Entrepreneurship
A subject taught in many high schools and colleges, entrepreneurship is actually defined as "the state of being an entrepreneur." An entrepreneur is an individual who owns, organizes, and manages a business and, in so doing, assumes the risk of either making a profit or losing the investment. According to the Small Business Administration (1999), the total number of businesses in the United States in 1995 was somewhere between 16 million and 24 million, of which approximately 15,000 were large. In 1997, there were an estimated 8.5 million businesses owned by women.
For any business to be successful, an adequate level of funding must be furnished. The amount needed varies according to the scope and nature of the business. Another key factor in the success of an entrepreneurial organization is planning, including planning for the marketing, management, and financial aspects of the business.
From a personal perspective, becoming an entrepreneur is not a simple task. It certainly has its drawbacks. However, it can also be quite rewarding.
Benefits and Drawbacks of Entrepreneurship
Choosing to create a new business, or even to purchase an existing one, is a decision that has a far-reaching impact. Long hours, poor pay, and an unclear future are only three of the challenges a budding entrepreneur must face.
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