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To start a business, Entrepreneurs need a plan before executing any idea. There are different forms of self-employment and different things to examine who should be in business as an Entrepreneur. As small business is an independently owned organization which seeks profit for its own and have less than 500 employees. Small business is not based on the number of workers working in a firm and there is not a limited requirement for small business; also the profit can vary depending on field of business. For an entrepreneur the best way is to start a small business with a mixer of their passion. However, to start a new business an entrepreneur is someone who risks money but being a risk taker they need to be realistic about their plan, so they take the help of CANADA REVENUE AGENCY which is the department of federal government that acts as Canada’s tax collector and helps to carry the taxes of each service an entrepreneur is paying from their pockets. There are following questions that an Entrepreneur will go through before making a plan.
· DO I HAVE AN ENTREPRENEUR PERSONALITY?
Being an entrepreneur itself is a freedom
but it also comes with a lot of responsibilities. The attitude and the behavior
of a person depicts its actions if a person is confident , responsible, self-controlled
he will automatically gain a lot of people interests in his actions but if the
person is shy, irresponsible and introvert he is not going to attract a lot of
customers. For example the students who get average grades always become a good
entrepreneur and the above average 80-90 becomes good employees, whereas the
students who carry above 90 mostly become professors. It is just a rough
calculus to show the most average of entrepreneurs born from the average
students who like to create their own way to live a life, and it is all about a
personality of entrepreneur. So before you start a business write the qualities
you have and take a look if you can be good employee or a good entrepreneur.
· WHAT SORT OF ENVIRONMENT WILL I PREFER TO WORK?
There is a strong emotional component in entrepreneur
i.e. their passion which provides the tremendous amount of energy to start a
firm. The other emotions in business are not important that are just provocative.
Now a days, people prefer to work at home as they think it will be more easy
and comfortable for them but the reality is working from home does not sound
professional for example, you arrange a meeting in your office which is in the
basement of your house. Do you think the customers will be comfortable to come
to your basement? The other reason for the people who wants to work from home
is that they have a benefit of taking care of their kids but it can be a
disadvantage because it will be harder to manage time with kids and work at the
same time. To make a good environment around, it is better to work from an
office and you will have a good image about business too.
· WHAT IS MY BUSINESS IDEA?
A business idea is all about the products
or services you want to introduce in the market. The business idea is very important
in creating the plan because everything revolves around that product or
service. The major concepts needed before finalizing the idea are the
specialization and targeting. The product or service should have a speciality
which will makes it different from other products or services in the market
place. For example, if you start a business of clothing then use the special
kind of cotton, silk or textures to differentiate your products from others.
The other concept is really important when you find the speciality in your
product then find the target market which will buy your product in the market.
· WHICH FORM IS SUITABLE FOR MY BUSINESS?
There are different forms as I told you in
the starting but you need to identify the form which will be suitable for you
and your money.
SOLE PROPRIETORSHIP-It is a legal form of
business where only one person owns and has the legal rights to operate it. It
has unlimited liability for the debts of company.
GENERAL PARTNERSHIP-A form of business in
which two or more people owns and operates the company and each owner has
unlimited liability for all the debts of the company.
CO-OPERATION- A legal form of business that
exists separately from its shareholders (owners), who have limited liability for
the company debts.
OTHER LEGAL FORMS-Limited partnership,
Limited liability partnership (LLB) and worker co-operatives.
· HOW SHOULD I START MY BUSINESS?
Now is the time when you take your first
step in the business as making a business plan. Before taking critical
decisions about manufacturing, marketing, finance and pricing strategies in
real, you will need to prepare a proofread for you to start the initial steps
of your business. REMEMBER: most of the things in plan are rewritten because
you always make mistakes in your first plan and then learn from the scratch plans
to made before to make the final first step of your business.
Go Ahead!
Take the first step and write your business plan.
