Many people often dream and plan to start their own 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, the freedom to creation and more time to devote to family (Smallbusiness.com). However, how difficult would it be to start a small business and emerge victorious? “Starting a business involves planning, making key financial decisions, and carrying out a series of legal activities” (US Small Business Administration). To win in a highly competitive world, it takes a lot of motivation, discipline, research, planning and, above all, intelligence. Of course, the risks associated with business ownership are endless, "but ask any successful business owner, and they'll verify that working hard at 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. In order to successfully start a small business, it is not only necessary to have formal training in management and business administration, but it is also essential to gain real practical experience in the field. Although all the excitement and anxiety of starting a small business can be overwhelming, the first step is to intelligently develop a well-organized business plan. No small business expert would recommend starting a business without one, the stakes are simply too high. Invested money, family and potential employees are all at stake. However, "There is no single formula for growing...... middle of paper...... l. (2011): no. page. Internet. November 16, 2011. http://online.wsj.com/article/SB10001424053111903554904576460143775095086.html?mod=WSJ_SmallBusiness_LEFTTopStories.Irving, Shae. “Small business”. Nolo Encyclopedia of Everyday Law [Electronic Resource]: Answers to Your Most Frequently Asked Legal Questions. 5th ed. 1. Berkeley, CA: Nolo, 2003. Web. November 16, 2011. “Starting a business. »IRS. IRS, July 1, 2011. Internet. November 16, 2011. http://www.irs.gov/businesses/small/article/0,,id=99336,00.html. (IRS) “Starting a Small Business.” Smallbusiness.com. Np, October 5, 2010. Internet. November 16, 2011. http://smallbusiness.com/wiki/Starting_a_small_business.. “Thinking about starting a business.” » US Small Business Administration. SBA, and Web. November 16, 2011. http://www.sba.gov/category/navigation-structure/starting-management-business/starting-business/thinking-about-starting.