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Submitted by oppapers on January 8, 2002
Category: Technology
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Burke Bembridge
Bus 110
First Evaluation
Instructor; Dr Chris Ehiobuche
Describe the term Entrepreneurship and the challenges of starting a small business
Entrepreneurship is the dream of a lifetime for most individuals. The idea of being in control on one's financial future by establishing, owning, and operating their own business has driven most individuals in the direction of Sole Proprietorships. Most plunge in looking at the advantage and over looking the disadvantage and challenges of Sole Proprietorships.
This first challenge that one might face on the road to Entrepreneurship is raising the necessary funds to finance their business. Financial resources are more limited for sole proprietorships because they are view as a high risk. Sole Proprietorships have few legal requirements and doesn't cost much once the start-up funds is raised he or she can start the business.
To be a successful entrepreneur one must be responsible for all business decisions and be skilled in all areas of the business. Most entrepreneurs over look this trait. Being able to control your business and make decision allows for flexibility when responding to changing business conditions.
Operating a sole proprietorships takes a grate deal of time epical on start-up. To make most sole proprietorships work entrepreneurs must be willing to put in a lot of time more than the normal eight hours put in by most employees. Most business needs a great deal of attention on start up and the owner must will to, make the necessary scarifies.
Most business owners choose sole proprietorships because the owner of a sole proprietorship retains all the profits the business earns. The more efficiently the business operates the higher the profits. Owning and operating you own business can bring great rewards the idea of controlling all profits drive most individuals in the direction of sole proprietorships.
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