To undertake is to have the initiative to put into practice a business idea, that is, to create a company and carry out the production of the good or provision of the service, without this being a mere intention.
In the words of the SAR, the word undertake is defined as follows:
“To undertake and begin a work, a business, a commitment, especially if they contain difficulty or danger.”
RAE (Royal Academy of the Spanish Language)
Entrepreneurship involves a series of risks and difficulties that make some projects successful and consolidated as a company, and others fail.
Differences between entrepreneur and entrepreneur
An entrepreneur is one who starts his business from scratch and faces the challenges of transforming an idea into a business. However, an entrepreneur is one who runs and manages a company.
Being an entrepreneur implies a passion for what you do, motivation, perseverance and sacrifice, among other qualities.
The main difference is that the entrepreneur has not created the company, but can acquire it and has knowledge for its management while an entrepreneur, starts the company but perhaps over time, delegate to a manager for its management or the sale.
Phases to start a business
It all starts when an unmet need is identified in society and comes up with an ingenious idea of transforming a product or providing a service. If this idea can be commercialized, we identify who we can sell it and how to obtain income for it, then the entrepreneur will decide to risk and transform his project into a company.
Before creating the company, it is convenient to prepare a business plan, that is, the letter of presentation of the business project. It will detail the characteristics of the good or service offered, its viability and profitability will be analyzed, a marketing and sales strategy, how to monetize it and other legal aspects of how to carry out the business idea will be drawn up. Having a business plan helps define the strategy, identify weaknesses and strengths, and learn to sell it to both investors and customers. With this manual , you can learn to prepare a complete business plan and in a simple way.
Once the steps to start the business are clear, the company is legally established to start operating in the market and seek financing so that the project continues to grow.
Ways to start a business
It can be undertaken by repeating formulas or activities that others have already implemented and it has worked for them, such as a franchise of a restaurant or clothing / accessories store of a brand that already exists.
On the other hand, it can be undertaken with a totally different idea of the product or the model of marketing it, this form entails an innovative and more risky and dangerous component because the way of market reaction is not known. We will have to test the product, add modifications and adapt it to the market.
In these links, you can know some tips to undertake successfully and mistakes that can be avoided.
Qualities to start a business
To start a business and, therefore, to become an entrepreneur you must have the following qualities:
- Passion and motivation:Doing what you like and working to make your dreams come true are the best combination to achieve success.
- Perseverance, tenacity and ability to face new situations:Insistence, not decaying and an optimistic reaction that helps you learn from every little mistake, is the “spark” that will make your business not fall into oblivion and failure.
- Creativity, innovation and ingenuity:The first thing that is needed is to identify the added value that we will offer to our potential clients. That will be our competitive advantage: the reason why a customer will buy from us and not others.
- Planning and analyzing:Not only is the idea and the solution that it contributes to a need of society sufficient, but that must be materialized, carefully analyze the environment and its viability in a business plan.
- Know how to communicate and socialize:Networking, communication and negotiation skills are essential to convey the idea and make yourself known.
- Form a good team:Building a team requires you to surround yourself with people who complement your knowledge, feel the idea as theirs, share the same vision of the future and the willingness to take great risks.
Entrepreneurship is a long and complicated path, which brings wonderful experiences but also very difficult situations to face. It is necessary to be willing to work without a break to make your dreams come true, to sacrifice essential parts of your daily life for it and to continue insisting no matter what.