Role of the Entrepreneur in Setting Up a Business Essay
Role of the Entrepreneur in Setting Up a Business
Entrepreneurs are the individuals who start new businesses in the economic marketplace. These individuals may start businesses for a variety of reasons, including working for their own self-interest, making more money, improving their local community or enhancing their quality of life. While entrepreneurs may face a number of issues when starting a business, they usually have the psychological resolve and positive outlook to overcome these issues.
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* Entrepreneurs usually offer the vision, goals and objectives for their start-up companies. Goals and objectives oftentimes are simple during the early stages of the company; goals typically include building a strong customer base and making enough money to break even. As entrepreneurs continue to establish their businesses, the importance of goals and objectives typically increases. Once employees are hired to work in the business, an entrepreneur must be able to translate the company’s vision and objectives to new employees.
* Start-up companies usually require a business plan to begin its operations. Entrepreneurs are usually the individuals responsible for writing the business plan and developing specific information related to the start-up company. The business plan is often used to secure external financing for starting the company and expanding its operations during the early stages of operation. Entrepreneurs may also use the business plan as a road map to direct the business as it continues to grow and expand in the business environment.
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* Entrepreneurs may choose to hire individuals during the early stages of business to complete specific technical business responsibilities. Accounting, production techniques, corporate finance or payroll may be positions entrepreneurs need to fill when starting the company. Individuals with these technical skills help the entrepreneur to create a solid foundation for the new business. Because entrepreneurs often are responsible for building the customer base or attracting new clients to the business, they may not have time for these internal business functions.
* Setting up a new business is not always an easy task. Depending on the type of business or the current economic environment, entrepreneurs may need to spend copious amounts of time or money when starting businesses. Entrepreneurs also may not be successful in every business they attempt to start. However, their internal resolve and desire to succeed often leads them to new and better business opportunities.
* The Small Business Administration (SBA) is a government agency entrepreneurs may use to research important economic and demographic information. The SBA provides start-up companies with various amounts of business, financial and economic information for starting new companies. The SBA also operates local business offices to help entrepreneurs obtain specific information relating to local markets. The SBA usually operates the local offices in conjunction with local community or state colleges and universities.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 13 October 2016
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