why do you want to start a business essay

why do you want to start a business essay

The Importance of Entrepreneurship: Why Starting a Business is a Transformative Experience

1. Introduction

To do that, this paper is developed following three sub-sections. The first one comprises an analysis on the importance of entrepreneurship in today’s economic and social environments, showing that it is fundamental for everyone, and not only for a few ones that manage to start (and, most of all, maintain) a business. The second sub-section shows different types of entrepreneurship that exist, as one thing is to manage or invest in startups and another one is to create self-employment enterprises. The third and final sub-section finishes this paper by showing that those that want to become entrepreneurs are everyone, not only those that wish to be a gazelle.

There are a lot of myths around entrepreneurship. “Being an entrepreneur is genetic”, “You need to go to a business school to learn how to become an entrepreneur” or “Entrepreneurs are successful” are only a few of them. Though they are easy to believe, these myths are not true, and this paper deals with that. We do this not only because in these times of economic disruption it is important to understand the importance of entrepreneurship and how being an entrepreneur is linked to being more creative, innovative and running a business, but also because we want to know that different types of entrepreneurship exist.

2. The Benefits of Entrepreneurship

Another important component of the entrepreneurship ecosystem is the presence of a variety of role models that potential entrepreneurs can screen against their opposing personalities. Entrepreneurs come in many different shapes and sizes, so chances are there are like-minded individuals who have gone before and set examples for what can be achieved. These role models are important in narrowing an entrepreneur’s search areas and generating excitement with practical illustrations that the business concept can work. Conversely, the absence of economic role models can create the opposite effect, slowing the pace of entry into newly profitable industries. Data on entrepreneurial role models and media reports on the financial success of entrepreneur peers may hasten the important process of “creative destruction.” Establishment of a favorable entrepreneurial environment is critical to the transformation from a job assignment to a growing business that pumps ideas and technologies into the marketplace. In this light, the spawning of economic role models is critical to accelerating economic transformation and enabling nations to replace dying business models with businesses relevant in a new, technologically changing society.

Given these risks and high demands, why would anyone want to become an entrepreneur? The answer is that while the startup process is hard, it also provides incredible rewards that are difficult to achieve through any other work. Entrepreneurship is transformative and teaches you things about yourself that you would not learn while sitting in a business school classroom. People often say that “cash is king,” and that is very true in the startup days. Cash allows you to cover your operating expenses and buy assets or inventory necessary to run your business. Without cash, a firm has a limited life, because it is only a matter of time before you’re unable to pay your expenses, and creditors come calling to collect their assets. However, while cash is critical, it is in short supply when you’re launching a business. Whether you’re bootstrapping from your paycheck or burning through personal savings, resources are likely to be tight in the startup phase of the business. Running out of cash is a business-ending event, so building up a cash cushion from which to operate is the first responsibility of an entrepreneur.

3. Challenges Faced by Entrepreneurs

Entrepreneurs eventually learn that losing a business does not constitute the end of their world. Not only do they survive, they eventually go on to success in another business. Indeed, a number of successful business people have several unsuccessful enterprises in their background before they finally succeed. Each failure teaches them lessons that increase the chances for their next venture to succeed. Ultimately, personal frowns from a tough challenge that is overcome make real giants in business.

When talking about the challenges faced by entrepreneurs, two important things must be noted. First, the hard work eventually leads to a tremendous personal reward in job satisfaction, pride, and financial success. Second, starting a successful business generally takes longer and asks more of an individual than expected. A good entrepreneur trains hard, is not easily discouraged, and accepts responsibility. Directly related to the challenge of responsibility is the fact that every business, regardless of size, begins with failure and losses. Business success rarely occurs overnight, but rather is a result of many hours of hard, grueling work. Successful business people are not only willing to work long hours, but they also may have to endure frustrated relatives, limited living funds, and crushing debt.

4. The Impact of Entrepreneurship on Society

5) 4. The Impact of Entrepreneurship on Society 5.1 Section 4.1: Innovation, Creative Destruction, and Living Standards 5.2 Section 4.2: Procedural Justice and Politics 5.3 Section 4.3: The Professional Infrastructure for Entrepreneurs, and Summary

4) 3. The Impact of Entrepreneurship on Family 4.1 Section 3.1: Entrepreneurship and the Next Generation 4.2 Section 3.2: The Gender Dimensions of Entrepreneurship 4.3 Section 3.3: The Lifetime Impact on Being an Entrepreneur

3) 2. The Impact of Entrepreneurship on the Entrepreneur 3.1 Section 2.1: Getting an Education in Entrepreneurship 3.2 Section 2.2: The Lumpy Expenditures of Entrepreneurship 3.3 Section 2.3: The Financial Rewards of Entrepreneurship 3.4 Section 2.4: The Nonpecuniary Rewards of Entrepreneurship

2) 1. Guiding Question: Why It Makes Sense to Promote Entrepreneurship 2.1 Section 1.1: Explaining the High Returns to Being an Entrepreneur 2.2 Section 1.2: Explaining Returns to Scale for Large Firms 2.3 Section 1.3: What is the Ideal Rate of Entrepreneurship? 2.4 Section 1.4: Popular Myths about Entrepreneurship 2.5 Section 1.5: Conclusion

1) Introduction: Why Entrepreneurship Matters

5. Conclusion

Start your business if you hold a belief that small business and entrepreneurship is central to the economic future and political well-being of America and this belief supports the creation of a better future for all Americans. There are few other things in society that can do that. America was founded on the principle of the entrepreneurial spirit. It is that spirit that we have to find again if we are to continue to make a difference in the world. We also have to find a way to make the journey meaningful, creative, and enjoyable. There are great rewards in pursuing an entrepreneurial career and finding the ability to bring more value to the world than that for which we are paid. The key to wealth and reward is the amount of value created – not stock options, stock market winners, or high pay. Marketing your energy, your creativity and your time are personal things. You cannot turn that over to a pension fund. Marketing your energy, creativity and time is the only way to guarantee that you will benefit for the long haul from your efforts as long as you produce quality, increased amounts of value.

In conclusion, find your own passion and start your own business. The transformation can lead to the exact life you have always wanted. That approach to the future, as dictated by passion, will be according to your own needs, not those of others. You will have the ability to pick and choose who you work with and serve. You can pick what will make best use of your own entrepreneurial perspective. The successful entrepreneur will follow their own ethical guidelines and find satisfaction in going about their work with passion and joy. Without passion, you will not have happiness.