Business Dissertations – Entrepreneurship Opportunity Economic

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Entrepreneurship: Considering A Small Business As An Alternative

Entrepreneurship creates a new field of business, despite risks and uncertainty. To achieve profit and growth, a business must identify crucial opportunities and assemble the necessary resources to capitalize on them. Most forms of entrepreneurship are small scale businesses which begin targeting a specific class of customers. Entrepreneurship business has a bright vision according to the report by many studies.

Starting business might be an opportunity for people who have been the unemployed, caused by economic recession. There are two important factors to keep creativity which is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Next innovation is the ability to apply creative solutions to problems and opportunities while enhancing or enriching people’s lives.

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Furthermore, the three steps to implement creativity and innovation are developing a strategic plan for a business using the nine steps in the strategic planning process, and building a marketing plan, pricing strategies, financial plan, and cash flow management. These will be necessary for a small business to be successful as well as a harmony with considering the opposite side opinions.

Background of Current Economic Situation

The condition of global economy is in the recession and that is evidence through various economic figures like the GDP, the rate of unemployment, crisis of subprime mortgage which is a huge economic crisis to intimidate the base of economy system caused by deficit of real estate by overestimation (Oshinsky, J., Fleishman, B., Murray, J., & Fields, J., 2007).

Aggregate supply which is a total amount of producing by companies in a country, and aggregate demand which is a total amount of consuming by customers in a country are getting to decrease (Vogel Jr., J., 2007). Especially unemployment rate influences the real living quality of people. The more the unemployment rate increases, the worse the quality of people’s living is. Moreover, the social instability is caused by the high rate of unemployment (Barrell, R. & Holland, D., 2008).

Considering Entrepreneurship as a Solution

In this situation, the establishment of a small business and entrepreneurship is one of the solutions to decrease financial crisis such as a high rate of unemployment and deduction of the GDP. This will provide not only the opportunity to recover the loss of many unemployed workers and the GDP, but also create many jobs and products caused by new entry of small businesses. Furthermore, there are many other reasons to support entrepreneurship as a good alternative to solve the recession (Patterson, S., 1993).

Common people still regard establishing a business as a risky challenge that could lead to big failure. It is usual that one who does not have confidence in his or her success might avoid establishing his or her own business.

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