Entrepreneurship and Small Business Management - Research Paper Example

Many businesses fail due to the inability to establish their weaknesses and threats in the planning phase. Creativity is the greatest asset for an entrepreneur. All great businesses derive their success to creativity. It is the soul of entrepreneurship. According to Mahamaya Ananta, “Entrepreneurs have no particular cast or creed. They are found in all corners of the world. The degree varies according to their environment, education, and infrastructure around them, social value systems and moral ethics”.

With proper entry strategy, many young people from educational institutions become Entrepreneurs. It starts with a creative idea which is developed and put in to practice eventually becoming a great investment.Entrepreneurs are characterized by courage and confidence. They take risks and invest in fields that could either lead to bankruptcy or excellence. According to Dean Robb, “Creativity is the spark of life, the vitality that stirs human desires to improve, be wiser and have a positive impact on others”.

In virtually all human activities, creativity is the basis of ensuring that the desired accomplishments in life are fulfilled. The willpower and believe that creativity is fundamental to success is a strong tool to eradicate poverty, for poverty is a general belief that nothing can be done. It is important for people to train themselves to be creative, inventive and obtain entrepreneurial skills to eliminate poverty.To stimulate the inventive spark takes enthusiasm, ideas, and willpower. Dean Robb further states that “Entrepreneurship is an important element within the world economy in that it is the process where an individual or a small group envisions, invents and implements a plan that creates a new venture”.