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This essay discusses the concepts of small business and entrepreneurship and relationship between them We will try to define and explain the terms owner-manager and entrepreneur in other words who operate a small business enterprises We also will examine the similarities and differences of these terms From the outset it needs to be emphasized that while we will talk about the small business and entrepreneurship these terms need to be defined For small business there is still no single definition which satisfies all purposes There are several other definitions based on both quantitative such as number of employees invested capital and total value of sales and qualitative characteristics which was covered in Report of the Committee of Inquiry on Small Firms 1971 According to that a small firm is one that has a relatively small share of its market Secondly it is managed by its owners or part-owners in a personalized way and not through the medium of a formalized management structure Thirdly it is also independent in the sense that is does not form part of a large enterprise and that the owner-manager should be free from outside control in making their principal decisionsCameron Massey 1999 p5 These criteria certainly may be applied to an entrepreneurship as well Most people equate entrepreneurship with either new or small businesses However entrepreneurship can be more correctly viewed as a behaviour characteristic An entrepreneur is someone who recognizes an opportunity raises the money and other resources needed to exploit that opportunity and takes or all of the risk associated with the executing the ensuing planBarrow 1993 p14 Further Barrow indicates that the term of entrepreneur was introduced into economics by Cantillon 1755 and raised to prominence by the French economist JBSay around 1800 He used it to describe someone who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield Classical and some modern
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