- What Is Entrepreneur Ship? What is the relevant importance of entrepreneurship to the American economy?
- What are the advantages and disadvantages of entrepreneurship?
- Discuss the advantages and disadvantages of Entrepreneurship?
- What factors should you look for in buying a used business?
Entrepreneurship entails the risks taken in a bid to develop, organize as well as engage in management activities of a business enterprise with the expectation that it will thrive in the constantly evolving competitive global market. The American economy is supported entirely by small and medium-sized businesses. An approximate of 70% of the whole employment opportunities that exist in America are created by the small and medium-sized businesses (Che Xu. 2011). These businesses are entrepreneurial adventures of that innovative and investors have launched with the aim of creating job opportunities and earning a living. Therefore, the new innovative products that are quality and are sold at low prices help people save and become productive and wealthy in the American economy.
Advantages of Entrepreneurship
Entrepreneurship offers the owner of the business venture a control over the entire business and its operations. In this case, the owner has control over the activities that he or he can engage in, especially those that are inclined to the individual’s skills and strengths. People love to work on tasks that they enjoy and since the expertise and skills of these entrepreneurs are in what they find enjoyable, they are always excited to discover more opportunities on a daily basis (Che Xu. 2011). Since entrepreneurs can work o the tasks that they enjoy, it is worth noting that their schedules are flexible. This flexibility means that they have freedom of working when they want, wherever as well as however they want it to be done.
Disadvantages of Entrepreneurship
Administration tasks are entrusted in the hands of an individual which proves to be a burden to them because of the paperwork that takes up the energy and time of the entrepreneur. The administrations of tasks are driven at ensuring that small businesses stay in the competition (Che Xu. 2011). Similarly, to sustain its competitive advantage, the business needs to have a unique product that is different from its competitors in the market place. In entrepreneurship, it is common to note that entrepreneurs that there is no regular paycheck. Sometimes the business slows down and puts one’s personal income at a risk.
When setting out to buy a business enterprise that already exists in the market place it is necessary to consider the following factors:
- the reason the owner is selling the business
- an analysis of the business on sale
- the operational adjustments that need to be made
- The name of the business that is on sale
Che Xu. (2011). An analysis on advantages and disadvantages of C2C E-commerce in entrepreneurship. 2011 2nd International Conference on Artificial Intelligence, Management Science and Electronic Commerce (AIMSEC). doi:10.1109/aimsec.2011.6009848