Entrepreneurs

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Recommended: Nature and importance of entrepreneurship

Entrepreneurs’ are people who risk everything they have like money, time, and effort in order to develop an innovative product or way or doing something for profit. Entrepreneurs’ usually start off with a small business and if they become successful they will grow. When someone creates and manages a business to achieve desired objectives this is entrepreneurship. (pg. 97). Many people starting their own business seem to fail and are unsure what they are doing wrong. There are four main steps that can be taken to become a young, up and coming, professional entrepreneur. The first thing it takes to become an entrepreneur is a general idea. (pg.104). This general idea should be something you are interested and will not lose motivation in when …show more content…

This a key element to being successful in the future. Creating a step by step explanation of how your business will reach its goals, while being precise is how you make a business plan. (pg. 104). The more details you put into your business plan the more successful you will be in achieving your goals. Important things that should be included in your business plan would be an explanation of your business, an analysis of your competition, estimates of income and expenses, and different types of strategies. (pg. 104). To be successful in creating a business plan you should keep in mind that it is a guide or reference document and not a limitation. Creating this document will also allow you to be able to asses’ market potential, determine price and manufacturing requirements, identify optimal distribution channels and refine product selection. (pg.104). Everything you put into and get out of a business plan is crucial in becoming a successful entrepreneur. The next step in becoming a successful entrepreneur is to decide what form of business ownership you want. The main options would include sole proprietorship, partnership, or corporation. (pg. 104). With any of these three forms of ownership, there are positives and negative. You would need to look into all of the options and based on your company decide which one is best for you to become

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