entrepreneurship and small business management essay

Entrepreneurship and Small Business Management Essay

Introduction.

“How 2020 Best Small Workplace YNAB Recruits and Retains Great People” is an article by Hastwell and Great Place to Work that describes the approaches employed by a small U.S.-based business, You Need A Budget (YNAB), to retain and hire top talents. According to YNAB’s Chief Operating Officer (COO), the company strives to maintain its employees’ welfare as a key to enhance its overall success. An employee survey conducted by the Great Place to Work revealed that YNAB’s workforce rated their workplace highly – 99% of the workers gave positive responses during the study. The organization also promotes a culture that triggers high employee satisfaction.

Financial health is an integral part of YNAB, which is achieved by providing financial wellness perks. The company’s COO, Chance Gurr, highlights the significance of fiscal health in improving an employee’s morale, productivity, life quality, and loyalty, as well as reducing absenteeism, thereby identifying it as a good business practice. The company empowers individuals, including its workers, with knowledge. Since its inception, YNAB has been a telecommuting workplace with more than 100 employees spread across thirty-three states and overseas. Gurr also underscores the importance of team experience in his organization, arguing that this concept is equally valuable as consumers’ experience. YNAB also has a recruitment strategy that emphasizes humility, confidence, openness, and receptiveness. The firm’s job descriptions typically help it attract the appropriate candidates. According to the COO, this approach has helped entice professionals who resonate strongly with their organizational culture. Regarding onboarding, the business has devised creative ways to welcome its recruits/teammates. According to the article, YNAB awards gift cards, packages, and welcome notes to every new employee and assigns each worker a mentor.

Despite the current pandemic, the firm has scaled from 10 individuals in 2012 to more than 100 employees in 2020. Although scaling can be difficult on a company’s culture, YNAB attempts to sustain its norm by promoting employee experience through hospitality and caring practices. According to the firm’s COO, identifying the aspects that make one’s culture unique and promoting these elements throughout the firm’s practices are crucial in building and maintaining a healthy organizational culture. Gurr argues that core values should reflect the company’s identity as opposed to its aspirations. The article also mentioned the importance of promoting employee wellness during this pandemic period. According to the writing piece, Gurr highlighted the need for prioritizing workers’ wellness, personal and financial, arguing that this approach plays a crucial role in attracting top talents, particularly for medium- and small-sized businesses.

The article discusses the approaches used by YNAB, a small U.S -based company, to recruit and retain top talents. According to Hastwell and Great Place to Work (2020), employees’ financial health and well-being, onboarding approaches, and a firm’s recruitment strategy are crucial in attracting and retaining top talents. The aforementioned aspects have been echoed by Pride, Hughes, and Kapoor (2018) in their book, Foundations of Business . For instance, the article highlights the significance of YNAB’s benefits packages such as financial wellness perks and employee wellness packages as crucial reward systems used to address its employees’ financial and personal needs. This conceptualization has been emphasized in Chapter 9 of the text. According to Pride et al. (2018), an effective reward system must satisfy workers’ basic needs, be sustainable and distributed fairly, and recognize people’s individual necessities. Hastwell and Great Place to Work (2020) also discuss the importance of a firm’s recruitment strategy, particularly job description, in attracting new talents. This information played a critical role in expanding the understanding of the concepts included in Chapter 9 under the sub-title job analyses.

The article also mentions telecommuting, an approach employed by YNAB since its inception to foster employee experience. This information helped provide a vivid image regarding the impact of remote workplaces on workers’ morale, as noted in Chapter 10. Hastwell and Great Place to Work (2020) also highlight the importance of team experience/teamwork in promoting employee satisfaction. The aforementioned concept further expands one’s comprehension of the advantages of teams on both the organization and workers, as underscored in Chapter 10. Onboarding is another important conception highlighted by Hastwell and Great Place to Work (2020). The writing piece describes the practical application of orientation approaches echoed by Pride et al. (2018) in Chapter 9. Furthermore, the article mentions the significance of addressing employees’ personal well-being demands. This is illustrated in Chapter 10 of the text, where it emphasizes employees being given flexible working hours to ensure that they also have time to spend on their engagements. This will help them unwind and hence have a proper work-life balance.

I perceive employee empowerment through team experience as an integral approach that should be fostered in the workplace. This concept is associated with improved morale and creativity, increased trust in a firm’s leadership, and a robust bottom line. Workers’ benefits packages, for instance, fiscal wellness perks and employee well-being, are also critical motivational approaches that promote reduced turnover rates and absenteeism, improved quality of life, better work-life balance, and increased productivity. The selected recruitment approach by an organization plays a critical role in enhancing its ability to attract top talents in the marketplace. A company’s job description developed during the hiring process should be comprehensive and highlight the job opening’s significant components, such as responsibilities and task functions, essential skills, performance standards, and the reporting structure. Onboarding is also a valuable practice that aims to acquaint recruits with the organization. This practice triggers high retention satisfaction rates, a shortened learning curve, adherence to organizational goals and procedures, excellent communication, improved performance, trust, and minimal distress.

Hastwell, C., & Great Place to Work. (2020). How 2020 best small workplace YNAB recruits and retains great people. Fortune . Web.

Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2018). Foundations of business (6th ed.). Boston, MA: Cengage Learning.

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Entrepreneurship and Small Business Management

Introduction, entrepreneurship, entrepreneurial activities, and enterprise, serial entrepreneurs, intrapreneurs, and owner-managers, typology of entrepreneurship, social enterprise, environments hindering entrepreneurship, reference list.

Entrepreneurship refers to the activities involved in setting up a business or business that require financial risk-taking to gain profit. It entails creativity in building from scratch by utilizing the opportunities presented with zeal regardless of the limitations (Coad & Storey 2021). The person involved in these entrepreneurship initiatives is known as an entrepreneur. Why do people choose entrepreneurship? It is due to pull and push factors. For pull, the entrepreneur is lured into the venture due to personal drive or the beauty of the idea. At the same time, for the push, the entrepreneurial motivation arises from the negative impacts may it be personal or external, which causes the need to rectify it, such as unemployment or retirement. An entrepreneur can either be born or made. Born entrepreneurs have inborn personality traits, while driven entrepreneurs are socially influenced.

To be an entrepreneur, they must possess certain qualities—the first one being able to take risks which are having the courage to overcome the premonition failure. Innovation is proven to be a priceless quality for an entrepreneur in a world where much is already in place, hence the need to develop new ideas that can be profit-making. An entrepreneur should also be visionary to achieve success, while the quality of leadership will guide the vision since a business cannot work independently.

Confidence and being well-informed are other critical qualities. The entrepreneur needs knowledge of policies and environment influencing the company, which is complemented by the confidence that is, the confidence must inspire people working for the entrepreneur in their ideas (Orlandi 2017). Various factors contribute to entrepreneurial behaviors, one being antecedent factored by the background that is genetics, family influences, and experiences from the previous career. Incubator organizations arise from experience from career, while the environmental factors arise from economic conditions and factors affecting business set up.

As clearly depicted above, an entrepreneur is an individual who would instead assume all the risks and rewards in running a small business but not work as an employee in another business venture. To achieve successful entrepreneurship, there is a need to enact good business management regarding dealing with risks and uncertainties and a personal approach towards matters (Evans & Gawer 2016). Developing a business strategy is critical in guiding the decision-making complemented with a strong vision and intent.

Entrepreneurial activities refer to the innovation processes carried out by individuals utilizing the opportunities created by them. It showcases many manifestations that entail innovative startups required to have fast growth and employees (Eijdenberg 2019). The two major entrepreneurial activities are risk-taking and innovation. Under risk-taking, there are practical risks like thefts, fire, and accidents an entrepreneur seeks to minimize.

Putting money on the line is another risk factor that an entrepreneur seeks to reduce the risk involved by choosing the best venture. On the side of innovation, an entrepreneur seeks to establish the correct type of products and services sold, ensuring the business is kept up to date with its climate and competition while deploying proper management techniques. Furthermore, marketing and selling is another segment that needs innovative intervention since the products and services need to be marketed. It calls for a need to innovate suitable active networks to reach potential customers amid competitors, summing up the entrepreneurial activities.

A business enterprise is a project undertaken in a business world to achieve gains operating as an organization, company, or firm. The difference between a business and an enterprise is that a business is recognized within the legal parameters. In contrast, an enterprise is a business and its means of formation, and an entrepreneur is a source. There are different types of enterprises, one being a sole proprietorship. It occurs in trades, businesses, and ownership of a single retail unit, and the sole proprietor(s) is involved in all matters of decision making and running the enterprise. A partnership enterprise is one in which a small group of individuals shares ownership, decision-making, and profit rights.

In some cases, it may depict hierarchy, while in others, specialty by each partner is considered. Private limited companies are a free enterprise that has achieved legal incorporation within their own identities, having a set of shareholders responsible for the limited liabilities (Veblen & Dowd 2017). Lastly, the public limited company is another type of enterprise that differs from the private one in selling shares since they can be sold to the general public. To mention, public corporations and not-for-profit organizations are other types of enterprises that are not common.

On the same discussion of an entrepreneur, a serial entrepreneur appears on the table. Such an entrepreneur is one who consistently comes up with new business ideas setting up multiple companies. Their drive comes from several factors, such as struggling in their earlier prospects and not finding the product that perfectly fits the market. Serial entrepreneurs are highly creative and are not only fixated upon a single idea. Their in-depth knowledge and experience to recruit, manage, and build an organization is the backbone to their success (Lafontaine & Shaw 2016). To be a serial entrepreneur, optimism, dislike of bureaucracy, and flexibility should be focal. Elon Musk, the founder of Tesla Motors and SpaceX, is the epitome of serial entrepreneurship.

Who is then an intrapreneur? An individual launching new projects and initiatives within their organization by utilizing their entrepreneurial skills to achieve a transformational change towards an operation in existence. It happens in individuals who lack resources to run their ventures but instead project their innovation to buoy their organizations to further success (Adachi & Hisada 2017). The difference between entrepreneurs and intrapreneurs is that the latter takes less and has less freedom, unlike the former, but they both converge at the point where they both assume leadership roles.

Picking a few examples, the Massachusetts Department of Corrections, by following the suggestion of a guard to move inmate pictures from paper files to digital form, efficiency was improved. At the same time, expenses were reduced, saving $56,000 the year it was implemented. In the Apple company which produces Macintosh computer lines, intrapreneurship is at the center of its success. On the demerit side, if the idea fails, the company could collapse as the individual remains on the dead end.

Owner managers are workers holding job positions in incorporated enterprises. Only they, their families, and partners hold complete control of the enterprise and have the power to conduct relations with other organizations and control every employment scheme within the business (Velu & Jacob 2016). These entrepreneurs can be classified as self-employed or paid employees since they have high responsibility and authority like employers. At the same time, still, they are employees who get paid.

In the entrepreneurial setup, typology refers to the classification types regardless of their basis. It entails the study and analysis based on the entrepreneurial constricts and having a look. Typologies can be deduced: lifestyle and growth firms and entrepreneurship in a corporate or public sector context (Elo 2016).

Lifestyle and growth firms are two business firms that differ in terms of their setups regarding the ideologies followed in setting up the business plans. The willingness to act upon an idea stands to be the prime motivation rather than profit-making. In growth enterprises, the founders are obsessed with growing their companies as fast as possible hence relentless laboring. A point reaches where the enterprise attracts funding and is looking forward to more growth so that the business reaches greater heights quickly and in a better way. Focus is mainly on the marketplace, which requires innovation and technical knowledge to charge the rapid growth concerning the customer needs in all dynamics (Vieira 2017).

The founders pursue a specific lifestyle for lifestyle firms while having earnings that can sustain them as artists and sports instructors. The businesses are not meant to make the owner lots of money but to provide a decent amount that can sustain their life while having freedom, achieving a good work-life balance (Hsu et al., 2017) . They are started mainly based on the owner’s hobbies complementing their values, which will help them achieve enjoyment and satisfaction. An excellent example of a lifestyle business is the online business which is self-funded and independent from funders or shareholders.

Entrepreneurship in a corporate or public context brings to light the fundamental differences between enterprises: some benefit from public ownership while others benefit from private ownership. In public enterprise, the public, mainly the government, assumes its control since the government serves as the agent to its people, who are the public. Theoretically, this depicts the citizen to have ownership of the government-possessed company hence legitimized interests. The government assumes control in employment, policy-making, and regulating the profits made, either used by the government or injected back into the company.

The public entrepreneurs operate within the government, portraying two different figures: a public servant and an entrepreneur. For the private enterprise, the private citizens assume the ownership hence control. The Owners resort to assigning a board of directors to run the enterprise, and the profit-sharing is conducted equally among the members. It is also known as free enterprise since the government has no say in any matters.

For a social enterprise, the primary aim is to achieve specific social objectives that entail profit-making while also maximizing benefits to society and the environment by helping the needy through several programs (Besley & Ghatak 2017). Social entrepreneurs are, therefore, business individuals mandated to build social worth. The funds are majorly from the goods and services sold while from grants, and since profit-making is not the ultimate goal, it differs from the standard company (Kay, Roy & Donaldson 2016). Sustainable revenue draws the line between a social enterprise and traditional charity, obtaining outside funding to implement its goals.

Listing some examples, one is developing mobile apps that speak with relevance to the needs of specific communities, like dictating faults in powerlines and alerting the authorities. Another is companies that manufacture soft drinks that tend to fund sports activities in institutions and provide attires to the community. In underserved areas, social entrepreneurs seek to offer banking services.

On the setting of mobile apps that can speak, we understand that the idea is good but is an obstacle by the physical and technological environment. The terrain of an area consequentially influences internet connection. A community situated in a hilly place has reduced access to the internet, which will render the entrepreneurial venture meaningless and cannot thrive (Sun et al. , 2016). On the prospect of setting up a soft drinks company and helping the community, the political and legal factors may act as a hindrance. In most cases, such large companies cannot be set up near residential areas to protect the community against the health risks posed by such companies. Regarding setting up banking services, the social and cultural factors serve as the main hindrance to some communities (Ibrahim & Mas’ud 2016). In some communities, monetary value is overlooked at the expense of items such as livestock and, in some cases, gold serving as the main currency.

In conclusion, both an entrepreneur and intrapreneur are essential components in any country. The various skills and knowledge they possess are crucial in developing ideas concerning numerous business activities that increase entrepreneurial activities within a nation. The business activities created by entrepreneurs are critical in creating employment, increased productivity and service delivery, and general growth of a country’s gross domestic product. Because businesses are started and run with the primary aim being profit creation, the living standards of individuals involved in entrepreneurial activities are expected to rise.

Adachi, T. and Hisada, T., 2017. Gender differences in entrepreneurship and intrapreneurship: an empirical analysis. Small Business Economics , 48 (3), pp. 447-486.

Besley, T. and Ghatak, M., 2017. Profit with purpose? A theory of social enterprise. American Economic Journal: Economic Policy , 9 (3), pp. 19-58.

Coad, A. and Storey, D.J., 2021. Taking the entrepreneur out of entrepreneurship. International Journal of Management Reviews .

Eijdenberg, E.L., Thompson, N.A., Verduijn, K. and Essers, C., 2019. Entrepreneurial activities in a developing country: an institutional theory perspective. International Journal of Entrepreneurial Behavior & Research .

Elo, M., 2016. Typology of diaspora entrepreneurship: case studies in Uzbekistan. Journal of International Entrepreneurship , 14 (1), pp. 121-155.

Evans, P.C. and Gawer, A., 2016. The rise of the platform enterprise: a global survey . The University of Surrey.

Hsu, D.K., Simmons, S.A. and Wieland, A.M., 2017. Designing entrepreneurship experiments: A review, typology, and research agenda. Organizational Research Methods , 20 (3), pp. 379-412.

Ibrahim, N. and Mas’ud, A., 2016. I am moderating the role of entrepreneurial orientation on the relationship between entrepreneurial skills, environmental factors, and entrepreneurial intention: A PLS approach. Management Science Letters , 6 (3), pp. 225-236.

Kay, A., Roy, M.J. and Donaldson, C., 2016. Re-imagining social enterprise. Social Enterprise Journal .

Lafontaine, F. and Shaw, K., 2016. Serial entrepreneurship: Learning by doing? Journal of Labor Economics , 34 (S2), pp. S217-S254.

Orlandi, L.B., 2017. Am I an entrepreneur? Identity struggle in the contemporary women entrepreneurship discourse. Contemporary Economics , 11 (4), pp. 487-499.

Sun, J., Yao, M., Zhang, W., Chen, Y., and Liu, Y., 2016. Entrepreneurial environment, market-oriented strategy, and entrepreneurial performance: A study of Chinese automobile firms. Internet Research .

Veblen, T., & Dowd, D. (2017). The theory of business enterprise . Routledge.

Velu, C. and Jacob, A., 2016. Business model innovation and owner-managers: the moderating role of competition. R&D Management , 46 (3), pp. 451-463.

Vieira, M.J.L., 2017. Quality of life of lifestyle entrepreneurs: A conceptual model. Critical Tourism Studies Proceedings , p. 15.

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The Entrepreneurship And Small Business Management

Published Date: 02 Nov 2017

Disclaimer: This essay has been written and submitted by students and is not an example of our work. Please click this link to view samples of our professional work witten by our professional essay writers . Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of EssayCompany.

Case Study ONE: New Owner, Existing Business

The reason why Anna buy the existing line of business because firstly she was in the same line of industry that is she was the fashion designer. But then she approaches to the new field in the same industry that is the hair stylist. She wants the competitive advantage as she wants the people to look best. So that is why she decided to buy the business for salon. The existing business was becoming old fashioned and the new trends were changing deliberately causing more completion in the industry.

Before buying the new business she should consider that either all resources she got or not? .The financers, place, management, workers etc. She can’t upgrade the prices as she has new talent and others have already into their business with more experience. For a new business, initial capital costs a lot and for this she has to consider an investor. But being an entrepreneur herself she solely has the business. She also got the vision cleared that she has to make profit out of the business and will make her name on top of the list. She should first consider that she has the full learning of opening a salon or not. She could eventually make her new salon besides with the fashion designing work. So that she can get more customers. Also the existing customers can come over to the salon. It can increase its customer satisfaction and may improve the image with the two ventures.

According to the (Riyanti, 2004), for small business establishment, individual performance matters a lot. It defines its values and visions towards a goal and its objectives. Strong business can be lead up to by internal business process, finances and learning. They all lead to the growth factor and lately established into a respective business. The learning can be measured through customer satisfaction from any business while financial performance can be analyzed through sales and assets.

Through proper learning and training one can get the feasible interest and skills for handling a new business. A proper decision making leads an entrepreneurial innovative behavior. As Anna’s skills are being less for new business so that first she should get a proper training or at least take advices from the well known entrepreneurial in town. The motivations and leadership quality also matters a lot. She can make the financial stability and performance good after a time period because if from the starting she charged heavy from the customers then she can’t be able to make customers loyal. After when her business start up with good sales, she can charge with good amount so that her cost can be recover.

As per (Isobel van der Kuip, 2003), entrepreneurship is something innovative and did not exist with the non-learning and motivation. The traditional entrepreneurship also considers the time value of money but now innovation with technology prevails causing the economic stability. Being a new entrepreneur, Anna faced problems like she has not a proper education regarding a new startup. Then she has managerial perspective problems plus financing problems. The entrepreneurship requires opportunities and innovation with proper education and training. It also requires the risks to be involved. The self confidence, attitude will motivate a lot. Being fresh in entrepreneurship, Anna faced problem of self-awareness and did not have proper information regarding the investment and competition. It requires proper research and equipment so as to start up any business. She has to proper educate herself regarding the skills and managerial decisions. Creativity and self reliable also plays an important role besides goal setting and internal locus of control.

Case Study TWO–Mac Tools franchise

Question 1:

The best way to expand the business is through franchising because to expand its own business is through franchising with more sources. For the franchises, you are the owner or manager of that so that you can make the managerial decisions easily. As per (franchise venture capital), there will be no contingent liability, the profits and loss can be shared or not, It is up to the franchisee. The good advertising can be made to promote the products; minimal employees with good skills can be hired. Through the intellectual decisions franchising can be made for the business growth and it helps to profitabilize the existing business.

Though a small business owner or entrepreneur, franchise can be made to enlighten up the success idea and in order to promote their business with maximum customer satisfaction. It consists of lower risk, as if a franchise is not making profits in your balance sheets, it can be closed down as the decision is being solely up to you. Less time and energy is involved in order to start up. The customer base was being able to build. Training to the employees also makes a difference. Hence, if to start a good cause franchise can be the second hand.

Question 2:

We know that owning a franchise require same level of input, costs and learning but as to own a proper business is more worthy. From start point of view, a person can own a franchise so that he can be able to negotiate, communicate and learn the specific rules for the growth of a proper business. From a franchise your name can be recognize, should have a growth power, can have more opportunities with growth, quality and consistency with the career.

From a business point of view, a person is being more concern and regulated. The business itself has some rules and regulations regarding the cost, finances, investment, employees etc. in starting up the business firstly a plan has to be made with proper estimation of costs and expenses. Focus on strategies to make profits through sales, make a brand image, customer perception and their satisfaction. Through a proper guidance and advices a decision has to be made. The business model is important. Some people also to short cutting the way, they open up the franchises in order to increase sales.

John’s success of running Mac Tools franchise reason is that he gets properly training first from their institute. After that by hard working, loyalty and skills he was able to be a leader and a good successful franchisee. He knows that how to satisfy his customer by providing their needs. Through good expectations and vision, he was able to receive the highest award at Mac Tools. He has the ability and strong willpower which guides him and with positive expectorations, he was able to grow and was a successful franchisee. There is no quick route to growth but also by accepting challenges and opportunities, one can achieve a goal. Hence, team working is also very important for a business.

Question 3:

Being a fresher investor, one should start with the small business. The reason behind this can be many and will vary with the situations like by doing a small business; it’s your satisfaction that either it can be good or bad. With the initial investment either it will result to profits or loss. While by initially doing investment in a business can cause difficulties at the starting if you are independent and solely business man. If a person has not a proper education about the start of the business, he would have outsourced the employees or managerial team which finds to be more costly to him.

Being a small and independent entrepreneur, one can have the locus of control on itself. He could not blame other partner about the losses. But by being in a partnership, partners can share the profits as well as loses. The successful entrepreneurs who owe their own business mainly wants money, power, prestige, fame, more investment giants, life style and many other things which did not involves career and growth.

Either for a good small business or franchisee, research is more important with the proper planning. Covering your bases and by finding the reliable funding can improve your performance of the business. Either by going into franchises, a person must have proper knowledge of the product he wants to sell. But by doing a small business can eventually boost up the confidence and self esteem which leads to the growth. By owning a small business you can be the master of your own funding, find your own business to expand it, face the challenges with risks and opportunities, can reap the reward after the profit maximization, did not have to give investors their share holder’s equity part, operating costs and funding was done by you. Besides this, the guidance from the good entrepreneurs is also very important. They tell the truth and goal to success. They know how to overcome the challenges in this completive world. Hence, before starting up anything a bold decision with proper business plan is must so that in any case it can be lawful.

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