Entrepreneurship defined by Jeff Cornwall of Belmont University is "A process of identifying, evaluating, seizing an opportunity, and assembling the resources necessary for success." (www.belmont.edu) There are numerous risks when it comes to starting and running your own business, just a few of them are: undercapitalization, mismanagement, misjudging the market, and lack of planning. Lack of planning and undercapitalization go hand in hand because if you don't properly plan your strategies and what you would like to do in the future of the company you are trying to start, you will not be able to afford it. Like when someone says "I'm just looking!" while you are looking for a car you put yourself in a weaker position because the map of your business is not yet fully outlined. How can you budget for money, which you most likely won't have, if you don't fully understand what it might cost? As you can now see, this is a bad idea. If you can make your business work, then it's time to hire people, but who? A common mistake many early entrepreneurs make is hiring friends. More often than not, these friends will not have the right skills or even teachable personalities to learn and adapt to what the job would require of them. When we think about entrepreneurship, the obvious words flow into the thought process, people and/or companies who don't like working for an authority, breaking the rules, making huge progress in the future market and raking in the money. But the word entrepreneur, in all its variations, has become confusing in American culture. For example, my father and I were watching the news and a boy who had been captured by the police and sentenced to life in prison, was described as "entrep...... middle of paper... some advantages of becoming a business bigger and deeper are: wider variety, more wages and expansion. If we look at the cell phone industry, Apple's iPhone has what seems like an infinite number of applications that you can purchase and download; the new Motorola Droid doesn't have that many. Since it is a newer and less popular phone, the range of applications available is limited. I don't think it will stay that way forever, but while the product is still making its way into the market and attract diverse consumers, we should expect a delay in the development of selection People associate entrepreneurship with high profits, which is not always entirely true, especially if you choose to maintain a smaller business. When choosing a career in this industry, people often focus too much on making money