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Scottish Enterprise

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Introduction

A Report On The Benefits of Self Employment & Entrepreneurship Compiled by Mandy Whyte 1. Findings 1.1 What is entrepreneurship Entrepreneurship is about seizing new opportunities and taking risks which is why it is so vital to the economy. This is what makes being an entrepreneur such an exciting career choice. 1.2 Support services available to the entrepreneur Scottish Enterprise, Business Gateway, Banks and Independent consultants are the main providers of support to entrepreneurs in Scotland. Business Gateway offer many free services to new business start-ups, young people and particularly female entrepreneurs have access to he most help when starting a new business. Funding is one of the major considerations when considering starting a new business. The Sole Trader generally relies mainly on personal finance. Banks are the most obvious source of finance. Most will have a small business advisor to approach for loans or overdraft facilities. Before they lend the majority of financial institutions will want to see a detailed business plan as evidence of the business's potential. Business Gateway, Shell Livewire and PYSBT will advise and where necessary offer assistance business start ups with potential. ...read more.

Middle

Most importantly today's small business sector continues to create many of the new ideas and Innovations that future generations will take for granted. 2. Conclusions The independence of working without a boss, the flexibility of self-determining working hours and the financial reward of deciding your own salary is enough to entice almost anyone to consider becoming a business owner. The benefits of being an entrepreneur are: * You are your own boss and have control over your future * Choices (e.g., you set your hours, you can choose your employees, etc.) - There are more opportunities for you to make decisions. * Opportunities to fully utilise your talents, skills, knowledge, and creativity * Financial rewards (e.g., profit, income, and tax advantages) * Job security (You create your own employment.) * Variety in your work routine * Self-satisfaction, personal achievement, and recognition * Independence Freedom * Potential financial success * Have control of future * Satisfaction of accomplishing something * Helping people * It is fun and rewarding * Finding an idea/doing something you love * Being passionate about a cause/mission Many successful entrepreneurs didn't enjoy their jobs and dreaded going to work. ...read more.

Conclusion

It is vitally important that the business idea is viable. If the idea isn't viable it should be abandoned or changed in some way so that it will work. Market Research and financial planning will assist to establish whether or not the business idea is viable. To have a good idea for a business, you should plan to supply something that people or businesses will want, and that customers will want to pay for at a level that will allow a profit to be made. The entrepreneur must be able to "sell" the concept and his business plan. This enthusiasm is difficult to build unless the individual has a clear sense of ownership of his idea. Businesses rarely achieve their planned outcomes. Entrepreneurs must be able to handle changes in the external and internal environment and take the appropriate action as quickly as possible. A business plan helps in improving the ability of the potential entrepreneur to handle problems as they develop - but it needs to be supported by other actions. 7 Sources and Acknowledgments Thanks to all contributors who provided assistance and comments. ?? ?? ?? ?? 2 ReportTA2 09/05/05.doc Amanda Whyte - TA 2 ReportTA2 09/05/05.doc Amanda Whyte - TA 2 ...read more.

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