“An entrepreneur is someone with the ability to take calculated risks to increase his wealth. Ability to adapt new ideas to a relevant marketplace is the key aspect.”
-Apparently becoming an entrepreneur in the UK is very popular option that is more beneficial towards the beginner where basically you will become self-employed and you have an idea or vision of elaborating the business more and more later.
How to Become an Entrepreneur?
Advantages Of Becoming An Entrepreneur
- Answerable only to self
- Exciting opportunity
- Endless challenges
- Increased profits and gain in wealth
- Involvement in the entire business operation
- Gain in status by being the person in charge
- Opportunity to build equity
Main disadvantages of becoming an entrepreneur
- High financial risks
- Long working hours
- Sincere and continuous commitment to the project
To understanding what are your potentials and limitations you have to ask yourself:
- Initiative to plan and follow up on it
- Networking with people from different backgrounds
- Ability to make the right decisions quickly
- Physical and emotional stamina required
- Strong financial background to manage the difficulties that arise
- Planning, organizing and motivating skills
- Passion to excel
Skills Required To Become An Entrepreneur
- Gain market knowledge
- Be resilient in the pursuit of the business objective
- Financially astute and focussed on the bottom line
- Delegate responsibility and adapt accordingly
- Socially responsible and undertake activities to aid the environment whenever possible
How to Become an Entrepreneur?
- For the beginning it is important to have the plan and vision to understand what I will need to deal with and arrange to be able to start. Break down of what my abilities are and if it is possible to success.
My business plan should include:
- Key aspects of the product in detail regarding its manufacturing, purchase and display
- Conservative and realistic demand of the product
- Target market
- Strengths of the competitors
- Marketing strategy of the product
- Distribution of the product
- Cost analysis
- Projected financial statement for 3-5 years
- Capital required
Don’t forget to:
- Create a small team and clearly define roles and responsibilities,
- Keep it legal
- Choose the right accountant to handle your finances efficiently
- Network with other entrepreneurs, vendors, bank managers and suppliers
- Understand and keep yourself updated on the market condition
- Treat it as a serious venture and commit sincerely
Think of the funding requirements:
- Selling personal assets or using them as collateral
- Friends and family members and angel investors
- Government grants and loans
- Banks
- Venture capitalists like Venture Giant who is willing to invest and aid entrepreneurs.
The Options as an Entrepreneur
- Start your own venture from scratch
- Acquire an existing business
- Franchising provides the entire package for an investor
Option of being an Entrepreneur in UK with limited Funding and less than 5 employees:
- An accountant can assist with the financial and legal structure required for your business
- Manage the accounts payables and receivables in an orderly manner. Try Intuits Quickbooks or Sage 50 Accounts 2008
- Ensure the computers have sound antivirus software
- Buy your own domain name from Net Benefit or Easily. Manage email directed to your website using software like Email Centre Pro.
- Decide among the main legal structures in the UK: Limited Company, Sole Traders and Partnerships.
- Marketing Plan Pro is best suited for designing a market plan.
Before didn’t really have an idea what entrepreneurship really is about but overall, I feel that becoming and entrepreneur sounds as a better option to me as I feel it is more free for beginner where less pressure would be pushed towards me. However, when I compare it is sounds very similar to being just self-employed where here it is more about starting from the scratch with an idea of expanding more in the future depending on how the business will pick up.
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