Does starting a business have anything to do with prior qualification? The question may have different answers from different person. Actually, the topic is a complex one having no simple and unanimous solution.
In a Manta survey conducted over nearly 1000 small business owners about what they prefer more in hiring employees between education and experience, half of them say that they do not find education to make much difference. Rather, desire, drive and the willingness to work hard are much more attractive to them.
Entrepreneurs Always Value their Education
But, not all small business owners think in the same way. More than 60% of entrepreneurs value their education with considerable emphasis for their success. As much as 70% of such entrepreneurs taken opinion from, at least have a bachelor’s degree.
With some apparent exception for business like starting a small restaurant or a hair salon etc, almost every serious commercial enterprise requires essential formal knowledge to run it with professional ease. Even the start-ups like restaurants or hair salons can turn out to be ventures of better levels and better monitory returns with formal qualification on relevant businesses.
Education only Backs up Experience
It is true that in some businesses field-experience matters a lot, yet qualification relevant to those trade and business always leaves room for improving the prospects of such ventures. This is because any kind of business, how small it may be, nowadays, is bound to face different levels of competition, both from local and international business. So, the time is really to go with the trend. Any sort of business needs to plan around a satisfactory standard to exist and expand.
Over one third of the entrepreneurs surveyed on by Manta study opine that business plan is very vital to giving their business a good start. They even say that their reliance is more with their business plans than the other important factors like capital, mentorship or networking.
Today’s Business Atmosphere
Business environments and economic market is hugely different from what it was 10 years back. So, traditional approach of business models in today’s fast-changing markets is a kind of obsolete design. Today, one needs to carefully meditate on several factors to make his business going successfully. These factors are like:
Selecting the business location
To understand the possibility of any business with respect to competition, suppliers, customers, transportation, demographics and regulatory issues, selecting the location of any business is crucial, and requires much consideration.
For a start-up falling back on savings is not a wise decision. But then, external financial resources and their terms and conditions are equally vital, and needs discreet decision to proceed on.
Registration of the Business
To run a business with complete regulatory validity registration of any business is quite necessary. One “gets a trade name” through this process, which is officially necessary for a business.
Getting a Tax ID
An officially validated business is expected to pay taxes to the official authorities. But, one essentially needs to have the idea of the process and its effect.
These are some of the most vital areas to think on before setting up any business. And, it is always better to rely on one’s own intelligence rather than taking refuge to professional experts for every little issue. A good business study always helps students with the nitty-gritty of business set-up. It is always useful to make a venture successful.