Owning and operating a business

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Entrepreneurship

An entrepreneur is a person, who recognizes a business opportunity and organizes,

Entrepreneurship An entrepreneur is a person, who recognizes a business opportunity and
manages, and, assumes the risks of starting and operating a business.

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Entrepreneurship is the process of recognizing an opportunity, testing it in the

Entrepreneurship is the process of recognizing an opportunity, testing it in the
market, and gathering the resources necessary to go into business.

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Anyone hoping to become an entrepreneur must also learn as much as

Anyone hoping to become an entrepreneur must also learn as much as
possible about the business he or she plans to start.
This process includes learning about the laws, regulations, and tax codes that will apply to he business.
Creating and running a business venture requires a variety of skills.

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Elements of business operations

Every business must consider 4 basic elements:
Expenses.
You have

Elements of business operations Every business must consider 4 basic elements: Expenses.
to spend money to make money. This is true when considering business expenses: new equipment, wages, taxes, electricity, telephone service, and so on.

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Advertising.
When you start a business, you must make potential customers that

Advertising. When you start a business, you must make potential customers that
your goods or services are available for a price. You could buy advertising space in newspapers, in various web-sites.

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Record keeping.
Having a system to track your expanses and income is

Record keeping. Having a system to track your expanses and income is
key to your success. You need a computer and also the programs that will allow you to track your expanses and receipts: write checks, calculate your monthly profits and losses, etc.

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Risk.
Every business involves risks. You must balance the risks against the

Risk. Every business involves risks. You must balance the risks against the
advantages of being in business for yourself.

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Reward of entrepreneurship

People become entrepreneurs for a number of reasons besides making

Reward of entrepreneurship People become entrepreneurs for a number of reasons besides
money:
Being a boss
Doing what you enjoy and using creativity
Business owner gets satisfaction from developing the enterprise
Ability to be in charge

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Challenges of Entrepreneurship

There are some rewards to becoming an entrepreneur. There are

Challenges of Entrepreneurship There are some rewards to becoming an entrepreneur. There
also some challenges that business owners deal with in order to be successful:
Getting funds to start the business
Being fully responsible for the business
Working long hours, especially during start-up
Uncertain income levels and the risk of losing their investment if the business fails.
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