Entrepreneurship means leadership, even if at first, you need to get your sleeves and get involved in all your business activities. But it’s important to know how to prioritize tasks, even if they all seem to be urgent.
What you need to know about entrepreneurship before it’s too late
Paul McCarthy from Cork has some tips for entrepreneurs on how to focus on things really important and shares them in an article published in Inc.
Keep your plan
One of the lessons he has learned from another successful entrepreneur is that you never have to leave yourself blind with glittering objects. When you are on the road or you are in a deadlock with your business, you may be tempted to accept any offer that comes out of your way. But you have to keep in mind that what can bring you money in the short term may distract your attention and affect your long-term business.
An entrepreneur is said to be a “one-man-show” that makes accounting, sales and sometimes production. Even though this is probably the inevitable situation, there is a time when you have to hire people to continue to grow and honor your commitments.
To hire the right people, you have to make an organizational scheme to define the roles you need now and in the future. Then you make the first hiring and set the instructions and expectations for those people.
Think a few steps ahead
Entrepreneurship is a long-term activity and you have to treat the business as such. Think about how you want to look over five years and start taking the necessary steps to make it possible. Coherence is essential. I recommend that you put in your calendar every hour you stop the phone, close the doors and focus on future work.
It’s possible that you do not get out of the way first and it’s difficult to get away, but keep in mind that only this will help your company grow. Read here.
The typology of entrepreneurship
The most common forms of entrepreneurship or self-employment are licensed business activities or business activities. The difference between these two forms is that a trader (a natural person) launches a business on his own and obtains a commercial authorization, while an enterprise (legal person) who initiates a business will need the commercial authorization of the founders and also, a legal contract concluded between them.
Entrepreneurship in the form of commercial enterprises
Entrepreneurship can be carried out by legal entities when the entrepreneur opens one of the organizational-legal forms of the enterprise: either a joint-stock company, a limited liability company, a limited partnership, a joint-stock company or a company collectively.
Activities with commercial authorization
A business authorization activity is the easiest way to start a business. There is a need for a commercial authorization that gives the beneficiary the right to develop a business in a particular area. There are certain requirements for each business activity:
Free trade – it does not require a special qualification, just a criminal record extract (these activities include the sale of certain goods or various intermediary activities).
Regulated activities – In addition to the necessary qualifications, there are additional requirements specified in various regulations (e.g., knowledge and experience in accounting, assembly, repair and control of electrical appliances, cosmetology, optics, massage services, psychological counseling, etc.).
Craftsmanship – requires specific courses of education and training or 6 years of experience in similar activities to the entrepreneur (e.g., carpentry, masonry, mechanical activities, masonry, tinsmithing, cosmetic services).
The above-listed activities are called registered activities. The applicant fulfilling the specific requirements shall submit the necessary documents to the authorities empowered to grant commercial authorizations, which then issue the license.
Check this out: https://en.wikipedia.org/wiki/Entrepreneurship
Concessions – For these activities, special requirements are defined by laws and regulations, including a qualification in the field. Also, besides registration, the applicant requires approval from a state administrative authority (for example, an agreement of the National Bank is necessary to open a currency exchange house). If the approval is granted to the applicant, he receives, in addition to the commercial license, the so-called concession. Examples of concessions include the production, repair, sale and use of weapons, the provision of communications services, taxi services, etc.
Entrepreneurial activity is also considered when a natural person opens an individual enterprise, a farmhouse or acts based on the entrepreneurial patent.