Setting up an efficient enterprise does not come by chance. It involves a lot of input or factors. Proper consideration and planning of these factors can help one to be able to set up a very industrious enterprise. Some of the factors that merit serious consideration are discussed below.
1. Capital: This refers to the funds or money available for the establishment of the enterprise. The entrepreneur should have a start-up capital as well as working capital to help the enterprise to stand on its feet. The start-up capital is the capital that is used for the purchase of tools, equipment, materials and machinery to start the business operation.
On the other hand, the working capital is the capital used in the day-to-day running of the business. It caters for the salary of workers, transportation costs, and purchase of new materials for productions, operation costs, maintenance of machinery and all the other things that ensures the smooth flow of business activities. The entrepreneur should have a sound financial bedrock to enable him set up and run the enterprise.
2. Room or Space for Workshop: The entrepreneur should also search for an appropriate room or space for the workshop. The space should be large
The Age of the Entrepreneur
Welcome to the age of the entrepreneur, where it’s no longer uncommon to hear of people leaving their jobs to start companies of their own. What used to be considered bold and daring is now ordinary to most – unless you’re really making it. Lots of want-repreneurs start companies without bargaining for what creates staying power. They try to forge a path without a plan, and they end up being taken by surprise along the way.
Of course, there will always be unexpected pitfalls and hiccups, that’s all part of the journey – mishaps don’t mean your business won’t survive (or even thrive). In fact, if you’re cut from entrepreneurial cloth, overcoming obstacles will most likely make you stronger. So today we’re not going to talk about the cliche mantras like “the customer is always right,” and we certainly don’t have enough time to address the importance of access to capital and other commonly faced startup challenges. Here are just ten (of many) things that most aspiring and fledgling entrepreneurs learn the hard way.
1.) There’s No Such Thing as “Too Legit“
Sure, it’s easy to create a Facebook brand page or business profile, slap a logo on it,
Most have heard the saying ” keep your friends close but your enemies closer.” When it comes to business, an entrepreneur should consider following those guidelines. Founders rely on investors to assist financially when starting or growing a business. These finances are derived from three types of investors: family and friends, angel investors, and venture capitalists. By no means is an angel investor or venture capitalist an enemy, but due to a lack of trust or personal relationship, the entrepreneur tends to initially ask family and friends for financial capital. Investments from loved ones are very common, although businessmen should take precaution in relying solely on those funds.
Family and friends are critical when running a business and, “investments from friends and family are often what make a startup possible in the first place” (Wasserman 257). Those individuals also provide support, encouragement, and constructive criticism for the entrepreneur. The ability to bounce ideas off others and gain confidence in presenting a business plan is invaluable. “A founder is greatly influenced by the family and culture in which he or she grew up in. The most powerful influences may come from the early messages sent by the words and action of older