Frequently Asked Questions

What Is an Entrepreneur?

An entrepreneur is an individual who starts a new business.

What Is Entrepreneurship?

Entrepreneurship is the process of launching and growing a new business.

What Are the Most Common Barriers to Entrepreneurship?

Many people dream of starting their own business. While there are many obvious perks to entrepreneurship, it is important to remember that there are also significant risks involved. Building a business from scratch takes an inordinate amount of hard work and determination, with no guarantee of success. To position themselves for the best possible chance of realising their business aspirations, entrepreneurs must conduct careful research, learning as much as they can about the business and its wider industry, including weighing up the competition to ensure the market is not saturated. They must also learn about business fundamentals such as finance and accounting, marketing, business insurance, legal aspects and more.

What Are the Different Types of Entrepreneur?

There are a range of different entrepreneur types today. Social entrepreneurship is an increasingly popular subset that centres around launching businesses to address a particular social or environmental issue. Rather than focusing their entire career on building and expanding a single business entity, serial entrepreneurs start and scale multiple ventures over time. ‘Solopreneurs’ are sole business owners without employees. Small business entrepreneurs, on the other hand, often employ a modest workforce, launching and running their business in the local community.

What Is the Best Type of Business to Start?

To be successful, any business must solve a real-world problem, delivering products or services that enrich people’s lives. Brainstorming is a sensible place for aspiring entrepreneurs to start, first identifying what problem they intend to solve, who it affects and researching potential solutions. The founder then needs to consider how much it will cost to offer these new products or services and which features of their solution already exist. They also need to assess how they can exploit these existing features, as well as creating a more precise picture of what their ideal customer looks like.

What Resources Are Necessary to Start a New Business?

One of the most important weapons in a founder’s armoury is their business plan. Serving as their strategic vision, inventory, roadmap and checklist, a business plan forces the entrepreneur to encapsulate their ideas on paper, identifying important goals and delineating a plan to help the business achieve these objectives. In addition to a carefully crafted business plan, the business will also need several other key items, which can vary considerably depending on business type, size and industry. Common requirements include legal documentation, business insurance, a tax license and a business license.