Enterprise & Society

An enterprise is nurtured by the society. Thus, we can say, it is a portion of society. In the social environment, both of them share a close bonding where they affect each other and share their profits and loss combined. In this “affecting & being affected relationship”, a proper balance should be maintained.

Entrepreneurial Achievement

Entrepreneurs are not always motivated by profit but regard it as a standard for measuring achievement or success. An entrepreneur greatly values self-reliance and strives for distinction through excellence. They are highly optimistic (otherwise nothing would be undertaken), and they always favor challenges of medium risk that is neither too easy, nor ruinous.

Given below are some factors that contribute to the success of an entrepreneur. The factors are −

  • Self-confidence
  • Experience 
  • Profit 
  • Brand 
  • Market share 

Some other factors like consumer relation, social support, government support also contribute as important factors in entrepreneurial achievement.

Why Start a Business?

Running one’s own business has a drift to take up entire life, so it is very important to assess whether or not the reasons are logical and practically implementable.

There are just as many, if not more reasons to take a stand and start our own business.

Some of the reasons to start a business are −

  • An entrepreneur owns his/her business, hence is his/her own boss. It gives the liberty to make decisions and implement them. It’s a proven fact that most entrepreneurs never wish to go back to working for someone else.
  • The thought of leaving behind a legacy, is a great motivator for many.
  • It’s a good option of taking over a family business and adding a new dimension to the same.
  • The sense of achievement or being successful in doing something one’s own way.
  • To prove oneself as being self-competent, being in complete control, and making an impact on the society.

How to Start a Business?

Starting a business includes planning, making key financial decisions and completing a series of legal exercises.

These 10 steps help to plan, prepare and manage one’s own business −

Step 1: Writing a business plan
Step 2: Getting business assistance
Step 3: Selecting a business location
Step 4: Financing our own business
Step 5: Determining the legal structure of business
Step 6: Registering a Business Name like "Doing Business As" 
Step 7: Getting a Tax Identification Number 
Step 8: Registering for State and local Taxes 
Step 9: Obtaining business licenses and permits

Step 10: Understanding employee responsibilities