Entrepreneurship defined by Jeff Cornwall at Belmont University is, “A process of identifying, evaluating, seizing an opportunity and bringing together the resources necessary for success.” (www.belmont.edu) There are a wide variety of risks when it comes to starting and running your own business, just some of them are: under capitalization, poor management, market misjudgment, and lack of planning. Lack of planning and under capitalization go hand-in-hand because if you don’t properly plan your strategies and what you would like to do in the future of the company you are trying to start, then you aren’t going to be able to afford it. Like when someone says “Just looking!” while searching for a car, you put yourself in a weaker position because the map of your business is not completely laid out yet. How can you budget money, which you will most likely not have, if you don’t fully understand how much it could cost? As you can now see, this is a bad idea. If you do get your business up and going then it comes time to hire people, but whom? A common mistake that many early entrepreneurs make is hiring friends. More often than not, these friends will not have the right skills or even teachable personalities to learn and adapt to what the job would require of them. When we think of entrepreneurship, the obvious flow into the thought process, people and/or companies that don’t like to work for an authority, breaking the rules, making huge headway in the future market, and rolling in the cash. But the word entrepreneur, in all its variations, has become blurred in the American culture. For instance, my dad and I were watching the news and a guy who had been captured by the police and sentenced to life in prison, was described as “entrep...
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... some advantages to being a larger, more profound business are: wider varieties, more pay roll, and expansion. If we look into the cell phone industry, the Apple iPhone has what seems like a never ending number of applications that you can buy and download; but on the other hand, the new Motorola Droid does not have as many. Since it is a newer and less popular phone, the range of applications available to you is limited. I do not believe that it will stay this way forever but while the product is still in the process of making headway in the market and appealing to different consumers, we should expect a delay in the development of selection. People associate entrepreneurship with high profits which is not always completely true especially if you choose to stay a smaller business. When choosing a career in this area people often focus too much on making the big bucks
The venture to be the owner of an accounting and tax service provider is not a small task, and you have realized the challenges that many experience in starting their own business. Fortunately, you have taken steps early within the life of your new business in an attempt to correct any problems and learn from past mistakes in order to be successful in the future. In our previous communications you mention that you started your own business because you wanted to work in your own community, have the flexibility of owning your own business, while also being able to make a good living, and these are all worthy motivators for a fledgling business owner. You have earned your degree and your certified public accountant (CPA) designation, which has allowed you to realize success as an employee of a popular accounting firm. While employed at the firm, you were able to progressively take on greater responsibilities during your tenure and gain much needed experience; however, starting and managing a business requires some additional skillsets. Regina, you have proven that you are a bright individual with the necessary resourcefulness and skills to be a certified professional accountant and open your own business, and I am confident that you will be able to gain the skills needed to be successful with your business, and to become an effective leader.
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
In the future, I plan to open my own business. This business will be a Limited Liability Company. The reason I chose this type of format is because my personal assets will be protected if I am sued. I will be charged more in taxes than other formats, but I will not be double taxed. The business I plan on opening will be a health food store. This store will cater to people who are athletic and health conscious. In order for me to start this company, I will have to seek capital. This means applying for a business loan to get the company going. All business must have enough money in order to sustain itself for at least five years (Morgan, 2006). My vision is to create a company that will start small and grow as time goes on in a variety of locations.
Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees.
I chose to read a book about entrepreneurship rather than interview an entrepreneur. The book I read is entitled The Story of Google. The book starts with a college student, Larry Page, touring Stanford University. While there, his guide was Sergey Brin. The two of them very quickly became great friends although it did not always seem as such. They would constantly have intellectual battles about anything and everything. The two of them began a project for a doctoral thesis. The plan was to download the entirety of what is on the internet and find a way to search it using links. Page decided to use a ranking system to determine the relevance of links and called it “PageRank”. In 1997, the two first launched their search engine and called it BackRub. While the initial startup for the site was only available to Stanford students and staff, it was not long before they made it to the World Wide Web. Later the same year, ideas were pitched for a name change. Sean Anderson suggested using “googol” because it represents a large number and they are indexing a large number of websites. Page and Brin at the time did not know how to spell googol and had the misspelling of “Google”. They ran quickly to see if the URL was available and it was. They registered their site as google.com. The next day Anderson sees “Google” written on the white board and writes, “It’s supposed to be g-o-o-g-o-l.” After making it on the internet, they dropped out from Stanford and continued work on Google. Page and Brin rented a garage from a friend to house operations in 1998. By 1999, they outgrew their garage office, handling more than 500,000 searches a day, and had to move to an office building in Palo Alto. The plan was to make a great search technology and...
My career objective is to become a successful entrepreneur where I can continue to grow, help other people, make a difference in the world and provide for my loved ones. I decided I wanted to become an entrepreneur because I seek opportunities to create positive changes out situations that display difficulty and adversity. I believe entrepreneurship provides daily challenges that will help me grow and become a better-rounded person. I also want to be able to implement my beliefs and ideas into my work. Many employment opportunities have strict expectations and responsibilities that are set by someone else’s rules. Although, my line work requires strict attention to details, it also provides flexibility for me to modify what I am doing at my discretion. Lastly, work takes up a large chunk of a person’s life. If I am going to put long hours towards a job, I want to dedicate my time to something I enjoy and I want my line of work to leave behind a little bit of me. Although there are thousands of paths an entrepreneur can take, the beginning of each journey is often times quite similar. I decided to interview two gentleman that I have had the pleasure of meeting in the past, whom both of which are also starting
Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own your own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages. Five advantages to owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn’t shared with anyone else.
When embarking on a new venture, managing and existing business or trying to increase the success of a company, it is important to be aware that entrepreneurships not just about being innovative and taking chances.
Have you ever wondered about the challenges that new entrepreneurs face in today’s ultra-competitive business world? Entrepreneurship is accompanied by a host of issues, and for new and young entrepreneurs, there are some harsh challenges that are exceptionally tough to conquer. Some of these challenges may include: abandoning another career; lack of finances; facing criticism; team building; business idea issues; inability to market the business; not knowing how to plan a business; loneliness; rule-making; decision-making; and understanding the legal themes. Finding a stable place in the business world depends on the entrepreneurs’ ability to overcome obstacles that may arise throughout the journey. They should prepare themselves for the following challenges they might face as young, new entrepreneurs.
One is the opportunity to look for and search for new opportunities, and the other is limited to available resources. Perhaps in the definition of entrepreneurship according to Stevenson, creating new paths in the economy and the business environment is very important (Austin, 2006.)
Business has been a large part of my family, and has started to grow on me. My dad worked in sales for many years, and is now the President of a company in Staples. My mom started her own cleaning business, and now works for herself, as well as my uncle owns a golf course, and a pump and well business. My other uncle has his own handy man business, while one of my aunts operates a redimix and construction company . So I guess it could be said, business is kind of in by blood.
Every entrepreneur endeavours to carry out their business venture with an expectation of achieving profit, success and competitive advantages in business arena. So, in order to define the term “entrepreneurship” it refers to such an individual who comes up with innovative and creative business ideas by which he or she can earn economical benefits from capital market (Baum et al 2014). Therefore, entrepreneurship is a process of evaluating effective ways by which an entrepreneur can easily combine the resources with market value, and that will be beneficial for the entrepreneur to gain huge success and profitability in business. Moreover an entrepreneurship also refers to such business activities which can create both monetary as well as non-monetary benefits for an entrepreneur. According to (Bohari et al 2013), an entrepreneur is a person who has the
For some people, being the boss, and which by boss I mean business owner, would be the greatest thing ever. Most think you get to pick your own hours, make the most money, and make everyone do the things you want done. Of course there is work involved and it takes work to make it but the rewards will be better owning a business that succeeds. The ultimate goal is becoming a millionaire and retiring at the age of forty and just drawing money from business production. However they really don’t understand the work it takes to make it a million dollar company. When these people are finally able to own a business they get a rude awakening. I am in no way trying to offend the typical business owner when I say, owning a business can be a challenging task that can cause many complications in your life and if you’re not careful they can change your life entirely.
America needs help. In the midst of one of the worst recessions this country has faced, job creation is the primary focus of many people. Currently there are more than 13 million Americans without a job, and while the unemployment rate has dropped a few percentage points in the past few months, part of the drop can be attributed to people giving up the search for a job. The government has tried stimulus packages and bailouts, but saving jobs from being cut is not enough. New jobs need to be created, and the best way to create new jobs is to start new businesses. Luckily, there is a group of people up to the task: immigrants. Unluckily, current government policies are making it unnecessarily difficult for entrepreneurial immigrants to relocate to America. It seems nationalism has created the sentiment that Americans are better at business and entrepreneurial activity than the rest of the world. While the United States may have some of the most successful companies on the planet, America is not as entrepreneurial as it once was. Immigrants, on the other hand, are exceedingly opportunistic even in the roughest of economic situations. Although many Americans think immigrants are a problem rather than a solution, the United States government needs to make it easier for entrepreneurial immigrants to become citizens because immigrants create businesses that employ Americans and will help the whole nation increase total employment.
Being an entrepreneur, is advanced citizenship, you have to want it real bad. Entrepreneur is not entitlement. Being an entrepreneur is a life commitment. Like in the movie Wall Street, a famous line was "You can 't be a little bit pregnant." The fact is you can 't be an on again, off again entrepreneur.