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Entrepreneurship. Without a plan, it’s just an idea

Have you or have a business idea and have never been able to implement it? If so, this article is for you.

Today, we write about entrepreneurship and how a well-structured and detailed plan can be the key to success.

Entrepreneurship is the process of creating and starting a new business. It is an activity that involves risks, but it can also be very rewarding because it allows people to explore their own ideas, create their own jobs and contribute to the economy of a region or country. Some common characteristics of entrepreneurs include the ability to take risks, solve problems creatively, work independently and have a long-term vision.

It is important to highlight that entrepreneurship is not limited to the technological sector, because it can be found entrepreneurs in health initiatives, education, agriculture, among other areas.

Entrepreneurship enables the creation of new businesses and products, as well as the use of new technologies and processes. In addition to what has been described above, entrepreneurship can be defined as the act of identifying opportunities and exploring them in an innovative way. It is the ability to create and develop a company, start with an idea, manage the business, hire employees, sell products / services, and generate profit. Entrepreneurship involves many skills such as leadership, resource management, initiative, decision making, negotiation, resilience, taking risks and vision.

To be a successful entrepreneur, it is important to have a viable business idea, make careful planning, get funding (if necessary) and resources, build an effective work team and effectively manage the business. It is also important to be willing to learn and adapt quickly to changes in the market and business environment.

To start a business, you’ll need to follow a few basic steps:

  • Choose the type of company you want to open: There are several types of companies, each with its own advantages and disadvantages. Some examples include single-person companies, quota companies, public limited liability companies and cooperatives.
  • Choose a name for your business: You should choose a name that is unique and not confused with other existing companies. It is important to verify that the name you have chosen is not registered or protected by another company;
  • Register your company: You must follow the registration procedures of your company with the competent authorities, such as the Institute of Registers and Notary (IRN) or the National Institute of Industrial Property (INPI);
  • Central Register of beneficial owner: The RCBE declaration must be completed by all entities incorporated in Portugal or wishing to do business here. It is also in this option that, if you wish, you can make a change to the declaration or make the annual confirmation;
  • Purchase licenses and authorizations: Depending on the type of company you are setting up and where it will be established, you may need to purchase special licenses and permits to operate;
  • Create a Business Plan: A Business Plan is a document that describes your business, including your goals, strategies, and action plans. It can also include a detailed budget and a financial plan;
  • Get funding: Depending on the size and scope of your business, you may need funding to get started. There are several financing options available, such as bank loans, Business Angels investments, or loans from friends and family;
  • Start operating: After following all the previous steps, you’re ready to start your business. This includes hiring employees, purchasing equipment, and starting production or service delivery.

Undoubtedly, a Business Plan is fundamental to the success of any company. It serves as a guide to help define the purpose and objectives of the business, establish a strategy to achieve them, and identify the activities and resources needed to implement the strategy. In addition, a Business Plan can also be useful to attract investors and obtain financing as it provides a clear view of the financial viability of the business.

Entrepreneurship is, first of all, a planning process. It is necessary to establish a Business Plan, which contains information about the market, marketing strategy, finances, operations, human resources, technology and other issues that should be considered when starting a new business. The Business Plan must be clear and complete, so that it is possible to succeed in business activity. It is essential that the entrepreneur understands the market, the product or service to be developed and the strategies necessary for success. The Business Plan must also be accompanied by a budget that shows how resources will be allocated to achieve the defined objectives. In addition, it is important to have a contingency plan to deal with unforeseen events and an exit strategy for when the venture
is not profitable.

It is important to devote time and effort to devising a well-structured and realistic business plan as it serves as a map to guide the company toward success.

You have a business idea and you don’t know where to start? Talk to our team and we will help on this journey. Contact us!


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