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Devon A. Sheffield

Mr. Alburger

Honors English III

7 February 2016

The Life of an Entrepreneur

Several factors can contribute to an entrepreneur's opulence and many of them depend on

the crucial beginning stages of a business. Using business models and possessing a quality

business education have become key components of starting a successful business. After the

founding of a business, the owner must keep track of expenses and revenue for accounting

purposes as well as filing taxes.

The dialectical relationship between entrepreneurs, their business project and

their environment triggers various entrepreneurial outcomes that business support

professionals try to reinforce through their capacity to influence entrepreneurs'

cognitions and emotions (Redien-Collot, 2009). However, the impact of

mentoring relationships and business support interactions was only recently

acknowledged as significant (St Jean and Audet, 2010). Business support

interactions may play a major role in entrepreneurs' success as these interactions

have the potential to help entrepreneurs to understand and transform their

relationship with their environment, while also helping them to adapt their

business project so as to better match market expectations (Redien-Cullot 12).

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Communication and marketing as an entrepreneur have become fundamental in order to

reap the benefits of success and knowing other successful business owners can influence

entrepreneurial prosperity. Business owners often say that without communication and marketing

their level of success would face limitations (Redien-Cullot 3). Having an educated and

experienced marketing manager has become a very important part of marketing as a business

owner. The education an entrepreneur receives can either put them in position to fail or succeed

but they have to know how to apply their knowledge to the real world. An entrepreneur must

make ethical business decisions in order to build a solid foundation for their company and

portray a positive public image (Moloney). Entrepreneurs must maintain a good public image in

order to put their company in position for affluence. Educated entrepreneurs earn what they

receive because they must manage their business ethically and meticulously in order to put

themselves in position for success, which does not come without dedication, preparation and

hard work.

Many experts in the business and entrepreneurship industry believe that certain aspects of

entrepreneurship can not get taught to a student and must exist as a skill merely possessed by an

entrepreneur (Southerst 4). Schools that specialize in entrepreneurial education can teach a vast

amount about what it takes to own a business and how entrepreneurs can set themselves up for

future affluence, however certain qualities must exist in the entrepreneur prior to learning. On

top of that, the market for small businesses has become quite unpredictable so even the best idea

for a company can fail in the wrong place or time. Schools can teach fundamentals to success in
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the entrepreneurial field, however an entrepreneur must take a certain amount of responsibility in

order to own and manage a lucrative business (Southerst 4). Entrepreneurs must take

accountability for their actions and understand the importance of their education but also that

their motivation and dedication will directly contribute to their level of success. Many business

schools now offer more specialized degrees in order to suit students for their specific application

(Southerst 2). Opportunities have become available in order to receive a more specialized degree

to take into a career field. Previously, the field of entrepreneurial education had become

extremely broad, but recently educators have learned that they can teach much more effectively

if they teach more specifically for certain fields in the industry.

Previously, the only purpose for an MBA or Master of Business Administration degree

presented itself when an entrepreneur showed interest in becoming an executive at a large

corporation. Throughout the last few years MBA's have become more and more common among

entrepreneurs in order to possess better business understanding (Southerst 11). Students used to

only aspire to receive the level of education required for a Master of Business Administration

degree if they planned on becoming an executive at a large corporation because large

corporations generally require a Master of Business Administration degree. Now, however, many

small business owners have began to work towards getting a Master of Business Administration

degree in order to better prepare themselves for their venture as an entrepreneur. The MBA

degree has become more specialized in order to better suit students going into certain career

fields in which they can better themselves by earning experience in the field they wish to explore
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(Southerst 7). The great business tool known as the Master of Business Administration degree

has the versatility necessary for use in many different fields of the business industry. An

undergraduate degree in business, engineering, economics, or finance could also prove extremely

useful to an entrepreneur (Moloney). Passion and dedication in a business venture must exist for

the entrepreneur and sometimes that passion and dedication prove more important than an

education.

Harley Finkelstein says that earning your MBA will make you more successful but not to

pursue the degree in hopes of a guaranteed job. Through receiving your Master of Business

Administration degree you learn a lot about the functions of a business and how to operate and

manage one (Southerst 4). No guarantees exist in the business world, however if you have a

Master of Business Administration degree several opportunities will present themselves. Earning

a strong education has become a key part of growing into a successful entrepreneur, whether the

entrepreneur receives an MBA or a bachelor's degree for business, the skills learned from a

business education have extreme use in the industry.

Business schools have began to specialize degrees in order to better suit students

immediately after their schooling. Previously, business degrees had become quite general to

prepare for students for many different fields and positions in companies, but now business

schools have begun to start specializing in certain industries and positions within them.

However, the compressed MBA is gaining credibility. The Ivey Business School

at Western University has introduced a one-year full MBA program. Others have
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even tighter schedules. The Rotman School of Management at the University of

Toronto presents its MBA essentials for managers program in eight evening

sessions delivered by Rotman instructor's. The McGill Executive Institute

presents a three-part mini-MBA series which includes: executive development,

advanced management and integrated management thinking. The programs, all

delivered by McGill faculty, vary in formats ranging from five or eight intensive

days to three months on evenings and weekends. Graduates receive a certificate of

completion for each of the three parts they take. (Southerst 3).

Mini-MBA's have began to earn more credibility in the business world than they

previously did, however the full Master of Business Administration degree has remained the

most credible and reputable (Southerst 3). A variety of options exist for a Mini-MBA degree, and

although they don't teach students as extensively as a full Master of Business Administration

degree, they possess information extremely valuable to an entrepreneur. Western University has

condensed the full MBA course into one year as opposed to the 4 years it previously took and

still takes to teach the course at standard institutions (Southerst 3). Now young entrepreneurs

have the opportunity to receive a full Master of Business Administration degree in just one year

instead of four. Many potential entrepreneurs have started taking advantage of this newly found

opportunity in order to get them into the business field faster and prepared to succeed. Students

can learn thoroughly from a Mini-MBA degree, however the four year MBA has remained the

most reputable education available.

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Start up costs can include things like opening a new facility, introducing a new product or

service, conducting business in a new territory, conducting business with a new class of

customers, initiating a new process and commencing some new operation (Campbell 12). A

business owner must recognize start up costs and begin to file them in their taxes and record

them in accounting. Entrepreneurs have to remain meticulous and make sure that every expense

receives documentation in order to stay organized and make sure a company's taxes get filed

properly. Through filing taxes for a new business an entrepreneur might have to break down the

start up costs into more specific sub categories in order to identify how they will receive taxes

for these expenses (Campbell 12). When breaking down start up costs into sub categories make

sure to do proper research in order to prepare for how the taxation of the entrepreneurial

enterprise will get distributed.

Startup costs may include costs for tangible depreciable personal property (Campbell 18).

Many entrepreneurs come out of school without the proper preparation needed to handle the tax

demands of owning a business, so it has become crucial to make sure that entrepreneurs

understand how taxes on a business work before they start one. Taxes can get extremely difficult

and confusing if an entrepreneur does not do proper research ahead of time, however if they plan

for the expense and hassle of taxes in the beginning stages of a business then they can prepare to

handle the demands ahead of time. Proper accounting must occur in order to prevent IRS

investigations as well as tax audits. An entrepreneur must keep thorough records of the expenses

so the entrepreneurial enterprise does not encounter legal trouble. Section 195 refers to start up
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costs and taxes and as a business you can deduct $5,000 dollars for start up costs and the rest will

receive taxation (Campbell 14). A business owner receives $5,000 of deductible start up costs in

the first year a business exists. This means that an entrepreneur does not have to pay any taxes on

$5,000 dollars of the start up costs, but anything exceeding that amount gets taxed at a rate of 7

percent nationally.

As an entrepreneur it has become very important to keep track of how much money gets

spent starting your business and more specifically what the business owner spends it on. A

business owner has to keep track of where the enterprise's money gets spent in order to manage

the business and decide whether the entrepreneurial enterprise has become successful or not.

Education on business management has become a prominent part of business education in every

business school in the United States of America. An entrepreneur must use their education and

skills in business management in real life. Multiple personality traits can further an

entrepreneur's ability to achieve success which include persistence, dedication and possessing a

positive attitude (Moloney). If an entrepreneur acts positive and motivated then those around

them will feel the positive energy and want to help the business owner succeed.

In college, entrepreneurs learn how to manage a business in a successful manner. It has

become crucial to stay organized as a business owner and to remain passionate about the

company to manufacture success. Without an entrepreneur's complete passion it typically

becomes very hard, if not impossible, to overcome the challenges and hurdles of a start-up

business (Moloney). An entrepreneur must commit fully to their business in order to put the
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business in position for prosperity. One necessary characteristic of becoming an entrepreneur

includes having good leadership qualities. An entrepreneur must have above average leadership

skills in order to get employees and potential customers to want to help a business succeed.

Throughout the startup stages of a business it can help astoundingly to have support and

advice from an experienced business manager (Redien-Cullot 7). Having a business manager

who has experience and becomes dedicated to helping a business succeed can make the

difference between true success and complete failure. A business manager can help entrepreneurs

plan to start a business, and eventually delegate profit to roll back into the company. A business

manager can make sure a company's public image remains positive which has become extremely

important to an entrepreneurial enterprises' success. The public image and brand of a company

remain extremely important to the success of a company, as these represent the face, and first

impression of the company to the world. The first decision that potential customers or clients will

make depends on whether they find the public image and/or brand attractive, positive, and

engaging (Moloney). A business manager can keep public image up in order to make sure the

company's customers receive continuous satisfaction with the face of the enterprise.

Entrepreneurs often find difficulty in making the right moves as a business begins, but

having help from someone with experience can make the difference between a booming business

and having to close a business down. Public image as a company carries extreme importance and

marketing the right way from the beginning has become a fundamental business concept

(Redien-Cullot 13). Experienced entrepreneurs know that every decision made at the beginning
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stage of a company becomes crucial down the road. With help from another business owner or

expert, entrepreneurs can learn from the mistakes the other business owner may have made and

also use the techniques that helped them flourish (Redien-Cullot 4). Many entrepreneurs admit

that they would change things they did when they first began their business, or believe they

could have made better decisions for their companies future. An experienced entrepreneur can

teach a new business owner based on their mistakes and give advice on how to produce success.

Business managers often have previous entrepreneurial experience and their knowledge separates

them from a new business owner.

Business ethics separate a monetarily successful company from a truly successful

enterprise. In owning a business entrepreneurs can't let their vision for a company affect morals

or character. Entrepreneurs know the extreme importance of remaining ethical as a business

owner, entrepreneurs must show potential customers that the company has values. Citizens and

potential customers prefer to support ethical business owners over unethical entrepreneurs

(Steinbauer 11). If the world sees an entrepreneurial enterprise as ethical they will likely support

that company and the level of that business's success becomes limitless.

As an entrepreneur, prioritizing and understanding that certain things just do not come

across ethically to the public has become crucial. In the world of business ethics, business

owners have to understand that if they have to question whether or not something crosses ethical

boundaries, it should not take place. As a non ethical business owner, public image will suffer

and then prosperity as an entrepreneur will become limited. An entrepreneur must remain
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dignified and not put the success of a company ahead of the goodwill of a company. An

entrepreneur's reputation can prevent them from making bad ethical decisions, however some

have no regard for their reputation. Unlike larger corporations, small entrepreneurs often don't

have the means to spread their reputation, however they find it meaningful in order to stay in the

industry (Steinbauer 22). Often times, entrepreneurs make ethical decisions in order to protect

their own reputation as opposed to their companies, however both bear importance.

Entrepreneurs typically have a sense of pride that causes them to conduct business in an ethical

manner.

Many papers and studies have discovered the same common characteristics among

entrepreneurs and their response to situations (Steinbauer 2). Studies have found that

entrepreneurs without ethical decision making skills have become that way because they feel a

need to achieve opulence by any means. They don't take into consideration the negative impact

they have on society. Entrepreneurs often feel pressure on themselves and sometimes feel as if

they have no control of their surroundings or the direction of their business (Steinbauer 2). This

sometimes causes entrepreneurs to make unethical decisions.

Entrepreneurs may also have higher propensities to exhibit certain personality

characteristics linked to ethical decision making. One such characteristic is locus of control:

those with an external locus of control tend to attribute control over events to others. Such

individuals feel as if they cannot influence what is happening around them (Steinbauer 3) Some

entrepreneurs want to control everything in their life, and when they feel like they do not possess
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control they panic and make unethical decisions. Entrepreneurs must make the conscious

decision to practice ethical behavior or not to. The need for success and recognition often clouds

an entrepreneur's ability to think ethically. Sometimes this leads to a lack of cognitive moral

development. Entrepreneurs have become known to put success ahead of ethically and morally

proper behavior. Business owners sometimes feel like they do not receive enough recognition for

their hard work or contribution to society, so they feel the need to achieve more affluence or

contribute to society more (Steinbauer 17). This sense of greed can cause entrepreneurs to

practice negative business ethics. Proper marketing as an entrepreneur can open a business up to

a whole new customer basis and put the entrepreneurial enterprise in position to multiply

lucrativity (Tyre 3). If a business owner has an experienced marketing manager, the marketing

manager can increase the public knowledge of the company or product and also improve public

image in order to make the company a more recognizable brand. A marketing manager can

associate a product with familiar, positive, symbols to project a great public image and boost a

company's productivity.

Network marketing has become an essential part of entrepreneurship and triumph in the

business world (Tyre 2). Network marketing offers a great way to communicate with other

business owners in an industry in order to reach higher productivity as a whole. A network

marketing professional can dramatically increase the profit of a company by improving public

image and also spreading product awareness. Entrepreneurs often react surprised by the

difference made by an experienced network marketing coordinator. Drive and persistence

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separate an average business owner from a successful entrepreneur (Moloney). Bowditch,

Buono, and Stewart (2008) claim these six fundamentals help entrepreneurs achieve success;

position, referent, expert, information, reward and coercive (Tyre 3). Many factors affect a

company's power in the industry, relationships with other entrepreneurial enterprises have

become one way to receive more power. It has emerged crucial for a business to become

powerful in their network in order to make a difference in the world. The more dynamic a

company evolves as, the more power they will hold and the more they can influence the global

market of their product.

Entrepreneurs have become a necessity in the United States, and there many successful

entrepreneurs attribute their success to a good education. Some argue that entrepreneurial skills

can not get taught and although to a certain extent that statement may possess truth, business

schools teach multiple useful skills to future entrepreneurs. Entrepreneurial ethics embody

extreme importance in order to maintain a good public image and achieve opulence. As an

entrepreneur, having a marketing manager can prove very effective as they can put you in

position to reach more potential customers. Knowing other entrepreneurs can expose mutually

beneficial traits to both parties involved. A newly devoted entrepreneur can receive tips on how

to make dynamic business decisions. Entrepreneurs must possess personality traits that reflect a

hard worker, a motivator and a good person. Educated entrepreneurs earn what they receive

because they must manage their business ethically and meticulously in order to put themselves in

position for success; entrepreneurial success does not come without dedication, preparation and
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hard work.

Works Cited

Campbell, Alan D., and Beverly J. Strachan. "Startup Costs: Book Vs. Tax Treatment."

Journal Of Accountancy 220.5 (2015): 55-61. Entrepreneurial Studies Source. Web. 4

Jan. 2016. <http://web.a.ebscohost.com/ehost/detail/detail?sid=c27d7c81-5495-4d3f-

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Jackson, William T., Daniel James Scott, and Nathan Schwagler. "Using The Business

Model Canvas As A Methods Approach To Teaching Entrepreneurial Finance." Journal

Of Entrepreneurship Education 18.2 (2015): 99-112. Entrepreneurial Studies Source.

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Moloney, John. Personal interview. 16 Feb. 2016.

Redien-Collot, Renaud, and Miruna Radu Lefebvre. "Communication And

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