1.) What is Small business?

Small businesses are corporations, partnerships, or sole proprietorships

which have fewer employees and/or less annual revenue than a regular-sized
business or corporation. Businesses are defined as “small” in terms of being
able to apply for government support and qualify for preferential tax policy
varies depending on the country and industry.

2.) What is Entrepreneurial opportunity?

An entrepreneurial opportunity refers to a situation in which an

entrepreneur recognizes that the resources available to them can be used to
create a valuable or necessary product or service. In other words, the
entrepreneur is able to identify a need in their community and find a way to
fill that need.

3.) Who are the entrepreneur?

An entrepreneur is an individual who creates a new business, bearing

most of the risks and enjoying most of the rewards. The process of setting up
a business is known as entrepreneurship. The entrepreneur is commonly seen
as an innovator, a source of new ideas, goods, services, and business/or
procedures. Entrepreneurs play a key role in any economy, using the skills
and initiative necessary to anticipate needs and bring good new ideas to
market.

• A person who undertakes the risk of starting a new business venture

is called an entrepreneur.

• An entrepreneur creates a firm to realize their idea, known as

entrepreneurship, which aggregates capital and labor in order to produce
goods or services for profit.

• Entrepreneurship is highly risky but also can be highly rewarding, as

it serves to generate economic wealth, growth, and innovation.

• Ensuring funding is key for entrepreneurs: Financing resources

include SBA loans and crowdfunding.
 • The way entrepreneurs file and pay taxes will depend on how the
business is set up in terms of structure.

4.) The three success stories of ENTREPRENEURSHIP.

Being an entrepreneur is no easy task- infact it is the most difficult and

the most fulfilling job in the world. And, I present to you three of the most
inspiring success stories of entrepreneurs that’s bound to leave you inspired.

1. Jack Ma:

Jack Ma, who founded Alibaba and is its Executive Chairman was
rejected from as many as 30 jobs, including a job at KFC before he became
the richest man in China. His e-commerce company, Alibaba attracts 100
million shoppers a day and his real time net-worth is a whopping $21.9 billion.
But, being the richest person in China didn’t come easy to Ma. He went
through a lot of rejection before seeing all the unprecedented success.

For starters, Ma revealed in a recent interview that he failed a college

entrance exam three times. Unfortunately, it didn’t just end there. Ma faced
more obstacles when he founded Alibaba in 1998. The brand didn’t turn
profitable for the first three years, and Ma had to get creative.

One of the company’s main challenges was that it had no way to do

payments and no banks would work with him. This is when he decided to
start his own payment program called Alipay. The program transfers
payments of different currencies between international buyers and sellers.

“So many people I talked to at that time about Alipay, they said, ‘this is
the stupidest idea you’ve ever had,’” he said. “I didn’t care if it was stupid as
long as people could use it. ”Today, 800 million people use Alipay.

2. Dhirubhai Ambani

Dhirubhai Hirachand Ambani, the founder of Reliance Industries came

from a family of moderate means. He started his entrepreneurial career by
selling “ pakora” to pilgrims in Mount Girnar over the weekends. When he was
16 years old, he moved to Aden, Yemen. He worked with A. Besse & Co. for a
salary of Rs.300. Two years later, A. Besse & Co. became the distributors for
Shell products, and Dhirubhai was promoted to manage the company’s filling
station at the port of Aden.

Ambani’s greatest achievement was that he showed Indians what was

possible. With no Oxford or Yale degree and no family capital, he achieved to
build an ultramodern, profitable, global enterprise in India itself. What’s more,
‘he enlisted four million Indians, a generation weaned on nanny-state
socialism, in an adventure in can-do capitalism, convincing them to load up
on Reliance stock’.

3. Kevin Systrom

Instagram’s CEO Kevin Systrom will go down history as one of the

greatest Silicon Valley success stories of this generation. Systrom who was
responsible for introducing the photo-sharing app to the world had infact no
formal engineering training. While working in the marketing department at
Nextstop, which Facebook acquired in 2010, he would spend his evenings
learning to program. According to Systrom, small projects included combining
elements of Foursquare with Mafia Wars.

5.) What are the entrepreneurial qualities of a business man?

9 Characteristics of Entrepreneurship You Should Develop

Develop these nine traits of successful entrepreneurs to help set yourself

apart from the average worker.

Qualities of an Entrepreneur

1. Motivation

Hard-working business owners are incredibly motivated to succeed.

 2. Creativity

No matter what industry you’re in, employers want workers with out-of-the-
box ideas.

3. Persuasiveness

Persuasiveness can make you a better negotiator, which gives you an edge
when going after a plum assignment, raise, or promotion.

4. Vision

Successful entrepreneurs always keep one eye on the big picture, and this
ability can make you a better employee.

5. Versatility

Although you were hired for a specific set of skills, it’s important that you can
shift as needed.

6. Risk Tolerance

Every employer wants to grow their business, and that involves embracing
change.

7. Flexibility

Like an entrepreneur, you have to be able to adapt to change and solve

problems as they arise.

8. Decisiveness

You have to be comfortable taking action when needed. This means knowing
how to prioritize tasks and make decisions quickly.

9. Collaboration

Savvy entrepreneurs are not only brilliant leaders, but also great
collaborators, so you have to be an effective team player.

6.) What do you mean by franchisees?

Franchisee

A franchisee is an independent small business owner who operates a third-

party retail outlet called a franchise. In doing so, the franchisee has
purchased the right to use an existing business’s trademarks, associated
brands, and other proprietary knowledge to market and sell the same brand,
and uphold the same standards as the first business.A franchisee is a small-
business owner who operates a franchise.

7.) What is social Entrepreneur?

Social Entrepreneur

A social entrepreneur is a person who pursues novel applications that have

the potential to solve community-based problems.

A social entrepreneur is interested in starting a business for the greater social

good and not just the pursuit of profits.

Social entrepreneurs may seek to produce environmentally-friendly products,

serve an underserved community, or focus on philanthropic activities.

8.) What are the types of entrepreneurial motivation?

The entrepreneurial motivation is the process that activates and motivates the
entrepreneur to exert higher level of efforts for the achievement of it’s
entrepreneurial goals. In other words, the entrepreneurial motivation refers to
the forces or drive within an entrepreneur that affect the direction, intensity,
and persistence of it’s voluntary behaviour as entrepreneur. So to say, a
motivational entrepreneur will be willing to exert a particular level of effort
(intensity), for a certain period of time (persistence) toward a particular goal
(direction).

Internal factors

These include the following factors:

1. Desire to do something new.

2. Become independent.
3. Achieve what one wants to have in life.

4. Be recognized for one’s contribution.

External Factors

These include:

1. Government assistance and support.

2. Availability of labour and raw material. Mo

3. Encouragement from big business houses.

4. Promising demand for the product.

9.) What are the responsibilities of an Entrepreneur?

People usually think of entrepreneurs as being the “masters of their

own destiny.” But what does entrepreneurship really entail? What are the
different responsibilities and entrepreneurial roles?

1. Creates and manages the business

2. Recruit and hire employees
3. Plan the company’s strategy
4. Develop the company’s goals
5. Taking calculated risks to reach a goal
6. Learning about the business, industry, and competition
7. Learn marketing and sale
8. & Finance

10.) How to start a small business?

TIPS ON HOW TO START YOUR OWN SMALL BUSINESS.

1. Conduct market research

Market research will tell you if there’s an opportunity to turn your idea
into a successful business.

2. Write your business plan

Your business plan is the foundation of your business.

3. Fund your business

Your business plan will help you figure out how much money you’ll need to
start your business.

4. Pick your business location

Your business location is one of the most important decisions you’ll make.

5. Choose a business structure

The legal structure you choose for your business will impact your business
registration requirements, how much you pay in taxes, and your personal
liability.

6. Choose your business name

It’s not easy to pick the perfect name. You’ll want one that reflects your
brand and captures your spirit.

7. Register your business

Once you’ve picked the perfect business name, it’s time to make it legal and
protect your brand.

8. Get federal and state tax IDs

You’ll use your employer identification number (EIN) for important steps to
start and grow your business, like opening a bank account and paying taxes.

9. Apply for licenses and permits

Keep your business running smoothly by staying legally compliant.

10.Open a business bank account

A small business checking account can help you handle legal, tax, and day-to-
day issues.

11.) What is tagline?

 If you are looking to create a memorable experience with your
customers and stand out from the competition, you can’t afford not to have a
punchy tagline.

In more specific terms, a tagline is a catchphrase usually a one liner

that summarizes what your brand is all about.

A tagline is defined as “a catchphrase or slogan, especially as used in

advertising, or the punchline of a joke.”

The purpose of a tagline is to create a positive, memorable phrase that

sticks in your customer’s head and helps them identify your brand and your
marketing message.

12.) What is ROI or return of investment?

Return on investment (ROI) or return on costs (ROC) is a ratio

between net income (over a period) and investment (costs resulting from an
investment of some resources at a point in time). A high ROI means the
investment’s gains compare favourably to its cost. As a performance measure,
ROI is used to evaluate the efficiency of an investment or to compare the
efficiencies of several different investments.

13.) How to write a business name?

And write your business name.

1. Use acronyms

2. Create mash-ups

3. Draw inspiration from mythology and

4. Use foreign words

5. Use your own name

6. Take a look at a map

7. Mix things up
8. Partner with another company

9. Leverage nicknames.

10. Use a symbol.

11. Make it descriptive.

12. Use latin.

13. Look at your product from another angle.

14. Abbreviate.

15. Tweak the spelling.

16. Tell your story.

17. Talk about what you believe in.

18. Pick a word from the dictionary.

If I’m going to have a business I will name it WINSHAVEN HOTEL

Win comes from my name that resembles my attitude and my life

struggles, no matter how hard my life is I conquered it; and haven means
safety. And by that name costumers will become eager to visit my business.

14.) What is business plan?

A business plan is a document that defines in detail a company’s

objectives and how it plans to achieve its goals. A business plan lays out a
written road map for the firm from marketing, financial, and operational
standpoints. Both startups and established companies use business plans.

A business plan is an important document aimed at a company’s

external and internal audiences. For instance, a business plan is used to
attract investment before a company has established a proven track record. It
can also help to secure lending from financial institutions.
 Furthermore, a business plan can serve to keep a company’s executive
team on the same page about strategic action items and on target for
meeting established goals.