Are you thinking about starting up a business or company? Entrepreneurship is not the perfect cure for every ill but it is a thrilling adventure requiring knowledge, effort, patience and dedication. According to the Organization for Economic Cooperation and Development (OECD), Spain has few entrepreneurs, but their businesses survive for longer. Spain is last-but-one as far as entrepreneur ratio is concerned, with only Bulgaria below, although Spain does better than France and Italy as regards companies established for more than three months and less than 42 months. If you want to be an entrepreneur, here are five ideas.
1.- Get ready
Earning a living as an business owner is a long-distance race. It is not about being the first off the blocks, but of knowing how to stay with the pace. Before setting up a business, experts like Fernando Trías de Bes – writer, economist, and co-author of the book ‘El libro negro del emprendedor’ (‘The Black Book of the Entrepeneur’) – invite you to reflect on aspects such as family circumstances, potential partners, the business idea, the personality of the entrepreneur and managing growth. If you are going to make the leap, first stop to think.
2.- Start from the foundations
There is a logical sequence in entrepreneurship: first, the viability of the business and the sector in which you want to give it shape have to be analysed. From there, you move on to calculations, the legal formula for the company and financing. Don't put the cart before the horse.
3.- Short- and long-term plan
A basic tool for achieving success in your business adventure is a business plan. This is a written document that identifies, describes and analyses an opportunity, and examines its technical, economic and financial viability. It provides the answer to all of these questions: What are you going to launch? Who is going to put it into operation? With what help? How will you enter the market? How much money do you need?
Getting advice is always the best option. Many public and private institutions offer some type of help to all those who wish to become entrepreneurs. This ranges from training and advice, to financing, incubation and acceleration.
4.- Follow the legal formalities
Choosing the wrong legal form can lead to additional costs. This is why here information is the key.
5.- Know all your resources and develop your brand online and offline
Networking, forums for entrepreneurs, blogs, events and conferences, etc., will provide you with contacts and resources for setting up your company. And don't forget we are living in the Internet era and it is important to build your company’s digital profile in order to take full advantage of the resources new technologies place within our reach.