Fundamentals of Entrepreneurship
Elise Myers
American InterContinental University
March 21, 2012

In the last 10 years, it seems that our economy has spiraled more and more quickly as each year passes. Job opportunities are almost non-existent, money is a rarity, gas prices are through the roof, and more and more homes are being foreclosed. Most people would probably not want to risk the time, money, and energy, trying to start a business in our depleting economy. I am currently in the beginning phases of planning my own business. Starting a business is nerve-racking no matter what the economy status.
Although I do fear failure, I am looking forward and still plan on actually opening my business in August. The main reason I decided to start my own business, even in this economy, is that I refuse to work for someone for the rest of my life, I have too many ideas not to act on them, and that I truly believe that I can become successful. There are many factors that myself and business owners have to consider when it comes to business ownership. Are they going to go into business with someone else? Will they have investors? Or, will they decide to do everything themselves? When you go into business with a partner, you must consider profit percentages, and liability. If something happens and a lawsuit is in the midst, in a partnership, who will pay? Will it be 50/50? When it comes to investors, they always want some sort of compensation or percentage. When becoming a sole proprietor, there are completely different types of risks. Being the only owner of a business, you have to come up with the funds yourself, all liability is on you, and there is no one to turn to when something may go sour. I plan on going into business for myself, but do plan on recruiting a seamstress to make my dream a reality. I have already spoken to a seamstress and we have decided to go 70/30 on the profit. Because I am in school, funds are a bit short. My parents are planning on investing in my idea without claiming any of the profits. Finding an investor who is only interested in helping you is very rare, but I am thankful. "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." I disagree with this statement all together. Why get an education if you cannot utilize it? Nothing is better than getting an education and using the education at the same time. The student should not get too sidetracked with the business and forget all about their education. The student should create an even balance between the two. This statement is too general and shouldn’t be applied to all. I will still be in school when I begin my business this summer, but I have dreamt of owning my own business since I was in elementary school. Starting a business can be very scary, but as long as you have completely mapped out the idea, finances, and ownership, everything should be okay. Surrounding yourself with people, who support you and your idea, also helps. All of these factors in the first 3 chapters of our textbook and my prior knowledge of entrepreneurship, I am 100% sure of myself and my business idea.