Essay on Entrepreneurship - Starting Your Own Business

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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.” ( 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 “entrep...

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... some advantages to being a larger, more profound business are: wider varieties, more pay roll, and expansion. If we look into the cell phone industry, the Apple iPhone has what seems like a never ending number of applications that you can buy and download; but on the other hand, the new Motorola Droid does not have as many. Since it is a newer and less popular phone, the range of applications available to you is limited. I do not believe that it will stay this way forever but while the product is still in the process of making headway in the market and appealing to different consumers, we should expect a delay in the development of selection. People associate entrepreneurship with high profits which is not always completely true especially if you choose to stay a smaller business. When choosing a career in this area people often focus too much on making the big bucks

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