Entrepreneurship is the act of coming up with a business Idea and finding the necessary requirements to start the business. An entrepreneur is the person who comes up with a business idea and starts the business. Getting into business is a risk journey that requires an entrepreneur to have certain traits in order to have a smooth journey. These traits include self-confidence, risk taking, patience, and having a realistic outlook, (Livingston, 2009).
Notably, the most important requirement in starting an entrepreneurship is capital. With all the current financial crises, if money were not an issue I would start my own business. Starting a business is all about risk taking and patience. Hence, an entrepreneur ought to be a risk taker (Livingston, 2009). I would invest a lot of capital in my business and wait patiently as I market the goods and services am providing to the public.
Moreover, an entrepreneur should consider some factors before choosing a form of ownership. These factors include, tax, each form of business ownership has its own rates of tax, and an entrepreneur should analyze the business’s tax payment of each form of ownership every year. Secondly, Control by deciding on some forms of ownership, an entrepreneur gives up some power over the company.
Entrepreneurs have to choose early on how much power they are ready to forfeit in order to obtain help in making their business successful, (Duening & Michael, 2007) Lastly, Managerial ability: Entrepreneurs have to evaluate their capability to run their businesses. If they do not have the knowledge in some areas, they may need to choose a business ownership that lets them to bring in people who are skilled in those areas
Finally, it is in the best interest of any campus student to focus on their studies. As we discussed earlier, entrepreneurship is a very risky process that require a lot of patience and attention. If a student got him/herself in such a risky affair, they would most likely lose focus on their studies or the business may fail, (Livingston, 2009).
Duening, N. &, Michael, A. (2007). Entrepreneurship. London: Academic Press
Livingston, J. (2009). The Business Success (7th Ed). New York: Pearson