Startups and Exploring Entrepreneurship Essay

Startups and Exploring EntrepreneurshipMany factors go into the decision of starting up a business. SCORE and SBA offer online resources to help readers decide if they are ready for the business world, for example, they advertise quizzes and articles for those who are contemplating beginning a business so that they can assess their readiness. Why be so cautious? A startling number of businesses fail within the first few years of operation, according to the PowerPoint notes, around 20! Clearly, there are numerous important issues to consider when starting a business however, the two most important are appropriate planning and survival.It is crucial to properly plan your business, in fact, the first step in SBAs 10 Steps to Starting a Business is to write a business plan. Your plan is the foundation of your business, and therefore your future success! This is applicable to many life situations, such as if your house has a weak foundation, it is likely to have problems in the future. As the old saying goes, no one plans to fail, but many fail to plan. Carefully planned allocation of capital, responsible use of credit, a steady expanding pace, and being organized is important when creating a business plan. Not to mention obtaining the knowledge of and abiding by regulations are also essential.Survival is another key issue when it comes to setting up a business. Although you may have an excellent business plan, important factors may fluctuate and therefore demand adjustments to the plan in order for business survival. Flexibility is imperative to survival, as many different obstacles can be thrown your way. For example, if you start a business selling flowers and your business plan allocated spending four dollars per dozen on roses, but a month after being in business your suppliers raise their price to eight dollars per dozen, you must be prepared to do what is necessary in order to survive. Whether it is finding a different supplier, choosing...

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