CandleFocus Glossary Editor
An entrepreneur is an individual who seeks to pursue a daring, ambitious and innovative business venture as their primary livelihood. Entrepreneurs are risk-takers who recognize that starting and running a successful business is no easy endeavor, but they are driven by the potential for great rewards. Entrepreneurs are self-starting, determined, and motivated by the potential of the success that their business enterprise will bring.
In order to start any business, risk and financing are two essential elements that must be taken into consideration. Financing resources for entrepreneurs can be found through both loan programs and crowdfunding. The most prominent federal loan programs are offered by the Small Business Administration (SBA). These SBA loans are beneficial for entrepreneurs because they offer a variety of options for long-term, as well as short-term capital needs. Funding through crowdfunding has emerged as an appealing alternative for businesses seeking external financial support. Sites like Kickstarter allow entrepreneurs to capture the attention of potential investors to gain the necessary resources to launch their product or service.
Taxes are another important consideration for entrepreneurs. Depending on the specific type of business structure chosen, there can be different tax filing and payment obligations to be aware of. Things like payroll taxes, estimated taxes, self-employment taxes, and income taxes can complicate the tax filing process. Professional advice is highly recommended to ensure that taxes are filed and paid correctly in addition to staying on top of ever-changing tax codes.
In order to fully capitalize on the economic opportunities of their chosen business venture, entrepreneurs must be prepared to assume risks and manage their finances responsibly. Whether an entrepreneur is establishing a new business or expanding an existing one, adequate risk management and financial planning are two essential skills that guarantee success and pave the way for future growth and innovation.
In order to start any business, risk and financing are two essential elements that must be taken into consideration. Financing resources for entrepreneurs can be found through both loan programs and crowdfunding. The most prominent federal loan programs are offered by the Small Business Administration (SBA). These SBA loans are beneficial for entrepreneurs because they offer a variety of options for long-term, as well as short-term capital needs. Funding through crowdfunding has emerged as an appealing alternative for businesses seeking external financial support. Sites like Kickstarter allow entrepreneurs to capture the attention of potential investors to gain the necessary resources to launch their product or service.
Taxes are another important consideration for entrepreneurs. Depending on the specific type of business structure chosen, there can be different tax filing and payment obligations to be aware of. Things like payroll taxes, estimated taxes, self-employment taxes, and income taxes can complicate the tax filing process. Professional advice is highly recommended to ensure that taxes are filed and paid correctly in addition to staying on top of ever-changing tax codes.
In order to fully capitalize on the economic opportunities of their chosen business venture, entrepreneurs must be prepared to assume risks and manage their finances responsibly. Whether an entrepreneur is establishing a new business or expanding an existing one, adequate risk management and financial planning are two essential skills that guarantee success and pave the way for future growth and innovation.