In a global perspective, the very purpose of creating wealth and ensuring welfare is solely fulfilled by the business enterprises or establishments involved in commercial activities. The instability and the uncertainty surrounding any economy can in many ways removed if individual thinkers and value creators can be encouraged and entertained. However, coming to this very aspect of global phenomenon not so naturally inherited by the individuals interested to become entrepreneurs are mostly guided by their own will and inspired by the surrounding factors. The act of becoming an entrepreneur always takes along its stride the expected rate of both success and failure alike. Still the force of motive makes no weak movement to annihilate the desires of a self-made business operator.

Since the beginning of twenty-first century, the citizens of earth have been witnessing innumerable opportunities knocking at their door- steps. These opportunities though have got differential capacities to solve the purpose of carning can create tremendous willingness within someone to think and act independently. The only essence to move up is to understand the processes and the documentations as well as the authorized houses responsible for configuring ideas into profitable and recognized commercial activities. Therefore the individual interested to start a business of his/her own should be well-versed with these requirements and practice to the fullest.

Like in any societal processes, one needs a platform to initiate, operate, execute and maintain the processes; in entrepreneurship also the requirements of all those tangible as well intangible components become unavoidable. The factors of production or trading, the formation of a business establishment, the management and hassle-free functioning are all that get into the pre and ongoing essentials of an entrepreneur. Now, the decision of utilizing at what scale these have to be decided, formed and implemented depends on both capacity of the individual and prevailing statutory requirements. As the term business or industry by its very nature takes into consideration both risk and opportunity alike, the act of being an entrepreneur cannot be thought of without these perennial truths. Along with the expectation of profit making, the risk of getting insolvent has also to be understood. The sickness factor and the surrounding components of this have to be well realized and preparations beforehand need to be made accordingly to safeguard against these hard times.

Dr. Rabinarayan Patnaik

Mostly a business consultant and an academician, he is a Ph.D., Post graduate in management studies, B.E. and LL.B. He has been actively involved in building brands, taglines, media planning and many more for various professional set ups across industries. Certified as a Six Sigma Black Belt, he never does things casually rather makes the best endeavour to produce perfect and precise results. He has been instrumental in building careers of thousands of students from various b-schools of repute and on the boards of organizations to support the cause of business and management.