Be an Entrepreneur - A Journey of a Entrepreneur by UDHAYARASU (RYLA 41.0)

Introduction:

Let we discuss about the entrepreneurship in this article. Most of the people don’t know about this topic, of course society on of the reason for this, because most of the people only encourages to work on corporates or other private or government jobs. This is because of people don’t know about the benefits of entrepreneurship. Here we are going to discuss about entrepreneurship and its benefits.

What is Entrepreneurship?

Entrepreneurship is a process of a person who have a idea to create their own business and providing employment and which will increase their respect on society. This is the simple definition of Entrepreneurship that everybody can understand easily. Simply, Entrepreneurship is a process to create his/her own job and also providing employment

Who is Entrepreneur?

“Generally Entrepreneurs are risk takers”                 

Entrepreneur is a person who has a idea to create their own business/job and also providing employment to others. There is a only a simple difference between Entrepreneur and Entrepreneurship, Entrepreneur is a person, Entrepreneurship is a process. Why Entrepreneurship is important?                 

This is the main question will arise on everyone’s mind whenever we take this topic. Here is the simple example for why Entrepreneurship is important. Nowadays, there is no job available for all people, because all are only seeking for jobs, all want only job means, who will provide the job. This is the one of the reason for entrepreneurship is an important thing.

The next point is creating a respect on society, Ofcourse Entrepreneurship definitely create a wonderful respect on society. This is the main point for the answer of Why Entrepreneurship important?.

The next thing is providing employment, providing employment is an important thing for Entrepreneurship. It will create  a wonderful image on entrepreneur, because “I’m a owner for my own business and there are some people are working on my company” is a wonderful sentence and its create pleasure when we heard it.

These are the some convincing reasons for being an Entrepreneur and creating an Entrepreneurship.

What is the procedure to be an Entrepreneur?

This is most recent questions on everyone’s mind, because some people have a idea to create their own business, but there is no guide to tell about what they have to do, some people will research about it and start their own business, but some people may not ready to research and starting their business. For those people government has introduced lot of eye opening sessions and programs. The people can participate and gain knowledges from their.

The first step of entrepreneurship is creating a business idea and this idea should be practically possible and adaptive to competitive markets.

The second step is planning- creating a blueprint for the business like what are going to do and implement it accordingly.

The next step is registering their business with government, there are lot of methods are available to register their business. There is lot of government websites are available to registering the business, this is a simple step to register there business initially. Udyam is one of the scheme available for entrepreneurs to register their business.

About Udyam:

Udyam registration is a simplified, online, and paperless process for registering Micro, Small, and Medium Enterprises (MSMEs) in India, allowing businesses to self-declare their eligibility to do their business in India.                 

The people who are registering their business with Udyam will automatically come under Micro, small and Medium enterprises. This is the levels of the company based on the revenue generated by company yearly.

Benefits of Udyam Registration 

• This registration provides benefits such as access to government subsidies, easier access to loans, and eligibility for various support schemes tailored for MSMEs.                 

• This also provides a basic certificate to run their business in India and this provides an electronic certificate issued by the Ministry of Micro, Small, and Medium Enterprises (MSME) to businesses in India.

• Any enterprise that is engaged in manufacturing or services, has investment in plant and machinery or equipment, and has turnover is eligible to register. So everyone can register with free of cost.

• This also provides an loan for new entrepreneurs. This loan wants a simple eligibility criteria as follows:            

  • The borrower must be at least 25 years old and not more than 65 years old, at the start of loan. Income - The borrower must have a regular source of income from their business, with a minimum annual income as specified by the lender. Business Vintage: minimum of 2 years in business.