The Fundamentals of Entrepreneurship DB

My view of entrepreneurship is that you don’t need to have exceptional skills to be successful when you decide to start a business. All one needs to have is the desire to work in order to achieve his goals. According to my understanding of the word entrepreneur, it is a French word which means to undertake, so in business it is to start a business. To say that you must have superior qualities that a few have in order to be an entrepreneur is not only far fetched but also erroneous, I simply don’t agree with that kind of thought. Strategic planning is a direction or strategy that a business is going to follow in certain period of time. It is so important to a small business in because it keeps it on the edge of competition with big companies. A business with no strategy has no direction. Strategy outlines the direction of the business. Without a strategy it is difficult to achieve goals in a business and small businesses therefore ought to formulate viable strategies that can cope with competition and at the same time make the business focused in scope. To me strategic planning is a process that does not only requires good management skills but also it requires the will and commitment by all persons involved in order to attain the set goals. (McDonald, 2001) There are several factors that an entrepreneur should consider before choosing any form of ownership. There are: The risks involved which are normally high in entrepreneurship, purpose of the business, its goals, strategies for achieving each goal, a plan to implement each goal and the way of monitoring the implementation plan. Other   factors includes the influence one have in the running of the   business and one must also know the responsibility for debts, the amount of   tax payable to the government and the county or the local government, one must also know the   government policies of that particular business. A person must also consider the amount of profit to expect and the time he or she spends on that business. I disagree with educators who thinks that student in colleges should not engage in business, this is simply because the students engage in this for they have been taught its fundamentals and they cannot wait to put them in practice. Once students get the desired knowledge they become innovative and hence they cannot wait to test their skills as entrepreneurs. Research indicates that entrepreneurship should include innovations such as; new products, new production methods, new markets and new types of business among other innovations. In my own perspective wealth is created when such innovations are utilized since it results in new demand of commodities. The purpose of an entrepreneur is to build a lucrative, moral, and a sustainable business organization. I am of the opinion that one must adhere to factors such as: 1. Profitable business practices that satisfies and attract new customers, pay employees fairly and rewards innovation and diligence.2.Ethical business practices that include the protection the privacy of the clients and employee financial and personal information, to respect ethnic, political and religious backgrounds of the customers.3.Sustainable business practices that can withstand the dynamics of the world, these involves establishing markets not exploiting them, doing away with abusive working conditions and keeping   basic labor rights, replacing non-renewable energy sources with renewable energy sources, encouraging developing countries to improve labor and environmental standards amongst suppliers. (Cullen and Boteeah, 2005) Reference Cullen, J. and Boteeah, K. (2005) Multinational Management: A strategic Approach: 3rd Edition: Thomson South-Western; Mason McDonald, M. (2001): Marketing Plans: How to Prepare Them, How to Use Them. 4th Edition: London, Butterworth Heinenamm