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Factors Wage employment Entrepreneurship
Employees follow a predefined work Entrepreneurship involves diverse roles,
Work Structure structure with assigned tasks and including marketing, finance, operations,
responsibilities. and strategic planning.
Entrepreneurship Development
Entrepreneurship development is the process of enhancing knowledge and improving skills of an entrepreneur
through structured training and classroom programs. Through this process, a person is equipped with the required
skills and knowledge needed for starting and running the enterprise. Hence, this will be a big effort in preparing
new entrepreneurs which will pave the way for a better economy and make the path for the creation of a developed
society.
Entrepreneurial Development Programs have been designed and supported by the government of almost all
countries to develop entrepreneurial abilities among the interested people. These programs help them to identify,
develop, polish and strengthen their entrepreneurial skills so that they play their entrepreneurship role effectively
and become a successful entrepreneur.
Steps For Starting a Business
Starting a business involves planning, making financial decisions, doing market research, and acquiring knowledge
in areas you never thought you would learn about before. If you are planning to start your own business, then you
should follow certain steps:
Step 1 Plan and finalise a business idea: This is a very important step where you make a choice of starting
your own business with your planned idea. This could be:
• Something you are interested in.
• Something related to your skilled learning.
• Something that the market requires.
Step 2 Plan and finalise your finances: Before you implement your business idea, you need to have a clear
picture of your financial status. You need to figure out how much money you'll need to start your
business and let it survive for at least a year without profits. The money you are planning to invest in
business will be:
• Taken from your savings and personal assets.
• Borrowed from banks or any other financial company.
• Utilised from the profit of some other business.
Step 3 Choose your legal business structure: Here, you decide whether you want to be a sole proprietor, or
if you wish to start a business in a partnership, or you plan to start a Limited Liability Company. After
this, you finalise aspects like business name, tax details, employee details, etc.
Step 4 Finalise the business location: Here, you finalise your business location based on the location of your
target market, business partners and your personal preferences. You plan to buy, rent, or build the
prime location. Factors like access to talents, network opportunities, business and investor friendliness,
low taxes, etc. play an important role in this.
Step 5 Build your team: Depending on the size of the business, the team needs to be built. Job roles to be
assigned, number of full time and part time employees required, different departments to be created,
etc. are the factors to be taken into account while building a team.
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