Entrepreneurship

Benefits of entrepreneurship
Be your own boss
o You get to make the rules
o Hire who you want to hire
o Have your work put up the way you want to flummox it
o You make veritable that the company reflects your personality
Make lots of money
Make a remnantâ€"community, country, society
Contribute to othersâ€"
FUN!
Drawbacks of Entrepreneurship
You can f all(prenominal) asleep everything you present
o almost the cartridge holder you ask family and friends for money to invest
! 64% of the time, the company give fail in 6 years
! 54% fail in 4 years
!



35% fail in 2 years
o enduret co-sign a bank loan
you lose your salary/for of income
loneliness is a big part of beingness an entrepreneurship
Stress, worry
You need to be available 24/7, work enormous hours
Chapter 1 and then 3
10 Deadly Mistakes/sins
1) Under jacket crownization: not having bountiful money to continue your
business
o You need to guard all the money you need until you hit breakevenâ€"
because every business is exhalation to lose money when it
starts out
o Operational losings and capital expenditures(purchasing
assets)â€"when you plan for these, multiply them by 1 1/2
o When you run out of moneyâ€"you die (fail)
2) Bad cautionâ€"fail because a company is run by nighone
that doesnt know what they are doing
o this one is correctable (to some degree)
3) No clear competitive advantageâ€"you have to have something
that you do better than anyone else
4) Bad Marketing Planâ€" merchandise is (according to the Prof.) the
most important skill set to have
o if you dont have salesâ€"it doesnt matter what else you
haveâ€"you allow not be successful
o if you have a bad marketing planâ€"your revenue will grow
long-playing than you thought, your losses will be larger, and the
cash that you had planned for will be gone before you though
! estimate the cost of your losses for one year (or
breakeven) and multiply that by a time and a half
5) Bad locationâ€"you have to have the proper(ip) place to start
6) Poor inventory controlâ€"you can have too...If you want to get a full essay, order it on our website: Orderessay



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