India is having a healthy environment for emerging entrepreneurs | Motivation For Entrepreneur | How To Being An Successful Entrepreneur |

 

 

India is having a healthy environment for emerging entrepreneurs |

Motivation For Entrepreneur |

How To Become A Successful Entrepreneur |

 

 

"Whenever we think about entrepreneurs, Freedom, courage, dedication, and passion are the terms that come to almost every startup mind."

 

 

• To begin his own business,  a person can get inspired by a lot of things. Such as he passionate about something and it is his dream since his childhood. Probably, he doesn't want to work under someone and wishes to be his own boss, or maybe got inspired by someone's words and wish to open any shop.

• That means, the reason could be anything. But in this, we will come to know everything from beginning to end that we need to know to start our own business, and to become an entrepreneur in India. So, the prior step to start our own business or startup is that.

 

 

• We must know what exactly we wish to do or What is our idea? So, many people think of an idea which no one has ever thought of. But is it good thinking?

• There are some reasons for this, prior is that there are very fewer chances of thinking of such idea which no one has ever thought about. Because there are many lakhs of crores of people, hence there is very little chance of it. 

 

 

• And another more important reason is, to start a business where there is no customer base established, and no one has done trial, error and no experiment that to do this business, such kind is very new and very risky. So instead of that, we have to think that what we ourselves like to do.

Focus on things, such as,

• Prior, what is our passion, our interest what do we like to do? How can we give value to people from our work and how can we benefit people and give value that they will give us money in return?

• When these two things are clear, we can see which business already exists which coincides with these two things. Then study same businesses which are already in the market and how do they survive well.

• For example, imagine if we love electronics like mobile, TV. That is the first thing, and then the second thing is how we can give benefits to people, then here we can start an small shop or an electronics company.
  

 

• If this satisfies we then look at what all kind of electronic company already exists in India and study its business model.

 

Following steps after this is to create a business plan.

• Suppose if we are starting our business from very soon, then prepare the budget report of full one year from beginning to the year-end.

• That how much money will we need to start the business, how much capital and investment will be required, and in the whole year how much will be the expenses and what will be the profit that we will gain. The question is where will we get the required capital and money that we will need?

• So, Answer is highly recommended, start a business where do not need to take a loan from the bank or from any third person. Start a business where our family is able to afford the initial investment, because if anyone gets into banks and his business fails then he will have to face lots of problems.

• Therefore it is better to think of a business where we are able to invest ourselves and we have the capital, or our family or friends are ready to give us that amount.

• But for the initial stage, once our business is established then we can think of taking a loan to move it to the next step. This will the risk can be minimized. We can borrow the money from anywhere friends but the business plan that we have made for the year should be as detailed as possible. So that the investors will get convinced that this business will surely work and if we invest in this then we won't incur any loss. And we will gain good worth from the business.

Now that we have made our one-year business plan then we can move on to the next best step. The step is to register our business with the Government. According to the type of our business, there are different ways to register it. These different ways are called business entities. Here are some of the main ways.

• Oldest and the easiest way to register any business is, "sole proprietorship”. Proprietorship is a way to register our business. Whatever will be the profit or loss of the business will be our own profit or loss. So in a way we are personally liable for everything that is happening with the business. Small business owners use this way and register their business as a sole proprietor

• If anyone wants to become even a small businessman, then he will register his business as the proprietorship. There are many benefits of proprietorship such as, here the government regulations are the minimum.

 

 

•  To register anyone his business as the proprietorship he has to go to the local authority. for live in a city then he has to go to the municipality, whereas if he stays in a village then to the Gram Panchayat. But remember, anyone can apply for proprietorship only if his company is on a small scale.

• And if we want to keep our profit and loss different from the profit and loss of the company, and want to keep separate legal entities, in such case there are different way to register. So, another way is called One Person Company.

• Here we are not personally liable if there is something happening to the company. Here they can't come to one’s house and ask to leave that house or car to repay against the failure of the company.

• The registration cost of this is more or less in different companies. Since this is a one-person company we will have to be the director and shareholder of this company. Once we have done the registration of our company as one person company, then if our company's name is Mobile Electronics then it will be Mobile Electronics Pvt Ltd, OPC in the brackets.

An another way to register our company is Pvt ltd company.

• Here a minimum of 2 shareholders and 2 directors are required. The maximum limit of shareholders here is around 200 and if we want more than that then we have to make a public limited company.

• So as private limited, it is limited in the same way as one-person company is limited. There is a limited liability here, also the shareholders have limited liability. And if there is a loss in the company then the shareholders won't have to pay for the loss personally. It's a best and credible way to register any business.

• If anyone does so then the trust of customers and clients in his company and the trust of banks increases manifolds if the company has Pvt ltd written.
  

 

• Many startup registers their company as Pvt ltd or try to do so as it's easier to get loans from the banks and the seeds funding, the investors investing in the company becomes easy.

• It is obvious as this is very trusted and hence the regulations by the government also increase.

• Here is another way to register our company and that is a limited liability partnership.

• This is useful when we are professional in any field like engineers or more. For example, a person is a builder and he started a company to construct a building where he has employed workers, engineers, architects. But after the building is constructed he does not need that company and so he dissolves that company. Here this liability partnership comes into use.

These above ways are the main ways and most of us will require this,

• We need to know that if we want to deal with the corporate field or large companies then the preferable way is Pvt ltd only.

• And if we want to keep our own small business, then proprietorship is the best way. Now after registered the company, the next step is to do the tax registration.

• GST registration is at number first here, if a person company's turnover is more than 20 lakhs in a year then he have to register for GST.

 

• Whereas, in some of the states the minimum turnover is not that much and GST registration is also required, it is because if you deal with import-export even within the states, or if business-related to e-commerce.

• If anyone has an import-export business, then he also needs to get Import-Export Code Registration done.

• In some states, there's a another form of tax known Professional Tax Registration.

• Suppose, if any company have ten employees, then there is Employee State Insurance Registration also, or more than twenty employees then company have to get even Provident Fund Registration done. In the same way, there are so many types of company registration and tax registration as well.

As the last step that there are few more things which a business has to do every year.

• It is Yearly Mandatory compliance, the first thing is Income Tax Returns, every business has to file income tax return at the end of the year.

• Second thing is accounting, which every company need to do and must do with care. It is a balance sheet where all our profit, loss, money received, more is done on a balance sheet.

• Even we can hire an accountant for this or if our company is small then we can do it ourselves.

• If our company is registered for GST, then we have to file GST, It has monthly or quarterly compliance.

 

• So, now it is almost all about becoming an entrepreneur and starting own business.

 

 

 Note from this,

 
Remember some things such as, always think how we can give value to the people, give value to the customer, client or to the people or society

• For example, give value from some particular services, through some other important various ways.

• Therefore, all the businesses give value and if a person is going to focus on the value then his business will run good.

• And somewhere, value can be given only when we enjoy working. So only do such business where interest lies and you enjoy working.

 

 

So, write down in which field you are now and what do you think about any business.