What is entrepreneurship?


What is entrepreneurship?

Entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. In a broader sense, entrepreneurship is the process of transforming the status quo by solving the most pressing problems and pain points in our society, often by introducing an innovative product or service or creating new markets.

Who is an entrepreneur?

An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.

However, entrepreneurs should keep in mind that starting a business involves planning, making key financial decisions, and completing a series of legal activities. Due to this reason, we have kindly listed some basic steps for entrepreneurs to better learn about establishing their own business.

Conduct market research!

Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

Write your business plan!

Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that work with you.

Fund your business!

Your business plan will help you to figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital.

Pick your business location!

Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.

Choose a business structure!

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.

Choose your business name!

It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.

Register your business!

Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different from your own, you’ll need to register with the federal government, and maybe your state government, too.

Get tax IDs!

You’ll use your employer identification number for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. 

Apply for licenses and permits!

Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.

Open a business bank account!

A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

After all this useful information, let’s talk about the plenty of benefits of starting your own business. Some people know from an early age they were meant to own their own business. Others find themselves starting a business due to life changes such as parenthood, retirement or losing a job. Others may be employed, but are wondering whether the role of business owner/entrepreneur is right for them. However, there can be many benefits to starting your own business.

Rewards. Not everyone defines reward the same way. For some, it might be seeing a new venture grow and succeed. For others, it may be conquering the unknown and striking out on their own. However you define reward, starting a new company might hold that promise for you.

Being your own boss. When you start a business and are self-employed, you are your own boss and ultimately control your own destiny.

Income. Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.

Flexible hours. Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours. Many stay-at-home parents, for example, choose to become entrepreneurs.

We have thought that this issue is important but also difficult for the society and especially for immigrants, and within the scope of the FORMER project, we have developed the entrepreneurship guide handbook, according to the needs of migrants. This FORMER project aims to increase the employment of migrants by offering training courses to help and provide them with access to information, orientation and counseling for setting up their own business. If you want to be informed about the developments and the outputs of the FORMER project, please stay tuned to our website.