Opinion Essay:Setting Up A Business that Contributing to the Community

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Opinion Essay: Setting Up A Business that Contributing to the Community
“Becoming your own boss is,” perhaps, the most common phrase that is used to casually referring to opening a business. Despite the accolades and charisma given to the starting and running a successful business, many people are adamant about venturing into business. The few that try take the risk of not only their capital and time investment but also their careers. This is because running a business successfully requires total commitment (Bettenburg 263). Thre are several factors that contribute to the failure of a business, which depends on the stage of business in the growth cycle. Giving back to the community that is hosting the business should also come together with the business package to ensure sustainability. In order to make it to the few business ventures that succeed, one needs to consider the following factors.
The first step towards establishing a business that is giving back to the community is defining and evaluating the goals. Here the business idea is evaluated and critiqued comprehensively in order to establish and form the blueprint to transform the idea into a business. After the idea is fully formed, one needs to solicit capital to be used for the firm. The capital can either come from equity financing or credit financing investors (Bettenburg 269). Improving and building the business network and experience should be done to ensure that the business is run professionally as well as focusing on the primary objectives.
The entrepreneur should ensure that they are well acquainted with the dynamics and trends of the business. This will assist them to have a chance of succeeding in the business beyond their competitors. Another important factor that leads to the ...