When starting a business, many people wonder: "Is it better to work alone or with a group of people?" The more the economy develops, the higher the demand for starting a business because the profits are higher than the expected income. On the other hand, the development of the economy also creates new needs that need to be met. These two viewpoints will motivate a group of people to not work for hire but to start their own business to generate profits on their investment capital.
There are hundreds of types of business from manufacturing, trade, services, from big things like shipbuilding, house building to small things like cleaning, babysitting. Every entrepreneur when participating in the economy wants a larger profit than they have to spend their efforts working for others, this is considered from the financial aspect, but there are also other aspects such as psychology, health, education are also the driving forces for starting a business.
Today you are just an employee but tomorrow you will be the boss, the manager of your own business and career, is that your dream?
Entrepreneurship is a trend in Vietnam, especially among young people. Some people succeed, some fail miserably. But the important thing is that we can learn lessons for ourselves and for those who are passionate about becoming entrepreneurs in the future.
When an individual starts a business, you use your capital and brain to do business to bring profit to yourself. Those who start their own business are always passionate and enthusiastic. They are people with vision, aspirations and dare to face challenges to build for themselves and the country.
To help young entrepreneurs prepare for their start-up, we must know what we will do? How will we do it? Can we do it?
Business Individual
We will start talking about starting your own business. An individual when starting a business can choose one of the following forms of investment:
– Individual business (Household)
– Private enterprise: this is a division that everyone knows when sitting in the classroom when studying economic components. Individual business can bring the owner all the profits on the invested capital, the business owner has full authority to decide the fate of his business. Individual business will help them not to work for others but to work for themselves. They invest their own money, do business themselves and are responsible for their own business activities. Businesses of this type are mostly small businesses, spontaneous stores, and the capital is not large because it is difficult to mobilize funding sources from outside.
Starting a business by yourself has its advantages and disadvantages due to the high risk ratio because all capital is focused on the business. On the other hand, because you are self-employed, the decision-making power will be in the owner's hands, which will lead to arbitrariness and conservatism. There is a saying "Solo" to refer to the lonely image of wandering on a road without a companion. The road can be long or short, the knight can be good or not, what can guarantee that he will safely reach the destination?
Group Business
Group business is understood as two or more members contributing capital together to do business. The types that we can find are the following types: Limited Liability Company and Joint Stock Company
Let's not discuss how to contribute capital, who manages the business, but focus on the advantages and disadvantages of starting a company. "Buy with friends, sell with partners", starting a business alone is very risky and risky. Usually when starting a business, people like to find like-minded friends. These friends are not only those who contribute capital but also those who will run the company together. "One tree cannot make a forest, three trees together can make a high mountain" one person working will encounter many difficult problems, but many people working together will bring higher efficiency.
Starting a business in a group helps you to spread the risk because there are many people participating with you to contribute capital, run the company with you, on the other hand, you can also invest in many businesses and take on many different positions. Starting a business in a group can also ensure the principles of management when business decisions and business management will be based on collective decisions. In addition, teamwork will bring creativity in production and business because there is the participation of brainstorming - a group thinking method - of many people.
Starting a business is always a difficult, arduous journey full of hardships. If there are companions by your side to help, the boat will go in the right direction and reach its destination faster than struggling alone in the vast ocean. However, every boat requires a captain as well as a business needs a leader. At this point, we have to decide who will lead the startup business to success. A good leader will be the one to take the lead and build his or her working group. They have many different trends and styles, but they must have one thing in common: managing their team well.
Starting a business with a group has its advantages but also has limitations that we can easily recognize such as conflicts of interest when contributing capital, managing the business, sharing profits, withdrawing capital... and other conflicts in business decisions.
Whether or not you open the business you want in the future, the biggest question you should ask yourself is: “We play well together, but do we work together effectively?”
Synthetic
