Compare/Contrast three types of entrepreneurs and state which one would you emulate if ever you began a small business.
The 3 types of entrepreneurs are social, serial and classic. Social entrepreneurs see a void in societal processes and use their business ideas, networks and principles, then develop an interesting and lucrative way to fill the void. For example, in Chicago, we’ve had a surge of promoter companies and co-ed sports leagues pop up in the last 5 years or so. Everyone has tried to bring a better product to the table because these industries are very popular here. The serial entrepreneur is one who starts a business, takes over the managerial role of the business, then progresses by maintain their brand by starting other businesses. For example, these can be restaurant owners, gas station owners, etc. A chain restaurant that started like this is Portillo’s. The owner started with one, and now the chain has grown astronomically, even now branching out into other states besides Illinois. Lastly, the Classic entrepreneurs have business opportunities and find innovative ways and opportunities to enter the market. Most of the time these ideas can be already existing, and a classic entrepreneur may find a different way to garner interest in their business. I can see myself as a hybrid of all these types of entrepreneurs, however I’d lean towards the serial entrepreneur for sustainability and longevity.
Asses the impact of globalization and information technology on the creation of small business. How have these two trends helped/hindered the growth of small business in the U.S.?
Globilization and information technology helps business owners expand their business to other facets of the world. It helps with networking and creating great business relationships and it definitely is essential in marketing the brand and garnering interest in the product. Huge businesses all started off as small businesses at some point, and they now have...
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