Becoming an entrepreneur is a big decision. Entrepreneurship doesn’t only mean making money, it also means making sacrifices – during the startup and set-up process as well as throughout the life of the business. It means putting in the time, energy, effort and money (sometimes all by yourself) to make the business what you envision. Therefore, a critical trait that one should possess is the right attitude. After all, an entrepreneur must be a beacon of positivity.
An entrepreneur must be determined, a risk-taker, confident and have a passion for business. Most importantly though, business owners ought to know failure is always a possibility and failing many times during the process is almost a ‘rite of passage’.
History is replete with the stories of many, now successful entrepreneurs who recorded some type of failure on their journey to greatness. You don’t have to look very far for these stories. Our very own World-Beater and Superstar Athlete, Usain Bolt on his first trip to the Olympics in 2004, failed to make it past the first round of the 200 metres. His is a story of resilience, determination and the will to succeed. Just take a look at him now….. Legend!
Starting a business in Jamaica is now considerably easier than it was some years ago. The steps towards entrepreneurship on paper may seem quite easy: you come up with a business idea, give it a name and start making money; but it’s a bit more technical than that.
Business Advisors suggest that the business should solve a problem and fulfill a societal need; that, they say, is the first test of the business’s viability and sustainability, so never underestimate the importance of drafting a business plan.
Choosing a name for the business is very important. The Entrepreneur is encouraged to identify a business name which elicits the best responses from its customers. A good business name attracts customers, is easy to remember and has a positive connotation. The name defines the type of business and helps the entrepreneur to create an attractive brand with appeal that is a magnet for positive attention.
“A critical trait that one should possess is the right attitude… An entrepreneur must be determined, a risk-taker, confident”
Bear in mind too that the name is the first image that the business projects. It is the first thing that will either entice or offend the customer. Further, assuming that the business lasts for many years, the entrepreneur would have invested time and money in not just building the business name, but the brand as well.
Prior to the registration process, the Entrepreneur must decide on the legal structure of the business. Whether he chooses to register as a company or a business is determined by the purpose of the enterprise, its size, management, as well as tax and statutory requirements for the several types of commercial enterprises which are available. In Jamaica, it is illegal to operate a business without first registering with the Companies Office of Jamaica.
Under the law, the following entities are required to register; an individual or firm buying or selling goods from an established address, an individual or firm offering services from an established address in a name other than its/their own, for example; John Brown offering services in his name need not register; however, John Brown operating as John’s Accounting or John Brown & Associates, must register. Accessing the proper licenses, permits and approvals is also critical to operating successfully in Jamaica.
To continue reading, purchase Vol.8 #8, 2016 Issue.
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Becoming an entrepreneur is a big decision. Entrepreneurship doesn’t only mean making money, it also means making sacrifices – during the startup and set-up process as well as throughout the life of the business. It means putting in the time, energy, effort and money (sometimes all by yourself) to make the business what you envision. Therefore, a critical trait that one should possess is the right attitude. After all, an entrepreneur must be a beacon of positivity.
An entrepreneur must be determined, a risk-taker, confident and have a passion for business. Most importantly though, business owners ought to know failure is always a possibility and failing many times during the process is almost a ‘rite of passage’.
History is replete with the stories of many, now successful entrepreneurs who recorded some type of failure on their journey to greatness. You don’t have to look very far for these stories. Our very own World-Beater and Superstar Athlete, Usain Bolt on his first trip to the Olympics in 2004, failed to make it past the first round of the 200 metres. His is a story of resilience, determination and the will to succeed. Just take a look at him now….. Legend!
Starting a business in Jamaica is now considerably easier than it was some years ago. The steps towards entrepreneurship on paper may seem quite easy: you come up with a business idea, give it a name and start making money; but it’s a bit more technical than that.
Business Advisors suggest that the business should solve a problem and fulfill a societal need; that, they say, is the first test of the business’s viability and sustainability, so never underestimate the importance of drafting a business plan.
Choosing a name for the business is very important. The Entrepreneur is encouraged to identify a business name which elicits the best responses from its customers. A good business name attracts customers, is easy to remember and has a positive connotation. The name defines the type of business and helps the entrepreneur to create an attractive brand with appeal that is a magnet for positive attention.
“A critical trait that one should possess is the right attitude… An entrepreneur must be determined, a risk-taker, confident”
Bear in mind too that the name is the first image that the business projects. It is the first thing that will either entice or offend the customer. Further, assuming that the business lasts for many years, the entrepreneur would have invested time and money in not just building the business name, but the brand as well.
Prior to the registration process, the Entrepreneur must decide on the legal structure of the business. Whether he chooses to register as a company or a business is determined by the purpose of the enterprise, its size, management, as well as tax and statutory requirements for the several types of commercial enterprises which are available. In Jamaica, it is illegal to operate a business without first registering with the Companies Office of Jamaica.
Under the law, the following entities are required to register; an individual or firm buying or selling goods from an established address, an individual or firm offering services from an established address in a name other than its/their own, for example; John Brown offering services in his name need not register; however, John Brown operating as John’s Accounting or John Brown & Associates, must register. Accessing the proper licenses, permits and approvals is also critical to operating successfully in Jamaica.
To continue reading, purchase Vol.8 #8, 2016 Issue.
Share this post: