The American Dream: Starting Your Own Business

There's something exciting about operating your own business. However, experts cite that nine out of ten startup businesses are doomed to fail. The most pressing reason for failure from that study was the product being manufactured. A close second, however, was financial mismanagement.

You want to start a new business but you feel like you may fail or you might not have the

Entrepreneurship is an attractive career choice. Most of people think of creating a new business, they think of beginning from scratch, developing your own idea and building the company from the ground up. But starting from scratch presents some distinct disadvantages, including the difficulty of building a customer base, marketing the new business, hiring employees and establishing cash flow, all without a track record or reputation to go on. Therefore, there are many decisions to be made before creating a new business (Rajiv Kumar, 2016).

Don’t just start a business because something is at style and you also think commercializing every time they visit money. Produce a business proven fact that you 're passionate about connected with something have understanding about. Next, develop services or products that you just believe can raise the people’s lives.

Entrepreneurship involves a huge risk. If not handled the right way, your business venture can lead you to huge losses and you may even have to shut it down to avoid getting bankrupt.

But the first idea that I must present is that envisioning and dreaming about a home-based business is only a prerequisite towards successful entrepreneurship. Constructive action must follow any home-based business idea!

Starting a business is a multi-step process that can be overwhelming when faced alone. Regardless of businesses location, whether it is a third world or a fully developed country, launching and maintaining a healthy production can be a very complicated and perplex procedure. But with enough patience and knowledge, even the hardest dreams can be achieved. Looking around us we see countless of businesses flourish everyday, and even more to fail, preventing many people from taking a risk and stepping into the world of entrepreneurship. But knowing what you want and where to look for it will guarantee a successful and fully developed commerce.

Rather than working for a company, they are branching out into becoming entrepreneurs and becoming their own boss. As this trend is growing at a fast rate, it is time to look at its advantages and disadvantages. Let’s start first with the advantages; First, it gives a great amount of freedom. When you have your own business, you will be able to make your own demands and set your own schedule, you dictate everything you do. Second, it can be exciting. When you have your own business, every day will be fun, enjoyable and filled with determination and skills. Third, it allows you to set your own earnings. The work that you do would be for something you own, which can be a huge advantage compared to when you are working as an employee for a certain company. Fourth, it offers flexibility. When you own a business you schedule your work and be able to have a quality time with your family. On the other hand, the disadvantages are; First, it dictates you a huge amount of time. Entrepreneurship is not easy, and for it to be successful, you have to take a level of time commitment that many people are just not willing to make. Second, it can be difficult to compete with other business. When you own a business, your business must be different in order to be profitable, and to have a solid customer base. Third, it does not guarantee 100%. Fourth, it comes with unpredictable schedule. Being an entrepreneur requires more amount of time and effort than being an employee (8 Advantages & Disadvantages of Entrepreneurship,

According to Longenecker, Petty, Palich, and Hoy (2014), “an entrepreneur is a person who relentlessly pursues an opportunity, in either a new or an existing enterprise, to create value while assuming both the risk and the reward for her or his efforts” (p, 6). In other words, entrepreneurs are risk takers that are motived by profits, achievements, or success. This motivation helped Chairman Michael German (i.e., German) help grow his family business from startup to a forty-six employee company. Although German shared how the organization has successfully grown over the years, there are advantages and disadvantages of owning the corporation; therefore, his recommendations are important for future entrepreneurs.

You just have to be willing to make time to take the following steps and be willing to learn what you don’t know. Take charge of your destiny and start your own business by following these steps today.

Startup founding bars no age, no qualifications or background. If one has the right ideas and the passion to do whatever it takes to get the idea into the hands of customers, this ecosystem now provides the kind of support never seen before.

Typically entrepreneurs engaged in businesses have a better mentality when compared to traditional employees. This is because entrepreneurs usually want to have a strong foothold within a business, and desire a role with a higher authority in the company as they distain working as an employee. This is part of the life world of an entrepreneur as all entrepreneurs share the same mentality, When they are creating or forming a business they are more willing to take higher calculated risks within their business for the chance of a higher profit according to Chell & Ozkan, (2010). For example when James Dyson started up his company with his new product “The G-force cleaner” in 1983, He was unable to find a manufacturer or a distributor for the product. Due to this he took the risk in an unstable market and set up his own manufacturing company “Dyson Ltd” luckily for Dyson his risk paid off and he made a

ALTHOUGH OWNING A BUSINESS HAS MANY BENEFITS AND PROVIDED MANY OPPORTUNITIES ANYONE PLANNING TO ENTER THE WORLD OF ENTREPRENEURSHIP SHOULD BE AWARE OF ITS POTENTIAL DRAWBACKS

Starting own business is the dream project of many individuals which is underpinned by many facilities in our country. Hundreds and thousands of business are being launched every day with a low success but a heavy failure rate. However, business owners love taking risks than to avoid a forever jump into the startup idea.

There are many company has been successful with their business. They used to start with small businesses. Taking risk