Small Business Entrepreneur

Working Schedule

• Small Business Entrepreneurs typically work at least full-time and may need to put in longer hours during the initial stages. They may work from offices, co-working spaces, or remotely.

Typical Duties

• Research markets and develop products or services that will attract customers.
• Develop a comprehensive business plan outlining the company’s mission, vision, budgets, financial projections and goals, target markets, competitor analysis, and marketing strategies.
• Lease or purchase a suitable space where the company can operate, meet customers, display merchandise, etc. Contact the town or city’s zoning department to ensure the space is approved for selling, if applicable.
• Secure funding through loans, investors, personal savings, and revenue generation.
• Procure the necessary licenses to run a business in your state. 
  Have offices and stores set up with furniture, shelving, desks, chairs, computers, and other necessary equipment.
• Design and customize the interior and exterior spaces to be conducive to the type of establishment you’re opening.
• Develop a branding strategy to include a catchy company name, logo, communication guidelines, color schemes, etc. Order signs, branded apparel, stationary, and other items that display the brand name and logo.
  
  Carefully recruit, train, and lead a motivated team of employees, contractors, and/or freelancers.
• Work with vendors and suppliers to source goods and services.

1. Note, per Tradogram, “a supplier, like a farmer, provides raw materials, goods, or services to another company, often for manufacturing purposes. In contrast, a vendor is a business entity that sells finished goods or services directly to consumers or businesses, similar to a general store owner.”

• Manage or delegate human resources and accounting tasks such as employee relations, payroll, taxes, etc.
• Develop and implement marketing and pricing strategies to promote products or services.
• Create a website and e-commerce store, if suitable. Hire a market research consultant, website developer, SEO specialist, email marketer, copywriter, graphic designer, public relations expert or spokesperson, video producer, and/or social media expert, as needed.
• Establish quarterly revenue goals and help sales teams meet targets.
• Execute strategic plans for introducing new products or services and for business growth.
• Oversee daily operations, ensuring efficient processes, quality control, inventory management, procurement, production, service delivery, etc.
• Collaborate with stakeholders, suppliers, vendors, partners, industry associations, and regulatory bodies.
• Build and maintain customer relationships. Provide excellent service, address questions and concerns, and gather feedback for improvement.

Additional Responsibilities

• Comply with local, state, and international laws, regulations, and guidelines.
• Mitigate legal, financial, and operational risks.
• Measure the impact of initiatives and return on investment.
• Keep up with industry trends, technological advancements, and changes to the overall business landscape.
• Look for opportunities to partner with other businesses. 

Soft Skills

• Adaptability
• Attention to detail
• Budget-conscious
• Collaborative
• Communication
• Confidence
• Creativity
• Customer service
• Decisiveness
• Detail-oriented
• Flexibility
• Leadership
• Multitasking
• Organizational skills
• Persistence
• Persuasiveness
• Problem-solving
• Resilience
• Strategic thinking
• Teamwork
• Time management

Technical Skills

• Branding, marketing, and public relations
• Business development and management
• Financial management, budgeting, and payroll
• Human resource management
• Knowledge of relevant legal and regulatory frameworks
• Project management
• Return on investment principles
• Sales 

• Small business enterprises, such as:

1. Retail stores
2. Food and beverage establishments
3. Service providers (e.g., salons, repair shops)
4. E-commerce businesses
5. Specialty shops or boutiques

Small Business Entrepreneurs need a ton of commitment to get through the early phases of business development, launch, and the first few years of seeking profitability. They work long hours and may fill many roles within their business. Solopreneurs may work entirely alone, doing everything themselves.

Financial risk is inherent, and entrepreneurs must constantly navigate issues like maintaining positive cash flow and dealing with competition. Businesses opening in already-crowded markets face an uphill battle unless they have a unique value proposition and can distinguish themselves from others in the same industry. That’s why entrepreneurs must do diligent research and conduct meticulous planning before starting any new venture.

While the challenges can be daunting, Small Business Entrepreneurs are usually driven by the desire to be their own boss and make their own decisions while creating something meaningful and profitable!

Technology is transforming the business landscape for everyone, with e-commerce platforms, customer relationship management systems, and social media marketing now being essential for success. These tools are relatively affordable and accessible to any business owner, but it’s hard to compete with large businesses and franchises that have massive budgets, streamlined supply chains, and established customer bases.

For example, in 2023, Amazon and Walmart accounted for 17% of U.S. retail sales, counting both online and physical sales. That’s just two corporations controlling nearly one-fifth of America’s entire retail market. This doesn’t mean small businesses can’t thrive in today’s economy – but they may have to get creative if there’s a chain store in the area selling similar products or if e-commerce shops sell the same things for less money and with fast, free shipping.

One ray of light is the fact that modern customers value customer service and personalized attention. They also like doing business with companies that share their values. That’s why sustainability, eco-friendly products and services, and fair trade practices often help distinguish small businesses from large companies. “Buying local” is another popular marketing strategy, used by many businesses facing stiff competition from big box stores like Costco and Target. 

Small Business Entrepreneurs often enjoyed hands-on projects and creative problem-solving in their younger years. They might have been involved in activities like organizing events, selling products, or leading group projects, showing an early interest in leadership and enterprise.