Entrepreneurship Starting Your Own Business

1225 words - 5 pages

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 “entrepreneurial” because his crime was clever. So seeing how easy it is to use this term in different situations can give it negative connotations; in fact in some other countries, they don’t allow the term because a lot of people think of con-men, and sharks who are out for all your money. Working under this kind of prejudice might rule some people out of choosing an entrepreneurial life style, however, there are some people who find working under such conditions fun because they can try to prove how not everyone follows those shady tactics. “Tenacity, street smarts, the ability to pivot, resiliency, inspiration, and the willingness to accept risk…” (www.actionmba.org, 2010) Are personality traits you should have to be successful in the world of entrepreneurship. There will most likely be times during your endeavor that people will give up on you, your idea, or both and you should have the drive to back up your goals no matter what. You should be able to pivot according to where the market goes and have the ability to be successful and innovative in a wide spectrum of situations. On the flip side, some people believe that you don’t necessarily need to be born with such traits to become a great business owner; all it takes is...

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