Professional Documents
Culture Documents
Chapter One
Small Business Ventures:
Varieties and Impacts
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Starting an Entrepreneurial Small Business: Four Key Ideas
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Entrepreneurs Are Everywhere
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CSI: Entrepreneurship
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The Many Types of Entrepreneurial Small Businesses in UAE
• SMEs account for about 90 percent of businesses in the world and 94 percent in the
Emirates
• SMEs generate more than 50 percent of the private sector’s employment worldwide
and a whopping 86 percent in the UAE.
• SMEs contribute almost 50 percent to the global GDP, and 53 percent of the Emirates’
GPD in 2019.
• There are over 30 million entrepreneurial firms in the U.S., called many things, such as:
• Small and medium enterprises (SMEs).
• Independent small businesses.
• Owner-managed firms.
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The Small Businesses Enterprises in UAE
Source: Cabinet Resolution No. 22 of 2016 defining an SME under the UAE law.
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Table 1.2: Differences between Small Businesses and
High-Growth Ventures
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Entrepreneurs and Firm Growth Strategies
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Myths about Small Businesses
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Table 1.3: Major Inventions from Small Businesses and
Student-Started Businesses
© McGraw-Hill Education Sources: The State of Small Business: A Report of the President, 1994 (Washington, DC: U.S. Government Printing Office, 1995); Meinie Reid, “How a Shop Assistant Saw the Light and Saved Lives,” The Times, July 17, 2008. 10
Entry Competencies – The BRIE Model
You need four elements when starting a business: boundary, resources, intention, and
exchange.
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Small Business and the Economy
New Jobs. Small business are willing to offer jobs to people with atypical work
histories or needs.
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Challenge and the Entrepreneurial Way
• If you don’t succeed the first time, try, try again – perseverance.
• Scale back to the level of resources you currently have.
• Bird in the hand - one strategy is effectuation.
• Pivot – also called the corridor principle.
• Take it on the road by trying a market different from the one you live
in.
• Ask for help – harness the wisdom of crowds through
crowdsourcing.
• Plan to earn – find the best idea for you and then plan for action to
make it happen.
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