There are many paths to making a living. Some of these paths happen to be more individual oriented than others. They are business startups, entrepreneurship, and self employment. Sometimes, when the right conditions are met, with a bit of fortune, people who choose these paths can develop very successful careers.
Business startup refers to the conducting of new businesses by one or a few people in response to new business opportunities or the development of niche markets.
Entrepreneurship often refers to innovative business ventures started by one or a few individuals that has a far-fetching social and economic impact.
Self employment usually refers to the rendering of business or other services by an individual. Self employment are often found in industries where personal knowledge or skills can be delivered independent of other business factors such as facilities and offices.
Entrepreneurship is a big word these days. Some economists even think that entrepreneurships are the main drivers of economies where they creatively replace old forms of businesses.
Venture partners
Many successful enterprises began with some form of financial backing in the form of joint-ventures and other financial arrangements that are ready to take risks.
Mentoring
While an entrepreneur's initiative and direction is essential for their enterprises, it seems that behind many good entrepreneurs are great mentors with expertise in a multitude of fields.
Success and Failure
Entrepreneurship by nature involves risks higher than existing business models. And failures are common, especially in the early phases of business development. As such, some believe that it may only suit people with a certain personality make up.
Links:
Support for Local Enterprises
Hong Kong Government Funding Schemes
HKTDC SME Start-Up Programme
HK Cyberport Entrepreneurship Center
Some of us like the idea of having one's own business. And with a good feel of the market trends, some capital, and a network, it works for some of us. However, new businesses are also vulnerable to loss and failure for various reasons. Here are some basic considerations if you want to start your won business.
Books:
Start Your Own Business, Fifth Edition: The Only Start-Up Book You'll Ever Need by The Staff of Entrepreneur Media
Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble by Bernard B. Kamoroff
Some think that it is easy to start a business, but managing a business is more difficult and complicated because of unforeseen people, operational, and market circumstances. Here are some factors that may influence how you would manage a business:
Leadership
A great part of management is about people. Good leadership matters. Find out what good leadership is in your case.
Growing Your Business
You may consider expanding your business if your business does well. But managing 20 shops is very different from managing one by yourself.
Running a Business
Day-to-day operations may sound straitforward. But it requires a keen eye and the right expertise.
Business Law & Regulations
Know the laws. It can be tedious. If you don't they may get you into trouble.
Getting Out
Quitting businesses is normal even when you are making money. Learn about it.
Learn from others in your field
Be humble. See how others excel in your field. Competition can be positive.
Analysis
Keep track of your business with a good accounting and monitoring system. It is a must. Relying solely on your stamina, creativity, and problem solving skills is not enough.
Books:
Small Business Management: Launching and Growing Entrepreneurial Ventures by Justin G. Longenecker, J. William Petty, Leslie E. Palich and Frank Hoy
There are many forms of self employment. In self employment, one finds work for himself rather than working for a company. If you give private tuition to someone, and you receive fees directly from the client you serve, you are self employed.
Many people make a living through self employment. Some prefer it to working for a company because of the perceived control they have over their work lives.
Professional services rendered directly to a client is called free lancing. In free lancing, technical knowledge is often more important than facilities, equipment, and location. Many people in the work areas of design, translation, copywriting actually freelance.
Successful free lancers keep a good account of their clients and network. Sometimes they get contract work from agencies. To be good at getting work is key to surviving in freelancing.
Books:
Working for Yourself: Law & Taxes for Independent Contractors, Freelancers & Consultants Paperback by Stephen Fishman
J.K. Lasser's Guide to Self-Employment: Taxes, Tips, and Money-Saving Strategies for Schedule C Filers Paperback by Barbara Weltman
