevant in society since they provide employment opportunities for individuals who are jobless, contribute to economic growth, and encourage ideas that boost innovations. The advantage of owning small businesses include individual satisfaction as well as growth depending on the time and effort given. Besides, it provides lifestyle independence in that it allows the business owner to plan their businesses according to how they see fit (Permwanichagun, 2014). The disadvantage of this type of business is that the financial risk or losses fall solely on the owner of the business in addition, it requires a time commitment for the business to thrive.

Should employees be encouraged to follow the path of entrepreneurship?

Employees should be encouraged to venture into entrepreneurship because it will help them grow as individuals and also as leaders. Entrepreneurs can solve problems fast as well as make important decisions that lead to the growth of the business. Once these employees become entrepreneurs, they learn how to be personally responsible for their actions and the decisions that they are making. For instance, in case of a crisis that may affect the sales of the business, entrepreneurs can find ways to navigate through the crisis. Having an entrepreneurial mindset will allow the individuals to create opportunities for others especially the young generation (Kirzner,2015).

Consider small business’s social responsibility to employees, customers, investors, the community, and the environment. As a small business owner, discuss what you would do to meet the ethical and social responsibility goals in your company. Provide specific examples to support your response.

To attain ethical and social responsibility, I would ensure that they employ qualified individuals from people in the adjacent environment. This way, as society grows, so does the business and vice versa. Giving back to society is a strategy or goals that could help make the business grow, this could either be by sponsoring charitable events or giving young people a chance to gain experience through internship programs. Having a contract between the employee and the entrepreneur allows them to have an understanding of the ethical values or code of conduct that they need to adhere to.

References

Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.

Permwanichagun, P., Kaenmanee, S., Naipinit, A., & Sakolnakorn, T. P. N. (2014). The situations of sole proprietorship, E-commerce entrepreneurs and trends in their E-commerce: A case study in Thailand. Asian Social Science, 10(21), 80.