Learning Goal: I’m working on a entrepreneurship writing question and need the explanation and answer to help me learn.
Consider a company you would like to start. Answer the following in 175 to 350 words:
- Describe what it would do.
- Identify 3 possible names for the company.
- Determine whether any of the names listed above are available as web domains and what type of website would be the most attractive to potential customers.
- Explain how many and what type of owners (individuals, companies, both) you will have in the company.
- Describe the strategy you will use to finance your company.
Think about the type of product or service your company will provide. Answer the following in 175 to 350 words:
- Assess whether your product or service will be prone to lawsuits.
- Determine what type of tax structure you will have for your company (single, double, other, etc.)
- Assess how much capital you will require to grow your business and at what stages you will need it.
- Determine 3 long-term goals for the business.
- Based on everything you have learned this week, what type of business entity do you think you might form for your company, and why?
1. You’re the Boss
Being an entrepreneur means you’re the one that calls the shots. While being the sole person that determines how the business is run brings a higher level of pressure, it also allows you the freedom and flexibility to adjust more rapidly than bigger companies.
2. Make Your Own Schedule
The reality is that most business owners and entrepreneurs work longer hours, and much harder, than people working the average nine-to-five. However, being your own boss allows you to make your own hours and really take control of your work-life schedule.
3. “Work” Wherever You Want
Although you might have a physical storefront that requires your presence from time to time, being an entrepreneur allows you the opportunity to build out systems and infrastructures that give you the ability to work from home or anywhere in the world. Obviously this will depend on your industry and business model, but for most people owning their own business gives them much more freedom to be location independent than being employed by a large organization.
4. Control Your Own Destiny
As an entrepreneur, you’re the captain of the ship so to speak. While employees are at the mercy of CEOs, investors and a board of directors, business owners are in control of which opportunities to pursue and ultimately how their lives will materialize in the future.
5. Sell Things You’re Passionate About
Most business owners create their business not strictly for the money, but because they enjoy doing what they do. Unless you created your business strictly for the payout (highly unlikely for most entrepreneurs), you’re selling products or services that you’re passionate about and can really get behind. Not many people working for other companies can say that.
Entrepreneurs build, not just a business, but a legacy for their industries, families, and communities. If you’re working for a large corporation, there’s no opportunity to pass down the company to your family. By building your own company from scratch, you’ll have control over the legacy that it will leave after you step aside.
6 . Meet Other Interesting People and Business Owners
Being an entrepreneur is great from a networking standpoint. Unlike working for somebody else, your responsibilities will get you out there in front of people on a consistent basis, where you’ll undoubtedly meet other entrepreneurs and business owners. You’ll be able to use this to make more connections, grow your network, and learn from others how to better manage your company.
7 . You’ll Be Gratified
Working for yourself is more than just a paycheck. Yes you’ll be working harder, but the upside is that enjoying the fruits of your labor will be that much more gratifying. Setting your own course, working hard to achieve it and then seeing your vision realized is something that energizes each and every entrepreneur.
8 . You’re the One Making the Money
When you’re an employee, the paycheck you see comes after the company has covered their expenses and paid the people above you. But when you run your own business, all the money you make is headed your way. Obviously you’ll still have to cover your operating expenses and overhead (rent, staff, production costs, etc.). The upside is being able to determine how much to pay yourself.
10. You’re in Charge of Your Business Practices
Entrepreneurs are fortunate people in that they have total control of their business culture and processes. You can create a professional environment that will make you (and your staff) productive and happy. That work culture that you’ve been dreaming about at your day job is now up to you to create, allowing you to focus on things like positivity, innovation, or environmental sustainability.
National Entrepreneurship Week is all about celebrating the hard work and perseverance of the small business owners and start-up founders that keep our economy vibrant and inventive. Now that you know some of the benefits of being an entrepreneur
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