How important are entrepreneurs to the spanish economy?

What is enterprise?

Well, just think about your own personality and the experiences you have so far in your life. This could include your jobs or any responsibility you´ve had. My suggestion, make a list of how you could show that you have been enterprising.

Enterprise is something that many people possess, but they don´t all decide to run their own business. We can say that it is the ability to come up with and carry out new ideas and new ways of doing things. 

It often involves making judgements about the risks and rewards of a situation and acting on them. So what is a successful entrepreneur?

You need drive, an understanding of the market and tenacity. You´ll need to understand the numbers involved in setting up, financing and running a business. You don´t need to be a mathematical genius, but if you´re not confident with numbers spend more time not less trying to understand them.

How important are entrepreneurs to the spanish economy?

If you are starting up your own business, very likely you start small. So you are very important to the spanish economy for the simple reason that you are part of the large successful businesses of the future.

Motives for becoming an entrepreneur?

- You´re out of a job
- To escape an uninteresting job
- To pursue your interest or hobby
- You've identified a gap in the market you want to exploit
- To market an innovative product
- You want to be the boss
- You want to be creative and make decisions
- To work from home
- To have a second career

What is the Opportunity cost?

Opportunity cost is the cost of the next best alternative. What would you do with your time, expertise and money if you didn´t start a business?

Even if you are not thinking at the moment about setting up your own business, try this activity:

Research a small local business and consider the risks involved in setting up. What could be the rewards if that business is successful? How likely is it that the business will be a success? Why small businesses are vital to Spain?

The decline in manufacturing and construction and the total reliance on tourism means Spain must capitalize on its innovative history and begin an entrepreneurial attitude. 

Successful small businesses represent the future for Spanish industry. The need for new small businesses has never been higher, and they have every advantage over large ones. By operating in niche markets, often with little or no competition, they do not have to play catch up with foreign firms and are freer to focus on a changing climate. 

The advantage is that a small business person is close to customers and can continually develop the product.

But being realistic about it, you will never work so hard in your life. Yor business will take priority over many other things, so you must enjoy whatever you are doing. It will bring you many satisfactions though, running a successful business.

In my personal experience, helping businesses and individuals online and offline to learn and improve their English, their communication skills and their networking abilities, brings me a sense of fulfillment that compensates for any challenges I may encounter.

What is your experience? Please feel free to share your comments.

U 2 4 Business