Entrepreneurship: Ultimate goal of making profits

Being an entrepreneur involves a lot of risk and uncertainty, however, it also offers an opportunity to do something different as compared to a nine to five job. From marketing to accounting, and much more, entrepreneurs don’t just have to sit idle but they are running every department with their unique approach. An entrepreneur is not an easy thing, we are all aware of it. Around 90% of startups are known to fail. But, entrepreneurship remains an exciting path. It has high-risk activities that scare most people but it also offers multiple other things. Did you know that Oprah Winfrey, Bill Gates, Walt-Disney, J.K. Rowling, and Steve Jobs are known as the famous entrepreneurs of the world? Amazon started with a computer and today we know on which level it is running worldwide. If you are inspired by these famous and successful people, entrepreneurship could be the right path for you.

First of all, let’s clear your concept on what entrepreneurship is?

WHAT IS ENTREPRENEURSHIP?

Entrepreneurship is the procedure of running a new business. It recognizes a gap in the market and creates a product or service to fulfill that demand for the customers.

       ARE SMALL BUSINESSES AND ENTREPRENEURSHIP THE SAME?

Small businesses work locally with well-known sectors. Entrepreneurship refers to new ventures with experimental and innovative technologies, products, and services. Small businesses and entrepreneurial ventures are similar but they both serve in their own communities. It could be local or digital, but it delivers value for their audience and develop new jobs.

WHAT ARE THE BENEFITS OF BEING AN ENTREPRENEUR?

There are multiple benefits when it’s about being an entrepreneur.

• You control your own destiny.
• You manage your schedule.
• You’re the boss of your company.
• You feel encouraged to succeed, grow more and work your best every day.
• Your life is more exciting than before.
• You decide who works with you.
• You decide your own salary.
• You feel there is a sense of reward and motivation.
• You change the world for the better.

Entrepreneurship has its complexity, but the hard work you do pays off and is worth the effort.

HOW TO START YOUR BUSINESS

First of all, you have to determine the legal structure of your business. Then choose and register your business name. When you are done with the first two steps, it’s now time to do the documentation, like getting a license, permit, and more things. Develop your mission and vision statements of the company and start working on a kick-ass marketing plan.

The next step is to evaluate the legal structure of your business. There are four major types of legal structures that you can choose to add when starting your business:

• Sole Proprietorship
• LLC
• Partnership
• Corporation

Select and register a business name, and while this process will take time, you can brainstorm a lot of fun ideas that make working with the business easier.

What’s your mission statement vs. vision statement?

You need to have both. A mission statement tells the purpose of your business and how your business will serve its audience. Whereas a vision statement is where your business aims to be after a certain point.

Taking the first step to becoming a successful entrepreneur

Entrepreneurship is a self-learning procedure and a journey of discovering beyond your nine to five. You don’t need to know everything to take the first step, when you are starting your business, the best way of learning s by doing it. You already have the tools and information you need, all that’s left to do is work and be the next successful and famous entrepreneur.