We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

The Fundamentals Of Entrepreneurship Essay Sample

essay
The whole doc is available only for registered users OPEN DOC

A limited time offer!

Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed

Order Now

The Fundamentals Of Entrepreneurship Essay Sample

     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 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.

We can write a custom essay

According to Your Specific Requirements

Order an essay
Get Access To The Full Essay
icon
300+
Materials Daily
icon
100,000+ Subjects
2000+ Topics
icon
Free Plagiarism
Checker
icon
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access
immediately?

Become a member

Your Answer Is Very Helpful For Us
Thank You A Lot!

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?

Can't find What you were Looking for?

Get access to our huge, continuously updated knowledge base

The next update will be in:
14 : 59 : 59
Become a Member