The process of starting and running a new business is termed as entrepreneurship. It is a flourishing subject that needs profound knowledge and understanding of characteristics in coming through a prospering business. Entrepreneurship refers to the act of setting up or establishing businesses by taking care of associated risks. Many people define entrepreneurship as the willingness and capacity to develop a business and manage smooth functioning of a business so as to manage profits. Many entrepreneurial ventures close down due to economic crisis, lack of market demand, bad business decisions and due to lack of funding. Therefore, it is important for individuals to take care of all aspects of entrepreneurship into careful consideration and take the right decision in launching a business.
The study of entrepreneurship includes research, strategy and business models to start and run a business. The entrepreneurship assignments deal with various topics such as case studies of new business ideas, case studies of successful start-ups, growth of ethnic entrepreneurship, sustainability and performance of social entrepreneurship and much more.
The important steps that help in starting a business venture are as follows:
- Develop a business idea: It is important to identify the business idea to start a new venture. It is important that the business idea is clear and realistic, and acts as a base in starting a new business.
- Developing a business plan: It is essential to frame a business plan to convert the business idea into a reality. A business plan involves all aspects such as HR, finance, operations, marketing and others – related to smooth functioning of a business enterprise.
- Planning of funds: This step includes the planning of finance, which refers to funds required for continuation of the business. It involves calculating the working capital requirement of a business and understanding the fixed and current assets acquired by a business venture.
- Choose a business structure: This step determines if the owner wants to run the business in the form of sole proprietorship, partnership or other. The structure of business decides the capital requirements and the limit of liabilities of business.
- Registration of a business name: It is important to do a lawful business under a registered name. The registration process requires name of the business, purpose of the business, objective statements and type of business. It is advisable that the registered name is short, simple and readable and should be related to the business.
- Licensing and permission: It is necessary to get all licenses required for smooth functioning of the business venture. The needful permissions from the government need to be taken to start a business. These licenses and permissions act as a certificate for the business, so as to increase upon its credibility.
- Selection of accounting systems: Accounting systems constitute an important aspect of a business. The accounting system is necessary to create and manage the budget, set the rates and prices, conduct business with others and file your taxes.
- Choosing a business location: It is important to choose a place where business operations can be done effectively and efficiently. This should be a place where allocation of products can be done easily and raw materials can be procured easily to run the business effectively.
- Selecting and recruiting the employees: The recruitment function is a part of the HR department of a business.
- Promotion of the business: This refers to expanding the business via various promotional, advertising and branding strategies. It helps in analyzing the needs and requirements of customers, so as to give them better services and products and increasing customer satisfaction and customer loyalty. This eventually benefits the growth of the business and helps in its retention in the market.
All the above mentioned steps are important in running a business effectively and efficiently.
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TOPICS COVERED BY OUR EXPERTS OF ENTREPRENEURSHIP ASSIGNMENT HELP
Various topics have been covered by our experts of Entrepreneurship assignment help. Few of these have been listed below:
- Case study on a successful start-up
- Growth of ethnic entrepreneurship in Europe
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- Early stage capital funding and bootstrapping
- Innovation as a boon for the new generation of entrepreneurs
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