As a determined young Entrepreneur, you need faith in your own idea, but it does not end there, it is expected that you add virtue and knowledge to become more fruitful you need to embark on self development. Through relevant books, attend seminars, become internet literate and be informed, interact with people of higher knowledge particularly in the business world. Try to be inquisitive on how others make it to the top.
As a young Entrepreneur, you also need to capture in your mind’s eye the complete picture of a particular services or product before you start at all. You will discover that it is that would serve as propulsion or stimuli to keep you working diligently until what you have imagined comes to pass. Young but great entrepreneur like Bill Gates and Michael Dell had relied on the power of imagination and creativity to record the feats achieved by them.
HOW TO TRANSLATE YOUR VISION TO MISSION
1. Structure of your business:- Like many entrepreneurs in the major cities of the world, you must decide which economic level and geographic community you will serve, for example you may choose to provide after-school care for low income children in one part of the community or open a high-tech fitness facility for youngsters in a more affluent area.
You need to do some research to determine how viable such product/services are and if the similar services have not been sited within the same area. It will be your own advantage if you position your business properly create your own unique niche with an innovative business concept and follow your heart with strong determination to succeed. Consider the role you plan to play in your new business welther as a Chief Executive, Manager or a Supervisor. Think deeply about the structure of each type of business
2. Continuity of Existence:- The sole proprietorship terminates by law upon the death of the sole proprietor with very view exception. In normal circumstances an estate planning documents for the right to continue the business. The death or withdrawal of a general partner or the expiration of the team of the general partnership following such events may be dealt with.
However, in the general partnership agreement known as MOU since it is also generally known as “Voluntary” association, any general partner who no longer desire to be associated with the partnership, as a general rule, requires winding up of its affairs and a liquidation of the partnership’s assets.
3. How to secure the Business Loan:- Most of the small-scale enterprises believed that banks only lend money to companies that don’t need it. This is not true. However, what is true is that bankers and the banks they represent will not typically make an effort to understand a business when an owner has not made concerted efforts to explain to explain, in an organized and concise manner. The company’s business. What it will do with the money it wants to borrow and how it intends to repay any borrowed funds.
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