Entrepreneurship and Small Business Development , One written project Essay

Entrepreneurship and Small Business Development , One written project on the theme of one selected attribute associated with the - Essay Example The returns of an entrepreneur are the profit generated by the corporate organization. Capital in the economic sense is a produced means of production (Iversen, Jorgensen and Malchow-Moller, 2008). However, an entrepreneur in business is termed as the human capital. The economic capital of the organization can only be productive with the benefits of the human capital in its business operations. In 1999, Richard Cantillon had stated that leadership of the entrepreneurs is responsible for the different circulations and changes in the economy (Glover, 2013). However, in the later stage of 2001, Jean Baptiste had stated that an entrepreneur is the primary agent of fabrication in the economy (Glover, 2013). An entrepreneur is the person who has the responsibility to manage, organize and also, forecast the impending risks in a business organization. After the emergence of globalization, the trading activities in nations have largely improved. Each and every country in the world has experie nced high growth rates with the rise in the number of new business firms. The rise in the number of small business developments has helped to improve the value of national products and employment opportunities in nations. The context of this essay will show the contribution of entrepreneurs in small business developments, both empirically and theoretically. ... It is the leadership quality of an entrepreneur that helps him to facilitate new business developments. Eminent scholars had stated that entrepreneurship in business encompasses a whole new concept (Stryker, 1998). They claimed that the originality and self sufficiency of entrepreneurship is different in business. Entrepreneurship in business helps to convert the technical resources in business to product and services. However, considering the characteristics, it can be concluded that entrepreneurial behaviour develops with time. This paper would primarily concentrate on the Leadership School Of Thought on Entrepreneurship that was first introduced by Cunningham and Lischeron in 1991 (Madsen, Neergaard and Ulhoi, 2008). This concept explains that entrepreneurs are actually the leaders of common people. They assure that their subordinates accomplish the different purposes and objectives in the workplace. Direction and motivation are the other skills of an entrepreneur that is develope d from the basic quality of leadership. This School of approach is completely non-technical in nature. It explains that a successful entrepreneur must have the quality of leadership with which he would be able to attract people and convert business vision into reality. It was also proclaimed by Schein in 1983 that an entrepreneur is a leader who is responsible for upgrading the work culture of a firm (Glover, 2013). It is true that the management and leadership attributes are the factors which help in the establishment of small business firms. Cogliser and Brigham had stated in 2004 that leadership theories were established long ago, but the practical linkage of leadership with entrepreneurship is made in the recent years. The main theories of