The Importance of Entrepreneurship Essay

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Entrepreneurship Term Paper “Entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money.” (Merriam-Webster.com) Since before the Great Recession, economists have recognized how important entrepreneurship is to the health of the U.S. economy. (Strangler) “There are four benefits to the U.S. from entrepreneurs' risk-filled but successful efforts. Entrepreneurs (1) use innovations to improve the quality of life, (2) create new jobs, (3) improve our position in global economic competition, and (4) create economic growth and new wealth for reinvestment in the U.S.” (Foundation) Entrepreneurs are responsible for research and development system. “Almost 2/3% of all innovations are due…show more content…
Small Buisiness Administration) If you are a strong negotiator then you have a better chance at saving money and running your business. If you do not have good negotiating skills you may want to work on improving these skills • Creative: “Entrepreneurs must be able to think creatively.” (The U.S. Small Buisiness Administration) If you are able to think “outside the box” then entrepreneurship may be a choice for you. • Supported by others: Entrepreneurs need the support of other people. Networking is extremely critical in a business. Business mentors are a perfect go-to person for entrepreneurs. (The U.S. Small Buisiness Administration) The name of my business is Sunny Cycle. Sunny Cycle is an online store selling motorcycle helmets, sunglasses, face masks, goggles Zippo lighters, hunting equipment such as knives and flashlights. Products should be easy and inexpensive to ship to keep cost down. An online store would be a great choice for a small business. Online stores are perfect for business owners that do not have a lot of startup capital and do not want to form a Corporation. While building the business the use of drop shipping will be used. As the business takes off and I gain more capital and after knowing which products sell. I would then start contacting wholesalers to purchase

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