Someone who takes the risk of running an enterprise by paying a certain price for securing and using resources to earn money. for becoming an entrepreneur a person needs to focus on certain things or we can say such element which influence a person to become an entrepreneur .The certain elements which are required to become an entrepreneur are as follows:
- Idea: The first element of entrepreneurship is having a great idea. The common approaches to developing business idea are to do what you know, emulate and improve on what someone else is doing successfully or solve an unmet need in the market place.
- Market: Understanding your market is a vital element for becoming an entrepreneur because your idea’s feasibility. You need to know who your target customers are and how why and what they like to buy. You also required to know who is your competition in the market in order to assess whether there’s room in the market for your business idea.
- Funding: Even a shoestring operation has some costs. You’re likely to be your own and your only investor, so you must be able to understand and track your personal finances. Know how much you need to get off the ground and how much you’ll need to stay afloat until your business turns a profit. This is the first step to attracting.
- Legalities: Entrepreneurship requires attention to lead; details. The first is structure the type of ownership you’ll maintain. Sole proprietorship, partnerships, limited liability companies, corporations and nonprofits all have benefits and risks you’ll need to consider in making your decision. You’ll also need to register your business with your state, and perhaps local, government. In addition, you must apply for a tax ID number and any permits and licenses your state and municipality require for your type of business.
- Advertising and marketing: Marketing and advertising get word out to your target market that you’re here and you’re open for business. Spread the word by employing the appropriate word by employing the appropriate tools to communicate your product or service’s value. Marketing tools include new technologies, such as social media and the internet, as well as the traditional changes of word-of-mouth, print and broadcast media, direct mail and the telephone.
- Business plan: A business plan commits to paper all of your ideas for your business. The small business institute calls a plan a living document, as it involves and changes over time, in step with your business. Your comprehensive business plan is the element that ties all the other elements together and establishes your road map to success
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