The Myths About Small Business Entrepreneurs
Although a 2010 survey shows that almost 60% of youth between 15 and 25 years old indicated that they have a desire to be an entrepreneur, only 10% ended up taking action to become an entrepreneur (Katz & Green, 2014). The "Starting Out" article (included in this week's Learning Resources) mentions that accessing finance, getting paid, and coping with bureaucracy could be factors that prevent people from taking action to realize their small business ownership dreams. Consider these results and why you think this is what the research showed. Then, examine the weekly resources and other credible resources to get a better sense of what it takes to start and run a small business.
To complete this Assignment, respond to the following questions:
- What are the characteristics of small business, compared to other types of businesses?
- What are the differences between a small business and a high growth venture?
- What are the characteristics of a small business owner? Do you think there is something unique that sets the small business owner apart? Why or why not?
- To what extent do you think you have the characteristics of a small business owner? What is your plan to close the gap?
- When data indicates there are so many people interested in starting a small business, what stands in their way? What are the barriers to starting a small business?
- Does anything stand in your way? Describe three barriers that may hinder you as an entrepreneur. How do the barriers that you have identified affect (or potentially affect) you as you contemplate starting a small business? What can you do to overcome them? If you have started a small business, how did you overcome barriers that could have stood in your way?
Include in your responses specific references to this week's resources, as well as to other credible resources.