Creating New Businesses

Paper Summary:

The paper discusses the advantages of being an entrepreneur that include the opportunity to be one's own boss and define one's own working conditions and hours as well as being able to fulfil a vision of a given product or service area. The paper then looks at the drawbacks that involve the personal and professional risks to financial stability and reputation if the new venture does not succeed. The paper relates that with so many demands on entrepreneurs, only those that are the most focused and passionate about their potential business ideas succeed.

Outline:
Executive Summary
Pros of being an Entrepreneur
Cons of being an Entrepreneur

From the Paper:

"The role of an entrepreneur is to create new businesses that deliver consistently high levels of value over the life of the products, processes and organization. As the processes involved in creating a new company are complex and varied in the skills they require, entrepreneurs must be adept at managing a multitude of tasks and processes simultaneously. There is a common perception of those who create new businesses have a correspondingly high level of freedom and strong sense of optimism (Olsztynski, 18). Traits that lead to success in entrepreneurship however include pragmatism, critical thinking, and a strong focus on results and strategies (Burmeister, Schade, 340). There is a common misconception that entrepreneurs gain exceptional levels of personal freedom from the risks they take, yet in fact they are often more in demand than any other employee as they are the pivot points of their companies."

Sample of Sources Used:

• Katrin Burmeister, Christian Schade. "Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias. " Journal of Business Venturing 22.3 (2007): 340. ABI/INFORM Global. ProQuest. 21 Apr. 2008
• Jim Olsztynski. "The pros & cons of going into business for yourself-part 1. " National Driller 1 May 2003: 18. ABI/INFORM Trade & Industry. ProQuest. 20 Apr. 2008
• Rose Trevelyan. "Optimal optimism. " Business Strategy Review 18.3 (2007): 18-22. ABI/INFORM Global. ProQuest. 22 Apr. 2008
• Noam Wasserman. "The founder's DILEMMA. " Harvard Business Review 86.2 (2008): 102-19. ABI/INFORM Global. ProQuest 22 Apr. 2008.

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