Entrepreneurship Is A Vital Element For Invigorating...

1. INTRODUCTION What happened in the last decade has made entrepreneurship and even innovation that become an integral part of its, important in countries. When the states began to transfer production to the private sector in the market conditions, private sector tended to be more entrepreneurial. When the increase of knowledge production, distribution and use supported this, entrepreneurship began to come to the fore. The meaning of entrepreneurship, starting one’s own business was established by Richard Cantillon in the 1700s. After that it has developed. Most of economists don’t believe its basic definition, they believe it is more than that. Today most economists concur that entrepreneurship is a vital element for invigorating monetary†¦show more content†¦The most common types of ownership are: - Sole Proprietorship - Partnership - Limited partnership - Limited Liability Company (LLC) - Corporation - Nonprofit Corporation - Cooperative After to choose ownership type, advantages and disadvantages of entrepreneurship should be considered and compared. Then the entrepreneur has to decide that he/she has the responsibilities of running his/her own business. 2. LITERATURE REVIEW 2.1. Ownership Every day in the world, someone is starting a new business fort he first time. Restaurants, shops, e-markets, farms, etc. StartÅŸng to a business is a risky proposition for anyone. There are not guarantees for success. To tell the truth, most of new businesses fail. Not everyone can be a successful entrepreneur, it is a learned characteristic. When starting a business, there are some factors to think and analyze: 1. Capital requirements: Money and resources that you need for your company. 2. Risk 3. Control: The amount of authority 4. Administrative abilities: Skills that you need to have. 5. Time requirements 6. Tax liabilities: Tax obligations All of owners will confront the issue of the type of legal form to us efor the structural basis for their organization. For new entrepreneurs, this is one of the first critical questions. Business owners can choose one of the 4 main ownership types: (1) Sole Proprietorships, (2)