Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
1
Jordan Wall
EC 202 B
Starting and Managing a Business
2
The decision to start a business is thrilling but also equally full of uncertainties and risks.
As an entrepreneur looking to start a business, it’s worthwhile that one looks at all possibilities
including the advantages as well as the disadvantages associated with it. Doing so informs one in
advance on whether there might be a possibility that the cons/disadvantages will outweigh the
advantages in the near future. Starting and consequently owning a business is all quite different
from employment or any other venture. Often it’s advisable that intending entrepreneurs look
into the though carefully and decide whether or not they are fully committed to seeing their
businesses thrive regardless of the challenges ahead. Entrepreneurship is quite a wide venture
with thousands of probable business opportunities. However, each individual is destined for
different types of business ventures and therefore they should not be swayed by what seems
lucrative and interesting for someone else. Intelligence and strategic planning ought to be at the
forefront of avoiding jumping into any bandwagon that seems flourishing. This determination
facilitates one’s efforts and consequently helps them attain their intended destination. Equally
important when starting a business are the goals and objectives that one hopes to achieve along
the ways as well as the bigger picture at the end of the journey. These are crucial and are of the
essence as entrepreneurs can use these milestones to gauge whether or not their business is
gaining profits or making losses, hence forge new ways to bring it back on track. Besides starting
a business its equally important that the managing bit is addressed effectively. This determines
the progress of the business, and whether or not it will be a success or a big failure. The right
approaches, strategies, and measures ought to be put in place to ensure smooth operations and
consequently success. This paper, therefore, seeks to highlight the pros and cons associated with
starting a business and subsequently the challenges faced while managing the business.
3
Starting a business is not all rosy but there are several notable benefits that one can draw
from the venture. Unlike an employee, a business owner determines the most suitable place for
them to work and hence they put much more effort into ensuring that it succeeds. They are in
control of all aspects of their businesses which helps to enhance their qualities and motivates
them to work even harder. Starting a business gives one the opportunity to decide on crucial
aspects that determine performance such as the working environment and working hours
(Forneris, nd). Businesses allow one to explore their full potential without the limitations that are
present when one is an employee. Limitations such as mismanagement and limited positions that
one can use to explore their limits are unlikely to experience when one starts their own business.
While it allows one the opportunity to venture into one’s own interest, it equally facilitates
speedy growth due to the challenge and needs to accomplish something worthwhile (Forneris,
