Who is the entrepreneur?
An entrepreneur is a natural person or an individual, who organize a new business or a company under enjoying rewards and working under some risks. An entrepreneur has some unique characteristic like innovative ideas, management capability, economic intelligence, `business tricks and tactics. He is considered as an innovator and a source of new ideas which helps to increase his business strategy. He will very careful while he doing his business in startup level. If he fails, he may face some crises and risks. So, an entrepreneur must take care of his step by step procedures he followed in his company. He must prove his ability in his business through get some rewards like his business profits, continued growth opportunities, and fame in the market.
Role of an entrepreneur
An entrepreneur maintains his business. He is only the person to respond his economic condition of his business or company. He is only responsible for hire his labors, business plan, funding, guidance, leadership and management for his company. But, every entrepreneur may entitle to face many struggles in his startup level for providing finance, hiring labors and came to know by the customers. He is only responsible for the growth or loss of his business or a company.
The capital funding is challenging thing for every entrepreneur. Generally, most of the entrepreneurs are dealing this risky capital funding in bootstrapping method. Bootstrapping is nothing but owing their business by their own money. In this method, they use sweat equity to reduce the risk of labour cost, minimizing factory and inventory costs. Some entrepreneurs are single handed and take care of all the responsibilities over his business or company. Some entrepreneurs added partner to share the capital invest and responsibilities. An entrepreneur provides the capital fund to the company to provide goods or services to their valued customers with the help of their allied labors and organizational personnel. Entrepreneurship is the very riskiest thing, handles it very careful and reduces the uncertainty in the market. If an entrepreneur provides his work in best way, he will get more reward and continued more business growth. Unless, he loses his business and money. They are highly take risk on financial activities of their business or a company. Simply telling, an entrepreneur is a bearer of uncertainty.
Entrepreneur helps economic growth
For doing business in startup level, an entrepreneur starts the new business. First of all, an entrepreneur has a positive impact on economic strategy, then only he will able to succeed. He knows each and every term in economical dictionary. He can create goods and services, as it is used for the people. He hires people for manufacturing his goods. This way, the unemployment will reduce at slide. This will resulting, more and more development in the country’s economic growth. In our country, most of the entrepreneur came out in the period of 1990’s, as specially in information technology. Already existing businesses and companies having enough reach among the pubic and their business growth will automatically higher than the startup companies. So, the startup company must be work hard to reach that certain level. Every entrepreneur must work hard to improve their economic strategy. The startup companies hire the people as per their requirement. The increased employment and highly contributed companies will lead to the national’s tax benefits to the Government. This will enable the government to increase the public projects. The entrepreneur can make a revolutionary change in every human beings life. The new startup business in every field providing the new innovative concepts and ideas and cost effective methods while compared already existing company in same filed. This will lead to change the minds of the public and create awareness about new technologies in every filed. So, the people do not bother about the old technology and already existing companies. In short, an entrepreneur definitely reduces the dependency of existing companies and makes more options to the people. The smartphones and its allied applications are the finest example, for an entrepreneurship. Now a days, the time and cost of the work is save by the revolutionary invention of smartphones. Also, the smart phones are available in various companies from various entrepreneurs. Some of the young entrepreneurs can support the charitable concept. The support the charitable trust and create charitable trusts, and non-profit organizations to help the poor people. Because of entrepreneurship, the self-employment increased and the unemployment decreased.
Pros and cons of entrepreneurship
A good entrepreneur will make a good organization which will helps to his economic growth as well as the nation’s. But the unfair entrepreneur will create a corruption and corruption and unfair market strategies. They only focus on their economic growth only and will not bother about the public welfare. Therefore, every entrepreneur is critical source of innovative concept and economic growth. As per the research entrepreneurship is a fastening source of both local and national’s economic growth across the world. The government also support the entrepreneurship and conduct many programs about it for aware a public. The provide concerns also conduct so many events about it. The Banking companies also encourage the new comers and provide personal loans to start the business.
The hard earned money of every person will save by the government by providing company registration process. Once you register your startup business as company, you will get more and more benefits. If any losses occurs, the own liabilities are save by this registration processes. The company registration depends on your level of business and number of members your organization holds and capital investment. In my point view, most of the entrepreneur starts their business as One Person Company. Why because, its advantages suits for a natural person with low capital. After that, the one person company may be converted itself into a private company or a public company as per their economic growth. In One Person Company, the personal assets of the entrepreneur will be saved if any loss occurs. The Companies Act, 2013 (amended act of Companies Act, 1956), introduced the new concept of One person company. Now a day, One Person Companies are the bone of the nation’s economic growth.
Every entrepreneur has unique qualities. Why because, the traditional ways of every business defined a path and the followers must be followed that certain path. But the entrepreneur can create his own path which may be innovative and cost effective than the traditional one. They can able to create more and more beneficial ways to economic improvement. A successful entrepreneur has some unique characteristics. These are, the best financial management person to ensure financial management stability, soft skilled person to build a diverse set of skills for managing the tough situations, be a innovative person to identify the problems and solutions, able to adding a value within the problem for easily solving the crises. These above characteristic will make a normal person as a successful entrepreneur. If you an entrepreneur, We Solubilis can help to register your unregistered business and turned your startup into a registered company. We have the perfect set of secretarial persons and providing you a best company registration process at very low cost within the said time period. For more details about company registration in Bangalore, kindly go through our website and feel free to make a call. We are here to assisting you in right path to reach your goals. Thanks for reading!!!