Case Study on progress of small business (Entrepreneurial Case)

Most people are familiar with the names of large businesses such as Marks & Spencer and Heinz. Although some may not realize many of today’s famous large companies were initially very small. They were started by either one person or a small group of people. Many businesses starts as one person’s idea. The creator is often an entrepreneur who spots a gap in the market or a commercial opportunity. She/he returns the idea into a marketable products or service. There are four main types of business : manufacturing, wholesale, retail and services. Some characteristics found in successful entrepreneurs, show they are :

• Prepared to take risks
• Driven by achievement
• not put off by failure
• self motivated
• determined to stay ahead of the competition

For example, Simon Woodruff opened up his first Yo Sushi restaurant by copying an idea he saw in Japan. The business grew into a chain of successful restaurants with a novel approach to serving Japanese food and drink. Henry John Hheinz’s first product in 1869 was horse-radish, followed by pickles, sauerkraut, and vinegar. All were delivered by horse-drawn wagons to grocers in and around pittsburgh. Heinz developed many of the world’s best known branded products e.g. tomato ketchup,baked beans, and baby foods. Today’s business world takes business sector which creates many of the new ideas.

Questions :

1. explain the vital role performed by small businesses in the world of business and its progress for the economy and the world of entrepreneurship ?

2. How would you nurture a small business enterprise.