This study explores the subject on entrepreneurship with a special focus on diesel repair business start-up in Southwest Virginia. The study has explored the relevant entrepreneurs’ attributes, risks, and rewards associated with entrepreneurship and the factors that influence its success or failure. …
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The study has also provided market and industrial analysis and concluded that diesel repair business is a viable business. The study also advises the entrepreneur to invest in bio-diesel as an additional line of business as a way of diversifying the venture. Introduction Pursuit of an entrepreneurial dream starts with a viable dream. Once a new idea is conceptualized and a business plan is drawn and decision made concerning the legal structure, basic tactics such as pursuing an international opportunity or starting a new business venture, and financing issues, one can then embark on the entrepreneurship journey. For most people who venture into entrepreneurship, they prefer a new business rather than already existing business opportunities (Reuvid 2008, p. 16). Some people begin with a desire to begin a business and then look for an idea while others start by having an exciting idea and then consider entrepreneurship. However, there are basic issues that one must consider when considering an entrepreneurial venture, one of them is finances, industry concerned, legal issues and potential risks and rewards involved. It is thus important for entrepreneurial to consider various things that would boost or affect their success in the pursuit of small businesses. Entrepreneurship refers to the undertaking of innovations, or business acumen with the aim of transforming the innovations into useful economic goods. The undertaking may result in a new business or new organization. Entrepreneurial activities differ substantially depending on the conceptualized business idea and they range from solo business projects to major undertakings that create job opportunities (Reuvid 2008, p. 16). This study looks into the various key issues that require consideration before starting a new entrepreneurial venture. The study considers the Starting of a Diesel Repair Company in Southwest Virginia as an individual business. The study therefore looks into the various risks and rewards that are related to owning such a business, the personal attributes that would be critical in pursuit of the venture and the legal aspects and issues that must be addressed including licensing, and other legal requirements. The study will also explore the local business conditions within the industry involved and the market to examine some of the factors that influence the successfulness of the business. The study is relevant to people who are in pursuit of entrepreneurship and students who would wish to start new business but have not yet developed the relevant skills. Important attributes in entrepreneurship Most successful entrepreneurs demonstrate certain personal attributes such as dedication, creativity, flexibility, determination, dedication, passion, leadership, and self-confidence. Creativity is a spark that drives development of new services and products and pushes for improvement and innovation. Creativity allows for continuous learning, thinking beyond prescribed formulas and questioning. Determination is a strong desire to attain success and it includes ability to continue pursuing even after rough times and persistence. It also persuades entrepreneur to remain motivated and not necessarily by money gained from the business venture. Dedication motivates entrepreneurs to work hard and drive their ideas and plans. Flexibility refers to the entrepreneur’s ability to take a swift move in response to change in market needs. Leadership is the capacity and ability to set goals, creates rules, and ensures follow-through, and accomplishment of the established goals (Mariotti & Glackin, 2011, p. 63). Self-confidence rises from thorough planning since effective planning
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6 Pages(1500 words)Dissertation
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