Question

Choose any small business of your choice. Using relevant management theory, engage with the management and staff of the business and find out the following information:

1. What does the owner believe to be the importance of entrepreneurship? (8)

Answer 1

Small businesses like Mom and Pop stores which are unstructured have different angles to entrepreneurship.

These owners focus more on scalability, higher accessibility of goods, better quality and affordability at same time, better availability and stocking ability of goods, higher employee motivation and optimum work productivity. Thus entrepreneurship for them is important for overall profitability, quality, brand awareness, and goodwill.

Ghese perceptions and insights can be related to Mckinsey 7S framework and Marketing Mix 7Ps. Moreover we can also related motivation to link up with Maslows Theory of Motivation. The quality and affordability also gets blended with TQM theory and Six Sigma Framework.