Many people dream and often fathom about starting their own small business. Becoming a successful entrepreneur has been part of the American dream since the early 1800‘s. In addition to giving a person the ability to make his or her own decisions, business ownership opens the gateway to financial independence, creative freedom, and more time to spend with family (Smallbusiness.com). Nevertheless, how hard would it be to start a small business and be victorious? “Starting a business involves planning, making key financial decisions and completing a series of legal activities” (U.S. Small Business Administration). Overcoming in a very competitive world takes a lot of motivation, discipline, research, planning, and most importantly, intelligence. Of course, the risks that come along with business ownership are endless, “but ask any successful business owner, and they’ll verify that working hard in the beginning will pay off in the end” (Smallbusiness.com). Although a bachelors or masters degree in business may make the road to entrepreneurship a little less difficult, education is only one ingredient to building a great business. In order to succeed in starting a small business it is necessary to not only have a formal education in business management and administration, but it is also essential to gain actual hands on experience in the field.
While all the excitement and anxiety in starting a small business may be overwhelming, the first step is to intelligently develop a well organized business plan. No small business expert would dare recommend starting a business without one, there is simply too much at stake. Invested Money, family, and potential employees are all on the line. However, “There is no single formula for develop...
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As with many small business owners they vision of their business usually only extends to their own abilities. They are driven and full of determination and believe their abilities will be able to sustain the business to success. Unfortunately, many small businesses lack the knowledge to be able to effectively be owners’ and leader’ to their organizations.
Edmunds, G. (2009). Do it yourself strategic planning. Retrieved on October 10, 2011, from http://www.usatoday.com/money/smallbusiness/columnist/edmunds/2006-06-28-strategic-plan-yourself_x.htm
A brief analysis of “Intelligence and Leadership: A Quantitative Review and Test of Theoretical Propositions”
For those of us who dream of starting and running a business, we know that we have to have a level of confidence in our own abilities. We dont want to believe that there are things we cant do. We want to believe that if we try hard enough, work long enough, and get a little lucky, that the sky is the limit. The problem is that we let our confidence cloud our judgements of what we truly know about ourselves” (Cuban).
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
There are over 28 million small locally owned businesses in the United States and 70 % of these businesses are owned and operated by a single person. Owning a small business is not an easy task it takes hard work and dedication, Steve Jobs once said “you need a lot of passion for what you’re doing because it’s so hard”, people don’t realize
Lange, J., Mollov, A., Pearlmutter, M., Singh, S. and Bygrave, W 2007, ‘Pre-start-up formal business plans and post-start-up performance: A study of 116 new ventures’, Venture Capital, vol. 27, no. 3, pp. 385-399.
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
find it difficult to set up a business and make it a success. This is
When it comes to business, especially when it comes to starting one, I tend to think I know it all. Yet in reality, I don't really even know how to get started, enough to make a business efficient, or even get the doors open enough to make the first dollar. When I first think of working/operating a business, I think of no boss but myself, the rules are made by me and no one else, and that seems like a great plan in my eyes. As well as having all company profit coming directly to me, and I get to decide what happens with it. Although I know there is more to it than that, there is forming a budget, working with customers, knowing when to expand, and when to coast through. I also know that in the world of business, that if you aren't moving ahead, you are moving backwards.
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...