A question To The Entrepreneurs to Establish a New Business

who is an Entrepreneur?

 An Entrepreneurs is a person who organizes and manages a business, undertakes risk for the sake of profit

 What line of business should you choose?

 Usually one should choose that line of business that one is skilled for and interested in. One should review their options and if possible, try to contact and meet those people who are already in that business. This will assit an entrepreneur to guage the true realities and facts of the business on ground. 

 What legal aspects do i need to consider while starting my business?

 While starting your business, government regulations need to be considered. These regulations may also cover special incentives offered by the government for that particular sector and other laws that may govern the business. You also must decide about the form of your organization (sole proprietorship, partnership etc). 

 Are there institutions in Pakistan that assist and provide guidance to business start ups?

 Yes, there are a number of institutions that have been established to assist and support business start ups. They provide both financial and non-financial business support

 What should I know about accounting and bookkeeping?

Accounting and bookkeeping are immensly important in any business. Without records you cannot know how your business is doing. At a minimum, records are needed to substantiate:

• Tax returns
• Your request for credit from financial institutions

But most important you need them to know where your business is headed, to run it successfully in order to maximize profits.

 What is my market potential?

 The principles of determining market share and market potential are the same for all geographic areas. First determine a customer profile (who) and the geographic size of the market (how many). This is the general market potential. Knowing the number and strength of your competitors (and then estimating the share of business you will take from them) will give you the market potential specific to your enterprise.