The Fundamentals of Entrepreneurship

Running Head : The fundamentals of entrepreneurship

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The fundamentals of entrepreneurship

I agree with the statement that you do need to be a person of mythical properties to be very successful in building a company . For someone to grab emerging opportunities in markets , they need individual skill and the technicality of business . Successful individuals in business should possess the ability to identify their personalities capabilities , personal resources and motivation . Successful entrepreneur have the capacity to develop engineering thinking , which is base don the

br idea of change . This way they can use their creativity and rationality to create workable solutions

Strategic plan is important to small companies because it is a concept designed to solve problems in business . Inoder , for small companies to compete effectively in the market place with larger companies , they need to create time to develop a sound strategic plan Strategic planning assists small businesses by establishing a strategy through which their business will be directed over a specific time period . It can therefore be said that strategic planning identifies a direction in which a business go . A strategic plan should consist of the business purpose , business goals strategic to achieve the goal , plans to implement the strategies and monitoring plan implementation

Entrepreneurship should consider certain factors before choosing the ownership of their business . They should consider the type of business they want to run and its financial situation . Importantly , they should consider the risks and liability of the business , the income tax and the investment situations . The most efficient ownership structure depends on the type of the products and services provided by the company . An entrepreneur should take into consideration , the level of the control they want to have over the business and the expected profit and the losses of the company . Entrepreneur should choose between partnership , sole proprietorship , corporation and Limited Liability Company

Student entrepreneurs should be able to run their business in campus because it opens big doors for them in future . I believe that student who runs businesses in campus are not missing the basic reason for being there . Being a student entrepreneur provides academic training to the student as well as business savvy . This prepares the students on how to venture into the real business and to remain highly competitive (Nandan , 2007

Reference

Nandan , H (2007 . Fundamentals of entrepreneurship . Prentice-Hall of India Pvt . Ltd PAGE

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