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Submitted By jona0913
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Iesha Fox
July 19th, 2012
MGMT 250
Discussion Board 1
Prof. John Hargiss

Entrepreneurship Discussion Question 1

Over the past few years, our economy has gotten worse and worse, but I would still take the risk of opening up my own business. To me, now would be the perfect time to open up. I think this because no matter how bad the economy is, that won’t stop anyone from going out and purchasing anything from stores. Although there are pros and cons to starting your own business right now, I would still go for it.
I believe before anyone opens up their own business, you have to know what you are getting into. You have to have a lot of knowledge and have to be very committed to what you are about. I think before starting your own, you need to at least work in a business for maybe two or three years. That way you know what goes on inside the business. Try to talk to someone that owns a business so that you can get some key pointers what will help along the way.
Another important thing to consider before you get started is money. You have to have money to make money. I know it takes a lot of money to get started, so you have to think are you really prepared to start your own business. Most people try to get loans from banks. But to do this, you need a credit score of “700”. You need to be able to manage your money, if you don’t know how the business won’t last long because you’ll soon go bankrupt because you aren’t keeping up.
The statement “A student whose main activity on campus is running a business is missing the basic reason for being here, which is to get an education can be true and false. This statement is true because most students are full time students. You always have homework, test, quizzes, labs, etc. So that takes away most of your free time. Starting your own business takes a lot of dedication and I don’t think with starting something that big you would be prepared because you’re focused right now on trying to graduate and get your degree.
I also disagree with this statement because I know there are a lot of people that are successful and didn’t finish school. They went to school long enough to know what’s important on starting their own business. Starting your second year of school you start learning more and more on what you are majoring in, so you will have more knowledge.
References

Willis, G. (2010). Should You Start Your Own Business? Retrieved from http://money.cnn.com/2010/02/03/pf/saving/Start-a-small-business/

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