Starting as an Entrepreneur

Starting as an Entrepreneur

Step towards a business start up, starting as an entrepreneur is exciting as well as challenging. A small step leads to a bigger one. Google is a huge corporation, but in the late 1990’s, it started out as an entrepreneurial venture in a garage. Good start-ups are flexible enough to often adapt technology due to growing access to the internet, and usage of smartphones. .

Entrepreneurship is more of an inborn trait. However, some researches point out that management programmes highly influence the development of entrepreneurial aspirations and attitudes. These days industrial visits, curriculum, management games, effective assignments are all aligned towards entrepreneurship learning in some way or the other. Furthermore these influence one’s attitude toward risk. That is, education helps entrepreneurs to be more rationale, fact-oriented and calculative.

So, for starting as an entrepreneur, you need management education plus natural assets such as self-confidence,independent- thinker, energy, passion, curiosity, and an ability to communicate ideas. Lets, now visit,  a few nitty-gritties of business startup,

Business Startup : HOW-TO

Start with a goal-oriented business plan. Business plan that signifies the business, services, products, functional process, competition and even details the marketing approaches. Business plan is essential for funding to start business by using any conventional loan or financiers. Then, procure or create business materials like logo, visiting cards and stationery.  All these – aligned to the business theme helps to develop the company identity for its potential customers.

  1. Meet Legitimate Requirements                                                                                                                                              If  a business needs permission to work, then the license is a must. Furthermore, business has its own demands and insurance needs. Legitimate requirements must be met so as to safeguard personal assets against business responsibilities and liabilities. Also, meeting legitimate requirements would help to reap in various benefits and be more reliable as an entity to the vendors, customers, and business partners. Appointing an accountant or advocate might be of help to meet legitimate requirements for starting a business. Lookout for professional with experience and referrals from people from the same business might be handy.
  2. Prepare yourself Money-wise                                                                                                                                                    Business account is separate from personal ones for safety and other major considerations of business finances. Opening business account, arranging for loans would be next few things an entrepreneur would find himself busy with. Other things might include forming a business credit line to avoid prepays of purchased services or products. Next,  you might need a workspace and you can have it on lease or purchase along with the office equipment.

Start-ups : Advantage India

For starting as an entrepreneur, there wont be a better time that now. Budget 2016 spells out tax incentives for start-ups. It proposes a deduction of 100% of the profits and gains derived by an eligible start-up.  Start-up is a business involving innovation development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

Prime Minister Modi unveiled his Startup plan on 16th January 2016. Some useful pointers are as jotted down below, for aspiring entrepreneurs and know about the proposed schemes and incentives.

  • Compliance on Self-certification: Earlier for business start-ups, entrepreneurs had to follow lots of rules and regulations. Startups can self-certify the compliance for about 9 labour and environment laws. Entrepreneurs can now concentrate on their core business.
  • Startup India Hub: A single point of assistance, all-solution access, a key stakeholder and a consortium to collaborate with various agencies. Startup India Hub will address important aspects like obtaining financing, business structuring advisory etc. It will also organize mentor-ship programs for those who aspire to foster innovation.
  • Convenience – Mobile App and Portal: A single platform for all new entrepreneurs to interact with the government and different regulatory institutions and exchange information between the stakeholders.
  • Legal Support and Fast Patent- Tracking: Startups to get an 80% rebate in filing of patents vis-a-vis other companies.

In closing, the above are few things that you might find handy while  starting as an entrepreneur. You can also refer to the official website StartUp India , for a more detailed inputs on business startup process.

 

Related posts: