Entrepreneurship is the process of starting a business venture, organizing the necessary resources, and assuming the associated risks and rewards.
Entrepreneur is a “person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.”
Richard L Daft
This is an independently owned and managed business that does not dominate its market.
Job creation: According to the researchers, the age of the company more than the size of the company determines the number of jobs it creates. That is why most new jobs are created by new companies including small companies and branches of large companies.
Innovation: They come up with new things. So, they modify something new.
Importance to Big Business: They will follow the small business. Because someday small businesses will be a threat to big businesses. Also, they improve their activities.
1. Starting with an Idea
Two most important considerations;
– Finding something that you love to do and are good at
– Determining whether your idea can satisfy market needs.
– Ability to manage their day to day business activities
– To win customers & keep business moving
– To deal with future unexpected problems
• They set their vision. Because of that, they are not copying other’s ideas.
• They prefer personal accountability
• Consider feedback. From that, they can get a better idea.
•They like to accept challenges. As a result, they can come up with new ideas.
2. Writing a Business Plan
A business plan should consist of the following:
– Demonstrate a clear, compelling vision
– Provide a clear and realistic financial project
– Profile potential customers and the target market
– Keep the plan short. After that, they can easily achieve it.
– provide evidence of an effective entrepreneurial management team
– Highlights critical risks that may threaten the business success
– spell out the resources and uses of start-up funds and operating funds
3. Choosing a Legal Structure
4. Arranging Finance
Debt Financing – Borrowing from somebody to be repaid at a later date.
Sources – family, friends, personal credit cards, bank loan
Equity financing – Funds that are invested in exchange for ownership of the company
Sources – Shareholders
International marketing means any marketing activity that occurs across national borders to meet the requirement of the customers.
Find out moreBefore aligning your goal to your business, it is important to select a business type. So, by studying those business's pros and cons you can easily make decisions.
Find out morethis means a code of moral principles and values that govern the behaviors of a person or a group.
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