Good Essays
A business is a legally recognized organization providing goods and services to

the consumers in exchange for money. Not every one is cut out to become a business

owner. Most people cannot afford to start a new business either because they cannot

leave their jobs and face the risk involved in starting a business. In fact, not many people

have the attributes necessary to start a business or the aptitude of a successful

entrepreneur. The path to success has many road blocks along the way but if business

ownership suits you preparing a great business idea and an excellent plan might be the

key to your success. In addition to having a great business idea and a plan figuring out

what form of entity fits your business needs is an essential part of that plan.

For the most part people who start their own business go into business because

they want to have financial independence and become their own boss. However, others

feel that people with lesser abilities than the one’s they possess have started their own

business and are successful. In addition, establishing a business takes talent, hard work

and determination. Persistence, time, money and a lot of research are also key elements

of starting a business. Researching can save you time and money in the long run for

example what will your tax implications be and how owing a business may affect the

taxes you pay, or how can you pay less taxes. Another example is marketing your

business how are you going to target your market, and how can you set yourself apart

from competition. Ensuring that you are pricing your clients adequately is also very

important. Currently my employer shares office space with another company an

insurance brokerage firm and I a...

... middle of paper ... a lot of hard work, persistence and being able to face

risks. Risks are expected to happen when you start a business but even employees are at

risk of losing their jobs. An employer cannot guarantee an employee job security. Still

business ownership is not a simple task anyone can take upon. If indeed you feel you

want to own a business and find success the key points to remember are having good

managerial skills, time management, client satisfaction, managing your finances (keeping

your costs down) and always ensuring that you maintain your integrity. A business

owner’s integrity is essential because it connects them and their actions with the clients.

The first requirement is to build an exceptional rapport with clients this will allow them

to trust in you and your business. Building a trust worthy business will reap in

remarkable benefits.
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