Essay Entrepreneurship - Starting Your Own Business

1203 Words 5 Pages
Entrepreneurship defined by Jeff Cornwall at Belmont University is, “A process of identifying, evaluating, seizing an opportunity and bringing together the resources necessary for success.” (www.belmont.edu) There are a wide variety of risks when it comes to starting and running your own business, just some of them are: under capitalization, poor management, market misjudgment, and lack of planning. Lack of planning and under capitalization go hand-in-hand because if you don’t properly plan your strategies and what you would like to do in the future of the company you are trying to start, then you aren’t going to be able to afford it. Like when someone says “Just looking!” while searching for a car, you put yourself in a weaker position …show more content…
Working under this kind of prejudice might rule some people out of choosing an entrepreneurial life style, however, there are some people who find working under such conditions fun because they can try to prove how not everyone follows those shady tactics. “Tenacity, street smarts, the ability to pivot, resiliency, inspiration, and the willingness to accept risk…” (www.actionmba.org, 2010) Are personality traits you should have to be successful in the world of entrepreneurship. There will most likely be times during your endeavor that people will give up on you, your idea, or both and you should have the drive to back up your goals no matter what. You should be able to pivot according to where the market goes and have the ability to be successful and innovative in a wide spectrum of situations. On the flip side, some people believe that you don’t necessarily need to be born with such traits to become a great business owner; all it takes is some practice to love and nurture these traits so that they become just like habit! Or maybe all you need is one of these traits that can be linked to others so that you can pick them up quickly… Further studying needs to happen before we can know for sure but for now we do know that if you are strong and motivated, then little will be able to stop you