Topic 3: Roles and Responsibilities of Entrepreneurs, Small Business Owners

Topic 3: Roles and Responsibilities of Entrepreneurs, Small Business Owners, and Managers

3.1 The Entrepreneur:

Visionary and opportunity seeker:  They identify opportunities and create innovative solutions.

Risk-taker and innovator: Entrepreneurs assume financial risks to bring their ideas to life.

Resource assembler and networker: They develop business models and strategies for growth.

Leader and decision-maker.

Strategic Thinkers: They develop business models and strategies for growth. 

3.2 The Small Business Owner:

Operators: Focus on managing daily operations.

Maintaining profitability and sustainability.

Serving a specific market niche.

Often involved in all aspects of the business.

Community Builders: Small business owners often engage with their local communities and contribute to local economies.

Resource Managers: They are responsible for managing finances, employees, and customer relationships.

3.3 The Manager:

Focus on efficiency and effectiveness.

Planning, organizing, leading, and controlling.

Working within established structures and processes.

Delegation and team management.

Implementers: Managers execute the strategies set by entrepreneurs or business owners.

Team Leaders: They motivate and guide employees to achieve organizational goals.

Problem Solvers: Managers address operational challenges and optimize processes.

3.4 Comparison and Contrast: A table or chart summarizing the key differences in roles, responsibilities, skills, and focus.