For many years, economist viewed entrepreneurship as a small part of our economy. Whether they are students (typically college or high school) recent college graduates, unemployed, or newly retired from one career, today entrepreneurs have a central role in the economy. According to the research I have conducted throughout the semester, an entrepreneur is defined as someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. Two important characteristics of a businessperson are risk-taking and innovation. The most common reasons for starting a business according to the Small Business Administration are: to be your own boss, to accommodate a desired lifestyle, to achieve financial independence, to enjoy creative freedom, and finally to use knowledge or skills. Starting a business can be exhilarating and wildly fulfilling. However, it can be quite complicated, and may challenge you in ways you had not imagined. Knowing the challenges and problems you may encounter in your start-up can help you to prepare for the unexpected, and possibly help avoid common drawbacks. The SBA points out that many new entrepreneurs will have questions about where and how to begin because business owners trigger the production and sale of a new product or service. New entrepreneurs will need professional, expert help to start and run a small business effectively and successfully. The financial resources needed to start or grow a business can be extensive and an entrepreneur must identify when and how to ask and receive financial assistance.
Financing a small business is a very crucial process for the entrepreneur and it’s hard to get the financing need for your start-up. According to the ...
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...eurs play a central role. According to the research I have conducted throughout this semester, an entrepreneur is anyone who dreams working for themselves. Financing a small business is a very crucial process for the entrepreneur. Many business start-ups fail each year because of the lack of thorough research and planning, poor management practices and principles, and lack of financial resources. In other words without financial stability one cannot run a successful business. Overall, I have come to believe that doing some extensive research before starting your business, and taking additional training classes can help with success in funding and growing your business.
Cooper, Sharon. Personal interview. 17 Oct. 2013.
“Exploring Business” Flatworld Knowledge. Web. 27 Nov. 2013.
"Starting a Business” SBA.gov." Starting a Business. Web. 17 Nov. 2013.