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Entrepreneurship Benefits and Challenges Coursework

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Updated: Jun 5th, 2022

Benefit of Entrepreneurship

When opening one’s own business and organizing all the management processes, it is important to focus not only on the final results of work but also on current tasks that allow achieving the desired result. As a rule, a host of factors should be taken into account, including market needs, start-up capital, supply chain management, and other aspects of business activities. Nevertheless, most novice entrepreneurs, including me, want to see the main benefit – a livable income. According to Green and Katz (2017), this criterion of the work conducted is one of the rewards that a successful business offers. Therefore, even in the case of opening a small start-up project, my goal and aspiration are to receive a stable profit.

For me as an entrepreneur, it is essential to realize that my project works and brings dividends, thereby paying for the costs. If a person spends money on preparing an individual business, he or she counts on a refund. Making a profit at the expense of activities and the promotion of certain ideas looks much nicer than standard payments for routine work at state enterprises. Therefore, a livable income for me is a significant benefit, which indicates the success of my business.

Challenge in Starting a Business

In terms of work in a start-up project, I see myself as organic, but there are some difficulties that can affect the outcomes of activities negatively and, as a result, profitability. In particular, market competition, the complexity of financial transactions and reporting, and other inalienable conditions for entrepreneurship may cause difficulties. However, for me, the most significant challenge is an opportunity to spend a part of the funds correctly, that is, to distribute capital in accordance with the most urgent needs. As Burns (2016) notes, a crucial task is “to launch your business and test your idea within your “affordable loss” (p. 146). It is this fear of incorrectly calculating the amount of investment that is the most significant. According to Green and Katz (2017), planning should precede any operations if the expenditure of financial assets is implied. However, a start-up project may be unpredictable, and depending on this or that decision, consequences can vary greatly. Therefore, the desire to avoid wasting money is one of the key tasks for me.

Faith in an Entrepreneurial Start-Up

It is essential to not only plan but also to believe in success since it is precisely the devotion to the idea that can motivate a person to act and achieve success. In a religious context, entrepreneurship is not considered reprehensible or shameful. On the contrary, God blesses people and gives hope that all undertakings will be realized. Higginson and Robertshaw (2017) cite Jeremiah (29:11): “I know the plans I have for you, says the Lord, plans for your welfare and not for harm, to give you a future with hope” (p. 84). This biblical passage shows that it is possible to achieve success. I realize that one of the main ways of strengthening faith in an entrepreneurial start-up project is to work constantly in order to see the fruits of my activities.

Higginson and Robertshaw (2017) also give Matthew’s interpretation of Jesus’ words (7:7 – 8): “search, and you will find; knock, and the door will be opened for you” (p. 61). This rule is a crucial message to all those who doubt the effectiveness of a particular business. Despair is destructive and extremely dangerous if something goes wrong. It is required to concentrate all internal resources and focus on the final goal, and success will be ensured.

References

Burns, P. (2016). Entrepreneurship and small business: Start-up. Growth and maturity (4th ed.). London, UK: Palgrave Macmillan.

Green, R. P., & Katz, J. (2017). Loose leaf entrepreneurial small business (5th ed.). London, UK: McGraw-Hill Education.

Higginson, R., & Robertshaw, K. (2017). A voice to be heard: Christian entrepreneurs living out their faith. London, UK: Inter-Varsity Press.

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