Becoming an Entrepreneur

 

What Is An Entrepreneur?

An entrepreneur is a person who sets up a business or businesses and often takes on financial risks in the hope of profit. Entrepreneurs usually work in their own businesses and usually employ others to work for them. In many small businesses, family members are often the initial employees. Entrepreneurs help to create value in the economy by providing jobs and investment. People often start a business out of necessity, possibly as a result of being out of work, or not being satisfied in their current job.

Why Become An Entrepreneur?

Becoming an Entrepreneur gives you the opportunity to become your own boss. It gives you the freedom to have control over your life and job. It is not just the ability to say what hours you will work but it also involves every step in the operation of a business. When you are the boss, all decisions from the design concept to job creation, sales, business operations, and customer relationship management ultimately circle back to you. Becoming an entrepreneur can potentially give you the opportunity for greater financial success. When you work for someone else, you are contributing to their financial future all of the time and to your own financial future only to the extent that they decide.

Could You Be A Successful Entrepreneur?

To be a successful entrepreneur you must begin with a strong desire to start a business, have a good idea, plan carefully, work hard and be committed to sticking with it. A supportive family or social network has also been shown to be a contributing factor for success. Successful entrepreneurs have come from all areas of society. Entrepreneurs may be very educated or have little education, but most share a number of personal traits, including creativity, dedication, determination, flexibility, leadership, passion, self-confidence. Business instincts are also important. Combining these instincts with acquired knowledge and experience will result in success. Although not all new businesses are successful, entrepreneurship offers the potential for great rewards at a personal, community and societal level.

 

How We Can Help

NOIRBCC is a dedicated enterprise advisory and support organization. We are a 'first-stop shop' for members thinking of starting or growing a business. We are also a source of enterprise advice and support for existing small businesses.

10 Initial Steps When Starting a Business

Here are ten simple steps that you can take to help develop your business idea and start your own business.

Step 1: Know Yourself

It is often necessary to assess yourself before you can assess the potential of your business idea. Do you know who will buy your product or service? What benefits does your product or service offer to them and how much would they be willing to pay?

 

Step 2: Are you a Risk-Taker?

Starting a new business can be an exciting and challenging time, however, it can also be a period of uncertainty and risk. For some, it can mean risking their life savings, secure employment, and family security. Are you fully prepared for this?

Step 3: Market Research

Market research is essential in helping you to identify your target market and getting to know your potential customers. Conducting market research will also help you to identify who your competitors are and how to compete effectively in a given market. Research is also effective in assessing demand for a new product or service.

Step 4: Examine Your Business Requirements

  • Consider the best location for the business

  • Identify your basic equipment requirement and costs

  • Will you need to employ more staff?

  • Identify your Insurance requirements

 

Step 5: Calculate Investment Requirements

  • Identify all start-up costs associated with the business

  • Identify ways of financing your business venture

  • Seek financial support and benefit from direct referral to Government Supports

 

Step 6: Developing your Marketing Strategy

  • Marketing your enterprise is a fundamental aspect of starting up

  • Research the most cost-effective methods of marketing your business

  • Write your Marketing Plan

 

Step 7: Developing Your Sales Plan

  • Having assessed your business idea, estimate your selling price

  • How will you promote the enterprise?

  • Who/where is your target market (local/national/international)?

  • What channels of distribution will be used?

  • Determine the break-even point

 

Step 8: Decide on an appropriate legal business structure

It is important to research the types of business ownership to help you make the best decisions for your business. You can choose whether you want a:

  • Partnership

  • Limited Liability Company

  • Corporation

 

Step 9: Be aware of legal obligations that will affect your business

  • Register your business name with Secretary of State

  • You will need to understand your tax obligations and register as self-employed with your local revenue office.

  • You will need to be aware of your statutory obligations such as trading licenses, permission, insurance, health & safety, patents

 

Step 10: Write your Business Plan

Business Planning is fundamental to success in business. It is the key to making things happen and reaching goals. A business plan can be used as an operating tool that will help you to make important decisions and manage your business effectively, the business plan also has a number of other uses.