BU6602 ENT Assignment 1 April 2014 Task 1 Essay

BU6602 ENT Assignment 1 April 2014 Task 1 - Essay Example The small businesses have gained popularity in this modern day context due to their effective utilisation of operational modes that often acted as saviours of economies at the time of economic turmoil. However, it can be affirmed that entrepreneurs are linked with a small business, as they are involved in the tasks of promoting innovation and preparing themselves for addressing along with mitigating underlying risks that might occur while performing varied operational functions (Pearson Education, Inc., 2014). Considering the fact that the small business enterprises often possess limited resources, the entrepreneurs have to be much more efficient in organising and developing the available resources so that the maximum amount of benefits can be reaped. Moreover, the entrepreneurs must possess the characteristics of making effective decisions, having high energy level, identifying the risks and adopting measures to mitigate such risks among others in order to fulfil the aforesaid objective (Pearson Education, Inc., 2014). It has been apparently observed that the entrepreneurs or the owners who possess effective leadership qualities and displays innovative skills are successful in developing their respective small businesses (Stokes & Wilson, 2010). With this concern, the essay tends to critically discuss the provided statement â€Å"sometimes the manager of the small business does not have the capacity to operate it successfully. The owner lacks the leadership ability and knowledge necessary to make the business work† (Scarborough, 2012). Various significant aspects like an entrepreneurs’ role in developing a small business and the necessary skills that require by the managers or the owners would also be taken into concern while discussing the aforesaid statement. As discussed by Mazzarol (2004), strategic management is a term, which is broadly connected with large, medium as well as small-sized businesses that are normally