Write An Essay (450 Words) Question 1: (150 Words) A. Why Sm ✓ Solved

Write an essay (450 words) Question 1: (150 words) a. Why Sm

Write an essay (450 words) Question 1: (150 words) a. Why Small Business is a Catalyst for Societal Change, give an example. b. When determining the population, what questions should a small business owner answer to? Question 2: (150 words) a. Starting a new business is often the result of a specific event or situation within an individual's environment. List four events that can trigger a new business. b. List the "traditional" elements that help the company establish its legitimacy and explain the importance of legitimacy for the new business. Question 3: (150 words) a. List some ways to advertise for a job to attract a large group of applicants b. List the elements that should be included in the application (CV) to apply for the position.

Paper For Above Instructions

Introduction

This essay addresses three related aspects of small business formation and operation: (1) how small businesses act as catalysts for societal change and questions to define a population; (2) triggers for new businesses and traditional elements that build legitimacy; and (3) methods to advertise job openings broadly and essential elements of a CV for applicants. The responses synthesize entrepreneurship research and practical guidance for small business owners (Shane, 2003; OECD, 2021).

Question 1a — Why Small Business is a Catalyst for Societal Change (with example)

Small businesses catalyze societal change by introducing locally adapted innovations, creating employment, and enabling economic inclusion. Unlike large firms, small businesses are often embedded in local communities and can respond quickly to unmet needs, shifting consumption patterns, or social priorities (Storey, 1994). They supply jobs that reduce unemployment, circulate income locally, and can pioneer sustainable or socially focused business models that larger incumbents later scale (World Bank, 2020). For example, microfinance-driven women-led enterprises in many developing regions have transformed household welfare and gender norms: small enterprises run by women often improve education and health outcomes for families while altering community perceptions about women's economic roles (OECD, 2021). This multiplier effect—income generation, local reinvestment, and social norm change—explains why clusters of small firms frequently spur broader societal shifts (Schumpeter, 1934).

Question 1b — Determining the Population: Questions a Small Business Owner Should Ask

When determining the target population (market or population for study), a small business owner should answer the following questions: Who is the customer in demographic terms (age, gender, income, education)? Where are they located geographically and what is their buying reach? What are their needs, pain points, and purchase drivers? How large is the total addressable market and how many customers are reachable given the firm’s channels? What are behavioral patterns—frequency, seasonality, and channel preferences? What is the competitive landscape and how do customers perceive alternatives? Finally, what constraints (legal, cultural, economic) shape demand? Clear answers guide product design, pricing, distribution, and marketing resource allocation (Shane, 2003; OECD, 2021).

Question 2a — Four Events That Can Trigger a New Business

New ventures often arise from discrete events or environmental shifts. Four common triggers are: (1) Job displacement or redundancy—losing employment can push individuals to commercialize skills and networks (Headd, 2003). (2) Technological change—new tech creates opportunities for novel products or lower-cost delivery (Schumpeter, 1934). (3) Market gap identification—observing unmet consumer needs or poor incumbent service can inspire startups (Shane, 2003). (4) Life events or family needs—events such as migration, family formation, or caregiving responsibilities can motivate small-scale enterprise to meet immediate needs and flex income (Storey, 1994). Each trigger interacts with personal resources, networks, and institutional supports to determine whether a viable business forms (Klotz et al., 2014).

Question 2b — Traditional Elements That Establish Legitimacy and Why Legitimacy Matters

Traditional elements that help establish a company’s legitimacy include formal registration and licensing, a professional business name and branding, a physical address or credible online presence, clear governance documents (e.g., bylaws, ownership agreements), transparent accounting and tax compliance, and testimonials or endorsements from known parties (Storey, 1994; OECD, 2021). Legitimacy matters because it reduces perceived risk for customers, suppliers, and financiers, making them more willing to transact or extend credit. It signals permanence and accountability, which is crucial for scaling and accessing formal channels like banking, procurement, and public contracting. New firms that quickly adopt recognized legitimacy markers accelerate trust-building and growth opportunities (Headd, 2003).

Question 3a — Ways to Advertise a Job to Attract a Large Group of Applicants

To attract a broad applicant pool, combine multiple channels: (1) Online job boards (e.g., industry-specific and general platforms) reach diverse candidates (Chapman & Webster, 2003). (2) Social media advertising (targeted campaigns on LinkedIn, Facebook, Instagram) expands reach and enables demographic targeting. (3) University and vocational school career centers connect entry-level talent. (4) Employee referral programs leverage networks and often produce quality applicants. (5) Local newspapers, community bulletin boards, and trade associations broaden reach for local or specialized roles. (6) Recruitment agencies or campus recruitment events can supply volume and screening. A mixed-channel approach improves applicant quantity and diversity while reducing single-channel bias (Breaugh, 2008).

Question 3b — Elements to Include in the Application (CV)

An effective CV should clearly present: contact information; a concise professional summary or objective tailored to the role; relevant work experience with achievements quantified where possible (metrics, outcomes); education and certifications; technical and soft skills aligned to the job; notable projects or portfolios (links if applicable); volunteer work or extracurriculars that show transferable capabilities; references or “available upon request” note; and formatting that prioritizes readability (consistent headings, reverse chronological order). Including keywords from the job description helps pass applicant-tracking systems, while concise, evidence-based statements demonstrate fit and impact (Breaugh, 2008; Chapman & Webster, 2003).

Conclusion

Small businesses drive societal change by meeting local needs and innovating rapidly. Determining the population requires targeted questions about demographics, behaviors, and market size. New ventures often stem from job loss, technological change, identified market gaps, or life events, and legitimacy—built through formalization and visible markers—facilitates trust and growth. For hiring, multi-channel advertising combined with clear CV requirements yields a broad and qualified applicant pool. These practical steps, grounded in entrepreneurship research, help small business owners build resilient, community-oriented firms (Shane, 2003; OECD, 2021).

References

  • Breaugh, J. A. (2008). Employee recruitment: Current knowledge and directions for future research. In I. B. (Ed.), The Handbook of Employee Recruitment. Routledge.
  • Chapman, D. S., & Webster, J. (2003). The use of technologies in recruitment: A review of research and practice. International Journal of Selection and Assessment, 11(2-3), 113–123.
  • Headd, B. (2003). Redefining business success: Distinguishing closure from failure. Small Business Economics, 21(1), 51–61.
  • Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams: A review and future directions. Journal of Management, 40(1), 226–255.
  • OECD. (2021). SME and Entrepreneurship Outlook 2021. OECD Publishing.
  • Schumpeter, J. A. (1934). The Theory of Economic Development. Harvard University Press.
  • Shane, S. (2003). A General Theory of Entrepreneurship. Edward Elgar Publishing.
  • Storey, D. J. (1994). Understanding the Small Business Sector. Routledge.
  • U.S. Small Business Administration (SBA). (2020). Small business resources and statistics. U.S. Government.
  • World Bank. (2020). Small and Medium Enterprises: Key to Inclusive Growth. World Bank Publications.

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