Entrepreneurs convert ideas into a business. This could be their own ideas for products (or solutions) to fill identified gaps in the market, or buying and selling the latest start-ups and converting them into a process. Entrepreneurs pursue opportunities and organize the operations for a business or businesses

Responsibilities

  • Develop idea(s) into a product and/or service
  • Write business plans and develop business models
  • Manage startups as projects
  • Market, distribute and sell the product (or service)
  • Financially appraise (buy and sell) businesses and develop them for profitable returns
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Knowledge and Skills

  • Very organized with excellent interpersonal skills
  • Self-motivated and conviction about an idea(s)
  • Innovative and creative thinking
  • Identify gaps and find solutions to an existing product(s)
  • Excellent insight about business operations

Important sources of information

  • The first step is to register your limited company (In the UK, use companies house)

  • You must register with a tax authority as an employer
  • Be familiar with the wealth of tax regulations to comply with, some of the considerations include income tax, value-added tax, business rate taxes, and corporation tax

  • It is also critically important to ensure that your idea is refined and protected. WIPO (World Intellectual Property Organisation), one of the 17 specialized agencies of the United Nations, is responsible for the promotion of the protection of intellectual property throughout the world through cooperation among UN member States