Becoming an Entrepreneur and Evaluating Ideas
Student’s name
Institutional affiliation
Required Information for Entrepreneurship
The current bleak economy makes various individuals start their enterprises. Entrepreneurs originate form some people like frustrated job seekers as well as employed persons who carry out personal investments (Spors 53). On the same note, some individuals see entrepreneurship as the best option in their environment based on various social, cultural, and economic reasons. According to Spors, entrepreneurship persists as a financial gamble, which could lead to losses hence individuals realizing later that starting a business never the best option (53). Moreover, the success of enterprises results from dealing with different setbacks in many years, which comprises rewards before its stability. Some of the individuals possess the personalities that enable them to thrive through such challenges experienced at the beginning of the business (Spors 53). Equally, entrepreneurs originate from different backgrounds as well as possessing different personalities. Notably, experts in this filed that include scholars, researchers, and psychologists assert that particular attributes improve the challenges individuals would encounter before getting to the success of the business and exist happily about their decision in venturing into the enterprise.
Questions
“Are you willing and able to bear the great financial risk?”
The question above exists as a priority and relevant question for the individuals planning to start a small business. As per Spors, in most cases, almost half of the business startups fail after around five years hence individuals should consider all factors of the financial risks involved (53). The entrepreneurs for the small business should focus on the economic and conduct evaluation knowing that financial loses would lack effects on their financial conditions (Spors 53). In many cases, small business owners at the beginning get frustrated by small losses they incur while some thrive in such circumstances. Therefore, the question significantly helps the entrepreneurs for small enterprises to prepare for financial risks while starting up businesses.
“Are you a self-starter?”
The idea of starting a business should originate from a personal point and desire, which enables commitment to the enterprise. Spors explains that while starting different investments, entrepreneurs encounter various discouragement form family members as well as friends (55). Equally, some individuals face problems with creating relationships with consumers hence facing different obstacles. Spors posits that Self-starters possess traits such as persistent, energetic, and creative, which enables them to drives their small business to success (55). Such attributes help such entrepreneurs to fill the gaps left by those lacking such characteristics. Notably, factors like risk-blind make the small business starters to focus on the absence of failure thus offering confidence for the daily operations with enthusiasm (Spors 55). People who get easily frustrated lack survival chances hence the collapse of the venture.
The two questions selected to offer different solutions to new entrepreneurs. Personally, risk-takers could survive various businesses and drives their enterprise to a higher level as compared to those frustrated by different financial losses. On the same note, an excellent self-starter possesses more chances of surviving various obstacles while starting a business. Moreover, answering the questions above would determine the success or failure of the small business. If the questions get correct answers and analysis, then the entrepreneur possesses higher chances of success since he or she has solutions to different challenges in the system.
Conclusion
Different people believe in various myths as well as truth regarding entrepreneurship. People can possess great ideas and be smart on those ideas, but without working hard and smart, they would never achieve the success of the enterprise. Moreover, starting a venture based on the personal experience could exist as truth and myth depending on the personalities of the individuals.
Works Cited
Spors, Kelly K. “So, You Want to Be an Entrepreneur.” Wall Street Journal 28 (2009).