What is Entrepreneur? According to the Business Dictionary (2014), entrepreneur is someone who exercises initiative, a risk-taker who is willing to pursue a project or mission that others might view as a threat or deem a failure. An entrepreneur is usually the decision maker, sole proprietor, partner, or someone who owns a large portion of the organization’s shares. Entrepreneurs usually determine how much risk is appropriate for certain ventures and control how much of a service will be produced. (Business Dictionary, 2014) It appears that, entrepreneurs are people who are creative, innovative, independent, optimistic, educated, spontaneous, and with high self-esteems willing to take financial risks, as well as, monitoring and controlling the business activities. Entrepreneurs, through their innovative ideas and entrepreneurial opportunities tend to play a vital role in the economy. Therefore, in this paper, one will elaborate furthermore on entrepreneurs. One will explain the importance of feasibility study and business plan, where entrepreneurs can go for funding, and what type of short and long term planning would be required for success. In addition, an example of a company that started with a humble beginning and bloomed successfully due to proper planning will be provided.
Planning a Start-up Business
The word entrepreneur originates from the French word “entreprendre”, which means to launch or to begin. The French use the word “entreprendre” to describe an individual who organizes or operates one or multiple organizations. The word was adopted and introduced to the English language by an Irish economist of French descent, Richard Cantillon who lived from1680 to 1734. (Hayek, 1985) It is said, that Richard Cantillon viewed entrepreneurs as risk-takers, great thinkers, and innovators. Likewise, in today’s world, an entrepreneur is commonly viewed by society, as a business leader and innovator who takes on greater than normal challenges and financial risks. In fact, entrepreneurs and their new innovating and great ideas, products, and services, are consider vital in the process of strengthening the economic growth and empowering today’s society. (Hayek, 1985) Now that a better understanding of the term entrepreneur has been establish, one can elaborate on the fundamental steps that an entrepreneur needs to plan for a successful launch of a new company.
First of all, entrepreneurs should become knowledgeable and familiar with the resources, organizations, or trainings that can provide assistance, information, or advice on the matter of starting a business (Rivera, 2010). In addition, entrepreneurs should seek the assistance of a consultant to help conduct a feasibility study. What is a feasibility study? Well, a feasibility study is an investigating process that provides individuals with the opportunity to further understand the issues of a business development; to include, acquire information regarding the proposed business...