Business An economic system in which goods and services are exchanged for one another

or money, on the basis of their perceived worth. Every business requires some form ofinvestment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis. Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting newbusinesses

The capacity and willingness to undertake conception,organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. In economics, entrepreneurship is regarded as a factor ofproduction together with land, labor, natural resources, andcapital. Entrepreneurial spirit is characterized by innovationand risk-taking, and an essential component of a nation'sability to succeed in an ever changing and more competitiveglobal marketplace. An entrepreneur plays a vital role in the world economy as he provides job opportunities for many people in all walks of life. His obligations as an entrepreneur is dependent upon the type of business he runs1. Review local business orders. You definitely do not want to start in hot legal water. Before you open your business, check youre zoning ordinances. If you are starting a home business, you generally have nothing to worry about, unless you have employees wandering in and out, and generating traffic or parking problems in your neighborhood. 2. Get your business cards ready. It is wise for a start-up to pay the lowest price to get the quality you need. It doesn't mean buying the cheapest. Rather, it suggests that you look for the quality that fits your business needs. 3. Line up suppliers. Finding the right supplier is one of the important start-up decisions you will make for your new business. Establishing supplier relations is crucial to ensure efficient production and inventory management system, as well as smooth financial flow. 4. Get furniture and equipment. As owner of a start-up venture, you do not need to spend money on designer furniture, top-of-the-line computer equipment your business does not really need, or a home office created by an expensive decorator. The goal in buying furniture and equipment is to make you and your clients feel comfortable in your place of work, allow you to save time and increase your productivity. Know the difference between "success spending" and "trappings of success spending." Obtain business license or permit. Without the proper permit, you can run into trouble. More so if your business begins to annoy your neighbors, particularly if your business generates too much noise or pollution, and you store materials on your yard. The need to have a business license or permit varies from state to state and from location to location. Registration is required if your business is a partnership or corporation, 8. Know federal and state tax requirements. Learning about the tax laws that will affect your business before your launching date can save you a lot of headache before the tax deadline comes. Send for the tax forms and study how what taxes you need to pay, Great performance = great rewards.Self reliance and fulfilment

When an entrepreneur operates a successful business, he/she gets to do things for him/herself, maintain self-confidence and make independent decisions. The entrepreneur will also be in a position to produce or meet some if not all of his/her basic needs.
b) Increased income and further investments

A successful business generates more/increasing profits part of which the entrepreneur can use for personal purposes. The entrepreneur can also use part of the increasing profits to make further investments.
c) Recognition in the community

A successful business and its owner are highly respected in the community because of the goods and services being provided. This will further help to attract more customers to the business.
d) Improved standards of living

A successful business generates a lot of profits, which is the entrepreneurs income. With this, the owner may be in position to meet most of his/her needs such as improving on the standards of living.
e) Permanent address for the entrepreneur and the workers

A successful business is one well established and permanent. It therefore provides a permanent address for the owner and the workers.