Entrepreneurship

-a person who organizes and manages enterprises

Characteristics an entrepreneur should have

1. Self-motive

2. Creativity

3. Intuitive

4. Authoritative

5. Strong-willed

Advantages and Disadvantages - Starting a new business

Advantages:


  • Control- choose what kind of work that fills your needs
  • Flexibility- amount of hours you want to work is chosen by you
  • Freedom- work whenever, wherever and however they want
  • Salary- money is depended on efforts and how successful your business is
Disadvantages:



  • Administration- an entrepreneur can be a burden, also can have tons of paper work
  • Competition- differentiate


Starting a new business:

  1. Write a business plan
  2. Get a business assistance and training
  3. Choose a business location
  4. Finance your business
  5. Determine your legal structure of your business
  6. Register a business name
  7. Get a tax identification number
  8. Register for state and local taxes
  9. Obtain business licenses and permits
  10. Understand employer responsibilities