Entrepreneur business plan article

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Entrepreneur business plan article

Encyclopedia of Business and Finance, 2nd ed. According to the Small Business Administrationthe total number of businesses in the United States in was somewhere between 16 million and 24 million, of which approximately 15, were large. Inthere were an estimated 8. For any business to be successful, an adequate level of funding must be furnished.

The amount needed varies according to the scope and nature of the business. Another key entrepreneur business plan article in the success of an entrepreneurial organization is planning, including planning for the marketing, management, and financial aspects of the business.

From a personal perspective, becoming an entrepreneur is not a simple task. It certainly has its drawbacks. However, it can also be quite rewarding. Long hours, poor pay, and an unclear future are only three of the challenges a budding entrepreneur must face.

And, of course, losing everything one invests in a business is a very real risk. In fact, whilenew employer firms were created inas reported by the U. Department of Labor,businesses were terminated during the same year, with 53, of these being bankruptcies and 83, being failures.

Failures and bankruptcies are business closures that occur while the business owes debts. However, the potential rewards are unlimited. Business owners can profit greatly. Another reward entrepreneurs tend to appreciate is independence.

The work of the business must be completed, and often the entrepreneur is the one who must perform the most complex tasks of the business.

Although others may work for the owner and manager of the business, it is ultimately the responsibility of the entrepreneur to make sure that the work gets done.

Other rewards cited by entrepreneurs include personal satisfaction gained while performing the duties of the business and the resulting prestige. A business plan helps to guide the decision making needed to operate a business.

The first decision is to choose what sort of business to own. The business may be: A retail business that markets a tangible product such as clothing, houses, food A wholesale business that acquires goods from a producer and distributes requested quantities to retailers A service business that offers an intangible product such as insurance, haircuts, consultant services, construction, financial services A manufacturing business that produces a product Of course, a business may perform more than one of these functions.

entrepreneur business plan article

The scope of the business will also be dependent on the breadth and depth of the products or services offered as well as the geographic region served. One option available to someone interested in purchasing a business is a franchise. Another early decision involves choosing the legal form of ownership.

BREAKING DOWN 'Entrepreneur'

Three options are sole proprietorship, partnership, and corporation. In a sole proprietorship, a single person owns and operates the business. The owner assumes all risks and responsibilities for the business, including debts.

Two or more individuals may form a partnership and serve as co-owners of the business. If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability while the remaining partner s do es not.

Instead, they may lose up to the amount of their investment, while having limited involvement in the business. The third form of ownership is the corporation. A corporation is a group of individuals who obtain a charter giving the organization formed by the group legal rights and privileges.

This organization can perform such functions as buying and selling, as well as owning property, as if the group were an individual person. The corporation is actually owned by individuals who purchase stock.Business plans are dead — or are they?

entrepreneur business plan article

For many entrepreneurs, the business plan is an outmoded document that gets created mainly for the benefit of VCs and bank loan officers. Forbes is a leading source for reliable news and updated analysis on Entrepreneurs. Read the breaking Entrepreneurs coverage and top headlines on urbanagricultureinitiative.com Introducing Entrepreneurs Epiode # Activity BUSINESS ETHICS#3: Directions You are the business owner of a grocery store, and you are faced with the following situations.

Think about your answers in terms of what is the ethical choice, and what is the choice that you might actually make in everyday life. 1. Economics: Performance Assessment Idaho Department of Education The High School Entrepreneur: Researching and Writing A Small Business Plan “If land, labor, and capital are the essential ingredients for creating all goods and.

It pays to plan. Entrepreneurs who write business plans are more likely to succeed, according to research. Jan 30,  · Whether you’re starting or growing your business, you need a business plan. Your plan will provide the roadmap to achieve the success you want.

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