In a world of 7.8 billion people, the unemployed population stands at 188 million. Today youngsters are struggling to find a good reasonable job that suits their caliber, personality and offers a decent amount. Unemployment brings frustration to a person’s life. But being frustrated and hopeless isn’t the solution as it only brings downfall & depression.
Instead of waiting to be hired, why not be the boss yourself? You can establish your own business with your qualification and caliber. The best part is that you are the decision-maker and don’t have to rely upon others and take their order. The profit and development of the business is your responsibility and lies upon your shoulders.
You need the following qualities to be a successful businessman –
- Leadership quality – Although you are the founder of that business you will need cooperation and coordination from many people who will be your employees or workers in that business.
- Communication skills – To develop a healthy relationship with your employees and other fellow businessmen you need to develop good communication skills where you have clarity in portraying your ideas and requirement with others.
- Politeness – Arrogance and unnecessary attitude will take you nowhere. A successful businessman needs to be humble and polite always. This helps you to establish a better relationship with different individuals and sectors. This can help you in your time of need.
- Decision-making skills – Success and failure are part of a business what is important that you don’t remain confused throughout. You need to take an important decision that has to be influential and can be implemented effectively. You always learn from small failures and experience to achieve a bigger success.
- Knowledge about the business field -For example, if it is a clothing business you should know different attire and need of people. From clothing material to styles to trends the businessman has to be aware of all. If it is a brisk business the businessman must have an idea about sand and cement, the build-up of bricks, etc. If it is a software business, adequate knowledge about computers and different applications and the latest advanced technology is a must. If it is a salon business the person must have knowledge about beauty and makeup, air and accessories, etc.
- Know your rival – No competition is complete without healthy rivalry. You need to understand that rivalry isn’t a fight but it is a scope to do better than the others in the same field. This provides customers with better services and products.
- Not repeating old mistakes – It is impossible to not make mistakes but what is important is not to repeat those mistakes. Learn from your mistakes and rectify them.
- Honesty and morality – Fraud and cheating can give you instant profit but won’t provide you with long-term fruits and benefits. It will deteriorate your reputation and no one would ever want to work with a fraud person.
- Consistency – You need to be consistent with the work process. Bit by bit daily hard labor will only bring fruitful results.
- Patience – A business takes time to flourish fully, miracles don’t happen overnight. Be patient and consistent to see your business build up brick by brick or say unit by unit and finally fulfill your dream and desire.
Benefits of establishing a business –
- Pursue and do what you want – As a businessman, you get to do what you love. Establish a business of your interest field. If you like makeup open up a makeup brand if you are a foodie open a restaurant if you have expertise in the construction or machinery field open up a construction or manufacturing business.
- No bondage or restriction – You are working at your own free will so no one can stop you from making decisions and implementing rules
- Higher-income – A business offers you higher income as compared to an employee in the same business.
- Flexible working hours – You get to work with comfort and convenience. It is not a mandatory 9-6 job.
- No application for a vacation – You are the boss you don’t need to write an application before one month for a holiday vacation. You are the boss enjoy your vacations without any intervention.
- Develop business network – You get to interact with different businessmen and people from different sectors. It helps you to gain knowledge about different businesses.
To start a business there are has to be a lot of pre-planning. This planning phase is very crucial. It is easier to run a business after establishment what is difficult is to initiate and begin the foundation of a business. To do proper market research you have to look into what you are stepping. See the demand, rivals, and fluctuation of the rate of the product. Jot down everything that is coming into your head this helps you to remember your plans. Funding, of course, goes without saying see to the investment and your budget. See where you have to locate your business, it will depend on the product. Choose a unique name for your business. Get your business registered, apply for permits and licenses so that it becomes a trustworthy organization. Start with a few trusted employees and then gradually expand your business.
The business sector is divided into four types –
- Sole Freeholder – Sole freeholder is the owner who has all the responsibility and ownership of the business. The owner has a 100% profit. It makes a person completely self-dependent and reliable.
- Corporation – This refers to different sectors, businesses, or organizations assigned in a single category or says as a single entity. This comes under legal procedure.
- Partnership – General partnership is when partners have equal contributions to the investment, debt, and profit. A general partnership is verbal, not on the documents. Limited partnership on the other hand is more formal with proper documentation of share between partners.
- LLC (Limited Liability Company) – As the name suggests it refers to a limited partnership and limited liability. You get to share the profit and loss in the legalized limited way.
A business will help you to understand and test your capability. It enhances your personality by making you a more responsible and strong-headed person. It provides you with the freedom and liberty of working. It helps you to meet new people which helps in the popularity of your business. It gives you recognition and provides you will financial surety and security. You don’t have to seek financial aid here and there in times of need and emergency. It helps you and your family to live a prosperous life with all the basic amenities and assets.