Many people dream and often imagine starting a small business. Becoming a successful entrepreneur has been part of the American dream since the early 1800s. In addition to giving a person the ability to make their own decisions, business ownership opens the door to financial independence, creative freedom, and more time to spend with the family (Smallbusiness.com). However, how difficult would it be to start a small business and win? “Starting a business involves planning, making key financial decisions, and completing a variety of legal tasks” (US Small Business Administration). To win in a very competitive world takes a lot of motivation, discipline, research, planning and, above all, intelligence. Of course, the risks that come with owning a business are endless, “but ask any successful entrepreneur and he or she will find that working hard in the beginning will pay off in the end” (Smallbusiness.com). While a bachelor's or master's degree in business can make the path to entrepreneurship a little less difficult, education is only one ingredient in building a great business. To succeed in starting a small business it is necessary not only to have formal training in business management and administration, but it is also essential to gain practical experience in the field. While all the excitement and anxiety in starting a small business business can be overwhelming, the first step is to intelligently develop a well-organized business plan. No small business expert would dare recommend starting a business without one, the stakes are simply too high. Your invested money, family and potential employees are all at stake. However, “There is no single formula for developing...... middle of paper......l. (2011): n. page. Network. November 16, 2011. http://online.wsj.com/article/SB1000142405311190355490457646014377509508 6.html?mod=WSJ_SmallBusiness_LEFTTopStories.Irving, Shae. "Small business." Nolo's encyclopedia of daily law [electronic resource]: answers to the most frequently asked legal questions. 5th ed. 1. Berkeley, California: Nolo, 2003. Web. November 16, 2011."Starting a Business." IRS. IRS, July 1, 2011. Network. November 16, 2011. http://www.irs.gov/businesses/small/article/0,,id=99336,00.html. (IRS)"Starting a Small Business." Smallbusiness.com. NP, Oct. 5, 2010. Network. Nov. 16, 2011. http://smallbusiness.com/wiki/Starting_a_small_business.. “Thinking about starting a business.” U.S. Small Business Administration. SBA and Web. November 16, 2011. http://www.sba.gov/category/navigation-structure/starting-management-business/starting-business/thinking-about-starting.