start your own business essay

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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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The Benefits of Owning Your Own Business

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Independence and Control

Financial rewards, flexibility, directly helping people, opportunity for innovation, what to watch out for.

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There are plenty of challenges that come with operating your own business . For many people, though, the rewards of running a business far outweigh the difficulties. In fact, 76% of those who decide to run their own small business are "somewhat happy" or "very happy" with their decision, according to a 2020 survey conducted by Guidant Financial's Small Business Trends Alliance.  

This line of work isn't just for the entrepreneurial spirit, either. Running a business can prove exciting for many people and for many different reasons. Whether you are looking for a flexible lifestyle, are eager to innovate, or simply want more control over your work and earning potential, there are many benefits to running your own business. Here are just a few of the biggest.

Have you ever worked a job in which you felt you could do better if you had control over how the work was done? Let's face it, jobs can be constricting and sometimes don't allow you to maximize your knowledge and skill.

When you build your own business, you do what you want, how you want, when you want. You develop the product or service to the level you think is best. You have systems and routines that work best for you. And if you need a powernap in the late morning or afternoon to boost creativity and productivity, you can take one.

According to the Small Business Trends Alliance survey, 55% of small business owners started their own business because they were "ready to be their own boss."  

Granted, statistics on business success can seem grim. After all, roughly 50% of businesses survive to five years.   With that said, there is much you can do to improve your chances of success , and in fact, depending on your goals, opening a business might be a better financial option than working for an employer.

For one, with a business, you're more likely to earn what you're worth, especially if you're a woman. Instead of earning 82% of what a man earns, a woman can charge her value in a business.   As the business owner, you can set prices and grow your salary with the business. When you throw in the business tax perks , you could end up making more than you would in a job.

Running a business can work well for many different lifestyles. For women, especially, owning your own business can give the lifestyle flexibility necessary to raise a family and still have a successful career. Women-owned businesses have been showing up at a faster rate than new businesses in general—at 21% per year vs. 9%, respectively, from 2014–2019.   According to a series of case studies by the National Women's Business Council, flexibility was a major factor for many women who decided to pursue entrepreneurship.  

Millennials and Generation Z workers are known to look for flexibility in their workplaces, and running a business can work well for many of them.   Likewise, people who are close to retirement or already retired may find owning their own business gives them the chance to keep their hands busy while not demanding the same rigid schedule of a typical job. People who want to travel or live a particular lifestyle can benefit from entrepreneurship, plus you might be able to work from home —or anywhere else you like.

Many small business owners launch their own businesses to make a positive impact in their local communities. This can happen through the products or services they provide or through the local causes they support. Small businesses also account for nearly half of the private workforce in the U.S., so launching your own business is a great way to provide jobs for many in the local community.  

Established organizations can—and do—create great change and innovation. Often, though, the most powerful new ideas come from small business owners that venture out on their own when they can't get traction for their ideas in their current workplace.

Many business icons started with an idea that has changed the world. From Disney to Zuckerberg and Bezos to Gates, all of them had small ideas that turned into huge successes. Many of these entrepreneurs launched these companies from their garage .

If your current employer isn't interested in your ideas, it may be a sign that you should launch your own enterprise.

Despite the many benefits of running your own business, it's not right for everyone. Being your own boss comes with some major risks, including:

• Financial risk : If half of businesses fail within five years, then you're taking a 50% chance of losing some money on your own business. That's why it's critical to write a thorough, clear business plan and make sure you have a reasonable chance at success.
• Personal liability : Beyond merely losing the money you put into the business, you could put more of your personal assets at risk—from your car to your house—if you don't structure your business to protect them.
• Time commitment: The feeling that you're always on the job can be a drain for many business owners, according to a 2016 Bank of the West Bank Small Business Growth Survey. Many business owners work much more than a 40-hour workweek.  
• Stress : The West Bank survey also noted the fear of burnout as a major concern for many small business owners. This is particularly true in light of the ongoing public health and economic crisis, which saw daily stress rise significantly among small business owners.  

The Bottom Line

• Owning your own business brings some great benefits, and many entrepreneurs are satisfied with their decision after they make the plunge.
• The most common reason people launch their own business is to be their own boss.
• Other benefits include flexibility, financial rewards, the opportunity to innovate, and a chance to impact your community.
• Still, there are serious risks to launching your own business, and you should carefully consider and plan before you take the leap.

Guidant Financial. " 2020 Small Business Trends ." Accessed Sept. 23, 2020.

Bureau of Labor Statistics. " Table 7. Survival of Private Sector Establishments by Opening Year. " Accessed Sept. 23, 2020.

Center for American Progress. " Quick Facts About the Gender Wage Gap ." Accessed Sept. 23, 2020.

American Express. " The 2019 State of Women-Owned Businesses Report ," Page 3. Accessed Sept. 24, 2020.

National Women's Business Council. " Necessity as a Driver of Women’s Entrepreneurship: Her Stories ." Accessed Sept. 24, 2020.

Financial Executives International. " How Generation Z Is Transforming the Workplace ." Accessed Sept. 24, 2020.

U.S. Small Business Administration. " 2019 Small Business Profile. " Accessed Sept. 24, 2020.

SCORE. " How Hard Small Business Owners Work ." Accessed Sept. 24, 2020.

Gallup. " Stress and Worry Rise for Small-Business Owners, Particularly Women ." Accessed Sept. 24, 2020.

Business Essay Examples

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

• Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
• Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
• Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
• Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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How to Write a Business Essay: an Ultimate Guide

Table of Contents

Writing an essay can be boring. A lot of essays are basically the same thing over and over again. You write an introduction, then you write your supporting paragraphs, and then you create a conclusion. Overall, the process is not a lot of fun, and you can often feel as though you are simply going through the motions for the sake of churning out extra work. But since you have to write an essay, it’s worth considering the many ways that you can make the process faster and easier. In this ultimate guide, we’ll discuss the best way to write a business essay so you can get through the process faster and with relatively little trouble.

It might seem obvious, but the first thing you need to do when you write an essay is to read the essay question. You need to be sure you understand each part of the essay question and how the parts of the question work together. You would be surprised how many students only glance at the question and then write a paper that only partially addresses the assignment. You don’t want to lose points because part of your paper isn’t on topic. If you find any parts of the paper that you don’t understand or that require explanation, be sure to contact your instructor for clarification before you start writing.

Read the essay rubric

These days, most essays have a grading rubric included with the question. A grading rubric is like a cheat sheet for writing your essay. When you review the essay rubric, you’ll see exactly how your instructor will grade your paper and what your instructor will be looking for. When you write your paper, you will therefore know exactly what to include and how to write about it in order to maximize your points—and you’ll also see what you can spend less time on because it won’t contribute to your overall grade.

Make friends with your library

Many students automatically turn to search engines like Google in order to research their papers, but this is not the most effective way to find high-quality business sources for your paper. Instead, take advantage of your library’s databases. Your college or university library will likely have dedicated business databases that collect high-quality academic articles on business topics. Using these resources in your paper will make your essay stronger and more effective, and it will put your paper on a solid academic footing.

Compile your sources before you write

Many students use the start-and-stop method to write their papers, composing a sentence or two and then stopping to look up more information in order to keep going. This, however, is an inefficient way to work. A better way is to read through your research sources before you start and copy into a separate file a series of quotations and facts that you might use in your paper, creating in-text citations and reference list entries for each before you start. Doing so will make sure that you don’t have to stop for research and have a ready bank of pre-cited material to work with as you write.

Outline before you write

Outlining is an important skill that will both save you time and improve the quality of your essay. Take time before you write to lay out your paper from beginning to end. Start with your thesis statement and carefully lay out the body paragraphs with a topic sentence, supporting details (including research, quotes, and citations ), and a closing paragraph . Plan your transitions to link paragraphs together. Any amount of outlining can be helpful, but the more effort that you put into outlining at this stage, the easier it will be to write your paper, and the less likely it will be that you get stuck in a tangent that goes nowhere or meander into a point that requires you to change your thesis and revise you whole essay.

Remember to revise and proofread

When you finish the draft of your paper, you aren’t done yet. The first draft is rarely the finished product. You should always set aside time to read your work back and to make revisions to make it clearer. You also need to carefully proofread for mechanical grammar, punctuation, and syntax issues to ensure that your paper is as close to perfect as possible. You don’t want to leave points on the table because your paper had easy to fix minor spelling or grammar errors.

Consider professional writing help

Another great way to get your paper done quickly is to seek out custom professional help from an essay writing service with academic experts. An online writing company such as this can create business papers for college students and deliver them fast. When you utilize professional writing assistance, you can receive a custom-written essay that can serve as a great model to help you understand how a professional would approach your business topic and organize and develop an essay to address your assignment. Using a model such as this can save you time and effort as you work on your own paper, allowing you to focus on the learning process more than the mechanics of academic essay writing.

Join the thousands who have sharpened their business writing skills with our award winning courses.

Copyright © 2024 Businesswritingblog.com.

Business Tips

Learn how to write a business essay in 7 simple steps, october 07, 2021.

Creating business-oriented content which is compelling, persuasive, insightful and well-structured, is not a cakewalk. Moreover, you need to use the appropriate language, present the essay as per the requirement, and offer significant content backed by data-driven ideas. 

A step-by-step guide to teach you how to write a business essay

You may need to write a business essay for your admission to the business school or an essay about time management or you may have to present a detailed report based on a business idea in your company. In any case, the task requires hard work and dedication.

If you don’t have time to learn how to write a business essay, you can always delegate it to a research paper writing service and let professional academic writers take care of it. However, we’ve made the following step-by-step guide to prepare you if you decide to do it yourself.

Start with a thorough analysis of the essay prompt

Now, this can indeed be a tricky one. Be attentive enough to understand what the essay prompt is about. It can either be a discuss-type essay or a case study. Analyze the topic carefully because your entire essay depends on this information. Be mindful of the keywords such as illustrate, compare, criticize, or explain. Decide your approach based on such keywords. 

Your thesis, choice of vocabulary, the structure of the essay, and the concluding thoughts should be in synchroneity with the essay prompt. Do not start composing your essay until and unless you are 100% sure about the given topic. 

Come up with a strong thesis statement

Your thesis decides the fate of the rest of the content. It needs to be powerful and effective. It is the foundation of your essay, and you don’t want to develop your essay on shaky ground, right? 

A thesis statement is a statement that comprises the main theme of your argument and an idea about what your readers can expect from the essay. Remember that a thesis statement acts as the “make or break” point for the essay. 

Come up with an impactful thesis statement, and define it using descriptive words. Be unambiguous. Use your resources, or ask a professional essay writer to do my assignment online if you need some help in writing a compelling thesis statement for your business essay. 

Create a well-structured outline for your essay

Depending on whether it is a case study or a discussion-type essay, you need to write an outline first. Once you are done with the outline, connecting the dots will be much easier. Hence, when learning how to write a business essay, the outline rules are imperative.

For a case-study type essay, you can use the following outline:

• Introduction
• Body/Main content
• Concluding thoughts
• Bibliography

For a discuss-type essay, the following outline can be effective:

• List of references

Research, study, repeat

A business essay should not sound like storytelling. You cannot use your fancy and refined vocabulary to increase the word count. Rather, you will need stats, data, and intricate business information to write your business essay. 

So, before you start working on it, make sure you research a lot. Jot down every relevant point, bookmark necessary pages, and spend time studying the topic. Once you are confident enough about the topic, proceed with the essay. You can also speedup your work by using services that write papers for money . It’s a quick and effective way to get things done.

Prepare the first draft

Do not take a risk with your business essay. Because the majority of the time, it is an important determiner of your grades. Adorn your thinking hat, and start writing the essay as thoughts come pouring in. 

Corrections, editing, and omissions can be done later during the proofreading stage. Right now, focus on the first draft. Go with the flow and do not stop, as this is the time you will get the best inputs and ideas for your essay.

Edit and proofread recklessly

And, before adding a conclusion, how to write a business essay guide, as well as any kind of writings, requires proofreading. Now that you have the first draft of your business essay ready, start proofreading. Double-check every word. Read between the lines. Add anything that you feel is relevant and remove everything unnecessary.

Use tools and software to polish the content. Avoid leaving any grammatical errors in the text. Also, remember that plagiarized content can have serious consequences.

Finalize your draft and add a conclusion

After the editing, you can get a printed copy of the draft. Try reading the essay aloud, and pay attention to all the minute details such as language, date, spellings, and punctuations. You should also notice if the flow of the essay is proper. If the flow breaks at any point during the reading aloud session, it should be improved. If everything sounds well, go ahead with it. 

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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7 Real Reasons Why Entrepreneurs Start Their Own Business

Posted april 5, 2022 by kody wirth.

Why do people want to start their own business? What drives them to strike out on their own?

If you’re considering becoming an entrepreneur , understanding your answer to this question is critical. Honestly, assessing your motivations can tell you a lot about your likelihood of success. Will you be able to navigate a financial crisis? Invest the extra hours to rework your strategy even when you’d rather go home? 

If you don’t have an answer to that question, it may be helpful to explore why you want to be an entrepreneur further. Let’s take a look at some of the most common reasons why entrepreneurs start their own businesses—which are probably leading you to do the same.

1. Freedom to pursue your passion

You’ve had this talent, skill, or hobby for years, maybe even since childhood. Now, you see a potential opportunity to develop a business structure and monetize it. So you decide to use your passion to start a business. 

However, you may want to take a moment to assess the potential of your passion. Yes, it makes you happy, but can it pay the bills?

When you set aside emotion and focus strictly on dollars and common sense, does your passion-fueled business idea truly have the potential to be financially successful? Don’t forget, with ongoing record inflation, you’ll need continuously increasing income to support yourself and your business. Can your passion keep you afloat? 

If the answer is yes, start writing a business plan and go for it. If not, then you should likely rethink using your passion and explore other small business ideas. Consider another talent or hobby that can bring emotional fulfillment, as well as a tangible financial reward. 

Or, do further market research into other opportunities outside of your core interests. You may find that there is another reason for being an entrepreneur is really what’s driving you.

Recommended Reading: 12 Types of Entrepreneurs Explained

2. Create generational wealth

Many people are fixated on the idea of creating wealth that can be enjoyed by their families. For some, it’s an ambitious financial planning goal derived from witnessing living examples of absurdly wealthy families. People who’ve been able to pass down highly successful businesses from generation to generation. Others simply want their kids and grandkids to be spared from the financial hardships they were forced to overcome. 

Yet, only a handful of businesses are able to survive the passage of time. Yes, building a prosperous foundation for your descendants is a worthy cause. However, there is no guarantee that they’ll have the work ethic or discipline necessary to maintain an existing business. Much less position it to remain competitive in an ever-evolving global marketplace.  

Therefore, your focus has to be on how this endeavor will improve your life right now. Yes, your hard work could benefit your great-great grandkids, and you can teach your children to appreciate your business. You can’t force them to have the same passion you do. You can only set them up for success and hope for the best.  

3. Support community, non-profits, and other social efforts

Many new entrepreneurs have a deep desire to use their businesses as vehicles to help the less fortunate. These noble souls see starting a small business as a means to effect change.

Social entrepreneurs aren’t driven by money but rather by a desire to create a better world. In our 2021 State of Small Business Study , we found that 12 percent of respondents identified giving back to their community as the primary reason for starting a business. 

If you’re one of these generous individuals, you must never forget that business remains business. Even though you have the best intentions, this doesn’t remove the responsibility to serve the needs of your target market. To provide competitively viable products and services for your customers. Failure to do so will result in your customer base taking their hard-earned money elsewhere, leaving you and your cause, out in the cold.

4. Turn a side-project into something more

Many successful businesses were once the side-gigs of nine to five employees who were simply trying to earn extra money. One thing led to another, word got around, and after a while, that side-project earned enough to replace the nine to five job, and boom: A business was born. 

As of 2022, we found that 23 percent of entrepreneurs were either starting a side gig or trying to turn a side gig into a full business. In fact, for most people, having a side gig is just a necessary part of survival. 

Yes, it is possible to turn your side project into a full-fledged business that becomes your primary source of income. However, it’s often difficult to know when it’s the right time to step away from your full-time position. 

When should you begin to promote your business? Should you invest in business insurance? Get the necessary licenses and permits to become a sole proprietorship?

These are just some of the questions you’ll need to answer when turning a side gig into your full-time pursuit. You don’t need to immediately make it your primary work; just take steps in that direction to see how viable it can be.

Remember, this can take months or years to gain traction. Just like a seed that you plant, you need to water it to see growth. With enough time and “watering,” that little side-gig seed can become a huge tree that becomes a profitable business. 

5. Challenge the status quo

Have you ever felt like there’s a better way to do something? This is a sentiment often held by game-changers. The employees and dreamers who feel the job or industry they’re in isn’t doing something right, and it’s up to them to change the status quo. 

Disrupting current norms can be a powerful incentive for new entrepreneurs. It can also be extremely beneficial for consumers wanting higher quality products or more efficient service. Nevertheless, disruption shouldn’t be based on personal feelings or experience. Instead, it must be centered solely on customer wants and expectations. 

Will consumers actually be interested in the innovation you provide? If you truly want to shake up the status quo, it’s up to you to find out if the solution you see truly benefits others.

6. Flexibility and balance

Having more personal and family time is one of the most powerful motivations for many new and prospective entrepreneurs. Nothing beats working on your own time and not having to worry about someone else’s standards. 

It’s time to make your own clock and choose your own hours. The harsh reality, as many new small business owners discover, is that work hours tend to increase, not decrease, after launching your own business. 

This is your project, your idea, and your customers, so it’s your responsibility. Reasoning such as “I’m not feeling well” or “that’s not in my job description” no longer applies to you. When you’re an entrepreneur, you’re always on duty.

Sure, you have “absentee owners” who simply hire people and leave them to run a business. But take a look at the most successful entrepreneurs. There is one common thread—they are hands-on. Oftentimes, their level of micromanagement is borderline psychotic. 

No, you don’t have to follow in the footsteps of Steve Jobs to be a successful entrepreneur. You don’t have to spend every waking hour to ensure your business succeeds. But you must care deeply about your business and, yes, sacrifice a great deal of time to make it a success.

7. Being the boss

One of the greatest driving forces for people starting a business is taking on the title of “Boss.” 47% of new entrepreneurs surveyed said that their main reason for starting a small business involved wanting to be their own boss. 

There’s a certain aura, a distinctive swagger, that many entrepreneurs have. Unlike top-level executives or even appointed CEOs, entrepreneurs garner a great deal of respect for being the ones who took the initial risk . They’re the ones whose vision enabled them to see an opportunity and whose determination made it happen. 

Entrepreneurship is a medal worn with pride, which most onlookers cannot ignore. Why do people start their own businesses? Because many want the respect and admiration that comes with starting a business. 

If that’s your main reason, make sure you’re totally prepared for the responsibility that comes your way. You owe it to yourself, your employees, and your customers. 

Recommended Reading: 6 Requirements of Successful Entrepreneurs

How to successfully start your own business

Whatever your reason, there is one thing you absolutely must do in order to be successful— plan . This is especially true when starting and attempting to grow a business. For an entrepreneur, being prepared is often the difference between success and failure. 

If you’re seriously considering starting your own business, then you can’t afford to leave anything to chance or be surprised by any eventuality. With powerful planning and management tools available such as LivePlan , there’s no excuse for prospective entrepreneurs not to have a solid course of action. Your planning should incorporate regular forecasting and preparing contingencies for likely scenarios.

Confirm and test your reason for starting  

Effective planning not only helps you identify the reasons you want to start a business but also allows you to assess if your business truly has the potential to be sustainable. There’s no need to waste precious time or money pursuing an idea that won’t work. By taking the time to plan properly, you’ll be able to see clearly if your business idea is worthwhile and figure out the necessary steps you’ll need to take to bring it to fruition. 

Turn hard work into strategic work

After you have developed a plan, it’s time to act. That means dedication, hard work, and the willingness to plan. Make no mistake, if you’re not prepared to put in the hours toward your entrepreneurial dream, then you should reexamine if starting a business makes sense. 

Nothing in entrepreneurship is guaranteed, and it’s driven by strategic risk. This is why effective planning, reviews, and revisions are so vital for business owners. It can help streamline time-consuming work, eliminate unnecessary risk, and ultimately help you know more about your business.

Gain the confidence of a successful entrepreneur

Now that you’ve been reminded of just how difficult starting a business can be, there is one more requirement necessary for you to succeed—self-confidence. No one is going to fully

believe you can do it until you actually turn your idea into a successful business. First and foremost, you must believe in yourself. Without this critical element, your new business is almost certain to fail.

Why would anyone support a business whose owner doesn’t believe in its future? People are attracted to winners who showcase the capability to maintain that success. Possessing this attitude, combined with thorough, objective planning , will empower you to aggressively pursue your goal and find success as an entrepreneur. 

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Thinking of starting your own business? Congratulations. The entrepreneurial itch is just beginning.

You might have a reason for wanting to start your own business, like capitalizing on an opportunity or fulfilling a need in your community. Or you might have no idea why this sensation is pulling you. That’s OK.

There’s no right or wrong motivation for wanting to start your own business. Whether you’re trying to escape the 9-to-5 or just want to make more money, every reason is valid.

At Foundr, we’re passionate about inspiring entrepreneurs and giving you the tools and know-how you need to succeed. Below, we’ve compiled 19 reasons for you to start your own business. Consider this your justification (or community-backed excuse) for making your business-owning dream a reality.

Why Start Your Own Business?

Next time your in-laws and co-workers ask what the heck you’re doing, just send them a link to this page.

Table of Contents

1. Control Your Schedule

2. create your ideal workspace, 3. make more money, 4. pursue a passion, 5. feel alive, 6. escape the corporate rat race, 7. discover your purpose, 8. be your own boss, 9. build your own career, 10. learn new skills, 11. start from scratch, 12. tax incentives, 13. be creative, 14. solve a need, 15. build a team, 16. build a brand, 17. create job security, 18. give back ​​to the community, 19. because you want to, starting a business faqs.

Tired of being told what to do and when to do it? When you start your own business, you get to be as flexible as you want. Sleep in, stay up late, work half days, or take off every Friday—it’s up to you.

The early days of your business will be busy, but you’ll eventually gain more spare time as you scale and learn to delegate.

Need to make an important family event but swamped with work? Take off a weekday and replace it with a weekend. Feeling burnt out and needing some extra sleep? Work 12 to 8 instead of 9 to 5.

Eventually, you might feel comfortable with your income and scale back your time working. You may live comfortably off 20 hours of work and take the rest off.

The inverse is true, too. You might want to deep dive into your work and pour your heart and soul into it—you can do that, as well. You get to control your schedule.

More importantly, the flexibility of starting your own business means you’ll get out what you put in. If you want to build the next tech giant or simply create an agency so you can spend more time with your family, you’re in control. Every hour you spend on your business is valuable.

Don’t be constrained by the fluctuating rules (and trends) of workspace policies. Small businesses and corporations alike often require you to work in determined locations. Even “remote” policies often have red tape that demand you live in specific geographic areas.

When you’re the business owner, you can work from your home, a co-working space, an office, or even the local coffee shop. You can take your work with you on the go, whether that’s the stereotypical beachside resort (please don’t get sand in your laptop) or the back of an RV on a nationwide road trip.

What’s your dream workspace? Is it a loft space with a ping-pong table? What about a giant corner office? Or maybe, it’s working at a collaborative coworking space or incubator?

You get to decide.

Unless you’re on commission, there’s likely a cap to your full-time income. You’re given a salary (regardless of your input or performance), and the only way to get beyond that is maybe with an end-of-year bonus. Plus, the time it takes to get to mid-level management, even in the most progressive of organizations, can take years of loyalty and corporate-culture assimilation.

When you start your own business, you get to decide how much money you make. Need more cash? Work longer hours or charge higher prices. Want more free time? Scale back your work and make less income.

It’s all up to you. Here are examples of how you can increase your earning potential as a business owner versus a traditional job:

• Start an agency and set your own hourly rates >  Asking your manager for an annual salary bump
• Sell your solution and get credit > Solving a problem for someone else’s business
• Become an expert in an industry under your brand > Move up the corporate ladder under one organization

There’s no cap on your salary as a business owner. You can always make more money and scale your business .

Do what you really want to do. Pursue something that makes you happy or something you care about. There’s no wrong passion.

Want to fulfill your dream of being an artist? It’s a long road ahead of you, but it’s your dream to chase. Want to become a ski mountaineering guide? Take the risk and go for it.

Starting your own business lets you create fulfillment rather than find it.

More than 60% of Americans work in jobs they dislike . You can avoid this fate by doing something you genuinely care about. And once you get to that place, is it really “work” anymore?

Use the Ikigai method to turn your passion into profit:

• What are you good at?
• What do you love?
• What does the market need?
• How do you extract that value?

When you’re the boss, you get to decide when to take risks and when to lay back. You’re going to have “high highs” and “low lows,” but you ultimately get to decide whether it’s going to be a dull day. Instead of punching in and punching out, you’re truly living each day to the fullest.

Starting a business is exciting and nerve-wracking . You’re going to lose sleep at times, and other nights you’ll sleep soundly after an adrenaline-packed day.

For better or worse, there’s a bit more on the line every day when you’re fully responsible for your income. Mediocre performance isn’t good enough anymore, and there’s something downright rewarding about that.

So, how do you know if you’re feeling alive in your current career? Here are a few indicators we’ve learned about what it means to feel alive as a business owner:

• On Friday evening, you look forward to going to work on Monday morning.
• Your skills are being used to the best of your abilities.
• You’re excited when someone asks, “what do you do?”
• Every day you learn something new.
• You’re the best version of yourself.

If this doesn’t sound like your career right now, then it might be time to take the first step toward feeling alive.

Ditch the corporate bureaucracy and get out of the game. No more cheesing up to bosses while you gain tenure, and no more following a career path that’s leading you nowhere. For many, starting their own business is a means to escape the rat race. In this case, you’re starting a business not to get something (money, passion, freedom) but to get away from something (the rat race).

True security doesn’t exist when you’re beholden to a corporation whose priority is keeping shareholders happy. As a business owner, you always get to show that you’re in control of your life and career—not the economy, a pandemic, or the unemployment rate. Losing your job can be catastrophic, so it’s no wonder that millions upon millions are now turning to side-hustles and startups to keep their finances afloat during uncertain times.

Read this article to learn how Hala Taha left her corporate career to build a media empire.

Ever feel like you have no purpose at work? Are you grinding day in and day out for a paycheck? Starting a business can bring fantastic meaning and purpose to your life—and that’s different than becoming a workaholic.

When you discover your purpose and build a business around it, you’re not working anymore—instead, you’re fulfilling a dream.

Freedom, pride, excitement, and commitment collide to make meaning—that sense of purpose, of drive, of overwhelming worth. We can all agree that a life full of meaning is a desirable outcome (and it doesn’t have to live as a daydream).

You call your own shots. You get to set the rules. You get to choose everything:

• Who do you work with
• Prices you charge
• Marketing strategies
• Who you hire
• Who you fire
• Where you operate
• When you operate
• How you operate

You never have to worry about someone making poor or insensitive decisions that hurt you. However, you’re now in the position where all the responsibility sits on your shoulders. When you are your own boss, it can be a heavy load to bear, but it’s one worth bearing.

Set your own career trajectory instead of letting your manager or human resources team tell you where you’re headed. Sure, you’ll start at the top of the chain (hello, CEO), but you can shift your direction as time goes on.

For example, you may decide to hand over the day-to-day operations to a manager or you might hire a CEO to run your business while you fill a role you’re more passionate about.

It’s not uncommon for founders to give up the mantle of CEO to another individual so they can pursue another passion. The best part about starting your own business is that you get to decide if you even want to consider that option. Here are some ways a business owner can grow their career:

• Be a lifelong founder and CEO with complete control
• Handoff day-to-day responsibilities to a CEO but still make major decisions
• Build your business so you can exit for a major payday
• Sell your business and start a new business

There are no limits on your career as a business owner. Read how Marc Lore navigated his career as a serial business owner and why he plans to never stop.

Your original corporate job likely wanted you to do one thing exceptionally well—whether that’s headhunting, email marketing, sales, or product road mapping. When you start a business, you get to do it all.

Over time, you’ll begin to delegate these responsibilities. However, on day one, you’ll likely wear all the business hats—and there’s a lot you’re going to learn .

It’ll feel a bit overwhelming at times, but you’re going to learn and grow quickly. You’ll acquire new skills and discover innate talents, and you’ll learn what you never want to do again.

In this position, you’ll get to rapidly explore career opportunities and dive into foreign subjects. You may discover that Search Engine Optimization is your new passion, and you might find sales is your worst nightmare. You’ll get a taste of all of it, and then you’ll get to decide which responsibilities you keep and delegate.

There’s something rewarding about building a business from the ground up. Sure, it’d be nice if you could start with a profitable business that’s raking in 6-figure revenue numbers, but where’s the challenge and fulfillment in that? Here are the benefits of starting a business from scratch:

• Create a unique brand identity
• Become a disruptor in a market
• Create a business that aligns with your values
• Reach a new audience

When you start your own business, you start with a blank canvas. You get to decide everything from the business name to the brand voice to the core product. It’s a rollercoaster of a ride, but you’re the one in the driver’s seat.

Taxes likely won’t be a reason to start a business, but it’s definitely a notable perk. As a small business owner, you may be able to get tax benefits that help your business–and even tax breaks that ultimately help you as an individual.

You’ll have the opportunity to deduct things like magazine subscriptions, phone services, travel mileage, membership in professional organizations, and even part of your rent. And if you need anything to run your business, there’s a good chance it qualifies as a deduction.

The IRS also helps mitigate risk for American entrepreneurs. For example, you can write off any losses from your business, which means that a side business could help your tax return.

Tax laws vary between countries and states, so do your research and talk to a professional accountant.

There’s no single right way to run a business. Yes, there are proven techniques and strategies, but that’s not to say they’re the only way to be successful.

Be creative. Explore new ideas. Do something that no one has ever done before.

Creativity could be in the products and services you deliver or in the company culture you build . It could be in your work policies, or it could be in how you give back to the community.

Don’t take yourself too seriously—have some fun here and there.

Many entrepreneurs begin their journey so that they can solve a need they recognize . For example, Brian Chesky and Joe Gebbia founded Airbnb because they struggled to afford rent in New York City and decided to rent out their floorspace to conference attendees.

What needs do you want to solve? They could be as big as climate change or as tiny as a lack of chicken wing options in your town—each is an opportunity to build a business. Here’s a list of needs and problems you can solve through a business:

• Improve a system in workflow management or manufacturing.
• Create a product that hacks everyday problems.
• Create a product that is specialized for a niche audience.
• Start an agency that helps other businesses in marketing, advertising, or design.
• Build a brand that offers unique content experiences.
• Start the first coffee shop in your small town.

Most importantly, find a problem that you’re passionate about solving. Check out this story about how Samantha Brett created an SPF skincare solution that could be sprayed over makeup without getting sticky or runny.

Have you ever asked, “how did that person get hired?” Say goodbye to those questions.

When you work for someone, you don’t have control over who your co-workers are. As a business owner, you can build a team that you want to work with.

Put your “Moneyball” hat on and start building the ultimate startup team . You’ll get to decide who you work with every day, and you’ll also have the privilege (and responsibility) of providing for these individuals’ livelihood.

There’s no right or wrong way to go about building your team. You might start with your little sister and cousin, or you might jump straight to hiring a web developer you’re never met.

Add teammates to the team when it makes sense, and cut those who are hurting the business. As the CEO and coach, you get to decide who joins the team.

When you work at an agency or large corporation, you often become another cog in the machine. Your name is detached from your work, and your personal brand plateaus while you contribute to building another person’s dream.

Starting your own business puts your name back on the map. As your business grows, so will your personal brand—and vice versa. Getting recognized might not be the reason you start a business, but it sure beats getting a meaningless certificate for another quarter of balanced budgets.

Take Elon Musk. His personal brand transcends Tesla or SpaceX. If those businesses went under tomorrow, he could start a brand-new successful business with his name alone. That’s the power of personal branding .

Climbing the corporate ladder is a path full of unknowns. Due to no fault of your own, you could lose your job tomorrow due to downsizing, a shift in the economy, or a grumpy manager who just doesn’t like you.

When you start your own business, you’re in charge of these life-altering decisions. Yes, your business still has a chance to tank, but you’re not a helpless bystander—you’re the one investing in its future. Your destiny is in your own hands.

Plus, once you’ve built a business, you’ll have acquired a whole new suite of valuable skills. You’ll be in an even better position to start another successful business. And if worst comes to worst, you’ll have new talents that’ll make you a more marketable employee for any company.

We live in a world rife with problems, and often a lack of funding causes those problems. A successful business would put you in a place to do something about the issues you see and care about.

You could even embrace social entrepreneurship and focus your efforts away from market value and toward social value.

Start a business to help young people through challenging times or launch a startup to assist single parents. When you focus on doing good instead of making money, everyone usually wins.

Your business doesn’t have to be built around doing good, though—that can just be a byproduct. For example, one could argue that Facebook doesn’t do a whole lot of good. However, the business donates millions of dollars to charities worldwide, and that’s definitely doing some good.

And that’s a good enough reason. You could write a book about all the reasons you should start a business, and someone else could probably write another one with all the reasons you shouldn’t.

That’s just the way life goes.

In the end, if you feel the pull to head out on your own and start a business, it’s never a bad idea to accept the call. You can always start a side hustle without quitting your 9-to-5 and build out the concept with little-to-no risk.

Just wanting to start your own business is reason enough—never discount that.

We get a lot of questions about starting a business. Here are some of the most common ones we hear from our foundr family.

Will I make money if I start my own business?

It depends on the type of business you start. For example, if you build a patented device for electric vehicles, your business will take lots of time and money to launch. In contrast, if you work at a company as a digital marketing specialist and want to start an agency, it will only cost a new website on Squarespace. Part of the risk of starting your own business is that it will have a high potential to win and fail. Ask yourself if the risk of not trying is greater than failing.

Should I start a business by myself or with a cofounder?

Do you want to start a business for complete autonomy? Are you sick of answering to a manager or team member? If yes, then working with a cofounder might not be the best idea. Cofounders usually find each other organically, but if you're seriously worried about going it alone, make sure you find a cofounder who compliments your strengths.

Is it better to start a business as a side hustle?

To answer this question, you'll have to include your situation. Critically you need to understand 2 factors in deciding whether to rip off the Band-Aid and go all-in on your business. One, is how much time do I have? Two, how much financial flexibility do I have? If your evenings are typically free, there's plenty of time to work on your business outside your 9-to-5. Or, if you've been saving for 2 years to start your business, put in your 2 weeks notice and get started. Most of us have limitations on time or finances. It's up to you to figure out what levers you need to pull to get your business going. The best time to start your business with yesterday. Don't get stuck on the first step. Take it.

How can my business be successful?

Only YOU can answer this. Define success for your business and decide what you are willing to do to reach it.

Starting Your Own Business? Here’s What You Need

Excited about starting your own business? You’re in the right place. We have all the resources you need to get started, and they’re all in one place.

Check out our catalog of free masterclasses. You can learn everything from launching a successful side hustle to growing a massive Instagram following. These courses are taught by professionals who’ve been there, done that. They’re not gurus teaching elusive secrets of the trade—they’re doers sharing real-life advice from lessons learned along their own journeys.

Peek at what’s available , and take the first steps to start your own business. Your future self will thank you later.

About Jesse Sumrak

Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.

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Starting a Business: Advantages and Disadvantages Essay

Introduction.

Currently, the development of market relations implies a free and equal coexistence of various forms of entrepreneurship and sectors within each type of ownership. A special place in the international economy at this stage belongs to start-up businesses. These are small enterprises that do not require large initial investments and guarantee a high rate of turnover of resources that can quickly and economically solve the problems of economic restructuring.

The formation and saturation of the consumer markets are the key elements in the current destabilization of the economy. It should be noted that for a highly monopolized economy, the small business acquires paramount importance since it makes a significant contribution to the development of a competitive environment. However, there are both rewarding advantages and serious disadvantages of starting a business, which need consideration.

If a person plans to open a business, it is important to consider the upcoming possible gains and losses. People who have already passed this way advise to divide the estimated income by two and the cost multiplied by the same amount. After all, one can never foresee all the risks that await any entrepreneur. An important factor is the personal qualities necessary for starting and running a business. If positive prospects do not seem attractive compared with the possible difficulties, it is likely that it is better to concentrate on employment. In addition, in the case of successful career advancement, an individual is able to also achieve a high professional and financial level.

Starting a business is always accompanied by risk factors; therefore, a starting entrepreneur will need a lot of enthusiasm, the ability to make non-standard decisions, and the willingness to take responsibility. However, the possible rewards for hard work can be significant. Any business requires constant attention and development; otherwise, it will not be victorious in the competitive market.

By analyzing international and domestic experience in the development of entrepreneurship, the following benefits of starting a business can be pointed out: faster adaptation to local business conditions, greater independence of actions, and flexibility in decision making. In addition, it allows people to have relatively low costs in the implementation of activities, especially management cost, and a great opportunity for an individual to realize his/her ideas (Jackson, 2015). Starting a business enables one to show one’s abilities with lower initial capital requirements and the capability to quickly introduce changes in the product.

The entrepreneurs are more inclined to savings and investment, which has a beneficial effect on the whole enterprise. New businesses are more informed and adapted to the level of demand in local markets, often produce goods by order of specific consumers, and provide a livelihood to a substantial number of employees (Amankwah-Amoah, Boso, & Antwi-Agyei, 2018). In addition, small start-up businesses contribute to greater growth in employment compared with large companies, thereby influencing the spread of practical knowledge and the training of professionals (Jackson, 2015). Small and medium-sized enterprises, as compared with large ones, in certain countries dominate both in the number and proportion in the production of goods.

There are several advantages to starting a business, and the biggest benefit is money. An employee working for someone is confident that he/she will receive a salary. A person can get paid only within the limits that have been established beforehand. However, if an entrepreneur starts a business, then with proper management of his/her business, he/she can hope to increase profits and income.

Another significant benefit of starting a business is the ability to manage time without one’s approval personally. It is among the main reasons that make a company attractive for many. It is also plausible to state that a businessman has the opportunity to do what he/she desires. In addition, when an individual starts a business, his/her interests in work are always pursued. There is excitement associated with an increase in personal profits. Moreover, it is not at all interesting for the majority of employees to increase profits for employer organization. The advantage of starting a business is that it’s not mandatory to be held accountable to anyone because a person is independent and takes responsibility for his/her actions. Establishing an individual schedule is also a distinct advantage.

Starting a business gives an entrepreneur freedom from the desires and whims of superiors. A person will not be worried by thoughts of whether he/she will be fired tomorrow or not. An entrepreneur will not be delayed wages, not pulled out of the weekend or vacation, and will not worsen working conditions. If a businessperson sees potential in IT, such as 3D technologies, virtual reality, or in new markets, such as trading in electronic cars, he/she can make a managerial decision to pursue these markets. The next positive side of the business is personal growth. Creating and starting a business is an opportunity to check what an individual is worth.

Overcoming difficulties, solving problems, and achieving a goal is an invaluable experience that will remain forever. In any hired job, a person will not be as satisfied with success as in his/her business. In addition, the social status of an entrepreneur is higher than that of a full-time employee.

Furthermore, the job search is often tied to one’s specialty and not to the area in which an individual would like to develop. When starting a business, an entrepreneur can choose any direction in which he/she wants to shape a firm. In addition, he/she can select and select the team with whom to work. Thus, there are a lot of advantages to starting a business. The scope of benefits may also include psychological comfort in communication.

A business owner can choose his partners and communicate with them freely. However, an entrepreneur possesses the full managerial right to enter into contracts and agreements only with those people who are pleasant to him/her and whom he/she trusts. A businessperson does not need to tolerate incompetent and inefficient employees because he/she can fire them.

Disadvantages

The practice of start-up businesses has specific problems, among which the most significant ones can be identified as higher levels of risk, therefore a high degree of instability in the market, and dependence on large companies. In addition, there are shortcomings in managing a business accompanied by poor managerial competence and heightened vulnerability to shifts in the economy. Difficulties in obtaining loans and borrowing additional funds and uncertainty of business partners when concluding agreements are among the disadvantages of starting a business.

Deficiencies and failures in the operation of businesses are determined by both internal and external causes, including the operating conditions of start-up enterprises. Studies show that the majority of failures of starting firms are associated with professional incompetence or managerial inexperience of small and medium business entrepreneurs (Nikolaev, Boudreaux, & Wood, 2019). There is also a low survival rate among new companies due to market competitiveness.

The most common reasons for failure are incompetence, unbalanced experience, and the lack of experience in commerce, finance, supply, production, management, and partnerships. Common causes of bankruptcy for small firms are business neglect, poor health or bad habits of the head of the company, and disasters, such as fires, theft, and fraud (Chadwick & Raver, 2018). Small businesses’ chances of success increase as they grow older. Firms that do not change their owners for a long time bring in a higher and more stable income. American statistics show that women-owners of small firms are more successful in business than men (Chadwick & Raver, 2018). In the course of the research, it is noted that entrepreneurs who work for prolonged periods succeed.

Moreover, if not one person is involved in the management, but an entrepreneurial team that consists of multiple people, the chances of success are higher due to collective decision making is more professional (Abd-Hamid, Azizan, & Sorooshian, 2015). The size of financing at the first stage of their existence also affects the viability of small firms. The greater the initial capital invested in a small firm, the greater is its ability to maintain activity during crisis periods.

A constant search for emerging and disappearing social needs and continuous adaptation to them form the basis of the small business strategy. Some Western experts tend to consider small business as a school of new personal relationships, a testing ground for testing methods and principles of organizing entrepreneurship in the future. However, due to the objective availability of less favorable economic conditions than that of large enterprises, small businesses are less stable and competitive and therefore need government support by federal and regional programs to support and develop small businesses.

The major disadvantage of starting a business is an increased level of responsibility. Unlike hired work, a businessperson has to be responsible for everything. At first, he/she may be a salesman, an accountant, a janitor, and a lawyer in his/her company. In addition, any key problem or error cannot be resolved by a colleague or leader. An entrepreneur has to continually make decisions on which the further development of a business depends or which can lead to its complete collapse.

Another big drawback of starting a business is complexity; therefore, an entrepreneur has to go through numerous mistakes to succeed, often without knowing if he/she is going in the right direction. The search for start-up capital, networking with partners, the struggle for a place in the market are among the frequent challenges for a firm. Meanwhile, a quick payback for a businessperson is not guaranteed. He/she needs to understand in advance what difficulties he/she will have to go through. The next disadvantage is the instability, and it another frightening barrier for starting entrepreneurs. No matter how much money he/she invests, there is always a chance that it will not be sufficient. However, even if everything does not end in failure, then instead of huge profits, a person can barely make ends meet.

To sum up, it is highly relevant to realize that numerous and sometimes unidentifiable factors influence the failure or success of a business. There are certain risks of business going bankrupt, insufficient income, and stress from increased amounts of responsibility. Nevertheless, starting a business also offers an opportunity to earn an unlimited number of rewards, both financially and emotionally. An entrepreneur can adequately regulate and manage a firm, and he/she is able to freely implement the important managerial decision.

Abd-Hamid, Z., Azizan, N. A., & Sorooshian, S. (2015). Predictors for the success and survival of entrepreneurs in the construction industry. International Journal of Engineering Business Management, 1 (1), 2-5.

Amankwah-Amoah, J., Boso, N., & Antwi-Agyei, I. (2018). The effects of business failure experience on successive entrepreneurial engagements: An evolutionary phase model. Group & Organization Management, 43 (4), 648–682.

Chadwick, I. C., & Raver, J. L. (2018). Psychological resilience and its downstream effects for business survival in nascent entrepreneurship. Entrepreneurship Theory and Practice, 1 (2), 1-6.

Jackson, T. (2015). Entrepreneurship training in tertiary education: Its development and transfer. Local Economy, 30 (5), 484–502.

Nikolaev, B., Boudreaux, C. J., & Wood, M. (2019). Entrepreneurship and subjective well-being: The mediating role of psychological functioning. Entrepreneurship Theory and Practice, 1 (1), 1-7.

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IvyPanda. (2024, February 19). Starting a Business: Advantages and Disadvantages. https://ivypanda.com/essays/starting-a-business-advantages-and-disadvantages/

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1. IvyPanda . "Starting a Business: Advantages and Disadvantages." February 19, 2024. https://ivypanda.com/essays/starting-a-business-advantages-and-disadvantages/.

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IvyPanda . "Starting a Business: Advantages and Disadvantages." February 19, 2024. https://ivypanda.com/essays/starting-a-business-advantages-and-disadvantages/.

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Resources and Knowledge for the Small Business CEO

Essay on starting a small business.

Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

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Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

Table of Contents

Starting up is not easy

Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here:  https://www.researchprospect.com/how-to-write-an-essay/

You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker  in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

This business related essay is sponsored by the following writing company: https://papersmart.net .

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Business Start Up, Essay Example

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Starting a business is a hard, long, and confusing endeavor filled with much information, a lot of paperwork, but much instruction on how to steer your startup. When starting a business the basics of creating the name, deciding the market, and writing up the business plan is necessary in the initial steps to becoming a business owner. However, they are several important factors, financial, social, and more importantly legal factors that must require the assistance of a professional when starting your own business.

The job of a paralegal is to work as a legal correspondent in guiding individuals through legal matter, such as, starting a business. There are several aspects of starting a business the potential owner must keep in mind. The first step is deciding, what the business is. Once decided, the paralegal should reveal the importance of intellectual property, along with the need, if any, trademarking, and patenting the business. Whether it be online or in a physical location, the decision matters in terms of the different laws and regulations that are assigned. If starting a business in a physical place, environment laws, zoning regulations, insurance, taxes, work place safety laws, permits, and licenses are required to know, and this information is essential for the potential business owner. (SBA, n.d) When starting a business online the knowledge of sales tax, international sales tax, regulations, consumer protection, and customs are essential in success of the company.

One of the most important information that the paralegal needs to inform the potential owner, is contracts, there are an important day to day aspect that business owners must use to further their business. Contracts are initial in confidentiality agreements, purchase of goods or services, financial obligations, joint ventures, with employees, intellectual property, and other aspects. The paralegal must inform on the basis of reading the fine print, knowing the laws before signing, and knowing the consequences of the contract.

Overall, starting a business is long road, with a big payoff if successful. However, when starting out, there is a lot of information that needs to be obtained in order to be a success. The need for financial, social, and legal advice will aid in navigating through the startup phase. The paralegal’s job is to inform the potential owner in the confusing legal requirements and information that will help in progressing the business into whatever area or focus that the business owner entails.

“Learn About Business Laws & Regulations.” SBA. N.d http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/understand-business-law-r

“Small Business Legal Issues: Contracts.” Virtual Advisor . 2009. http://www.va interactive.com/inbusiness/editorial/legal/ibt/legal_is.html

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More From Forbes

How to start a business from scratch (in 5 doable steps).

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Entrepreneurial aspirations? Starting a business from scratch is easier than you might think.

The best way to start a business depends on the type of business you want and your individual situation. Ideal side hustles for college students are different than for stay-at-home parents . If you’re a talented baker, you’ll need a different plan if you want to open your own bakery, versus selling a few of your items at the weekend farmers’ market, versus building a national franchise to rival Mrs. Field’s Cookies or Baked By Melissa. If you have dreamed of owning a pastry-related business, but you don’t bake, then you’ll need a different plan than the talented baker for any of the three options above.

Since aspiring entrepreneurs vary so widely in their interests, ideas and talents, no one post can account for all situations, but here are five foundational steps to start a business from scratch.

1. Decide If You Will Buddy Up Or Go Solo

Going solo means that you have free rein to make all the decisions – but then you have to make all decisions, including who your customer is, what you’ll offer, what price you’ll charge, how you’ll market your business and more. Starting a business with one or more other people divides up the work — but it also divides up the rewards. If you’re not 100% in agreement with your partner(s), you may find that the business does not match your vision or live up to your quality standards.

As you can see, there are pros and cons to starting a business with others versus alone. Do a candid self-assessment about whether you have the risk appetite, stamina and desire to go it alone. One compromise could be to start your business solo, but rent a co-working space so you are surrounded by others. Or, join a mastermind group or entrepreneurs association so you have an ecosystem of colleagues on a similar journey.

2. Look At Your Unique Competitive Advantages For Ideas

Once you have answered the partner versus solo question, you still need a business idea. Your partner might have a strong opinion on this. If not, or if you don’t have a partner, one smart way to tilt the odds of business success in your favor is to pick an area where you have a unique competitive advantage.

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For example, the talented baker who decides to open a pastry-related business has ability as their unique competitive advantage. Someone who worked for years in the food industry would have an experience advantage. Someone with culinary training has an education advantage. If you have a rabid interest in a subject — e.g., you might be an accountant by day but you frequent pastry shops every chance you get and read all about the industry — your enthusiasm can be your advantage.

3. Marshall Your Resources

In addition to an idea for your business, you’ll need to invest resources into it — not just money, but also your time. The amount of money you need to invest varies widely based on the type of business you’re starting. Product businesses where you need material and/or equipment to create your goods to sell are going to have much higher upfront costs than service businesses where you might be selling your knowledge and therefore have virtually zero upfront financial costs.

Time to get started also varies widely. If you need to build out a physical location (e.g., the bakery with kitchen) or retail store for your products, you will have a longer time investment before you can even make your first sale than the service entrepreneur who can start selling themselves with a relatively inexpensive, fast-build digital presence.

Calculate what money you need to invest to get your business started, as well as how long you’ll need to prepare before you can start selling. Compare this to your personal situation (e.g., do you already have a job, are you part of a dual-career couple or have other family commitments) to gauge how quickly and easily you will be able to get your business started. If you plan to leave your current job to start your business, include in your calculations the notice you’ll give to your current employer, as well as how you plan to meet the expenses that your paycheck used to cover.

4. Check The Legal Requirements Your Business Needs To Meet

A bakery business selling at a farmers’ market faces different food safety requirements than if they open a physical store or operate a mail-order business. If you have workers, there are labor requirements to meet. Even if you are a solo business owner offering services, you might need to have a license or certification for that service. Businesses also need to comply with insurance and tax requirements.

Because requirements vary, not only by business, but also by geography (e.g., bakers at farmers’ markets in Maine vs. Florida). Your local library, community business school or SCORE chapter ( SCORE is a national nonprofit that provides small business mentoring) can help you research the rules that apply to your business. As you’re researching the business you hope to start, your enthusiasm for digging into these details is a good test of how serious you are about your business idea!

5. Make Your First Sale

The best feedback on your business new idea comes from your customer’s wallet. If someone is willing to spend money on something, then you have uncovered a genuine need or desire for whatever you are selling. If you’re selling a service, start offering it as soon as you have bandwidth to deliver it. Making your first sale will prove your concept has a market, and it will also help you gauge firsthand if you like delivering this service. You can also start testing your prices and how to structure your offering.

If you have a more involved business — e.g., the baker planning to open a store — see if you can sell some of your products in advance. For example, you can cater events, and you can see people’s reactions to your creations firsthand. You might even get some testimonials for your ad campaign. Or, you can start by selling via other stores or at farmers’ markets — to gauge reactions, get testimonials, test product variety and test pricing. Focusing on early sales also gives your business some much-needed cash flow upfront.

Start As Cheaply As Possible

Notice that these first steps — focusing on sales, doing research using libraries or free providers like SCORE — are really focused on getting your business up to the first sale as cheaply as possible. It takes time for any new venture to gain traction, so by running a lean business, you give it more time to be successful. Starting a business is not about buying business cards (you can start with word-of-mouth) or building a website (use existing social platforms like Facebook or LinkedIn) or running ads (build a following on social media to build a following on social media). You can start a business without necessarily spending a lot of money.

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Startup (Start your own Business) Essay for Children and Students

December 10, 2017 by Study Mentor Leave a Comment

A start up is an entrepreneurial venture firm that is recently raised for quickly developing businesses. It is a business plan that needs to meet the commercial attraction by building a feasible plan for action that includes invention, innovation and risk.

Start-up is generally a private venture, organization or association that creates and improves an adaptable and flexible plan for business.

New business authors and researchers extended their thoughts, invention or idea into business plan and are quite successful. The business is generally divided on the three basis kike manufacturing, trading and service provider.

The start-up is generally a sole business proprietor and solely earns profit or loss in the business or a partnership joint venture where they invest a particular amount of fund and shares profit or loss of the business in profit sharing ratio according to their liability capacity.

The growth areas for setting start-ups are identified as the business environment; trading business like wholesale, retail, mall, exporters, importers, stock trading, real estate; industrial area could be large, medium, small or tiny sector; housing; health care; services like information services, public services, financial services, repairs, beauty parlours; training and business development; manufacturing; food; rural development like artists, handlooms, sericulture, khadi, handicraft or rural services and agriculture sector like he can work in plantation, horticulture, dairy, forestry, animal husbandry, poultry or seeds.

The Process of Starting a Start up by an Entrepreneur

• Find an opportunity
• Develop a business concept
• Figure out what success means and how to measure it
• Acquire the right resources
• Attain goals
• Launch and grow

Table of Contents

Main Challenges faced by any Start-ups

Any start-up faces these major challenges in running the start-up like money, competition, demonstrating effectiveness, technology, trust, human resources and public relations.

WHO IS AN ENTREPRENEUR?

An entrepreneur is someone who recognizes a problem and uses entrepreneurial principles to organize, create, and manage a venture to make various changes. He is a business professional whose main goal is to create a standard business model that can be used by several companies across the board.

They tend to concentrate on bringing new ideas to life within the business market.   Entrepreneur shares a pursuit of revenue generation with commercial firms but they also seek to achieve social goals such as positive human/social impact, and positive environmental impact.

Characteristics of a good Entrepreneur

• Not bound by sector norms or traditions.
• Not confined by barriers in the way of their goals.
• Develop new models and pioneer new approaches to enable them to overcome obstacles.
• Take innovative approaches to solve social issues and should keep business secrecy.
• Administrative ability and organization skills.
• Intelligence, creativity and should have clear objective.
• Emotional stable, have public relation, effective communication and technical knowledge.
• Innovative, have skills to manage everything, have a vision.

Who can be the Entrepreneur?

Anyone can be an entrepreneur whether men or women, anyone who has quality of managing things, risk bearing ability, urge to do something, have skills, thinks about growth, is innovative and positive thinker can be an enterprise. The entrepreneur should have some other qualities like:

Qualities of a good Entrepreneur

• He should be adaptive or go with the trend (mostly in case of technology).
• Have risk bearing ability.
• Should be innovative and progressive and should always think of diversification.
• Think of growth.
• Analyse the pros and cons for decision making.
• Do good planning before and after starting a venture.
• Not be afraid of failures and confident to face challenges.
• Improve his quality and should have ability to manage 5M factors, that is, men, machine, material, method and money.
• Should strive to meet the changing needs and requirements of the customers.

Types of Entrepreneur

There are majorly three types of entrepreneur which are as follows:

• Super Growth Entrepreneurs: these entrepreneurs start their business by their natural talents. They are bold, confident and are highly motivated to undertake the activities of an entrepreneurship.
• Classical Entrepreneurs: these are concerned with the customers and marketing needs through the development of self-support venture. These are survival firms without any growth rate.
• Mompreneurs: homemaker entrepreneurs are commonly known as mompreneurs. These entrepreneurs generally start working from their homes during the flexible hours of working like Lijjat Papad making.

Financial Institutions for Start-ups

To encourage the entrepreneurs, IDBI (Industrial Development Bank of India) has provided a scheme to finance the entrepreneurs at very low rate of 15% and to refinance the old small and old businesses at the concessional rate of 12.5% for male entrepreneurs and at 9% for the women entrepreneurs.

The CBI (Central Bank of India) is given contract to pass the loan of 10 Lakh rupees to the women entrepreneurs for starting a business venture but the loan is given on one condition that the idea of business should be innovative.

EDP (Entrepreneurial Development Programme)

This programme generally considered as the human resource development tool that provides the entrepreneurs the technical and managing skills.

The programme aims to remove unemployment, enhance development, promoting industrial growth. This programme is generally framed for the first generation entrepreneurs to be successful and covers majorly three variables:

• Target groups

It provides proper training to the entrepreneurs to enlarge their business and also ensures assurance of licence, requirement of finance for the business venture, providing raw material, etc.

The entrepreneurship development movement in India had received a very magnificent attention and the small manufacturing enterprises have made a demetrious growth in the three decades and had occupied a very important position in the industrial economy of India.

According to economist, entrepreneur is the one who brings resources, labour, material and other valuable resources all together to gain profit is the entrepreneur and also introduce something new changes or innovative.

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Small Business UK

Advice and Ideas for UK Small Businesses and SMEs

Starting your own essay writing business from home

If you have ever thought about setting up an essay writing business at home, here are some tips to get you started.

The essay writing business world is on the rise, nowadays. Therefore, when starting this new venture, you should have a few things in consideration to ensure that you can be successful and that you receive regular monetary benefits from it. For starters, you should be aware that an essay writing service is like any other business with a product to offer, clients, competition etc.

Be ready! How? Here’s a look.

The first thing you should focus is to make your essay writing business as one of the best in this segment, let it be the top essay writing service. Hire brilliant paper writers with different skills and make sure they can write on any given topic or subject.

Human talent is your best asset here.

In order for people to buy papers you have to make quality essays, and this is a priority requirement to start things off, don’t let anything go in to the market without absolute perfection because this is going to be the face of your business. If it is signed by another person, then put all of that work together and build up your portfolio.

People like to see what they’re buying, especially students with low budgets. Include samples of different topics so you can have a wider client spectrum. Think of your customers: desperate students that want to order a paper because they don’t have time. And, they don’t know how or simply because they don’t want to do it themselves. There are many different websites like EssayService to provide diverse pricing packages that accommodate everyone’s wallet. Don’t forget to be as fast as you can. Time is money and the customers know it. But the faster the work needs to be done the higher the price is going to be.

Also, ask your clients for feedback and make them score you in stars. People want to know if you are worth investing. If your essay writing business is going to be on the Internet put effort on creating a good website with a nice look and that is user friendly. Also, you could start offering your service on other job platforms, build a solid buyers niche and then migrate, it’s a little faster and you’ll be in different sites at the same time. This helps build your portfolio and reputation a lot faster as you work internationally.

Most importantly, don’t get greedy with orders. Whether you work alone or as a team, you should not the amount of orders you can accommodate in a particular period of time. Learn to say no or next time to orders you can’t handle because it can also affect your current orders by you rushing to finish.

Definitively, it’s a competitive business, but there’s a lot of demand. If you have a solid team, quality content, great reviews, awesome deliver times and great page, you’re off to an excellent start.

Further reading on essay writing

Small businesses forced to write off debt due to late payment

Owen was a reporter for Bonhill Group plc writing across the Smallbusiness.co.uk and Growthbusiness.co.uk titles before moving on to be a Digital Technology reporter for the Express.co.uk. More by Owen Gough

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The complete checklist on starting a business the simple way

Read our simple 18-item checklist to take you through every step of starting your own business. All your questions answered.

Business Essay: How To Start Your Own Business From Zero

All people know, that it is very difficult to live without money and to earn them you need to work a lot. It is difficult to work on somebody and you will get not very good feeling, when your boss is not satisfied with your job. It means, that it is the time to start your own business.

If you have your own business, there are a lot of benefits, because you can control your time, you do not need to work in the office and you can plan your life as you wish. If you want to order business essays about the benefits of your own business, you can do it on our site and our writers will write it for you.

1. Have the right thoughts to create a business

Which thoughts you must not have to start your business.

• I need to earn a lot of money in the shortest time.
• The idea, which I have, will work properly and I do not need to think more about it.
• My neighbor started his own business and I will do it.
• I am tired of my job and I will start my own business.

Which thoughts you must have to start your business

• I have a lot of skills and qualities and I know, what exactly people need and I will create that goods and services.
• I understand, that it is very dangerous to take a huge sum of money to start the business and I will need to have my own money and to calculate the needed sum.
• I understand, that own business will need a lot of time and efforts to develop it and I am ready for it.
• If I start my business, I will not have the boss, who will tell me what I need to do and I need to start to be organized right now, before I start my business.

Also, a lot of people are afraid to start their own business, because they know that someone started, but lost everything, they think, that the same scenario is waiting for them.

2. Think About the Idea for Business

Your own business will open the new world of freedom to you and will give you the opportunity to change your life. You can be sure, that your family , friends and relatives will be only glad for you and for your success.

You can be surprised, but your own business will start from the idea. Not with business plan, how a lot of people think, but exactly from the idea. First of all, you need to think about what exactly you are going to do, which kind of business you wish to start and develop your idea.

For example, you wish to open the language school. You need to think, if this school is big or small, how many subjects you will have there and how many teachers you need.

3. Analyze yourself

When you have the idea, it means, that you are ready for the next step. On this stage you need to analyze yourself and you may also need a business owner resume . You should also estimate if you have enough possibilities for your idea. Also, you should estimate all possible difficulties you can have. You should analyze every moment. There are some important things, which you need to estimate firstly:

• Your skills and qualities and how you can use them in your own business.
• Your clients.
• The need in the building or some special equipment.
• The needed sum of money .
• If something goes wrong, how to change it.

4. Analyze your competitors

You need to collect all information and after that to show your own benefits. If you wish, for example, to open language school, you need to find the information about all language schools in the area, the information about salary, number of people and other detailed information which you need for your business. This information will give you the great opportunity to analyze yourself and your benefits before your competitors and also will show your weak sides and will let you change the situation.

5. Create a business plan

When you understood the idea and analyzed your competitors, it is exactly the time to create your first business plan. Exactly the business plan will help you to understand the sum of money you need. You will know whom exactly you sell your goods and services to.

6. The registration of your business

You need to be very serious with it. It is needed to ask the people, which have the experience in it, because you will have a lot of problems with the law, if you do something incorrectly. You can get more information by ordering the business law essay here and after that you will know about all that you need to register your business.

7. Get finance for your business

To start your business, you must have a sufficient amount of funds at your disposal. In the modern economy, nothing is free. There are many ways to acquire the necessary monetary assets, so in this section, we listed some of them for you to consider. However, do remember that you must have a solid business plan first along with adequate budget management skills.

Find the investor who is interested in your idea.

After you decided on your plans and strategies, you may present them to an existing company or a wealthy person, in order to persuade them to invest in the development of your business. Of course, you will have to share your future profits with your investors afterwards, but it is a solid way to start things off.

Take a loan from a trusted and legal bank institution.

The way this method works is very similar to the previous one, but you will be getting the money you need from a bank, not the investor. This means that you will have to take a loan with the nominal interest rate.

You will have to pay off this loan under a designated time limit, but after doing so, you don't have to share the potential earnings from your business with anyone.

Try to save the money to accumulate the necessary amount.

This process is the most time consuming one compared to others, but it disposes of the necessity to rely on the involvement of the third parties into your business. This approach will be hugely beneficial to you long-term because it means that you can develop your company without any external interferences.

You can ask your friends or relatives for some money.

This may seem like a good idea at first, but you must be very cautious about how intimate your relationship is with the person, who will provide you with the funds you require to start your business. Money is infamous for ruining any bonds between people, so do be careful if you are going to take it from someone who is close to you.

Sell something valuable.

You can sell your vehicle or real estate if you have any, but you must be sure that you know about any possible dangers and the rules of the market. But under any circumstances, do not sell the only lodging you have, because you can become homeless in case your business fails.

Alternatively, you can rent your property.

This way, you will have the ability to capitalize on it while retaining the ownership rights.

Try some crowdfunding websites.

You need to present your ideas to the public in an engaging way. Your aim is to stimulate the flow of donations to your cause. However, false Advertisement is strictly prohibited and is morally repugnant. Don't try to use any "dirty" techniques, because your business will undoubtedly fail, and with a ruined reputation, it is impossible to start again. Please keep that in mind.

Find and invite the angel investor.

Such people are tough to find because a lot of them are keeping a low profile for various reasons. They will give you the necessary amount of money to boost your startup for the stake in your business. Despite the need to share the profits and the company in general, the angel investors will offer you not only their funds but also their valuable and influential connections in the industry or a market you want to try your hand in. Besides, considering how many one must have in order to succeed in the world of business. In essence, it is not a bad idea to consider having a trustworthy companion who is experienced in the ways of the market or production of your choosing.

8. Organization of your business

If you wish to start your own business and not to lose everything, these 10 advices will help you a lot.

• Do not take a huge loan in the bank if you did not have experience in it.
• Before starting your own business, give the answer to this question: “ What will I lose, if my business does not bring me the money?”
• You should be ready for both situations: as optimistic as pessimistic.
• Do not start your business on the money, which you need to use on something else, for example, the education of your children.
• Check the market and decide, if you are able to have benefits from your business.
• Do not work with the project, which promises to you a lot of money in the short time.
• If you have the opportunity, ask about advices in people, which are more experienced in this question.
• You should start your business in the sphere, you are familiar with.
• If you plan your actions, you should think a lot about every your step.
• Just be optimistic and do not stop if you have some difficulties.

As you can see, it is not very difficult to start your business. You just need to have the idea and the strong wish to be successful. If you work hardly, there will not be anything impossible for you. You can get the examples of the stories about different people, that started their own business, just ordering the essays on business on our site.

Some myths about own business

• It is impossible to start the business without money and some friends, which can help to start it.
• The taxes will be higher than my profit.
• Some criminals will take my business.
• I do not have the experience in it.

9. Advertisement is the next step to your success.

The creation of an adequate marketing strategy doesn't mean that you can solve everything with money. The most important thing to do after you have secured the required funds is to start the correct advertisement process for your goods or services. This matter is essential to any business because without a proper advertisement your company will remain almost completely unknown to the target audience.

You can try to come up with the ways to promote your company's merchandise on your own, but the wisest decision you can make is to leave everything regarding the publicity to the professionals. Your time is of the essence, and you don't have the luxury to waste a lot of resources learning the ways of the advertisement industry.

10. Don't be afraid of cooperation with others.

If you want your business to prosper long-term, you have to cooperate with many people and various enterprises. You may think that it is a waste of money, but it is fundamentally wrong. The mutually beneficial partnership is the best way to make your business grow exponentially. Just like in everything in life, you cannot achieve everything alone. You will exhaust yourself physically and mentally, and your company will suffer as well.

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