rifices are called "external" because they are imposed upon every entrepreneur by the nature of the job. You must be able to adapt yourself to them; they are fixed and unforgiving, and are occasionally rewarding and punishing. Some of these external demands are: a knowledge of the business environment in which you want to launch your venture, apprenticeship and experience, people and team building, and creativity"(Timmons 45). This job can sometimes be unreliable. An entrepreneur can suddenly have little or no money. An entrepreneur's money comes from someone else. So if their stockholder decided to not finance them anymore the money would stop. The business might not work out and will not prosper. Then the entrepreneur has to start all over again from the beginning. This costs them years of a setback. Every year, ninety five percent of start-up companies fail. Only five percent ever make it in the entrepreneur business.The major negative factor that is placed on the entrepreneur is the high demand. There is always pressure that is placed on the entrepreneur to survive, stay alive, be strong for the company, and constantly out beat and outplay all competitors. In the early set-up years, entrepreneurs have to be ready do sacrifice everything to be devoted to the job. This includes money, friends, family, and extra leisurely activities. In able to be committed to the job, friends, and family, the entrepreneur has to be prepared to take on a hard, realistic burden of work. On the other hand, some small-business owners are capable of attending their personal needs while showing a high potential in their firm. Owners of small businesses are probably dominated as much by personal and family considerations as by the profitability of the business.There are many steps required in starting a new company. First, decide what is to be accomplished and what the overall dream is. Set short term, mid term, and long term goals. These ...
