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The Benefits of Owning Your Own Business

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Independence and Control

Financial rewards, flexibility, directly helping people, opportunity for innovation, what to watch out for.

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There are plenty of challenges that come with operating your own business . For many people, though, the rewards of running a business far outweigh the difficulties. In fact, 76% of those who decide to run their own small business are "somewhat happy" or "very happy" with their decision, according to a 2020 survey conducted by Guidant Financial's Small Business Trends Alliance.  

This line of work isn't just for the entrepreneurial spirit, either. Running a business can prove exciting for many people and for many different reasons. Whether you are looking for a flexible lifestyle, are eager to innovate, or simply want more control over your work and earning potential, there are many benefits to running your own business. Here are just a few of the biggest.

Have you ever worked a job in which you felt you could do better if you had control over how the work was done? Let's face it, jobs can be constricting and sometimes don't allow you to maximize your knowledge and skill.

When you build your own business, you do what you want, how you want, when you want. You develop the product or service to the level you think is best. You have systems and routines that work best for you. And if you need a powernap in the late morning or afternoon to boost creativity and productivity, you can take one.

According to the Small Business Trends Alliance survey, 55% of small business owners started their own business because they were "ready to be their own boss."  

Granted, statistics on business success can seem grim. After all, roughly 50% of businesses survive to five years.   With that said, there is much you can do to improve your chances of success , and in fact, depending on your goals, opening a business might be a better financial option than working for an employer.

For one, with a business, you're more likely to earn what you're worth, especially if you're a woman. Instead of earning 82% of what a man earns, a woman can charge her value in a business.   As the business owner, you can set prices and grow your salary with the business. When you throw in the business tax perks , you could end up making more than you would in a job.

Running a business can work well for many different lifestyles. For women, especially, owning your own business can give the lifestyle flexibility necessary to raise a family and still have a successful career. Women-owned businesses have been showing up at a faster rate than new businesses in general—at 21% per year vs. 9%, respectively, from 2014–2019.   According to a series of case studies by the National Women's Business Council, flexibility was a major factor for many women who decided to pursue entrepreneurship.  

Millennials and Generation Z workers are known to look for flexibility in their workplaces, and running a business can work well for many of them.   Likewise, people who are close to retirement or already retired may find owning their own business gives them the chance to keep their hands busy while not demanding the same rigid schedule of a typical job. People who want to travel or live a particular lifestyle can benefit from entrepreneurship, plus you might be able to work from home —or anywhere else you like.

Many small business owners launch their own businesses to make a positive impact in their local communities. This can happen through the products or services they provide or through the local causes they support. Small businesses also account for nearly half of the private workforce in the U.S., so launching your own business is a great way to provide jobs for many in the local community.  

Established organizations can—and do—create great change and innovation. Often, though, the most powerful new ideas come from small business owners that venture out on their own when they can't get traction for their ideas in their current workplace.

Many business icons started with an idea that has changed the world. From Disney to Zuckerberg and Bezos to Gates, all of them had small ideas that turned into huge successes. Many of these entrepreneurs launched these companies from their garage .

If your current employer isn't interested in your ideas, it may be a sign that you should launch your own enterprise.

Despite the many benefits of running your own business, it's not right for everyone. Being your own boss comes with some major risks, including:

• Financial risk : If half of businesses fail within five years, then you're taking a 50% chance of losing some money on your own business. That's why it's critical to write a thorough, clear business plan and make sure you have a reasonable chance at success.
• Personal liability : Beyond merely losing the money you put into the business, you could put more of your personal assets at risk—from your car to your house—if you don't structure your business to protect them.
• Time commitment: The feeling that you're always on the job can be a drain for many business owners, according to a 2016 Bank of the West Bank Small Business Growth Survey. Many business owners work much more than a 40-hour workweek.  
• Stress : The West Bank survey also noted the fear of burnout as a major concern for many small business owners. This is particularly true in light of the ongoing public health and economic crisis, which saw daily stress rise significantly among small business owners.  

The Bottom Line

• Owning your own business brings some great benefits, and many entrepreneurs are satisfied with their decision after they make the plunge.
• The most common reason people launch their own business is to be their own boss.
• Other benefits include flexibility, financial rewards, the opportunity to innovate, and a chance to impact your community.
• Still, there are serious risks to launching your own business, and you should carefully consider and plan before you take the leap.

Guidant Financial. " 2020 Small Business Trends ." Accessed Sept. 23, 2020.

Bureau of Labor Statistics. " Table 7. Survival of Private Sector Establishments by Opening Year. " Accessed Sept. 23, 2020.

Center for American Progress. " Quick Facts About the Gender Wage Gap ." Accessed Sept. 23, 2020.

American Express. " The 2019 State of Women-Owned Businesses Report ," Page 3. Accessed Sept. 24, 2020.

National Women's Business Council. " Necessity as a Driver of Women’s Entrepreneurship: Her Stories ." Accessed Sept. 24, 2020.

Financial Executives International. " How Generation Z Is Transforming the Workplace ." Accessed Sept. 24, 2020.

U.S. Small Business Administration. " 2019 Small Business Profile. " Accessed Sept. 24, 2020.

SCORE. " How Hard Small Business Owners Work ." Accessed Sept. 24, 2020.

Gallup. " Stress and Worry Rise for Small-Business Owners, Particularly Women ." Accessed Sept. 24, 2020.

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24 Entrepreneurs Explain Their Motivation for Running a Business

Being an entrepreneur or business owner has its share of ups and downs. While the downs can be pretty low the ups always seem to triumph for a true entrepreneur at heart. Milestones are what entrepreneurs and business owners work towards. Once you finally reach a certain point then reflection can truly begin. Finding the motivation in running your business keeps it from becoming stale in the long run. No matter which part you loves most, loving them all is equally as important.

We asked entrepreneurs and business owners what motivates them about running a business and below are their replies.

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#1- seeing the impact of my work.

My motivation to keep going is seeing how our food helps our clients' dogs. When delivering, I can see how their skin is softer and less red, they have slimmed down, their aching joints are little more nimble – these physical changes are so impactful to me that they can get me over the hump. And dog kisses and hugs always put a smile on my face!

Thanks to Lisa Hennessy, Your Pet Chef, LLC. !

#2- Always having to try to figure things out

For instance, one big mistake we made when starting our new business is their failure to understand our value proposition. What is it about our product , service and offer that compels people to say yes? Until we knew this, any marketing efforts or spend in any channels will be like pouring gasoline on wet leaves. For instance, when we first launched, we thought people would like our service because its a cheaper way to get their grass cut. What we found through copy testing in different channels such as ad-words and FB is that the customers' ability to get same day service is a much more effective and compelling subset of our value prop that drives more visitors and more conversions on our landing pages. Nailing your value prop first is crucial.

Thanks to Zach Hendrix, GreenPal !

#3- Networking and connecting

I've always been extremely social and a huge networker– It's been my most fruitful tool in building Cheekd. I'm constantly making connections for those around me and in return, I feel like if I don't know the person I'm looking for someone I know will. And now I’m even giving people all over the world a tool to help them find the most incredible connection that exists- love. My idea has become more than just a business over the years… It’s become my mission.

Thanks to Lori Cheek, Cheekd !

#4- Seeing positive and appreciative reactions

Running your own business means that you can give customers what you believe to be the best products and services. Seeing positive and appreciative reactions from your customers based on what you provide them can be incredibly motivating especially if you are tired or not having the best day.

Thanks to Natalie Athanasiadis,  DVG Melbourne !

#5- Helping other people

My motivation is to help others develop a healthy self-image and impactful career. The mission of PurposeRedeemed is to: Inspire a countercultural view of work that affirms the dignity of every individual and drives sustainable community impact. We believe that work should neither be just a paycheck nor what determines our self-worth. In a culture that measures people by their status and finances, we’re here to show a better way—equipping individuals to identify and pursue their passions; developing leaders with a healthy perspective on identity; and building communities that elevate the conversation on work.

Thanks to Christopher K. Lee, PurposeRedeemed !

#6- My Daughters

The biggest reason is my daughters. I grew up during a time when it wasn't very typical for women to run their own businesses (my own mother was a stay-at-home-mom) and I think it's important to normalize that experience for my girls. Women can be great wives and mothers and also incredibly talented, savvy business owners! I also am constantly motivated by ambition and a sheer refusal to quit. When I face challenges in my business, like losing a client or working with contract employees who are unreliable, I simply see it as a way for me to get more creative to figure out how to move beyond the obstacle. I never shy away from a challenge–it keeps me on my toes and ends up strengthening my business in the long run.

Thanks to Hilary Young, Hilary Young Creative !

#7- Making forex trading simple to women

My motivation in running my business is hearing the joy in a woman's voice who realizes trading Forex was not as difficult as she thought. Empowering women with a skill most never dreamed they could master is a great feeling. Watching women have options to supplement their income without having to leave the comfort of their own home gives us a reason to go through the struggles of running a new business.

Thanks to Robyn Mancell,  Girls Gone Forex !

Most people are afraid to say that as to not sound materialistic. But when you realize that the money you make is already labeled and it has a purpose, you can say it with all confidence. I look at it as M.O.E Money. It's no longer about private jets, yachts or the latest designer handbag. My money is designated to make *M*oments, *O*pportunities and *E*xperiences for those I love and those who are less fortunate. Giving money a purpose, in turn, gives meaning to my business and the work I do. My biggest thrill isn't more stuff. It's seeking ways to use resources to create life-changing possibilities for others. When times get hard, I think about my children and grandchildren and the exposure and experiences I want them to have. It is all the motivation I need to put my nose down and keep hustling.

Thanks to Camille D. Jamerson, CDJ & Associates !

#9-Positive impact and empowerment

I help clients invest their money in alignment with their values, finding innovative, solution-focused companies that matter. Being a woman in finance is never easy, though helping people connect the dots between their assets and their visions for the world in which they want to live is what keeps me energized and excited to grow the field of impact investing.

Thanks to Kristin Hull, Nia Global Solutions !

#10- Missionary zeal and joy of learning

My startup specializes in selling exhibition catalogs – books which I believe are truly inspirational but are not reaching the audience they deserve. That missionary zeal together with the joy of learning as I navigate new challenges and opportunities keeps me going through the long hours. Coffee is a help too!

Thanks to Caroline Keppel-Palmer, Museum Bookstore !

#11- Sticking to our mission despite the challenges

One of my company's missions is to introduce people to the wilderness and inspire them to protect it. The current political climate prioritizes the decommissioning public lands with the goal of selling them to the highest bidder, so our mission is of ever-increasing vital importance. This is what keeps me motivated when other pressing challenges arise.

Thanks to Steve Silberberg, Fitpacking Weight Loss Backpacking Adventures !

#12- Flexibility

As the owner of a company, I get to choose the roles within it that are not only the most interesting to me, but also the most flexible. As a mom of three boys, it’s always been incredibly important to me that I “be there” for them. This meant, when they were younger, I ran and built the business at times when they did not need me (mostly in the evenings after they went to bed). And now that they’re in school and I work mostly during the day, I have the flexibility to volunteer in their classrooms and be home with them when they’re sick. Juggling this schedule for the past 19 years of also raising my boys has taught me that there is plenty of time in the 168 hours each week, to do both.

Thanks to PaigeNeJame, CertaPro Painters of the South Shore and Boston !

#13- Investing in others

Most of the things that are read online about blogging are about ditching the 9-5 and making a ton of money as your own boss on your own time. This is not my motivation however! I have a traditional career as a district manager for a major retailer, overseeing 22 stores across three states…and I happen to love it! The reason that I am turning this blog of mine into a business is because it gives me the opportunity to teach a wider audience a wider set of skills. Investing in others is what I have a passion for, and it’s what gets me to my computer at 5:00am everyday to work on growing Origin Leadership before I get to work driving sales as a District Manager.

Thanks to Nick Glassett, Originleadership.com !

#14- My team and the work itself

My motivation has always stemmed from my team. When I started, that was the most rewarding aspect of my business: having the privilege of working with first-rate individuals who are passionate, intellectual, creative and devoted to our mission. As I get older and establish a better work/life balance, my team is still the reason I am drawn to my work. As their CEO, it's a big job to fulfill my obligations to them (of aggressively growing and leading the company,)…and I don't always succeed at meeting every challenge along the way. But when I do, there is almost no better feeling than feeling the gratitude and respect coming from my ambitious team. And, throughout our journey, the shared responsibility everyone on my team expresses –genuinely treating our company as if it is their own– is an indescribable thing to witness, and incredibly gratifying.

Thanks to Megan Cunningham, Magnet Media, Inc !

#15- My clients

I can easily state that my motivation for my business is *my clients*. I lead small group tours all over the world, mostly in Europe. Although my job cannot be classified as easy, the one thing that keeps me going is the thought of the look on my clients' faces when they travel with me. Many times the impetus for a trip with us is that they have experienced a significant life milestone, They have retired or they are empty nesters and in some cases it is more that a milestone, they have lost a spouse. They see traveling as a way to re-affirm their lives. They are out in the world. They are seeing things that are on their ‘bucket lists'. And the smiles, and sometimes tears, of appreciation for my work makes all the hard parts of my job, worth getting through.

Thanks to Patricia Hajifotiou, The Olive Odysseys !

#16- Lifestyle

What keeps me motivated to run my business is the lifestyle I enjoy because of it. I don't have to wait for a long weekend to go biking, hiking, or play golf. I don't have to schedule my family time around my business. Sure, there are days when I get frustrated but most days, I actually enjoy running my business. And when I look at everything that I have gained because of it, it just makes me value my business even more.

Thanks to John Jonas, Onlinejobs.ph !

#17- Customers Feedback

As an entrepreneur and creator of several twin products, I find that I am motivated by pictures and responses from customers stating that the products have made an actual difference in their lives. Recently I was contacted by a mom of twins who was having the hardest the time leaving the home alone with her baby twins. Her therapist has suggested that she find a way to leave the home with them and get some fresh air. She wrote to us telling us how one of our products (the Twingaroo twin carrier) allowed her to do so. Not only that, when she was out and about she found that people would approach her to ask her about it and compliment her for being able to juggle the twins on her own. We get countless pictures of parents of multiples using our products and that just solidifies why I do what I do- to help other parents of multiples tackle their daily challenges!

Thanks to Julixa Newman,  Stuff 4 Multiples !

#18- The Journey

As an entrepreneur I’ve had the wonderful opportunity to turn my passions into profits, while still helping people. It’s not always been easy, but I’ve learned to look at my setbacks as setups for greater success. It’s the journey, not each step, that has truly been most fulfilling. The freedom to pursue my dreams and make a difference has made the juice well worth the squeeze.

Thanks to Katrina McGhee, LovingonMe !

#19- Work/Life Balance

When the work gets tough, I have a motto that I believe in and live by, as it motivates me when the work gets difficult. The one question I always ask myself is: What is the worst that can happen? Every day, I also always tell myself: If you do things for the right reasons, only the right thing can happen. Do whatever it takes for as long as it takes. I also try my best to maintain a positive attitude, because that is essential for success. Energy is the fuel that feeds our attitude and it needs to be replenished on a daily basis. Having a positive attitude is a conscious choice, so when negative thoughts creep in, I stop them in their tracks and replace them with positive self-talk. I repeat words or phrases that focus on affirming truths about me. I also surround myself with like-minded women who are an inspiration and who will provide encouragement. Positivity allows you to see the potential that lies within you and gives you the faith to step outside of the box to achieve your dreams.

Thanks to Grainne Kelly, BubbleBum !

#20- Helping people gain confidence

The main motivation for running my business is knowing that I’m helping people gain confidence through sport. Swimming helped me gain confidence in life and I want everyone to feel this confidence in their lives too. Not only does swimming lessons teach confidence, it is also a life skill that prevents accidents. I’m passionate about this and also enjoy swimming as a part of my daily life, which makes running my business a breeze.

Thanks to Diana Goodwin, AquaMobile Inc. !

#21- Responsibility

Being responsible for the income of my employees and their families is my biggest motivator for ensuring the business is thriving. It's stressful at times but drives me to seek as many opportunities to grow and ensure the company is thriving. It's also quite rewarding knowing I'm able to help support these families and it makes me want to grow my business that much more to hire more employees and help provide for as many people as I can.

Thanks to Brian Gow, Scheel Window & Door !

#22- Survival mode

Despite huge ups and huge downs, I always continue as it would end very shortly. It's my survival mode instinct that keeps me going. It's the accountability toward our mission of defending people's privacy as well as the passionate team working every day for the good.

Thanks to Olivier Plante, Fleksy !

#23- A number of things

There are always ups and downs, and what keeps me going strong is the certainty that I'm doing meaningful work that helps people expand their mind and reach their goals. Another thing that pushes me forward is the promise that I will do my best to create a great today and an even better tomorrow for all the people that surround me. And I also find motivation in what I refer to as the five freedoms: Financial Freedom (for now and for the future). Location Freedom (live and work from wherever I want and is best for me). Time Freedom (flexibility with my schedule). Freedom of Association (focus on the clients I want to work with). Freedom of Purpose (do the work I love and that I'm good at).

Thanks to Helena Escalante,  Entregurus.com !

#24- Helping difficulties

There’s a lot more that motivates me to run my business than just the money. Obviously, making more money means I’m able to provide even more for my loved ones, which is very important to me, but there are also other responsibilities that drive me when running a business. Getting the right  insurance policy can be a stressful process for a lot of people, and Cuuver eases that process by allowing people to compare the wide range of policies that are available to them in a simple and easy way. Knowing that my business helps people deal with something they are finding difficult motivates me to make the business as effective and successful as possible. There is also the matter of ensuring that all of my employees are happy and that my business is helping them to look after their own loved ones. I want to make sure that everyone involved with Cuuver benefits from my business in some way, whether it be a customer or an employee.

Thanks to Steve Pritchard, Cuuver !

What is your motivation for running a business? Tell us in the comments below. Don’t forget to join our  #IamCEO Community

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Pros and Cons of Being a Small Business Owner

While there are plenty of reasons entrepreneurs love owning a small business, it isn't all glamorous. Weigh the pros and cons of entrepreneurship before launching your business.

Table of Contents

Starting a small business is no small feat. You must be resilient and dedicated if you want to build a business that makes a profit and stands the test of time. According to the Bureau of Labor Statistics , roughly 20% of new businesses don’t make it past the first year. What’s more, opening a small business during a major economic crisis (e.g., the COVID-19 pandemic) can make your chances for survival even slimmer.

Although entrepreneurship can be a challenge, it’s not all doom and gloom: There are currently 31.7 million small businesses in the U.S., which accounts for 99.9% of all businesses nationwide. Small businesses are the cornerstone of the American economy, and for good reason. If you have a great business idea and want to try your hand at entrepreneurship , weigh the pros and cons first.

Benefits of owning a small business

Being a small business owner may be one of the toughest jobs, but it’s also one of the most rewarding. There are many benefits of small business ownership, and they often far outweigh the negatives.

Independence

When you own the business, you are the boss. You do not have to rely on others or discuss decisions with them. The independence that comes with entrepreneurship is great for those who like to work autonomously.

Flexibility

Entrepreneurship gives you the flexibility to decide your own hours. It may seem like you are working all the time while you are first building your business, but eventually, you will be able to decide when and where to work – no more 9 to 5. This flexibility is ideal for anyone who operates more efficiently outside of regular office hours.

Power and control

Another benefit that many entrepreneurs enjoy is having power and control. As the head of the organization, you make the rules. You get to establish your company culture and determine what is and isn’t acceptable in the workplace. When you hire employees , they will all ultimately report up to you. This control is ideal for people who don’t like working under authority or reporting back to a boss.

Passion and creativity

Another important benefit of owning a business is the satisfaction of knowing you are the creator of whatever product you put out. You are the vision behind it, and you put it in motion. You get to do what you love in a field you enjoy. You no longer have to drag yourself to a job you hate every morning. Many business owners also love that they can build their business on their beliefs and values .

Financial gains

Although owning a business comes with financial risks, you also reap the financial rewards. If you do not have a business partner or employees, you don’t have to worry about paying them. If you have only a few employees, that means fewer people take a cut of your earnings.

Challenges of owning a small business

Entrepreneurs face many challenges on a daily basis. By understanding what common challenges you may face, you can prepare yourself to overcome them.

Diversifying customer bases

Of course, if you are selling a product or service, someone must purchase those from you for you to make money. You should make your customer base as diverse as possible to balance your revenue.

Managing cash flow

Managing cash flow is another large challenge for small business owners. Of course, you need money to make money. You typically need a way to make capital and to access cash reserves quickly. Small businesses don’t typically have this, so entrepreneurs typically have many sources of income. This way, when one source of income slows down, there is still money coming in .

Maintaining legal compliance

You’ll have to jump through many legal hoops when starting a business. Federal, state and local government regulations are constantly changing, which can make it difficult to maintain compliance. For example, understanding your small business tax obligations is a common compliance challenge. You’ll also need to comply with a litany of HR rules and regulations once you hire your first employees .

Sustaining quality while scaling

You may get to a point where your business expands suddenly – intentionally or not. Demand for your product or service may explode, and if you aren’t properly prepared, you may experience a decrease in the quality of what you are offering, which is never a good thing.

It can be a challenge to always think one step ahead when you are focused on day-to-day operations. However, as a business owner, you should keep this potential challenge in mind as much as possible. Plan ahead to strategically scale your business as soon as demand for your products or services increases.

Avoiding burnout

Entrepreneurs work long hours and get little rest. In many cases, until you begin to make money, you will have to do all the work yourself. There is a large potential for fatigue, which can lead to poor decisions and the desire to give up. A healthy work-life balance , even for early-stage entrepreneurs, can give you the motivation to build your business for the long haul.

Weighing the pros and cons of entrepreneurship

Although starting a business requires great sacrifice, it can also come with great rewards. Evaluate these pros and cons to assess whether entrepreneurship is the right path for you. How much weight each of these benefits and limitations carry will be unique to you. For example, one person might place high importance on independence and flexibility, whereas another might not want to give up the stability of working for someone else.

Another factor to consider is whether your business idea is financially feasible. Some business types have hefty startup costs. In this case, you can either consider another business idea that has fewer startup costs or explore creative ways to obtain funding . You should also test your business idea before fully launching to ensure its viability.

Chad Brooks contributed to the writing and research in this article.

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What Is an Entrepreneur?

• How to Be a Successful Entrepreneur

Myths About Entrepreneurs

Types of entrepreneurship, examples of entrepreneurship, what are some types of entrepreneurship, who are some of the most influential entrepreneurs, the bottom line.

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Entrepreneurs and Entrepreneurship: Definitions and Examples

Business is a key driver for any economy. And every business starts out with an entrepreneur. This is someone who develops an idea by identifying gaps in the market. They then try to start a company to bring a product or service to the market. The level of drive, innovation, perseverance, and business acumen is what's behind entrepreneurship. In this article, we explore what it means to be an entrepreneur and how entrepreneurship works.

Key Takeaways

• Entrepreneurs are individuals who undertake the organization of a new business and the risks and rewards that come with it.
• Entrepreneurs tend to be classified as those who take on high-growth, high-risk innovations while small business owners oversee an established business with an established product and customer base.
• Successful entrepreneurs are seen as a driving force in the modern economy.

An entrepreneur is an individual who starts and runs a business with limited resources and planning. This individual is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service  rather than an existing business model.

Such entrepreneurial ventures target high returns with an equally high level of uncertainty. The entrepreneur is willing to risk their financial security and career, spending time as well as capital on an uncertain venture, arranging for the necessary capital, raw materials, manufacturing locations, and skilled employees. Marketing, sales, and distribution are other important aspects that are controlled by the entrepreneur.

Even if some of these functions are outsourced, the risk is still carried by the entrepreneur. This makes entrepreneurship different from inheriting and/or running an existing business, working for a startup or entrepreneur for a salary, being a commissioned agent, or selling already available goods or services as a franchisee or dealership.

How to Be a Successful Entrepreneur

There are several theories put forward by researchers at leading institutes about entrepreneurship. But there is no one-size-fits-all model for (successful) entrepreneurship. Broadly speaking, entrepreneurship either originates from passion or by identifying suitable business opportunities.

A person who is very passionate about developing electronic circuits may (accidentally) develop a great appliance. Such an individual may not necessarily have the business sense, but they are driven by pure passion. They don't listen to anyone, go with their gut and one day develop a highly marketable product that offers extremely high returns . They fit into the first category of passionate entrepreneurs.

A businessperson with sharp business acumen sensing a profit opportunity with a mix-n-match approach fits into the latter category. 

Irrespective of the originating category, an entrepreneurial idea, if well nurtured and correctly driven, can be transformed into a very profitable business venture.

There are several misconceptions about entrepreneurship. One of the most common is that entrepreneurs take uncalculated and unknown risks without any plans. This myth is partially true as entrepreneurs often do this. But one thing to keep in mind is that these business people keep resources and plan as much as they can for dealing with the unknown.

Here are some of the other myths about what it means to be an entrepreneur:

• Entrepreneurs Start with a Revolutionary Invention: This is also partially true. That's because not all entrepreneurial ventures are true breakthroughs. Most identify and capitalize on a mix-and-match approach. Google did not invent the internet, McDonald's did not invent the cheeseburger, and Starbucks did not invent coffee. It’s the identification and capitalization of the idea and rapid growth rate that make the venture entrepreneurial.
• Entrepreneurs Have Experience: Most entrepreneurs are young , inexperienced individuals who follow their passion.
• Entrepreneurs Complete Extensive Research: Unless an existing business is setting up a new business line on a new concept, entrepreneurs start with very limited or no research. However, they do have good awareness about the potential of their offering, which gives them the confidence to assume the risk.
• Entrepreneurs Start with Sufficient Capital:   Capital is the foremost requirement of any entrepreneurial venture. Most entrepreneurs fail to secure sufficient capital from outside sources unless they have somehow proven themselves or have a marketable prototype. Hence, most entrepreneurs start out with insufficient capital with an aim to secure more along the way.

Entrepreneurship comes in many shapes and sizes. Each type depends on the idea, scope, and risks individuals are willing to take. We've noted some of the key types of entrepreneurship below.

Scalable Startup

A startup is a new company that is in the initial stages and has yet to begin full-scale operations. it focuses on one product or service that owners want to develop and bring to market. A scalable startup, therefore, is a fledgling company that attempts to grow at a rapid pace. When they are successful, these startups can be very popular because they identify gaps in the market.

Small Business

Many entrepreneurs start out as (and remain) small businesses . The majority of entrepreneurs are small business owners. In fact, 99.9% of American businesses are small businesses, according to the Small Business Administration (SBA) .

Small businesses usually deal with known and established products and services. Limited growth with continued profitability is what many small business owners pursue. As a result, they remain confined to their own domain and group.

582 million

The number of entrepreneurs around the world as of 2023.

Large Corporation

This is the type of business most people are familiar with when they think of entrepreneurship. Keep in mind, though, that large corporations are the most advanced and complicated versions of what it means to be an entrepreneur.

These companies may involve large-scale production, manufacturing, and distribution , and are made up of various levels of management. Demand often keeps these companies at the forefront of people's minds. Examples include Walmart, Amazon, and Microsoft.

KickStart International

Trading goods—like buying entire lots of branded shampoo at wholesale rates and selling them at retail rates at your retail shop or online—does not constitute entrepreneurship. However, manufacturing your own innovative, herbal shampoo, obtaining a patent on it, and marketing it for business using the same sales channels qualifies as entrepreneurship. 

A great example is the Africa-based KickStart International (not to be confused with Kickstarter), which designs and builds low-cost, low-effort, high-yield irrigation products to help African farmers and end poverty. Their main product is the MoneyMaker Max, a "high-quality, human-powered treadle irrigation pump" and they offer a lower-cost, hip-operated version. Future product plans include a starter pump and submersible solar pumps.

In this example, the entrepreneur risks their time, effort, and financial investments to manufacture the herbal shampoo, get necessary licenses, and handle legal disputes arising from any consumer complaints and competitions.

Airbnb ( ABNB ) implemented the mix-n-match entrepreneurial approach to build a network of all such available rentals in a certain area and make it available to tourists. Without owning a single property, their innovative business model offers a win-win situation for all parties.

The owners get short-term high-paying customers (tourists) instead of long-term low-paying renters. Tourists benefit from relatively low costs and a secure, home-like stay. Airbnb benefits from service charges for offering this buyer-seller marketplace model, controlling the sales or distribution channel without owning a single property.

Here, the entrepreneur is accountable for ensuring a reliable community of property owners willing to offer proper facilities, as well as the responsibility for handling conflicts arising between various parties. 

The term entrepreneur refers to an individual who creates and establishes a new business. This person may work alone or with others to launch their company, taking on the risks and bearing the financial rewards at the same time. Entrepreneurs are adept at finding gaps in the market and developing ideas that can be taken to market.

Some of the types of entrepreneurship include startups, small businesses, large corporations, and social entrepreneurships.

Many of the largest companies in the world began as one simple idea, including Microsoft and Amazon. As such, some of the most influential and successful entrepreneurs include Bill Gates and Jeff Bezos. Other top names include Oprah Winfrey, Mark Zuckerberg, and Elon Musk.

Innovation, success, and profits are some of the common goals for many entrepreneurs. These are individuals who identify what is missing in the market and develop ideas to help fill those gaps. Along with serving their own needs, the spirit of entrepreneurs is what helps fuel the global economy. That's because they create businesses that not only put new products on the market, but also create jobs and encourage people to spend.

U.S. Small Business Administration Office of Advocacy. " Frequently Asked Questions About Small Business 2023 ."

Findstack. " The Ultimate List of Entrepreneur Statistics 2023 ."

What to Become. " 22 Entrepreneur Statistics and Facts to Know in 2023 ."

KickStart International. " How We Work ."

Airbnb. " Earn Money as an Airbnb Host ."

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1.1 Entrepreneurship Today

Learning objectives.

By the end of this section, you will be able to:

• Define entrepreneur and entrepreneurship
• Describe types of entrepreneurial careers and lifestyles
• Understand entrepreneurs as problem solvers
• Explain current factors driving the growth of entrepreneurship
• Compare differences in entrepreneurial opportunities around the globe

As we delve into the study of entrepreneurship, let’s define what we mean by the word entrepreneur . An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. A small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant, whereas an entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.

In a broader sense, what people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. 5 Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market. Where does a franchise fall in this discussion? Again, there is not complete agreement, with some claiming that a franchisee and entrepreneur cannot be the same, and others arguing that a franchise is, indeed, an entrepreneurial venture. According to an article in Forbes , “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before. And, no, the McDonald’s franchisee didn’t create McDonald’s. But he certainly created a McDonald’s where there never was one before. Franchisees are entrepreneurs.” 6 The point is that small business owners and franchisees can be considered entrepreneurs. For the purposes of this course, you will learn the key principles of entrepreneurship alongside the concepts, strategies, and tools needed to succeed as a small business owner or franchisee.

Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor. Entrepreneurs might take a variety of approaches to their entrepreneurial venture, such as those shown in Table 1.1 .

In this course, you will explore these myriad avenues toward entrepreneurship.

Are You Ready?

How do you define success.

What is your personal definition of success? How would you define success for your venture idea? Take time to consider these questions carefully.

• Write your answers to both questions as formal descriptions of your definition of success.
• After completing your definitions, meet with your family members or your personal support group (the important people whose support you need to achieve the defined success statement) to discuss your personal definition of success.
• After hearing their input, you might want to revise your personal success statements.

Follow through with this activity by talking to your startup team or other supporting people about your venture’s success definition. This activity may help guide you in decision-making throughout your life journey and the journey of starting your venture. It will also be helpful when you and your startup team create a vision statement for your venture.

The Entrepreneurial Lifestyle and Career

People often have thought of entrepreneurs as corporate rebels, nonconformists, or activists. Being an entrepreneur has become synonymous with being an innovator, a change agent, or a risk taker. Regardless of job titles or descriptive characteristics, entrepreneurship has a universal appeal for how people think and engage with the world.

Choosing the path of entrepreneurship requires a willingness to take on calculated risks. The difference between risk and calculated risk is due diligence , or conducting the necessary research and investigation to make informed decisions that minimize risk. Not everyone is comfortable letting go of a steady paycheck, especially when we know that there is no long-term guarantee that the paycheck will continue into the future. In one approach to minimizing personal financial risk, some startup entrepreneurs continue with their current employment while working on the side to develop their idea into a venture that eventually will generate an income. Until the venture requires near full-time work and generates income, maintaining an outside income works well for many entrepreneurial teams.

Consider the eyeglass startup Warby Parker ( Figure 1.2 ). Dave Gilboa and Neil Blumenthal , lead entrepreneurs for Warby Parker, were still working their normal jobs when they approached an angel investor with their idea. The angel investor asked a few questions and wasn’t impressed. This investor believed that Gilboa and Blumenthal should demonstrate their solid commitment to the venture by quitting their day jobs to dedicate more time and energy to Warby Parker. Instead of following that advice, Gilboa and Blumenthal kept their day jobs while they continued to work toward building their venture, and Warby Parker eventually became highly successful. There are many paths to becoming an entrepreneur, and many paths to creating a successful venture (see Entrepreneurial Journey and Pathways ). It is important to identify the path that works best in your life—and for the venture—and that supports your goals and your unique situation and visions.

Within the entrepreneurial world, the idea of a lifestyle venture has evolved to mean a business in which the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business. Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.

For a lifestyle venture, the entrepreneur is more likely to be a solo entrepreneur, someone who moves forward in starting a new venture without the support of a team or group of likeminded individuals who recognize the value or potential of an entrepreneurial idea that could potentially result in significant returns. A lifestyle venture is also more likely to be funded through family and friends, and more traditional methods such as a bank loan or a small business loan. This lifestyle includes greater freedom to decide areas of responsibilities, hours of contribution to the venture, and other decisions that support the desired lifestyle. An example of a startup lifestyle venture is The Wander Girls , a company that identified the unique concerns of women traveling alone. 7 The Wander Girls organizes trips and events for groups of women traveling in India. A team member organizes the trip, travels with the female tourists, and handles daily interactions and transactions.

Another example of a lifestyle venture is based on how an entrepreneur aligns values, interests, and passions to create a balance between enjoying life and earning enough money to support those passions. Roxanne Quimby had a passion for living off the grid, creating her own life in the woods of Maine, and not being restricted by the rules and regulations required when working as an employee. After becoming a parent, Quimby faced the challenges presented by her lifestyle choices and started making candles to earn enough money to support her family. Eventually, Quimby’s lifestyle candle-making business expanded into the highly successful Burt’s Bees Corporation , moving her lifestyle business into a career as the CEO of Burt’s Bees ( Figure 1.3 ). After selling Burt’s Bees to Clorox Co. , Quimby continued her passion for the north woods of Maine by donating land and money to create a wildlife sanctuary and preserve that land from development.

Quimby’s latest endeavors include creating a pasta company, My Pasta Art , focused on increasing employment opportunities for people in northern Maine, 8 and building the tourist industry to encourage people to enjoy the region’s beautiful habitat and scenery. Although she is highly successful from a financial perspective, money was never the motivation for her ventures. As you can see, there are many paths to finding your career in entrepreneurship, and multiple trigger points at which you might make the decision to become an entrepreneur.

What Can You Do?

How can you put your strengths to work.

Create a list of ten strengths that you currently possess. If you need help creating your list, ask your friends or family what they believe you are good at doing. Think about what achievements you have accomplished, what compliments you have received, and what people say about you. The answers to these questions will help you identify your strengths.

• Create a list of ideas that build off your strengths or are related to your strengths.
• Then analyze this list to create another list of possible businesses that you could start that relate to your strengths.

The Entrepreneur as a Problem Solver

What are some challenges you face in your life? Have you ever actively thought about how you could solve those problems? Or have you actively identified exactly what the problem is from an analytical perspective? We often have a tendency to jump quickly from noticing a problem to selecting a solution, with little understanding of whether we have even correctly identified the problem. Identifying the problem—and testing the potential, novelty, and feasibility of your solution—is an important part of resolving the problem. Often, when we start to explore the problem, we find that it has multiple causes. Among them are:

• The need for something to be better, faster, or easier
• The effects of changes in world on your industry, product, or service
• Market trends based on geography, demographics, or the psychology of the customers

You will learn more about identifying opportunities in Identifying Entrepreneurial Opportunity and Problem Solving and Need Recognition Techniques .

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture—perhaps combining the problem of feeling hungry between meals into a street kiosk or a vending machine with food choices or creating a new snack that is nutritious, satisfying, and portable. People need to eat, and they get hungry, but during a busy day with no open time or convenient food, people end up hungry. Rephrasing the problem, or need, from an opportunity viewpoint opens the search for a sustainable solution beyond the simple awareness of feeling hungry. We might solve this problem by opening a snack bar with offerings that contain essential vitamins and proteins, and is easy to transport with a long shelf life. Understanding the problem from the perspective of how to solve it for one person into how to solve it for multiple people rephrases the problem into an opportunity-identification perspective.

You might also have an interest in solving food-related problems on a larger scale. People trapped in a war-torn region may not be able to leave the safety of their shelters to find food, grow food, or barter for food, or they may not have the money to buy food. How could you reach your target market within a war-torn area? Red Cross emergency response vehicles traveled 2.5 million miles to deliver food, relief supplies, and support to communities affected by disasters during 2017. 9 That’s the equivalent of driving around the globe 103 times. Could your idea of creating a snack bar fit into a partnership with the Red Cross?

Although this might seem like a simple problem with a simple solution, persevering from the recognition of a problem to finding a realistic solution, then moving that solution forward into a successful venture, requires an entrepreneurial mindset. Every day, people become entrepreneurs as they identify and solve problems, or face new challenges or frustrations, and resolve them in creating products or services to address these issues.

Recognizing Problems

In your daily life, what problems do you encounter? What would make your life easier? How would you finish this sentence: “If only ________ existed, my life would be better or easier”? To spur your creativity, you might research global problems to find an area that interests you, that sparks your passion for living a fulfilling life. When identifying a problem, consider process-related problems as well as service-related problems.

For more ideas like Chloe Huang ’s, visit the UNESCO Global Action Programme on Education for Sustainable Development (https://en.unesco.org/gap) and review other submissions that may activate your own creativity in thinking about how you want to contribute your skills and knowledge to improve our world.

• What problem have you identified?
• What can you do to resolve that problem?

Factors Driving the Growth of Entrepreneurship

Do you know anyone who has lost their job? Or who has been rejected or mistreated at work? Or had their income reduced, or benefits removed? Research shows that 47 percent of all US employment is at risk through artificial intelligence and other technologies, although there will also be new opportunities for jobs that currently don’t exist. 10 These types of experiences and outlooks have provided the impetus for many people to start their own businesses. When we work for someone else, we are at the mercy of their decisions and actions, but we get paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make the decisions (not that making decisions is easy). But when we have our own business, we have greater control—in exchange, we also carry the risk for all decisions we make. This control over decision-making is one reason that some people find the world of entrepreneurship attractive.

Another contributing factor to the desire to become an entrepreneur is the excitement and fun of creating something new. Many entrepreneurs are excited at the idea of moving the concept through to the materialization of the idea.

A third factor that supports the growth in entrepreneurship is the combination of retirement and longer life expectancies. Many people enjoy working. For them, retirement consists of too much open time and not enough activities or the type of engagement with the outside world that fulfilled their needs during their working lives. Retirement also presents unique financial considerations, depending on an individual’s lifetime savings and planning. The combination of having available time and a desire for continued earnings encourages some older adults to explore their own entrepreneurial opportunities.

A fourth factor driving the growth of entrepreneurship is the expanding awareness and support of entrepreneurship as a viable career choice. In much of the twentieth century, families encouraged their children to find a stable career with a large corporation. During this era, there was a certain expectation of reciprocal loyalty between the employer and the employee based on some traditional employee-employer roles in that century. The general, informal agreement was that if employees came to work every day and fulfilled their responsibilities, they would have long-term employment with that corporation. But as competition increased and new business practices evolved, this unspoken guarantee no longer held true. The model of certainty of employment gradually disappeared. As people acquired a new perspective on their careers and income, they increasingly realized that we are all responsible for our own paths. Most studies suggest that people change their careers between three and seven times. 11 Note that this is not how often people change jobs, but how often they change their careers, moving from one industry to another, or moving from one type of work to a different type of work. The older model of stability through working hard for someone else has vanished. This awareness and acceptance have encouraged recent generations to consider creating their own futures through entrepreneurial ventures.

Just as individuals have become aware of the benefits of entrepreneurship, communities and organizations have also become aware of how entrepreneurial ventures add economic development and enhancements worth supporting, bolstering opportunities for those who decide on this path.

Entrepreneurship around the Globe

In the United States, entrepreneurial opportunities abound, relatively speaking. Between 1990 and 2014, the number of campus-based entrepreneurship education programs increased from 180 to over 2,000. 12 Comparing globally, the United States has the greatest number of entrepreneurial ventures, with Switzerland, Canada, Sweden, Denmark, and Australia following in order, according to Global Entrepreneurship Index , a global consulting firm ( Figure 1.4 ).

Why is the United States leading with the greatest number of entrepreneurial ventures? What does it take to become an entrepreneur? In addition to having an entrepreneurial mindset (see The Entrepreneurial Mindset ), entrepreneurs also need education and funding to support their new ventures.

You will learn more about funding in Entrepreneurial Finance and Accounting , but as an introduction, you should know there are three primary sources of outside funding: family and friends, angel investors, and venture capitalists. Some family members and friends are willing and able to invest money in helping the entrepreneurial team. An angel investor is someone who has available funds and an interest in supporting a new venture. They are often entrepreneurs who have successfully launched and harvested their own ventures, and who have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and a desire to receive a return on their investment in the venture. Angel investors often provide funding early in the life of a venture. As the venture grows, it typically requires more funding, at which time venture capitalists may invest in the venture. A venture capitalist (VC) is a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round, investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold, or harvested, at which time the investors will receive a return on their investment. Because they tend to be in larger groups, VCs typically have access to larger amounts of money and resources than individual angel investors. (You will also learn about other types of financing, such as bank loans and bootstrapping, in Entrepreneurial Finance and Accounting .)

In the United States, VCs contributed $72.3 billion in 2015 for 3,916 deals, or funding rounds. In China that same year, $49.2 billion were invested in 1,611 ventures. 13 European VC investment totaled $14.4 billion and 1,598 deals. Tracking these numbers over time shows steady increases in VC funding as entrepreneurial ventures have become more common ( Figure 1.5 ).

Other factors that can affect entrepreneurial opportunity include employment rates, government policies, and trade issues. For example, in the Middle Eastern kingdom of Saudi Arabia, a newer driver of entrepreneurship includes a high unemployment rate with a large percentage of the population in its prime earning years. In the past, employment was less of a concern because of dependency on state support from oil revenue. The population received monthly allotments to cover expenses from state-owned oil production. More recently, the population has become restless, with a desire to become productive and have greater control over their own resources. And the rulers recognize that oil production income is volatile and unsustainable. Today, with more future-oriented leaders, countries in the Middle East desire to encourage their citizens to consider starting their own businesses. 14 The example of entrepreneurship in the United States has spread around the globe, with other countries taking an interest in developing support systems to encourage their populations to become entrepreneurs.

As noted, the United States is a world leader in entrepreneurial innovation. Perhaps because the United States is, in large part, a nation of immigrants, with people arriving from all over the world, Americans have few prescribed traditions that encourage conformity. America’s longstanding traditions and reputation for individualism, ingenuity, and self-reliance have reinforced this mindset. However, the governments of other nations have discouraged their citizens from independent or innovative thinking. Some cultures emphasize political, cultural, and economic unity, and place a strong value on not being noticed, blending in, and following prescribed habits and traditions. Countries like Japan, France, Russia, China, and others continue to reflect these norms. Other countries have complex bureaucracies that prevent quick responses and place barriers to entrepreneurial activities. Parts of worldwide economic structures (banking, investments, and technology) are not accessible or even explicitly exclude some nations and the poor. Systems like this discourage people from coming forward with entrepreneurial ideas because the culture and bureaucracy prevent people from finding access to information necessary for the successful advancement of an idea. In contrast, other countries are noticing the benefits of encouraging their populations to become more open-minded and creative through new ventures.

Link to Learning

Transparency International is an organization that tracks corruption, which can be an inhibitor to entrepreneurship. The Transparency International website provides information to rank 180 countries in identifying the abuse of entrusted power for private gain. 15

Key characteristics that encourage entrepreneurship include support for freedom to create and innovate. What conditions encourage creativity and innovation? Acceptance of failure is a key characteristic for success as an entrepreneur. Many of the great inventions in the United States resulted after dozens of failures, as when Thomas Edison eventually developed a working light bulb. Edison identified a problem: Once the sun set, working hours were restricted, as were daily activities such as reading a book or washing dishes. Edison, along with many other inventors, recognized the need for an artificial light source. Consider how complex this idea was and how many failures must have occurred before creating a product that emitted light.

Another condition that encourages entrepreneurial behavior is the ability and opportunity to connect with other people to discuss ideas, problems, challenges, and solutions. This connection with other people, in an open environment that supports the exchange of ideas, is essential for encouraging creativity and innovation.

With the advent of the Internet, people around the planet are becoming increasingly aware of geopolitical and environmental situations across the globe. As more people observe these changes and situations, more people exchange ideas. These discussions can generate new opportunities for people to discover methods for solving problems. Any one of us could be living in one country but identifying a problem in another country. Given our interests and backgrounds, we could actively choose to develop a solution for that problem. What we need, as a general approach, is an efficient and transparent way to form companies and enable constructive competition, along with continued free and fair trade.

These are just some of the areas that many nations and organizations consider as they seek to encourage a transition away from group-prescribed thinking toward uniquely individual entrepreneurial ideas. Each of us encounters life from a different perspective. Although we all might recognize the restrictions presented by the sun setting every night, only a few people might question why we couldn’t change that situation by creating our own light. Similarly, someone in another country may observe our country (or vice versa) and ask why that country has a particular problem. Meanwhile, people living with that problem may have become so accustomed to it that they might not recognize the opportunity to seek solutions.

Increasing opportunities in entrepreneurial education are also driving growth. More colleges and universities are teaching entrepreneurial studies and opening entrepreneurial centers that encourage students from every discipline to become entrepreneurs. 16 , 17 As the employment and entrepreneurial landscape continue to evolve, some institutions have started offering courses to prepare students for work in the gig economy. 18 In fact, some of the best new entrepreneurial ideas come from groups of students in different majors who collaborate to create new, innovative business ideas that meet specific needs and challenges in today’s world. In some cases, students from different universities around the globe are connecting to come up with business ideas to solve global problems, such as the lack of clean drinking water and the need for medical vaccination programs. Technology and global travel have made such partnerships more common and very productive.

The world of entrepreneurship opens doors for each of us to look beyond our own self-created barriers and explore opportunities around the world. Consider the creation of Starbucks , borne from the realization of how pleasant it can be to sit at a European café and drink excellent coffee. Awareness of an idea that is commonplace in one country, but new to a different country, presents the possibility of introducing that idea to another nation. In the Starbucks example, was there a problem that needed to be solved? Not necessarily, but the founder, Howard Schultz , had a desire to bring a specific quality-of-life element from one country to another, a business idea with an entrepreneurial aspect. One of the entrepreneurial aspects of creating Starbucks was the idea of mass expansion of coffee shops. Prior to Starbucks, the idea of creating a high-quality coffee drink hadn’t been developed. Even more significant was the idea of expanding the business across the United States and then around the world.

Given the growth of coffee shops throughout the United States, we might not think that this idea is innovative, but before Starbucks, coffee typically was served at a diner, and it was served out of habit, rather than as the main attraction. With Starbucks, people changed their ideas about coffee and their coffee-drinking habits. Although businesses like Dunkin’ Donuts served coffee, their focus was on selling donuts, not coffee. As Starbucks grew through repositioning coffee as their main product, other companies like Dunkin’ Donuts and McDonalds realized the missed opportunity in not reinventing the coffee market with multiple choices of high-quality coffee. In fact, Dunkin’ Donuts has changed its name to just “ Dunkin ,” removing the emphasis on doughnuts. 19

Social and Environmental Issues and Opportunities

A social entrepreneur has an interest in solving a social, environmental, or economic problem. A social entrepreneur identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health (you will learn more about social entrepreneurship in The Ethical and Social Responsibilities of Entrepreneurs ). One such person is Angad Daryani , a young serial inventor. Daryani left school in the ninth grade to join the Media Lab at the Massachusetts Institute of Technology (MIT), where he worked on an industrial-scale air filter to clean pollutants and carcinogens out of our planet’s air. Daryani’s home country of India is the world’s third largest emitter of carbon dioxide, according to Global Carbon Atlas, behind China and the United States ( Figure 1.6 ). 20

Social Entrepreneurship

Consider a social issue that you might feel compelled to take on as a passion project. Some social issues include childhood hunger, access to clean water, access to education, or opioid abuse. Watch Johann Hari’s Ted Talk on addiction to learn more.

• Do you have any ideas for creating an entrepreneurial venture around the idea of building quality relationships and communities?
• How would you balance a passion project with an entrepreneurial purpose?

Not only is Daryani interested in solutions for air pollution, but his product will also provide financial gains and add to his personal credibility as a serial entrepreneur , or someone who starts and harvests multiple entrepreneurial ventures. Darvani describes himself as an inventor and social entrepreneur, combining his interest in improving lives through a variety of entrepreneurial ventures including products like Sharkits (a do-it-yourself-kit company that teaches children how to build technology), the SharkBot 3D Printer (an attractive, low-cost, and reliable 3D printer), and several other projects that combine technology and human needs. As each of these products advances to commercialization, the products and technology are becoming more applicable for other uses as well. For more examples of projects that Darvani is working on, take a look at his website (http://www.angadmakes.com), which includes videos and articles, and highlights the international recognition he has received for his innovative work.

Entrepreneur In Action

Angad daryani.

Research Angad Daryani and his technology to remove air pollution (https://www.cnn.com/2018/03/28/health/angad-daryani-tomorrows-hero/index.html).

• What other products could this technology or methodology be used for, besides the originally intended application of improving air quality?
• What critical decisions would you anticipate that Angad will face in creating and commercializing his product?
• How would you define success for Angad or this air-cleaning company?
• 5 Hamid Bouchikhi. “A Constructivist Framework for Understanding Entrepreneurship Performance.” Organization Studies . July 1, 1993. doi.org/10.1177/017084069301400405; William D. Bygrave and Charles W. Hofer. “Theorizing about Entrepreneurship.” Entrepreneurship Theory and Practice 16, no. 2 (1991): 13–22.; Michael A. Hitt, R. Duane Ireland, S. Michael Camp, and Donald L. Sexton. Strategic Entrepreneurship: Creating a New Mindset . (Hoboken, NJ: Wiley-Blackwell, 2002).; Jeffry A. Timmons. New Venture Creation: Entrepreneurship for the 21st Century . (Irwin Press, Burr Ridge, IL: Irwin Press, 1994).
• 6 Paul B. Brown. “Franchisees Are Entrepreneurs (Let the Debate Begin).” Forbes . September 19, 2012. https://www.forbes.com/sites/actiontrumpseverything/2012/09/19/franchisees-are-entrepreneurs-let-the-debate-begin/#55c9fb8f2bf3
• 7 The Wander Girls. n.d. http://thewandergirls.com/
• 8 Mary Pols. “Making Pasta’s the New Focus for Roxanne Quimby.” Portland Press Herald . August 13, 2017.
• 9 American Red Cross. “2017 in Review: Red Cross Delivers More Food, Relief Items, and Shelter Stays Than Last 4 Years Combined.” December 18, 2017. https://www.redcross.org/local/georgia/about-us/news-and-events/news/2017-in-Review-Red-Cross-Delivers-More-Food-Relief-Items-and-Shelter-Stays-than-Last-4-Years-Combined.html
• 10 Carl Benedikt Frey and Michael A. Osborne. “The Future of Employment: How Susceptible Are Jobs to Computerization?” Technological Forecasting and Social Change 114 (2013): 254–280. https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
• 11 Dawn Rosenberg McKay. “How Often Do People Change Careers?” The Balance . September 20, 2019. https://www.thebalancecareers.com/how-often-do-people-change-careers-3969407
• 12 Infographic.ly Team. “Infograpic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 13 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 14 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
• 15 Transparency International. n.d. www.transparency.org
• 16 National Survey of Entrepreneurship Education. n.d. www.nationalsurvey.org
• 17 “The Princeton Review & Entrepreneur Name the Top Undergraduate & Graduate Schools for Entrepreneurship Studies for 2020.” Cision PR Network. November 12, 2019. https://www.prnewswire.com/news-releases/the-princeton-review--entrepreneur-name-the-top-undergraduate--graduate-schools-for-entrepreneurship-studies-for-2020-300955876.html
• 18 Diane Mulcahy. “Universities Should Be Preparing Students for the Gig Economy.” Harvard Business Review . October 3, 2019. https://hbr.org/2019/10/universities-should-be-preparing-students-for-the-gig-economy
• 19 Kate Taylor. “Dunkin’ Donuts Is Officially Dropping the ‘Donuts’ from Its Name Despite Earlier Backlash.” Business Insider . September 25, 2018. https://www.businessinsider.com/dunkin-donuts-changes-name-no-donuts-2018-9
• 20 “Fossil Fuel Emissions.” Global Carbon Atlas. 2017. http://www.globalcarbonatlas.org/en/CO2-emissions

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Business Essay Examples

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

• Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
• Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
• Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
• Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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Thinking of starting your own business? Congratulations. The entrepreneurial itch is just beginning.

You might have a reason for wanting to start your own business, like capitalizing on an opportunity or fulfilling a need in your community. Or you might have no idea why this sensation is pulling you. That’s OK.

There’s no right or wrong motivation for wanting to start your own business. Whether you’re trying to escape the 9-to-5 or just want to make more money, every reason is valid.

At Foundr, we’re passionate about inspiring entrepreneurs and giving you the tools and know-how you need to succeed. Below, we’ve compiled 20 reasons for you to start your own business. Consider this your justification (or community-backed excuse) for making your business-owning dream a reality.

Why Start Your Own Business?

Next time your in-laws and co-workers ask what the heck you’re doing, just send them a link to this page.

Table of Contents

1. Control Your Schedule

2. create your ideal workspace, 3. make more money, 4. pursue a passion, 5. feel alive, 6. escape the corporate rat race, 7. discover your purpose, 8. be your own boss, 9. build your own career, 10. learn new skills, 11. start from scratch, 12. tax incentives, 13. be creative, 14. solve a need, 15. build a team, 16. build a brand, 17. create job security, 18. give back ​​to the community, 19. leave a legacy, 20. because you want to, starting a business faqs.

Tired of being told what to do and when to do it? When you start your own business, you get to be as flexible as you want. Sleep in, stay up late, work half days, or take off every Friday—it’s up to you.

The early days of your business will be busy, but you’ll eventually gain more spare time as you scale and learn to delegate.

Need to make an important family event but swamped with work? Take off a weekday and replace it with a weekend. Feeling burnt out and needing some extra sleep? Work 12 to 8 instead of 9 to 5.

Eventually, you might feel comfortable with your income and scale back your time working. You may live comfortably off 20 hours of work and take the rest off.

The inverse is true, too. You might want to deep dive into your work and pour your heart and soul into it—you can do that, as well. You get to control your schedule.

More importantly, the flexibility of starting your own business means you’ll get out what you put in. If you want to build the next tech giant or simply create an agency so you can spend more time with your family, you’re in control. Every hour you spend on your business is valuable.

Don’t be constrained by the fluctuating rules (and trends) of workspace policies. Small businesses and corporations alike often require you to work in determined locations. Even “remote” policies often have red tape that demand you live in specific geographic areas.

When you’re the business owner, you can work from your home, a co-working space, an office, or even the local coffee shop. You can take your work with you on the go, whether that’s the stereotypical beachside resort (please don’t get sand in your laptop) or the back of an RV on a nationwide road trip.

What’s your dream workspace? Is it a loft space with a ping-pong table? What about a giant corner office? Or maybe, it’s working at a collaborative coworking space or incubator?

You get to decide.

Don’t Skip:  How to Start a Business from Scratch (Step-By-Step Process)

Unless you’re on commission, there’s likely a cap to your full-time income. You’re given a salary (regardless of your input or performance), and the only way to get beyond that is maybe with an end-of-year bonus. Plus, the time it takes to get to mid-level management, even in the most progressive of organizations, can take years of loyalty and corporate-culture assimilation.

When you start your own business, you get to decide how much money you make. Need more cash? Work longer hours or charge higher prices. Want more free time? Scale back your work and make less income.

It’s all up to you. Here are examples of how you can increase your earning potential as a business owner versus a traditional job:

• Start an agency and set your own hourly rates >  Asking your manager for an annual salary bump
• Sell your solution and get credit > Solving a problem for someone else’s business
• Become an expert in an industry under your brand > Move up the corporate ladder under one organization

There’s no cap on your salary as a business owner. You can always make more money and scale your business .

Do what you really want to do. Pursue something that makes you happy or something you care about. There’s no wrong passion.

Want to fulfill your dream of being an artist? It’s a long road ahead of you, but it’s your dream to chase. Want to become a ski mountaineering guide? Take the risk and go for it.

Starting your own business lets you create fulfillment rather than find it.

More than 60% of Americans work in jobs they dislike . You can avoid this fate by doing something you genuinely care about. And once you get to that place, is it really “work” anymore?

Use the Ikigai method to turn your passion into profit:

• What are you good at?
• What do you love?
• What does the market need?
• How do you extract that value?

When you’re the boss, you get to decide when to take risks and when to lay back. You’re going to have “high highs” and “low lows,” but you ultimately get to decide whether it’s going to be a dull day. Instead of punching in and punching out, you’re truly living each day to the fullest.

Starting a business is exciting and nerve-wracking . You’re going to lose sleep at times, and other nights you’ll sleep soundly after an adrenaline-packed day.

For better or worse, there’s a bit more on the line every day when you’re fully responsible for your income. Mediocre performance isn’t good enough anymore, and there’s something downright rewarding about that.

So, how do you know if you’re feeling alive in your current career? Here are a few indicators we’ve learned about what it means to feel alive as a business owner:

• On Friday evening, you look forward to going to work on Monday morning.
• Your skills are being used to the best of your abilities.
• You’re excited when someone asks, “what do you do?”
• Every day you learn something new.
• You’re the best version of yourself.

If this doesn’t sound like your career right now, then it might be time to take the first step toward feeling alive.

Ditch the corporate bureaucracy and get out of the game. No more cheesing up to bosses while you gain tenure, and no more following a career path that’s leading you nowhere. For many, starting their own business is a means to escape the rat race. In this case, you’re starting a business not to get something (money, passion, freedom) but to get away from something (the rat race).

True security doesn’t exist when you’re beholden to a corporation whose priority is keeping shareholders happy. As a business owner, you always get to show that you’re in control of your life and career—not the economy, a pandemic, or the unemployment rate. Losing your job can be catastrophic, so it’s no wonder that millions upon millions are now turning to side-hustles and startups to keep their finances afloat during uncertain times.

Read this article to learn how Hala Taha left her corporate career to build a media empire.

Ever feel like you have no purpose at work? Are you grinding day in and day out for a paycheck? Starting a business can bring fantastic meaning and purpose to your life—and that’s different than becoming a workaholic.

When you discover your purpose and build a business around it, you’re not working anymore—instead, you’re fulfilling a dream.

Freedom, pride, excitement, and commitment collide to make meaning—that sense of purpose, of drive, of overwhelming worth. We can all agree that a life full of meaning is a desirable outcome (and it doesn’t have to live as a daydream).

You call your own shots. You get to set the rules. You get to choose everything:

• Who do you work with
• Prices you charge
• Marketing strategies
• Who you hire
• Who you fire
• Where you operate
• When you operate
• How you operate

You never have to worry about someone making poor or insensitive decisions that hurt you. However, you’re now in the position where all the responsibility sits on your shoulders. When you are your own boss, it can be a heavy load to bear, but it’s one worth bearing.

Set your own career trajectory instead of letting your manager or human resources team tell you where you’re headed. Sure, you’ll start at the top of the chain (hello, CEO), but you can shift your direction as time goes on.

For example, you may decide to hand over the day-to-day operations to a manager or you might hire a CEO to run your business while you fill a role you’re more passionate about.

It’s not uncommon for founders to give up the mantle of CEO to another individual so they can pursue another passion. The best part about starting your own business is that you get to decide if you even want to consider that option. Here are some ways a business owner can grow their career:

• Be a lifelong founder and CEO with complete control
• Handoff day-to-day responsibilities to a CEO but still make major decisions
• Build your business so you can exit for a major payday
• Sell your business and start a new business

There are no limits on your career as a business owner. Read how Marc Lore navigated his career as a serial business owner and why he plans to never stop.

Your original corporate job likely wanted you to do one thing exceptionally well—whether that’s headhunting, email marketing, sales, or product road mapping. When you start a business, you get to do it all.

Over time, you’ll begin to delegate these responsibilities. However, on day one, you’ll likely wear all the business hats—and there’s a lot you’re going to learn .

It’ll feel a bit overwhelming at times, but you’re going to learn and grow quickly. You’ll acquire new skills and discover innate talents, and you’ll learn what you never want to do again.

In this position, you’ll get to rapidly explore career opportunities and dive into foreign subjects. You may discover that Search Engine Optimization is your new passion, and you might find sales is your worst nightmare. You’ll get a taste of all of it, and then you’ll get to decide which responsibilities you keep and delegate.

There’s something rewarding about building a business from the ground up. Sure, it’d be nice if you could start with a profitable business that’s raking in 6-figure revenue numbers, but where’s the challenge and fulfillment in that? Here are the benefits of starting a business from scratch:

• Create a unique brand identity
• Become a disruptor in a market
• Create a business that aligns with your values
• Reach a new audience

When you start your own business, you start with a blank canvas. You get to decide everything from the business name to the brand voice to the core product. It’s a rollercoaster of a ride, but you’re the one in the driver’s seat.

Taxes likely won’t be a reason to start a business, but it’s definitely a notable perk. As a small business owner, you may be able to get tax benefits that help your business–and even tax breaks that ultimately help you as an individual.

You’ll have the opportunity to deduct things like magazine subscriptions, phone services, travel mileage, membership in professional organizations, and even part of your rent. And if you need anything to run your business, there’s a good chance it qualifies as a deduction.

The IRS also helps mitigate risk for American entrepreneurs. For example, you can write off any losses from your business, which means that a side business could help your tax return.

Tax laws vary between countries and states, so do your research and talk to a professional accountant.

There’s no single right way to run a business. Yes, there are proven techniques and strategies, but that’s not to say they’re the only way to be successful.

Be creative. Explore new ideas. Do something that no one has ever done before.

Creativity could be in the products and services you deliver or in the company culture you build . It could be in your work policies, or it could be in how you give back to the community.

Don’t take yourself too seriously—have some fun here and there.

Many entrepreneurs begin their journey so that they can solve a need they recognize . For example, Brian Chesky and Joe Gebbia founded Airbnb because they struggled to afford rent in New York City and decided to rent out their floorspace to conference attendees.

What needs do you want to solve? They could be as big as climate change or as tiny as a lack of chicken wing options in your town—each is an opportunity to build a business. Here’s a list of needs and problems you can solve through a business:

• Improve a system in workflow management or manufacturing.
• Create a product that hacks everyday problems.
• Create a product that is specialized for a niche audience.
• Start an agency that helps other businesses in marketing, advertising, or design.
• Build a brand that offers unique content experiences.
• Start the first coffee shop in your small town.

Most importantly, find a problem that you’re passionate about solving. Check out this story about how Samantha Brett created an SPF skincare solution that could be sprayed over makeup without getting sticky or runny.

Have you ever asked, “how did that person get hired?” Say goodbye to those questions.

When you work for someone, you don’t have control over who your co-workers are. As a business owner, you can build a team that you want to work with.

Put your “Moneyball” hat on and start building the ultimate startup team . You’ll get to decide who you work with every day, and you’ll also have the privilege (and responsibility) of providing for these individuals’ livelihood.

There’s no right or wrong way to go about building your team. You might start with your little sister and cousin, or you might jump straight to hiring a web developer you’re never met.

Add teammates to the team when it makes sense, and cut those who are hurting the business. As the CEO and coach, you get to decide who joins the team.

When you work at an agency or large corporation, you often become another cog in the machine. Your name is detached from your work, and your personal brand plateaus while you contribute to building another person’s dream.

Starting your own business puts your name back on the map. As your business grows, so will your personal brand—and vice versa. Getting recognized might not be the reason you start a business, but it sure beats getting a meaningless certificate for another quarter of balanced budgets.

Take Elon Musk. His personal brand transcends Tesla or SpaceX. If those businesses went under tomorrow, he could start a brand-new successful business with his name alone. That’s the power of personal branding .

Climbing the corporate ladder is a path full of unknowns. Due to no fault of your own, you could lose your job tomorrow due to downsizing, a shift in the economy, or a grumpy manager who just doesn’t like you.

When you start your own business, you’re in charge of these life-altering decisions. Yes, your business still has a chance to tank, but you’re not a helpless bystander—you’re the one investing in its future. Your destiny is in your own hands.

Plus, once you’ve built a business, you’ll have acquired a whole new suite of valuable skills. You’ll be in an even better position to start another successful business. And if worst comes to worst, you’ll have new talents that’ll make you a more marketable employee for any company.

We live in a world rife with problems, and often a lack of funding causes those problems. A successful business would put you in a place to do something about the issues you see and care about.

You could even embrace social entrepreneurship and focus your efforts away from market value and toward social value.

Start a business to help young people through challenging times or launch a startup to assist single parents. When you focus on doing good instead of making money, everyone usually wins.

Your business doesn’t have to be built around doing good, though—that can just be a byproduct. For example, one could argue that Facebook doesn’t do a whole lot of good. However, the business donates millions of dollars to charities worldwide, and that’s definitely doing some good.

Human life is finite, but a business can live on for generations. If you want to leave a legacy, why not build a lasting business?

A generational family business will create stability and structure for your children and beyond. While family businesses are typically associated with mom-and-pop shops, plenty of iconic brands started as legacy ideas for families.

Look at Walmart, Ford, Samsung, Ferrari, Chase, Amway, and The Hershey Company as examples of how a business can leave a legacy that impacts not just a family but multitudes of families and communities for decades.

Your legacy starts with you. Are you ready to build the next generational dynasty?

And that’s a good enough reason. You could write a book about all the reasons you should start a business, and someone else could probably write another one with all the reasons you shouldn’t.

That’s just the way life goes.

In the end, if you feel the pull to head out on your own and start a business, it’s never a bad idea to accept the call. You can always start a side hustle without quitting your 9-to-5 and build out the concept with little-to-no risk.

Just wanting to start your own business is reason enough—never discount that.

We get a lot of questions about starting a business. Here are some of the most common ones we hear from our foundr family.

Will I make money if I start my own business?

It depends on the type of business you start. For example, if you build a patented device for electric vehicles, your business will take lots of time and money to launch. In contrast, if you work at a company as a digital marketing specialist and want to start an agency, it will only cost a new website on Squarespace. Part of the risk of starting your own business is that it will have a high potential to win and fail. Ask yourself if the risk of not trying is greater than failing.

Should I start a business by myself or with a cofounder?

Do you want to start a business for complete autonomy? Are you sick of answering to a manager or team member? If yes, then working with a cofounder might not be the best idea. Cofounders usually find each other organically, but if you're seriously worried about going it alone, make sure you find a cofounder who compliments your strengths.

Is it better to start a business as a side hustle?

To answer this question, you'll have to include your situation. Critically you need to understand 2 factors in deciding whether to rip off the Band-Aid and go all-in on your business. One, is how much time do I have? Two, how much financial flexibility do I have? If your evenings are typically free, there's plenty of time to work on your business outside your 9-to-5. Or, if you've been saving for 2 years to start your business, put in your 2 weeks notice and get started. Most of us have limitations on time or finances. It's up to you to figure out what levers you need to pull to get your business going. The best time to start your business with yesterday. Don't get stuck on the first step. Take it.

How can my business be successful?

Only YOU can answer this. Define success for your business and decide what you are willing to do to reach it.

Keep Learning:  What Is an Entrepreneur and What Makes a Successful Entrepreneur?

Starting Your Own Business? Here’s What You Need

Excited about starting your own business? You’re in the right place. We have all the resources you need to get started, and they’re all in one place.

Check out our catalog of courses. You can learn everything from launching a successful side hustle to growing a massive Instagram following. These courses are taught by professionals who’ve been there, done that. They’re not gurus teaching elusive secrets of the trade—they’re doers sharing real-life advice from lessons learned along their own journeys.

Peek at what’s available  for $1, and take the first steps to start your own business. Your future self will thank you later.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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Home — Essay Samples — Business — Small Business — Your Role as an Entrepreneur or Small-Business Owner

Your Role as an Entrepreneur Or Small-business Owner

• Categories: Small Business Strengths Weakness

About this sample

Words: 2525 |

13 min read

Published: Mar 28, 2019

Words: 2525 | Pages: 6 | 13 min read

Table of contents

What do you think are your strengths and weaknesses as a potential business owner, secrecy:- all the business secret maintained by the sole proprietorship..

• Good customer service
• Well trained staff and educated cook
• Home delivery options for free to needed people or customers
• Flexible hours of working, the restaurant will be open till late to provide good service
• Special offers on weekends, like buffets
• Neat and clean area, air-conditioning
• Providing good food which no other restaurant offers
• More options or food items in menu
• Less space in dining area
• Some time menu items not available
• Not a proper way to track the records.

Part B: Analyzing a Successful Business

Opportunities, part c: business ownership, advantages:, disadvantages:.

• A single person is responsible for all the loss.
• A Sole Proprietor who settles on the majority of the choices without any help in a business might be worried by that responsibility.
• Single person has to run all the responsibilities.

Advantages;

• Easy to solve financial problems or to start a new business.
• Loss and profit divided into two or more partners.
• Partners share the responsibility of managing and operating the business.
• To get better decisions, partnership will be helpful.
• Some time it may create a problem to share a profit. For example, one person puts more money and the other one gives more time, this will be difficult to share the profit.
• It’s not necessary that your partner will be loyal towards you or the business.
• Some-times the partners have different ideas to run a business, this can lead to breakdown in communication, and the impact will be harmful to business.

Incorporation, including a single owner corporation

• Management has good technical skills to communicate.
• Ownership or property names easily able to transfer to other person.
• Easy to raise the capital from investors or the capital sources.
• Shareholders are not responsible for the debt.
• Tax rates are lower than the individual tax rates.

Disadvantages of Incorporation

• Need good money to incorporate the business.
• More expensive
• More rules and regulations, to run business in any territory or province.

Advantages of Franchises;

• Easy to raise start-up funds.
• Advantages of advertising, franchisor can help to advertise to promote or grow the business.
• Will help to go with brand name, which is very known in customers to advertise the product.
• Good team and management training is provided by franchisor.

Disadvantages of Franchises;

• Less sources of product or to serve only limited products.
• Lost freedom to control management or less control over the franchisees than over company employees.
• Some franchises require franchisees to purchase from only the franchisor ,so you can say it , the restrictions of purchasing something .

Specialized forms—co-ops and joint ventures: -

Co-operatives: -, jv becomes a new creature with the following implications:, mergers and acquisition:, advantages of mergers and acquisition: -.

• The most familiar details behind firms to go into merger and securing is to unify their capability and control over the company sectors.
• Reduction of exposure utilizing original methods of overseeing money related risk.
• To finish up destructive, firm must be forced to be summit of inventive advancements and their running applications. With the merger and acquisition, a huge society will embrace or grow a destructive boundary.

Disadvantages: -

• Failure of qualified laborers beside specialists in plan positions. This sort of trouble definitely includes loss of business get and then again that will stress to skill or only get supplanted at decent respect.
• This may cause duplication and over capacity inside the organization which could want conservations.

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Resources and Knowledge for the Small Business CEO

Essay on starting a small business.

Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

Meet the Complete digital marketing agency in Hyderabad . Get organic and paid search, social media, website design and development, and more.

Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

Table of Contents

Starting up is not easy

Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here:  https://www.researchprospect.com/how-to-write-an-essay/

You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker  in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

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Characteristics of Business Owners Essay

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Amer’s definition of a manager, business owner, and entrepreneur

Yousef’s perspective of a manager, entrepreneur, and business owner, amer’s perspective on a manager, new ideas, and relevant skills, yousef’s view on the skills of an entrepreneur, works cited.

The terms manager and entrepreneur have always been used interchangeably though in some business quarters they have different business ideologies. Amer, a manager, points out that a manager is responsible for controlling all or part of a company. Amer goes further to clarify this by giving an example of a sales manager as the person selected by the auction company and to take charge of organizing the details of an auction. Amer is of the view that a business owner is an Individual who retains a business entity with an aim of making a profit from the fruitful exploits of the venture (United States 67). Generally, he has decision-making abilities and the first right to profit (Census 101). Amer describes an entrepreneur as a great motivator who launches a new business and manages it in succession.

Yousef, an entrepreneur, conclusively concurs with Amer’s views on the manager, entrepreneur, and business owner, who he adds has no long vision. He reveals that an entrepreneur is motivated to come up with new ideas because of a variety of factors. The main drive is to make more money. Yousef also cites being one’s own boss as a major contributing factor. The thrill that comes with trying out a brilliant idea, which eventually attracts countless buyers, is a crucial part of being an entrepreneur according to Yousef. The humanity aspect also weighs in on the entrepreneur during the development of ideas. Yousef says that he is driven to make a difference that makes a positive impact on the lives of countless people. Lastly, he enjoys the comfort of greater flexibility of work schedule and quality time with the family.

Amer, the manager, shows a stark contrast in the manager’s involvement in generating new ideas for the business. Amer’s key focus is on the core product. The manager says that keeping the field and work area simple coupled with knowing what he wants gets him excited. He, further, elaborates that mapping his capabilities with target clients’ needs is an excellent way to determine service strategy. He explains that he has to utilize marketing tools that work best for his ideas, Implement a plan of action, and eventually execute the plan.

However, Amer says that in order for a manager to be involved in the generation of new ideas for the business, one needs to possess certain relevant characteristics and skills(Daft and Marcic 39). He cites great communication skills as essential since the manager needs to communicate effectively with his team. The responsibility of solving problems and making decisions is the ultimate prerogative of the manager.

Hence, possession of such skills is ideal. Another substantial set of skills is the ability to organize and plan well. He emphasizes that in the managerial world, everything rises and falls on leadership hence needs to have the ability to guide. In the same manner, one should build a great team that shares the same goals as those possessed by the manager which are essential in planning future steps for the growth of the company. He, however, attributes management mistakes to lack of feedback, not making time for your team, and poor delegation (Chatfield and Program 67).

The viewpoint taken by Yousef concerning some of the skills needed to be a successful entrepreneur attests to the varying disparity between a manager and an entrepreneur. He says that an entrepreneur has to have knowledge of the internal and external environment. An entrepreneur should always be visionary and willing to challenge the status quo while being diplomatic in conflict resolutions in order to lead cross-functional teams. One should have the critical ability to build a professional support network (Stokes and Wilson 74). The most substantial characteristic which sets them apart from managers is the ability to persevere, even in the face of uncertainty.

The entrepreneur insists that to achieve considerable success in the entrepreneurship world, there’s a necessity to be schooled in the fundamentals. The first rule is to think of great ideas and understand that ideas don’t matter; it’s what you do with them that counts. The second is to always write a business plan Including details and descriptions. The third fundamental suggests that if you don’t have much experience in business, or the market is new and unknown, plan just enough to make your first sale.

The golden role of entrepreneurship suggests that you sell and distribute your product. It is also vital to get involved with the network of entrepreneurs. By meeting entrepreneurs socially, you gain contacts and hear about opportunities. Moreover, you learn how they think, their attitudes, and opportunities (Stokes and Wilson 96). Yousef winds up by saying that as an entrepreneur; pitch your idea to any potential investor to get money to start your company.

Entrepreneurs face hurdles in their quest to become the best. Society views the implementation of their ideas as wrong while family and friends will never understand one’s actions. Yousef refutes the fact that there is an overnight success but confides that everything takes twice as long if it even happens. Yousef oozes confidence in his ability to run the business well and attributes this to knowing his strengths and respecting his weakness.

Census, United States. Bureau of the. Characteristics of Business Owners . New York: U.S. Dept. of Commerce, Economics and Statistics Administration, Bureau of the Census, 1992. Print.

Chatfield, B.V., and University of Maryland University College. Doctor of Management Program. The Impact of Entrepreneurs’ Decision Making on Startup Success: Investigation, Analysis, and Recommendations . Maryland: University of Maryland University College, 2008. Print.

Daft, R.L., and D. Marcic. Understanding Management . New York: South-Western Cengage Learning, 2010. Print.

Stokes, D.R., and N. Wilson. Small Business Management & Entrepreneurship 6e . Chicago: Delmar Cengage Learning, 2010. Print.

United States, Small Business Administration, Office of Women’s Business Ownership. Women Business Owners: Selling to the Federal Government . New York: DIANE Publishing Company, 1993. Print.

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Man who targeted Asian business owners with robbery crew headed to prison

A New York man who was part of a crew that targeted Asian and Asian-American small business owners for burglaries has been sentenced to two years and nine months in federal prison.

James Hurt, 48, is the second person to be sentenced for his role in an operation that burglarized the homes of the business owners in New Jersey, New York and Pennsylvania between December 2016 and March 2019, the U.S. Attorney’s Office for New Jersey said.

Hurt and his associates stole money, valuable jewelry, and other items and then transported them to various places in New Jersey and Pennsylvania. The thieves learned the travel patterns of the resident and usually tried to enter when they believed no one would be home, court papers state. They used ladders to enter the homes through second-floor windows and communicated with two-way radios.

Hurt, who previously lived in Tobyhanna, Pennsylvania, pleaded guilty in September to conspiracy to commit interstate transportation of stolen property.

A member of the group told detectives they targeted Asian business owners “because it was believed that the victims kept large sums of currency and jewelry in their residences,” according to a criminal complaint.

The group operated out of a home in Elizabeth, according to court papers.

They burglarized or robbed more than 50 residences in all, including in Spotswood, Old Bridge, Sayreville, Edison and Kenilworth, according to examples provided in the charging document. A vehicle owned by a business owner was broken into in Hazlet.

Seven others were charged in the case along with Hurt in 2021.

Barr was sentenced to 50 months in state prison in August and was ordered to pay a combined $127,661 in restitution and forfeiture.

Charges are pending against the others with plea negotiations ongoing, according to court records.

“This case is sufficiently complex in that it involves multiple incidents and victims,” court papers filed May 1 state.

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Jeff Goldman may be reached at [email protected] .

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