Starting and Managing a Business Essay

1101 WordsOct 27, 20125 Pages
Starting and Managing a Business Latasha Smith Everest University For years people have been venturing out and starting their own business. This paper describes the process of starting and managing a business. Starting a business is hard work, but also rewarding. Starting your own business allows you to be your own boss, and who wouldn’t want to be in charge. I personally think the idea of starting your own business is a very smart thing to do. A lot of things factor into starting a business such as writing a business plan, choosing a business entity, and financing a business. Starting a business involves planning, making key financial decisions, and completing a series of legal activities (U.S. small business administration, 2012). In this paper I will discuss choosing a business entity, financing your business, business plans, and etc. There are many available programs to help you set up your business such as the U.S Small Business Association (SBA). The U.S Small Business Administration has delivered millions of loans, contracts, counseling sessions, and other types of assistance, since it’s founding in 1953 (about SBA, 2012). Before starting a business you must be certain that being an entrepreneur is for you. An entrepreneur is someone who takes on new financial ventures no matter what the risk. I’m definitely a risk taker. I have lost plenty of money trying to start home businesses getting scammed in the process. I haven’t given up because one of them has to work. According to SBA (2012) entrepreneurs should be risk takers, independent, and persuasive. They should also be creative, good negotiators, and should have a good support system. I believe it’s good to have people who fully support you and your dreams, it’s just a great feeling and we all need that support. The SBA offers ten steps to help you plan, prepare, and manage your business. First you

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