Entrepreneur's Obligation

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Putting up your own business as an entrepreneur requires a lot of responsibilities and obligations from financing your business, hiring and training employees and paying your taxes.

An entrepreneur plays a vital role in the world economy as he provides job opportunities for many people in all walks of life. His obligations as an entrepreneur is dependent upon the type of business he runs. Nevertheless, there are some responsibilities and obligations that are common to all the entrepreneurs, as follows:

• First and foremost, an entrepreneur should finance his business and meet all its necessary needs, especially if the business is just starting, to keep it growing and lucrative. Easy for an entrepreneur to start a business if he had already a capital on his personal savings. He will be free of interest. Otherwise, an entrepreneur can also opt to apply for bank loans. The start up money for establishing a business will largely depend on the type of business he chooses. To acquire this loan, it is the entrepreneur’s obligation to provide a specific details or information about his new business.

• Manpower is also an investment. Likewise, it is the obligation of an entrepreneur to hire and train his would-be employees and evaluate their qualifications to see to it that their skills will serve as an asset to the company. One of the best effective methods of training an employee is through OJT or On the Job Training method. This is said to be very effective because this involves an actual training of the company’s operation. It is also his responsibility to have his employees attend webinars to enhance their knowledge and skills. Hiring of employees can be done by either having the job vacancy advertised in a daily newspaper or through the service of an employment agency.

• It is the entrepreneur’s obligation to promote and advertise his business, products and services to create market awareness to his potential customers worldwide. It can be done in several ways. There is a mail order entrepreneur who puts advertisement in magazines or sends out post cards to consumers who usually buy his kind of products. Online entrepreneur, on the other hand, creates company’s website and submits it to Yahoo or Google to attract or reach out to online customers. It is also his duty to monitor responses on his website to determine if he gets favorable responses to his online customers. Repetition of ads and proper tracking and monitoring of customer responses will eventually result to an increase in sales and more profits.

• Lastly, a responsible entrepreneur regularly monitors his income, expenses and pays all his taxes on time.