Entrepreneurs and Businesses

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Recommended: Developing Marketing Strategies

The purpose of this paper is to discuss how to start a business. Within this paper can be found details on how to get the idea and get started, how to discern if there is a market while considering who the competition will be, how to write a business plan, as well as how to fund a business. The details within this paper will focus on the entrepreneurial strengths and knowledge gained from the class Entrepreneurship in the 21st Century.
Ideas and Getting Started
In order to develop a successful entrepreneurial idea, one must first find their true niche. What inspires and drives this person, and are they willing to work within that inspiration for many years to come? Because of the nature of entrepreneurial business, the passion for the job at hand is what will make or break the business. Many times, people in the innovative fields will work 50+ hours a week on a regular basis. If there is not passion involved, the business is sure to fail.
Secondly, one must consider their personal entrepreneurial strengths. Ego, control, passion, challenges, family tradition, wealth, instinct, vision, energy, risk, independence, and initiative are a few to consider. If you are lacking in certain areas, like instinct or vision, you might consider partnering with someone who has strength in those capacities. A balance of all traits must be maintained, and having a partner to be effective where you are not, may be a good solution to trying to accomplish progress where you are not advanced.
Once the entrepreneurial spirit has taken you over and you have viable idea, it’s time to start getting your hands dirty.

Market and Competition
One of the most crucial decisions to make when getting a business started is where the location will be. This is i...

... middle of paper ...

...usiness up and running from someone who has done it before.
Conclusion
The purpose of this paper was to discuss how to start a business. Within this paper were details provided on how to get the idea and get started, how to discern if there is a market and who the competition is, how to write a business plan, as well as how to fund a business. The details within this paper were focused on the entrepreneurial strengths and knowledge gained from the class Entrepreneurship in the 21st Century.

Works Cited

Evans, T. (2012, March 20). 12 Entrepreneurs Give Their Best Tips for Startups. Business Insider. Retrieved May 17, 2014

Small Business Association. (n.d.). Company Description . In SBA.gov . Retrieved May
17, 2014.

Sweeny, K., & Wiles, K. (2014, April 18). The Money Raising Marathon: Preparing to
Pitch Investors. Entrepreneur.com. Retrieved May 15, 2014.

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