The paper "Entrepreneurship and Small Business Development" is a wonderful example of an assignment on business. Through determination and relentless efforts, many people have risen across the business ranks to become successful entrepreneurs. Entrepreneurship involves the search for business opportunities amid risks and uncertainties with the main objective of maximizing profits. Through risk-taking, entrepreneurs succeed as they take a path that most businesspersons shy away from undertaking. Although the risks involved in the process of entrepreneurship may be enormous, more often than not, those who have the courage to chart new paths of innovation and creativity normally reap the benefits that accrue (Henderson, Sutherland & Turley 2000, p.
84). Entrepreneurship skills are a very significant tool as far as the development of small businesses is concerned. Small and Medium-Sized Enterprises (SMEs), start with modest capital outlays on many occasions before growing through certain attributes injected by the concerning entrepreneurship. In order for one to be a successful entrepreneur, they ought to possess at least most of the certain entrepreneurship attributes namely, innovation, leadership, invention, change, and creativity. Some of the theories backing this idea include the neoclassical theory (Chakraborty 2006, p.
17). A classic example of a successful entrepreneur who started from a humble business setup is Mark Zuckerberg, who together with his partners founded the most popular social networking site, Facebook. This paper evaluates the role of entrepreneurship in the development of small business enterprises by looking at some scholarly work on entrepreneurship and SMEs after which it presents Facebook as a practical example and concludes by a final analysis of the practical example in relation to the literature reviewed. Literature review A number of scholars have presented various studies concerning entrepreneurship and its role in starting up and developing of small businesses.
They all in one voice acknowledge the fact that entrepreneurs have to factor in certain entrepreneurial attributes in order for their businesses to prosper. This section critically reviews all the relevant literature concerning entrepreneurship and small business development.
Malhotra, Y 2000, Knowledge management, and business model innovation, Hershey, Idea Group Publishing.
Dutt, A, & Ros, J 2008, International handbook of development economics, Cheltenham, UK, Edward Elgar.
Charantimath, P M 2006, Entrepreneurship development and small business enterprises, New Delhi, Pearson Education.
Kapila, S, & Mead, D C 2002, Building businesses with small producers successful business development services in Africa, Asia and Latin America, Ottawa, Ont, International Development Research Centre.
Chakraborty, K S 2006, Entrepreneurship and small business development: with special reference to Tripura, New Delhi, Mittal Publications.
Lilley, S, Grodzinsky, F S, and Gumbus, A 2012, ‘Revealing the commercialized and compliant Facebook user’, Journal of Information, Communication & Ethics in Society, 10(2), pp. 82-92.
Sonfield, M C, 2000, ‘Establishing And Developing Entrepreneurship and Small Business Growth in A Post-Communist Economy: The Case of Hungary’, International Journal of Entrepreneurship, 4, Pp. 17-27.
Jung-Wan, L, & Tai, S W 2010, ‘Motivators and inhibitors of entrepreneurship and small business development in Kazakhstan’, World Journal of Entrepreneurship, Management and Sustainable Development, 6(1), 61-75. doi:http://dx.doi.org/10.1108/20425961201000006
Henderson, R, Sutherland, J, & Turley, S 2000, ‘Management development in small business: A sub-regional examination of practice, expectation, and experience’, Regional Studies, 34(1), pp. 81-86.
Marco, V G, Lidewey Van, D S & Jansen, P 2005 ‘Learning Opportunities and Learning Behaviours of Small Business Starters: Relations with Goal Achievement, Skill Development and Satisfaction’, Small Business Economics, 25(1), pp. 97.
Brandon, G 2013, 10 fun facts about Facebook's Mark Zuckerberg, CNN, Retrieved 4 July 2013