Understanding the Role of Ownership : Before starting a business, entrepreneur should know what is involved in owning a business and what are the roles one will have to play to start own business. For an enterprise of your own, you are totally responsible for its growth, development and its future. In addition to arranging finance for starting the enterprise, you should be ready to be responsible for managing day-to-day functions and making your business a profitable venture. You will be required to know where and how skilled support or training will be available and from where you will obtain various parts and tools (raw material, etc.).