Entrepreneurship Essay Example | Topics and Well Written Essays - 500 words

Entrepreneurship - Essay interpreterCertain personality characteristics can also be very helpful in starting a new business. A study conducted by Southern Methodist Universitys Cox School of trade lists several shared characteristics of more than 200 successful entrepreneurs (those who crap been in business more than 5 years and have gross revenues of at least $1 million), including good health, an ability to control, strong self-confidence, richly energy and sense of urgency, comprehensive awareness of a situation, a realistic outlook, conceptual ability, a low gear need for societal status, an objective approach, emotional stability, an attraction to challenges and an ability to describe situations with numbers (Glick-Smith, 1999).Strategic homework is important to any small society that wishes to grow or expand product lines or services. polar from a business devise in which something is started, strategic planning maps out the various practices a company will use to obta in a desired goal, such as increased sales, employee growth or adjusting to new competition (Kautz, 2005). Like running a race, if you dont know where the course is, you have little chance of arriving at the finish line prior to the competition. A strategic plan should embarrass a business purpose that makes the mission and philosophy of the company clear to employees and others in a laconic statement, organizational goals that define the endpoints toward which the plan is striving, mapped out strategies for meeting each of these goals, action plans to implement the various strategies and the carrying into action of a monitoring plan to ensure the company is on the right path toward meeting these goals (Kautz, 2005). The plan should remain flexible to meet the growth needs of the company as well as the changes indoors the marketplace.According to Alex Goumakos, there are 5 major factors that should be considered when deciding on the format of self-possession liability protectio n, taxes, management, ownership transition and