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   Limited Company: A company is a group of people who start a business to make a profit. There are two
                   main types, i.e., Private Companies and Public Companies. Private companies have up to 200 members
                   and their shares are not available to the general public. Public companies can have unlimited members
                   (minimum 7 members) and their shares are sold to the public. Private companies only need a certificate of
                   incorporation to start, while public companies need both a certificate of incorporation and a certificate to
                   commence business.
                    Corporation: A legal entity that is separate from its owners, providing limited liability to its shareholders.
                   For example, Regional Banks, local branches of large retail chains, community hospitals, and local tech
                   startups incorporated as C Corporations (A standard corporation where profits are taxed separately from
                   its owners. Shareholders are taxed on dividends received) or S Corporations (A special type of corporation
                   that  avoids  double  taxation  by  passing  profits  and  losses  through  shareholders’  personal  tax  returns.
                   It is subject to specific eligibility requirements).


                 SESSION             7   Entrepreneurship Development Process


                 The Entrepreneurship Development Process refers to the steps and stages an individual or group takes to start
                 and grow a successful business. It involves turning ideas into reality by acquiring necessary skills, resources,
                 and strategies.

                   ENTREPRENEURSHIP DEVELOPMENT PROCESS

                 Entrepreneurship development is all about building the skills and knowledge necessary to start and manage
                 a business. This can be done through formal methods, like structured training programs that provide specific
                 business skills, or through informal methods, such as learning from real-life experiences. Now we’ll delve
                 into  how  entrepreneurs develop  their  skills  and  qualities by  examining real-life  examples of  successful
                 entrepreneurs. By exploring these stories, you’ll gain insight into what makes someone successful in business
                 and evaluate if you possess similar qualities.

                 Steps of Starting a Business

                 To start a business, follow the given steps:

                 Step 1:   Idea: Starting a business begins with coming up with a solid idea. This idea should feel right to
                          you—something you’re passionate about or a solution to a problem you’ve noticed around you.

                          a.  Follow Your Passion
                              Think about something you genuinely enjoy and are good at, try and turn that passion into a
                             business. When you do what you love, it shows in the quality of your work, and customers will
                             notice too.

                          b.  Solve a Problem

                              Look around for things people need but don’t have. For example, if you’ve noticed that commuters
                             near a train station struggle to find tasty, affordable food, you could fill that gap with a food stall
                             or small restaurant. Solving a real problem can make your business stand out.









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