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Intelligence Into Success Essay

1460 words - 6 pages

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 developing a business plan, but some elements are consistent throughout all business plans” (U.S. Small Business Administration). For instance an Executive Summary, a Market Analysis, a Company Description, and Organization and Management, etc. A business plan will be useful in attracting investment capital, securing loans and luring in strategic business partners. The plan poses as a guide and will show whether or not a business has the potential to make a profit. It is very important that any small business plan stays flexible and ready for change. Although the plan may be suitable for the time, as a new business grows, the need for expanding and revising it may be inevitable (Smallbusiness.com).
After crafting a business plan the second very important step in launching a small business is to choose a business structure. Deciding what form of business entity is very crucial and can make or break a small business. The form selected can have an impact on multiple aspects of a business, including taxes, liability and ownership succession (Smallbusiness.com). “The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business...

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