Entrepreneur Interview Paper (small business) Essay

Entrepreneur Interview Paper (small business) - Essay Example At one point in the interview, he defined an entrepreneur as â€Å"Someone who works ninety hours a week to avoid working forty hours a week for someone else†. It takes a lot of stamina and patience. â€Å"Entrepreneurs are not easily discouraged† (Schramm cited in Petrecca, 2010). The first and the foremost challenge an entrepreneur is exposed is of the management of cash. There has to be adequate cash flow particularly in the initial four to five years as they are very intensive in terms of cash flow. To achieve this, the entrepreneur must have stable and reliable sources of funds identified at the outset. Starting a new business is a risky process as on the entrepreneur’s part, as it requires him/her to be determined and consistent. Good business takes time to evolve. Still, not all businesses grow with time. It depends to a large extent upon the entrepreneur’s fortune. If circumstances are unfavorable, and the business does not yield the intended benef its, the entrepreneur’s time, money and often repute are at stake. However, if the business turns out to be successful, rewards included profitability, success and psychological satisfaction. Another factor that carries immense tendency to destroy the business is the influence of generations on it. Originally, the person from the first generation starts the business in a certain way following certain principles that become the secrets of the company’s success. The following generations tend to run the business in their own ways and often have inadequate knowledge or understanding of the fundamental principles that helped the first generation take the business to the level where it stands. While it is advisable for the future generations to gain proper schooling and education in business,... The paper tells that to start a new business and make it successful also requires the entrepreneur’s passion which fundamentally drives his/her motivation to chase the goals. However, for an entrepreneur to be successful, there are certain things that need to be taken serious care of. The entrepreneur must have done sufficient homework on such aspects of the business as demography, capital required, sources of capital and the insurances involved. Alongside, the entrepreneur needs to assess how much time he/she can reserve for his/her personal life apart from work. Outright and rational assessment enables the entrepreneur to make informed decisions along the way. Every business has an obligation towards the society. While a business is meant to be profitable for the entrepreneur, it needs to play a positive role in enhancing the economic strength of the country. Small businesses have a huge contribution in the national economy. Particularly, in the contemporary society, when th e notions of corporate social responsibility and green working are being much emphasized upon, entrepreneurs are expected not only to be more ethical in their works, but also make the world a better place to live in by producing useful services and products. The Saver Systems achieves this by providing people with high quality and cost effective solutions for their masonry chimneys.