Research

In an article I read about starting your own business, Paul Clitheroe states that running your own business can offer flexibility and financial rewards, and if you prove to be successful you can create a healthy-long term investment. Personally, coming from a daughter of a business owner I believe this to be very true. One of the things I would love to have if I owned my own business would be the flexibility and being your own boss. Also I would love to be able to walk into my business one day and look around and think “wow this is my business, I created this and no one else.” More and more people today have become interested in the entrepreneur lifestyle than ever before. “It seems we're a very entrepreneurial bunch with 15,300 more men and women running their own business today compared to this time last year.” (P.Clitheroe)

While thinking about my future as a business owner I feel myself become very motivated to see it succeed. While reading the article I found about starting your own business Paul Clitheroe advises that when choosing a venture it’s important to look for opportunities that have genuine long-term prospects. To me this seems to be an important key because if a business owner isn’t looking to own something long term then are there really any long term benefits to the owner? Not usually. What motivates myself and usually some other entrepreneurs is where they can see themselves ending up. The satisfaction I could encounter after successfully launching my own business would be exhilarating and is what motivates me to go through with the self-discipline and hard work ahead of me.

I believe that starting your own business could be the best thing that has ever happened to someone. In another article I read about starting your own business, it states “For most people, entrepreneurship is the only way to break the income barrier” (Daily the Pak Banker) starting up something of your own and branching of into your own world can sometimes be the only way to really make an income or make money doing things you actually want to do. Starting up your own business isn’t necessarily easy though and not everyone succeeds. You definitely need background knowledge and conduct a ton of research before seriously making moves. Daily the Pak Banker states in an article of starting your own business “The time usually taken by aspiring entrepreneurs between generating the idea and deciding to execute it is recklessly short. Little or no homework is done before execution begins. This is one of the primary reasons for the short lives of most start-ups.” (Daily the Pak Banker) As said in school, doing your homework is very important to achieve success. The research needed to start your own business can be a lot of work and highly demanding, it isn’t for everyone. When starting a business an article stated “It is also very important to determine the price of your product and build revenue forecasts accordingly. While determining the costs and the revenues, you should carry out extensive research in order to make informed assumptions for both.” (Daily the Pak Banker) The forecasts can help determine what the break-even level of your business is going to be: how much of the product you will need to sell before you have exceeded all your costs and how long it can take.

 The articles I read were short but informative about what you’ll need to know before starting a business and what risks can come along the way.

 

References:

Clitheroe, Paul. "Starting Your Own Business?" Sunshine Coast Daily: 23. Jun 17 2014. ProQuest. Web. 3 Dec. 2014 .

 

"Starting Your Own Business." Daily the Pak BankerMar 08 2014. ProQuest. Web. 3 Dec. 2014 .