Thehigh unemployment rates have created the need to look for alternativesources of income. Thus, those individuals leaving the corporatesector have tried venturing into businesses to implement their ideasand make money. Being an entrepreneur means having a convenient workschedule, the opportunity to learn new ideas, and possibility ofmaking huge profits, but still most people are discouraged by thegovernment regulations, long working hours, and lack of enoughcapital.
Theentrepreneur has the autonomy and freedom that is not available incorporate jobs. However, a business owner has to deal with vendorsand customers, which requires him or her to be available and willingto work at any time (Lunabrite, 2012). When running a business, theowner makes all the decision, which can be exciting for some people,but it also demanding because the success or failure of the ventureis dependent on those choices (Nickels, J. McHugh & S. McHugh,2015). Some people are reluctant to start companies because they lackbig ideas that will lead to revolutionary and profitable businesses.Although most of the successful companies originated from big ideas,the subject of entrepreneurship serves to show people that even asmall project can result in a successful business enterprise. Themost important part is to ensure that new company solves a problem orprovides much-needed products (Nickels, J. McHugh & S. McHugh,2015).
Itis necessary for entrepreneurs to carry out market research to learnmore about their prospective market and customers. Today, thetechnological advancements have increased the access to information.For example, business owners can use websites and social mediaplatforms as a learning resource. is also anopportunity to learn new ideas from different people they meet whenrunning the business (Lunabrite, 2012). Feedback from the customersis also vital because the information acquired shows the aspects thatrequire improvement. For instance, an entrepreneur can take clients’criticism and turn it into a tool for improving the products,services, or operations to meet the customers’ demands.
Thenagain, capital is necessary to fund the ideas and get the businessoperational. There are many sources of money such as investors,crowdfunding, and loans from Community Development FinancialInstitutions (Nickels, J. McHugh & S. McHugh, 2015). Someentrepreneurs assume that they should have access to unlimitedresources to make a business successful. On the contrary, the subjectshows that most important aspect is to ensure that one uses theavailable resources to get the favorable returns. Hence, it entailsinvesting in the business aspects that will give the most returns.
Currently,the new tax laws have minimized the expenses deducted for smallbusinesses. The government also helps entrepreneurs by setting upenterprise zones and providing incubators to offer essential servicesto new ventures (Nickels, J. McHugh & S. McHugh, 2015). Even so,some regulations hinder the entrepreneurship efforts, especiallyamong young adults. For instance, the corporate tax policy andoccupational licensing laws introduce challenges for prospectivebusiness owners (Gerken, 2013). Although the licensing laws areenacted to ensure that customers get high-quality products andservices, they also discourage entrepreneurial efforts. Thus, manypeople opt to work in corporate jobs because they do not requirelicensing. The corporate tax policy imposes high taxes on capitalequipment, which increase the initial investment required for a newbusiness (Gerken, 2013).
Inconclusion, aspiring entrepreneurs should know that it is not allabout having big ideas. Instead, it involves taking even the smallestventures and ensuring that they utilize the available capitaleffectively to meet the customer demands in a particular market. Theautonomy of self-employment is attractive to most people because thereturns mostly match the efforts used. Nonetheless, entrepreneurshipis very demanding since it requires the best performance levels allthe time when dealing with the employees, customers, and suppliers.Therefore, it is crucial for entrepreneurs to get business ideas fromother ventures and mentors. The government also needs to change thetax and licensing laws to encourage the people to venture into smallbusinesses.
Gerken,L. (2013). Thelittle book of venture capital investing: Empowering economic growthand investment portfolios.Hoboken, N.J: Wiley.
Nickels,W., McHugh, J. & McHugh, S. (2015). and Startinga Small Business. UnderstandingBusiness(pp. 150-176). McGraw-Hill Education.
LunabriteLight Technology. (2012, September 9). Lessonsfrom becoming an entrepreneur. Retrieved fromhttps://www.youtube.com/watch?v=Fb3hHyUwSEE&app=desktop