The Fundamentals of Entrepreneurship DB

My view of entrepreneurship is that you dont need to discombobulate particular(a) skills to be successful when you decide to start a fear. All one needs to have is the relish to work in order to achieve his oddments. According to my understanding of the develop entrepreneur, it is a French word which means to undertake, so in business it is to start a business. To say that you moldiness have passe-partout qualities that a few have in order to be an entrepreneur is not only farther fetched but also erroneous, I simply dont agree with that kind of thought.Strategic formulation is a direction or scheme that a business is going to follow in definite period of time. It is so important to a small business in because it keeps it on the edge of arguing with big companies. A business with no strategy has no direction. Strategy outlines the direction of the business. Without a strategy it is difficult to achieve goals in a business and small businesses therefore ought to formulate viable strategies that stern cope with competition and at the same time make the business focused in scope. To me strategical planning is a process that does not only requires good management skills but also it requires the bequeath and commitment by all persons involved in order to attain the set goals. (McDonald, 2001)There argon several factors that an entrepreneur should consider before choosing any form of ownership. There ar The risks involved which are normally high in entrepreneurship, purpose of the business, its goals, strategies for achieving each goal, a plan to implement each goal and the way of monitoring the implementation plan. Other factors includes the influence one have in the running of the business and one must also know the responsibility for debts, the amount of tax payable to the government and the county or the local government, one must also know the government policies of that particular business. A person must also consider the amount of profit to exp ect and the time he or she spends on that business.I disagree with educators who thinks that student in colleges should not engage in business, this is simply because the students engage in this for they have been taught its fundamentals and they cannot wait to put them in practice. Once students get the desired knowledge they become groundbreaking and hence they cannot wait to test their skills as entrepreneurs. Research indicates that entrepreneurship should include innovations such(prenominal) as smart products, new production methods, new markets and new types of business among other innovations. In my own perspective wealth is created when such innovations are utilized since it results in new demand of commodities.The purpose of an entrepreneur is to build a lucrative, moral, and a sustainable business organization. I am of the opinion that one must adhere to factors such as 1. Profitable business practices that satisfies and attract new customers, pay employees fairly and re wards innovation and diligence.2.Ethical business practices that include the resistance the privacy of the clients and employee financial and personal information, to respect ethnic, political and religious backgrounds of the customers.3.Sustainable business practices that can withstand the dynamics of the world, these involves establishing markets not exploiting them, doing away with abusive working conditions and keeping basic labor rights, replacing non-renewable energy sources with renewable energy sources, encouraging developing countries to improve labor and environmental standards amongst suppliers. (Cullen and Boteeah, 2005)ReferenceCullen, J. and Boteeah, K. (2005) Multinational Management A strategic Approach 3rd adaptation Thomson South-Western MasonMcDonald, M. (2001) Marketing Plans How to Prepare Them, How to Use Them. 4thEdition London, Butterworth Heinenamm