Business and Entrepreneurship

How to start and run a successful business

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Business and Entrepreneurship

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Business

Business is an organization comprising people who strive together to achieve common objectives and goals. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organizations integrity.

Organizations need to create an environment where people want to work and concurrently develop themselves through coaching, feedback, and information sharing. A business house should work in partnership with its employees, customer, suppliers, community, and the media. In order to enhance the image, it should communicate the key messages, both internally and externally, and gain commitment to its principal goals.

A reputed business house often prefers to share its best practices with its competitors as it believes in networking, partnering, and informal collaboration. It should even undertake a practice of rewarding its employees when they perform well. It should establish a process to learn, grow, and measure its successes. Thus, the primers of an organization include vision, values, behaviours/competencies/standards, coaching, information sharing, networking, rewarding, and continuous learning.

A business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is a legally-recognized organization which provides goods, services, or both to the consumers.

In order to develop an understanding of business organizations, one should be able to identify the differences between the private and public sectors of the economy, state the traditional examples of business organizations in the private sector (sole trader, partnership, and private limited and public limited companies), understand the difference in terms of liability among these business types, and identify two non-traditional business types (co-operatives and franchises).

The fundamental idea regarding business is that it is an economic activity and business decision-making is an economic process. The principal aim of any business is to make profit. An HR manager must have the ability to understand the changes in an environment, and the direction and speed of those changes. He/she should be able to develop an action plan that is essential to cope with the changes, involve employee representatives, gain their confidence, implement the changes, and finally measure the benefits of these changes.

Understanding an organization encompasses understanding its structures, behaviours, cultures, resources, and functions, and how it learns to manage the external environment. Once the business environment has been understood, all the activities taking place inside and outside it are also easily understood.

The purpose of every business is to serve customers well. It has to deliver value by offering good quality goods/services at an affordable price. To survive and flourish in the economic jungle, businesses have to win the hearts of customers by putting resources to best use. Businesses, essentially, exist for customers.


Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.

KEY TAKEAWAYS

  • A person who undertakes the risk of starting a new business venture is called an entrepreneur.

  • An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

  • Entrepreneurship is highly risky but also can be highly rewarding, as it serves to generate economic wealth, growth, and innovation.

  • Ensuring funding is key for entrepreneurs: Financing resources include SBA loans and crowdfunding.

  • The way entrepreneurs file and pay taxes will depend on how the business is set up in terms of structure.

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