Enterprise & Society
Entrepreneurship has a major contribution in the growth of national economy. So, it is very important to acknowledge the motivational features spurring people to become entrepreneurs and explaining why some are more successful than others.
An enterprise is nurtured by the society. Thus, we can say, it is a portion of society. In the social environment, both of them share a close bonding where they affect each other and share their profits and loss combined. In this “affecting & being affected relationship”, a proper balance should be maintained.
Entrepreneurial Achievement
Entrepreneurs are not always motivated by profit but regard it as a standard for measuring achievement or success. An entrepreneur greatly values self-reliance and strives for distinction through excellence. They are highly optimistic (otherwise nothing would be undertaken), and they always favor challenges of medium risk that is neither too easy, nor ruinous.
Given below are some factors that contribute to the success of an entrepreneur. The factors are −
Self-confidence − Before convincing others to trust us, it is important to trust our self. The determination or the courage and belief one has on self to achieve the goal is known as self-confidence.
Experience − It’s not always necessary to be experienced for starting a business, but yes, having some experience will definitely help save time and effort.
Profit − Opting for a business that has a demand in the market, is always a better choice. However, it is always good to think of a steady income rather than just profit.
Brand − Everybody opts for or at least wishes to opt for branded products or services. The reason varies, some see it as a standard of living, for some it’s the quality. Keeping this in mind, it is very important to create a signature mark of your product.
Market share − It adds to an individual’s, groups, or firm’s contribution in the market when by contributing their company product in the market. A company designs a product with respect to the demand of the mass.
Some other factors like consumer relation, social support, government support also contribute as important factors in entrepreneurial achievement.
Why Start a Business?
Running one’s own business has a drift to take up entire life, so it is very important to assess whether or not the reasons are logical and practically implementable. This section looks at some of the most common reasons why people opt for their own business.
We have heard a million reasons not to go into business for its too risky, it might lead to debts, there will be no social life, and the list goes on. But even with all these uncertainties, people are still allured to the start-up world. There are just as many, if not more reasons to take a stand and start our own business.
Some of the reasons to start a business are −
An entrepreneur owns his/her business, hence is his/her own boss. It gives the liberty to make decisions and implement them. It’s a proven fact that most entrepreneurs never wish to go back to working for someone else.
The thought of leaving behind a legacy, is a great motivator for many.
It’s a good option of taking over a family business and adding a new dimension to the same.
The sense of achievement or being successful in doing something one’s own way.
To prove oneself as being self-competent, being in complete control, and making an impact on the society.
How to Start a Business?
Starting a business includes planning, making key financial decisions and completing a series of legal exercises.
These 10 steps help to plan, prepare and manage one’s own business −
Step 1: Writing a business plan − Write all tools and resources required to create a business plan. This written guide will help in mapping out how to start and run a business successfully.
Step 2: Getting business assistance − There are numerous programs available to assist startups, micro businesses, and underserved or disadvantaged groups.
Step 3: Selecting a business location − Take suggestions on how to select a customer-friendly location and comply with the zoning laws.
Step 4: Financing our own business − Search for government-backed loans, venture capital and research grants to help getting started.
Step 5: Determining the legal structure of business − Decide which form of ownership is best - like sole proprietorship, partnership, limited liability Company (LLC), corporation, S corporation, nonprofit or cooperative organization.
Step 6: Registering a Business Name like "Doing Business As" − Register the business name with the state government.
Step 7: Getting a Tax Identification Number − Learn which tax identification number is needed to obtain from the IRS and/or state revenue agency.
Step 8: Registering for State and local Taxes − Enroll with the State to obtain a tax identification number, workers' compensation, unemployment and disability insurance.
Step 9: Obtaining business licenses and permits − Enlist for federal, state and local licenses and permits required for the business.
Step 10: Understanding employee responsibilities − Learn the legal formalities that needs to be taken care of to hire employees.
