Entrepreneurship is the process of identifying a business opportunity and getting the necessary resources to start a business. One major reason why people start businesses is to make a profit. Although entrepreneurs anticipate making profits, they must also know that running a business is risky. It is only entrepreneurs who can stay strong and overcome all challenges who can become successful. Entrepreneurship is allowing you to be your boss, but it isn’t easy being one. According to Michael Scarpaci, 90% of start-ups struggle regardless of whether they have the resources they need or not. Regardless, being an entrepreneur is the most appealing career that any determined individual should try on.
Who is an entrepreneur?
For those who are just getting started, it is very important to try and find out what an entrepreneur is and what they do. The world has been improving and developing in different sectors and more opportunities are opening up. An entrepreneur is a person who identifies a business opportunity and gathers the necessary resources to start a business. An entrepreneur is also the person who bears almost all the risks involved in running a business. An entrepreneur is a pioneer and the source of innovations. They come up with product ideas, services, and even business processes. Entrepreneurs are very important people to the economy. They are the people who come up with new ideas and they always fulfill the demand of different people.
How do entrepreneurs work?
Entrepreneurship is essential to production. The factors of production which included land, labor, and money are always involved. Entrepreneurs blend the factors of production to produce products and services. Entrepreneurs come up with a blueprint, they hire employees and secure funding to start and run a business.
Ways to start a business
To become a successful entrepreneur, you must first learn how to start a business. Here are some of the steps to follow
· Determine the legal system of the company
Decide on the kind of business that you would wish to run from the legal point of view. This could easily change when you decide to expand. There are different types of businesses that you can choose to start including sole proprietorship, limited liability company, partnership, and a corporation among others.
· Choose the name of a company
It is also very important to choose the name of a company when you are starting a business. Choose a suitable company name and register it. This is a process that can only begin with brainstorming but it can also be a very challenging process. Choose your name very carefully because it will surely have long-term consequences for the business.
· Get the certificate and permissions to operate
Make sure that you are running a legitimate business. For that to happen, make sure that you have all the needed permits. If you are selling, you will be needing a seller’s permit.
· Have a mission and vision
You should also consider creating a statement about your vision and mission.