Starting a Business

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Recommended: What is the importance of entrepreneurship

What is Entrepreneur? According to the Business Dictionary (2014), entrepreneur is someone who exercises initiative, a risk-taker who is willing to pursue a project or mission that others might view as a threat or deem a failure. An entrepreneur is usually the decision maker, sole proprietor, partner, or someone who owns a large portion of the organization’s shares. Entrepreneurs usually determine how much risk is appropriate for certain ventures and control how much of a service will be produced. (Business Dictionary, 2014) It appears that, entrepreneurs are people who are creative, innovative, independent, optimistic, educated, spontaneous, and with high self-esteems willing to take financial risks, as well as, monitoring and controlling the business activities. Entrepreneurs, through their innovative ideas and entrepreneurial opportunities tend to play a vital role in the economy. Therefore, in this paper, one will elaborate furthermore on entrepreneurs. One will explain the importance of feasibility study and business plan, where entrepreneurs can go for funding, and what type of short and long term planning would be required for success. In addition, an example of a company that started with a humble beginning and bloomed successfully due to proper planning will be provided. Planning a Start-up Business The word entrepreneur originates from the French word “entreprendre”, which means to launch or to begin. The French use the word “entreprendre” to describe an individual who organizes or operates one or multiple organizations. The word was adopted and introduced to the English language by an Irish economist of French descent, Richard Cantillon who lived from1680 to 1734. (Hayek, 1985) It is said, that Richard Cant... ... middle of paper ... ...rvice, great food, and continues to attract more and more customers. Therefore, this once small and humble business, achieved a great level of success through their proper planning, good management, humbleness, and strategic planning that is displayed through their great customer satisfaction. References Business Dictionary (2014), Business Dictionary copyright 2014 Web Finance, Inc. Retrieved March 13, 2014, from http://www.businessdictionary.com Hayek, Friedrich A. (1985). Richard Cantillon. Micheal O. Suileabhain, trans. Fall 1985. Library of Economics and Liberty. Retrieved March 13, 2014 from the World Wide Web: http://www.econlib.org/library Rivera, Lesonsky (2010). Start Your Own Business: The only Start-Up book You’ll Ever Need (5th ed.). Entrepreneur Media Inc. Schermerhorn, J.R. (2013). Management. (12th ed.). New York, NY: Wiley & Sons

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