In the lecture that was presented to us today we were taught how to start up a business and we also got to learn the meaning of entrepreneurship.
Entrepreneur
Is someone who is willing to take a risk to start up a business, an entrepreneur is someone who can be initiative when it comes to coming up with new ideas and someone who can develop new opportunities for their business.
Advantages and Disadvantages of an Entrepreneur
Advantages
- Being your own boss
- Get to chose when and where you wanna work
- Getting ing to do what you love
- You get the opportunity to make the most of your strengths and skills
Disadvantages
- Need to be able to take risks
- Working long hours
- Should be able to make decisions by yourself
- Can be expensive to start up with
Steps to becoming an Entrepreneur
Before you decide to take the massive leap to become an entrepreneur you may want consider taking a few vital steps. To start of you need to know and understand what kind of business you would like to start up, then you would need to complete a lot of primary and secondary research so you can understand the process of starting up your business idea. You must also know what re the different financial options you have such as getting a lone from the bank or friends and family, you can also apply for a council start up grant or even the prince’s trust.
Up next you should create a business plan. Creating a business plan can help give you and your target audience a clear understanding of how your business works. It can also give you the skills, tools and confidence you need to make sure that your are going on the right pathway.
Whilst coming up with a business plan, you should also think of a company name and make sure that no one has take that name. When you have a name you are happy with it, you should buy a domain one that ends in a dot com so that it can create a global identity, you can simply bus one from Six, GoDaddy or even WordPress. After picking a name and getting a domain you should trade mark your brand so that your competitors can’t copy your brand image.
It’s important that you get a registered office address or a PO Box so that you can keep your privacy and so that people can send mail or return products depending on the business you run. Using a business bank account can help finances separate and can be easier to sort out.
Lastly now that that you have set up your business you must register your business so that you can pay your taxes. If you try avoiding your taxes you can face up to a six year sentence or a £5,000 fine.
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