This paper discusses the positive benefits of becoming an entrepreneur and going into business for one's self. It discusses the value of having unlimited growth potential, the satisfaction of setting the terms of your own working conditions, and the importance of having control over your destiny. There is also a discussion of current market factors that make entrepreneurship a particularly auspicious career path for young graduates today.
¶ … entrepreneurship ? How badly owner business? Why? Why ? Why time?
Is entrepreneurship for me? How badly do you want to be an owner of your own business?
Why? Why not? Why not at this time?
An entrepreneur gets to create his or her own enterprise from the ground up. He or she gets to set the rules and policies of the company, rather than has to follow them like a company employee. If the business succeeds or fails, it is largely on the founder's shoulders. The entrepreneur gets to select a business model he or she feels passionately about, rather than simply 'punch a clock' to get a paycheck. While there is the unfortunate potential for great losses if the business fails (and many do) there is also the potential for great rewards, if the business is a success.
An entrepreneur must be creative -- first to frame the business concept, and then find ways to fund it and manage it. He or she must think creatively how customers interact with the product or service. New businesses must think in terms of 'value added' -- the values the new product or service can add to their customer's lives. An entrepreneur must break new ground and satisfy a profound, unmet need -- or else, the new enterprise will not survive. An entrepreneur is always working 24/7, and can never really take a vacation since the business 'is' his or her creation -- but a true entrepreneur doesn't want to take off, because he or she is doing what he or she loves.
'Do what you love and you'll never work a day in your life.' I believe profoundly in this concept, which is why I wish to become an entrepreneur. I want to own my own business because I wish to have the creative satisfaction of seeing an idea I authored come to fruition, profit, and grow. Going into business is more than making money. It is also a great source of personal satisfaction. A good business serves its customers as well as its owners. Truly great enterprises become integral parts of consumer's lives. Think of how a neighborhood pizza becomes the place where families celebrate milestones, teenagers hang out and everyone watches sports events. People line up for hours, even days, for the new form of Apple technology, because they identify so strongly with the product. My good friend's day is not complete unless she gets her Starbucks' fix.
The time is right for me to begin my own business. At present, I have no family to support and I am still young and have a great deal of energy. I am able to take risks at this juncture of my life, which is an important component of growing a flourishing business. Later on, I may have obligations to children or a spouse which force me to take a steadier, conservative and consistently-paying job, but now I do not. This type of bold and radical mindset is necessary to succeed in business.
The time is also ideal to begin a new business because the job market for young graduates is not particularly strong. From a cost-benefit analysis, I am unlikely to be sacrificing a highly lucrative job if I choose to go into business for myself at present. Also, the general business climate is extremely volatile right now. The new, global economy and rapidly changing technology means that there is a great deal of potential capital and expanding markets that I can exploit. On a small scale, more people are looking to 'buy local,' which will bode well for me starting a community-focused business, but should I chose to grow my enterprise, or if I wish to start an Internet business with a global focus, the developing world also offers many potential customers.
The Internet has made it cheaper to advertise new businesses and to stay in contact with customers. It is a potent source of new advertising and ways to communicate with customers and potential suppliers. The expansion of mobile computing has allowed businesses to advertise to the public in new ways. There are many opportunities to generate revenue through new commercial online or other technology-based ventures. For both brick-and-mortar businesses and services and online enterprises, technology offers a way to begin and sustain a new business in a more cost-effective manner for someone just starting out. There is also a new trend for service-based businesses, such as computer repair companies, lawn companies, and various other services for people who wish to save time and outsource these critical functions, and the Internet allows small service companies to promote themselves more easily and showcase customer reviews to get a positive 'buzz.'
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