It is classified into the following types: These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. Society is formed by individuals and entrepreneurs are also a part of that society. All the actions and activities of an entrepreneur result in the development of society. These 10 steps help to plan, prepare and manage one’s own business −. Beginning of every new business opens the doors of employment for every class of the society irrespective of the sect, gender, and color discrimination. To know more, stay tuned to BYJU’S. It can be classified into small or home business to multinational companies. How can one deny the importance of entrepreneurship in society in the form of social activities?

Meaning of Entrepreneur The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. Step 6: Registering a Business Name like "Doing Business As" − Register the business name with the state government. Thus, we can say, it is a portion of society. An entrepreneur owns his/her business, hence is his/her own boss. It’s a good option of taking over a family business and adding a new dimension to the same. Some other factors like consumer relation, social support, government support also contribute as important factors in entrepreneurial achievement. In our daily life, we consume hundreds of commodities to fulfill different requirements. Thus, we can say, it is a portion of society. try { Entrepreneurs function as the backbone for the society same as the society plays a fundamental role in the journey of an entrepreneur. Entrepreneurship and government go side by in the growth of the economy, towards a prosperous society thus country. “An entrepreneur is someone who conceives an idea, and tries to dominate the market” Blad Feld—–Founder of Tech Stars. An increase in Gross Domestic Product in return gives rise to the per capita income. The societal prosperity changes the lives of individuals. Step 7: Getting a Tax Identification Number − Learn which tax identification number is needed to obtain from the IRS and/or state revenue agency.
Starting from the bread for breakfast to the glass for milk at bedtime, a large number of products are used by us. However, Entrepreneur is the most important factor, because he is the brain. It, therefore, finances the society indirectly by investing capital in new projects. Every entrepreneur enters the market with its innovative products.

Step 5: Determining the legal structure of business − Decide which form of ownership is best - like sole proprietorship, partnership, limited liability Company (LLC), corporation, S corporation, nonprofit or cooperative organization.

So, it is very important to acknowledge the motivational features spurring people to become entrepreneurs and explaining why some are more successful than others. Entrepreneurship has a major contribution in the growth of national economy.
Innovation is the main trait of entrepreneurship. For the fast growth and development of the society, its economic activities are needed to be monitored vigilantly. 7 Ways to Stay Productive as an Entrepreneur, 5 Fastest Ways to Improve Your Essay Writing, 8 Reasons Why Being Punctual at Work Leads to Better Performance. This article is to serve the purpose of making it easy for everyone to understand how these two are interrelated. Save my name, email, and website in this browser for the next time I comment.

Required fields are marked *. An entrepreneur manages and utilizes all the factors of production in such a way that the maximum output can be generated.

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