2015 Do you want to go into business.pdf

2015 Do you want to go into business.pdf - DO YOU WANT TO...

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DO YOU WANT TO GO INTO BUSINESS? 1
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DO YOU WANT TO GO INTO BUSINESS? CONTENTS 5 7 9 10 11 14 16 18 20 25 29 30 32 42 45 Why Go into Business Rewards of Going into Business or Entrepreneurship Risks of Going into Business or Entrepreneurship Starting a Small Business: Process Flow Looking Within Looking Outside Determining Product Line and Business Type Types of Business According to Ownership Writing a Business Plan Raising Capital Seeking Other Sources of Assistance Locating Your Business Registering Your Business Hiring and Training Personnel Getting Your Business Started
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WHY GO INTO BUSINESS E ntrepreneurship is a way of life. Being entrepreneurial means being able to identify, start, and maintain a viable and profitable business, particularly a small enterprise. People spend most of their lives working for someone else. Some people eventually rise to positions of wealth and power, while the rest languish in unchallenging and low-paying jobs. On the other hand, there are a select few who strike it out on their own rather than work for others. They put up their own enterprise. You may ask: “Why should I risk my resources in an unpredictable business when I could hold a stable job with permanent tenure and an assurance of a regular monthly income without any risk?” In other words, why be an entrepreneur rather than an employee? Having your own business has tremendous rewards, but be sure to weigh prospective returns against potential risks and losses. 5
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REWARDS OF GOING INTO BUSINESS OR ENTREPRENEURSHIP Having unlimited opportunity to make money When you have your own business, you will most certainly have unlimited potential to earn money. How much money you earn depends on the time and effort you put into your enterprise. Successful entrepreneurs have earned their wealth and prestige through hard work and by having the right product for the right market at the right time. Being your own boss As manager of your business, you make the decisions for your enterprise and take full responsibility for these. The quality of these decisions will translate into either gain or loss for your business. Being your own boss means you are in control of your future. You have a better grasp of what you want to be. Tapping your creativity A business usually starts out as an idea. You will have the opportunity to harness this creativity and turn your idea into products and processes. Overcoming challenges and finding fulfillment Starting a business is by itself an accomplishment. Running a business tests an entrepreneur’s capability in securing and managing resources. How well a business turns out depends on the owner’s ability to face challenges and overcome difficulties. Helping others In the process of running a business, an entrepreneur employs workers, and pays them income which improves their lives. An entrepreneur who succeeds and grows also helps suppliers, sub-contractors, dealers and other businesses connected to him succeed and grow too.
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