The Potential Benefits Of Being An Entrepreneur - 1190 Words

ACCG 308 Week 1 Homework 1. What might be the potential benefits of being an entrepreneur for you personally? †¢ One of the major advantages of being an entrepreneur is the idea of having financial freedom. Entrepreneur’s salary is based on their effort and thus do not have to worry about what the employer offers them. †¢ Entrepreneurship offers independence as entrepreneurs make their own decisions and are not restricted by company policy. †¢ Another key benefit of being an entrepreneur is that it is flexible in terms of scheduling tasks around other commitments. †¢ Entrepreneurship is primarily a paragon for innovation as it allows entrepreneurs to explore and create ideas and make them in to successful business plans. †¢ Additionally,†¦show more content†¦This is because writing skills are needed in all types of work- related communication including emails, report and marketing strategies. Written messages need to succinct and concise so other employees do not have to waste their time asking for further clarification. Another reason why writing is an essential business skills is because it enhances credibility of the employer and reflects positively on the company’s reputation. This idea of having effective writing skills coincides with understanding how to evaluate a business plan because it allows businesses to plan their vision, mission statement, short term and long term objectives and focus on the effective and efficient use of organisational resources in enhancing both shareholder and customer value. Additionally, a well-written business plan can also convey investment opportunities to prospective shareholders in relation to the company’s ability to generate sufficient cash flows to meet both current and non-current liabilities. Furthermore, it also allows businesses to plan and think about their investment options and question if they need partnerships for resources and expansion. 4. With reference to the SJ business plan, what does a business plan include? With reference to the S and J business plan, the following points summarise what a business plan should include in a chronological order. While this structureShow MoreRelatedEssay about Not Easy but Rewarding: Entrepreneurship1253 Words   |  6 PagesA famous quote by the late Peter Drucker reads, â€Å"The best way to predict the future is to create it.† Per the New Merriam-Webster Dictionary an entrepreneur is a person who creates, organizes, and operates a business or businesses, taking on a greater than normal risk in order to do so. It is unknown who actually started the first business on the records but it stated to be in the year 527 AD when it was created. The details about the business are not specified either but it was solely resembledRead MoreEntrepreneurship Is Not Only A Word Entrepreneur1349 Words   |  6 Pagesentreprendre, a French verb originated to mean â€Å"to do something† or â€Å"to undertake.† By the sixteenth century the word, ent repreneur formed. The word entrepreneur refers to someone who undertakes a business venture. An entrepreneur is someone that takes risks in developing, managing and organizing a business or enterprise. Every entrepreneur weighs the risks involved against the potential profit to be gained. When they think the gain outweighs the risk they take every opportunity to execute their ideasRead MoreInternal And External Data And Statistics Of Business Sales Managers Versus Entrepreneurs1272 Words   |  6 Pagesexternal data and statistics of Business Sales Managers versus Entrepreneurs and gives advice for two chosen careers as requested by a client. 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Having mentored and worked with many high profile organisations and individuals over the years, I’ve learnt that often an ‘overnight success story’ is actually the result of someone working hard over a long period of time and exhibiting certain behavioursRead MoreBusiness Plan For Starting A Business1168 Words   |  5 Pages Entrepreneurship When starting a business there are a number of factors to determine in order to ensure its success. To start, the entrepreneur should determine a business plan with a well developed idea After determining the business plan, they then should look at the three basic forms of owning and running a business: sole proprietorship, partnership, and a corporation. A sole proprietorship is a business ran single-handedly by one owner. There are partnerships, where two or more parties collectivelyRead MoreEntrepreneurial Process Essay1031 Words   |  5 PagesEntrepreneurial Process Ivy Harmon UOP Entrepreneurship in Healthcare HCS 567 K. Imlay May 13, 2012 Entrepreneurial Process Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, Sheppard, 2005). A clear understanding of the entrepreneurial process is anRead MoreThe Success Of New Ventures1354 Words   |  6 Pagesattached to advertisements pushing the sale of franchises or becoming an entrepreneur. It is a fallacy. A franchise owner is not necessarily an entrepreneur. Entrepreneurs are good business people. They are visionaries who take the time to plan, and the time to participate in the day to day activities needed to achieve long term objectives, and who are passionate about an idea; all of these lead to a successful entrepreneur. Research shows the reasons for success in new ventures are attributed to:Read MoreThe Potential Drawbacks Of Entrepreneurship1404 Words   |  6 Pagesalready existing empirical evidence can systematically and collectively corroborate the claim that owning a business has many advantages but has an equal amount of drawbacks which prospective entrepreneurs should be aware of before deciding to own a business. The aim of this research is to depict the potential drawbacks of entrepreneurship. These drawbacks are rarely known or considered by individuals wanting to own a business (Kirby, 2003). They therefore blindly step into the world of entrepreneurship