Entrepreneurship in Saudi Arabia has evolved over the years, and with the introduction of Vision 2030 the government has taken many steps to improve the market for foreign investors and open doors for startups and SMEs in the Kingdom.

As the value of entrepreneurship is realized and the benefits it provides to the economy and society, the government has initiated actions to boost the entrepreneurship ecosystem. 

Creating the right ecosystem for entrepreneurs to thrive in the Kingdom has been a key objective for the government.

This means creating enabling policies, providing appropriate opportunities for funding, creating a positive culture, support mechanisms and a venture-friendly market.

This requires support from other stakeholders such as corporations, risk capitals, universities, and other entrepreneurs, who help enable the growth of startups and SMEs in the Kingdom.

The government’s commitment to entrepreneurship has been further displayed through the fueling of the entrepreneurship and SME sector.

They have introduced initiatives and funding boosts to assist new entrepreneurs entering the market.

This includes a SAR 72 billion (US $19.2 billion) stimulus package to boost the private sector with a large focus on different programs and initiatives supporting SMEs, such as government fee reimbursements, a government VC fund, indirect financing to SMEs and export financing.

Continuing, the government launched the Meras program which provides all the public and private sector services required by an entrepreneur to set up a business in a day. Then, the General Authority for SMEs, also known as Monsha’at, was established which pledges to remove the barriers to entry, access to funding, supporting SMEs with marketing and exporting products and services.

These positive changes to improve the entrepreneurship ecosystem and create ease for those looking to enter the market has grown the Saudi Arabia entrepreneurship ecosystem rapidly.

The government is now focusing their efforts on increasing innovative and technologically advanced startups in the Kingdom to put Saudi ahead in the region. 

source:

This past week, I attended Ernst & Young’s Strategic Growth Forum U.S. event. With some of the smartest founders in the country, I chatted about best practices and trends that will shape 2020.

Although my prior co-founder and I received the “Best Emerging Company” award at the 2016 event, I joined this year not as a competitor but as a listener.

I came away with new ideas for growing my company while playing it safe, which will be key in what I and others expect to be a volatile election year. With uncertainty ahead, I paid special attention to the trends on attendees’ minds. These five came up again and again:

1- Optimization is becoming the new risk management.

With political tensions running high and a potential recession on everyone’s radar, it’s no wonder this year’s event was focused on playing it safe while doubling down. Lee Henderson, EY Americas Growth Markets Leader, hit on the importance of Playing it Safe, but still doubling down. Lee said “Companies need to look at things like contracts, vendors, costs, and business operations so that there’s comfort in efficiency, but they should still be looking for areas to grow and innovate. There will certainly be opportunities, and you want to be ready to capitalize on them when the time comes.”

According to EY data, entrepreneurs are more optimistic about those opportunities than other business leaders. Among entrepreneurs, 67% said they were focused on “pursuing new market opportunities,” compared to just 19% of leaders at large companies. 

2- Industry-specific startups are seeing the greatest growth.

One of my favorite people I met at this year’s event was Brad Keywell, CEO of Uptake and 2019’s World Entrepreneur of the Year. Brad echoed my belief that the best opportunities for entrepreneurs are not always found in broad business services. “Big companies like Amazon are great at delivering value through technology to mass market audiences,” Brad explained. “It’s the niches they do not deal in that offer real opportunity to entrepreneurs, who can be flexible and move quickly.”

3-Non-technical entrepreneurs are winning with partnerships.

Plenty of people with big ideas cannot code. Todd Buelow, founder of Dualboot Partners, pointed out to me that more non-technical entrepreneurs are trusting others to build out the technologies needed to turn their dreams into reality. 

The reason for this, according to Todd, is that a lot of tech experts are also turning to entrepreneurship. They may have the skills to build the product, but they often need help on the sales and marketing side of things — where many non-technical founders shine.

4-Teams are using technology to maximize their operations.

One way companies are playing it safe, as Lee Henderson suggested they should, is through technology. Time-saving tools make it possible for entrepreneurs to accomplish more with fewer resources.One company at ground zero of this trend is Teamwork, a project management platform based in Ireland. CEO Peter Coppinger, who received the EY Ireland Entrepreneur of the Year award, and I talked at length about how efficiency improvements across operating systems are a great way to stay safe while pursuing growth.

 5-Companies are becoming more culture-conscious.

A theme I heard over and over — and I wholeheartedly agree with — is that it’s people who make a business thrive. Many of the people who attended EY’s event this year wanted to learn about building diverse teams, bringing out the best in their employees, and creating the sort of work culture where the best employees want to stay. Especially with unemployment at record lows, a lot of entrepreneurs are struggling to find talent. The solution, I and others have found, is to invest in team members’ personal growth. That means providing a flexible work environment, plenty of autonomy, and performance-based compensation like profit sharing to maintain motivation.

Trend predictions do not always pan out, but I’m convinced EY attendees know what they’re talking about. With the new year just weeks away, I’ll be investing in areas like culture and technology that provide protection without putting a damper on growth. Bring it on, 2020.

source: forbes

Some economists identify entrepreneurship as a factor of production because it can increase the productive efficiency of a firm.

Many different definitions of entrepreneurs and entrepreneurship exist, and most place entrepreneurs in the same critical category as more consistently identified factors of production.

For example, some economists define an entrepreneur as someone who utilizes the other factors – land, labor, and capital – for profit. Other definitions consider entrepreneurship in a more abstract way – entrepreneurs identify new opportunities among the other factors without necessarily controlling them.

Since disruptive innovations are the result of human insight, it is not entirely clear that entrepreneurship should be considered a separate factor of production from labor.

Economists disagree about whether entrepreneurs are different from laborers, are a subset of laborers or whether they can be both simultaneously.

Risk and the Entrepreneur

One of the least developed aspects of mainstream microeconomics is the theory of the entrepreneur. The 18th-century economist Richard Cantillon called entrepreneurs a "special, risk-bearing group of people." Since that time, risk-bearing has been an important characteristic of the economic entrepreneur.

Later economists such as Jean-Baptiste Say and Frank Knight believed market risk was the crucial element of the entrepreneur. It wasn't until the middle of the 20th century when Joseph Schumpeter and Israel Kirzner independently developed comprehensive applications of risk-bearing in a productive framework.

Schumpeter noted that the other factors of production required a coordinating mechanism to be economically useful. He also believed that profits and interest only exist in a dynamic setting where there is economic development. According to Schumpeter, development takes place when creative individuals come up with new combinations of the factors of production. Schumpeter argued that entrepreneurs created dynamism and growth.

Value and Returns

Some economists define the factors of production as those inputs that generate value and receive returns. Labor generates value and receives wages as payment for work.

Capital receives interest as payment for its use.

Land receives rents as payment for its use. It is the entrepreneur, according to this theory, that receives profit.

This theory clearly differentiates between the laborer and the entrepreneur based on the type of return.

There are some important challenges to this view. For example, do entrepreneurs receive profit commensurate with their marginal revenue product? Is there a definable market for entrepreneurship that corresponds to its returns, and corresponds with an upward-sloping supply curve?

Entrepreneurs and Asset Ownership

These issues beg another question: Does an entrepreneur necessarily need access to economic assets? Some economists say no – it's ideas that matter. This is sometimes known as the pure entrepreneur. Per this theory, entrepreneurial acts are non-marginal and purely intellectual.

Others disagree, since only an owner of assets can expose them to risk. This view assumes that entrepreneurship is embodied in the creation and operation of a firm and the deployment of the other factors.

Austrian economist Peter Klein says that if entrepreneurship is treated as a process or attribute – not an employment category – it cannot be treated as a factor of production. Normal factors of production can be depreciated during times of economic struggle. This doesn't apply to attributes, however.

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Saudi Arabia is a land of immense opportunities in many spheres, and this is also true when it comes to entrepreneurship.

According to the 2019 Global Entrepreneurship Monitor report, around 76.3% of the adult population in Saudi Arabia has perceived good opportunities to start a business– with the percentage ranking second highest out of 49 countries analyzed.

The ambitious yet achievable long-term blueprint of the Saudi Vision 2030 is based on three key pillars: a vibrant society, a thriving economy, and an ambitious nation.

The second pillar in particular –a thriving economy, coupled with rewarding opportunities– aims to stimulate the economy and diversify revenues, which also underscores SMEs as “important agents of economic growth that create jobs, support innovation, and boost exports.” In fact, the Saudi Vision 2030 pledges to raise the contribution of SMEs to Saudi Arabia’s GDP from 20% to 35% by 2030.

It takes an ecosystem

Capitalizing on such a tremendous opportunity and realizing the aforementioned Saudi Vision 2030 mandates demands invigorating a robust entrepreneurship ecosystem.

For this to happen, there needs to be enabling policies, appropriate funding vehicles, a stimulating culture, a range of support mechanisms (including infrastructure and accelerators), a pool of human capital with entrepreneurial drive, and venture-friendly markets.

Such an ecosystem encompasses an array of stakeholder groups that include universities, corporations, risk capitals, and entrepreneurs.

The stakeholders’ chief role is to cultivate the aforementioned ecosystem requirements in order that enable the creation and growth of startups and SMEs.

As part of Saudi Vision 2030, the government is forging the necessary commitments to further fuel entrepreneurship and the SME sector.

Translating such commitments into action has put entrepreneurship in Saudi Arabia on steroids, as it has been supercharged and fuel-injected by a range of attractive initiatives and hug funding boosts.

The Saudi government has injected SAR72 billion (US$19.2 billion) stimulus package to boost the private sector, an enormous part of which was allocated to different programs and initiatives supporting the SME sector, such as government fees reimbursement, a government VC Fund, indirect financing to SMEs, and export financing. Furthermore, the Public Investment Fund (PIF) created an investment fund, with a capital of SAR4 billion ($1.1 billion) that will attract private sector participation through investments in venture capital and private equity funds.

The government has also launched the Meras program, which provides all the government and private sector services an entrepreneur needs to set up a business in one day.

In addition, the government established The General Authority for SMEs, otherwise known as Monsha’at, with a number of pledges that include removing obstacles, facilitating access to funding, supporting SMEs in marketing and exporting products and services, and enabling national entities to collaborate with relevant stakeholders. All of these reflect the Saudi government’s considered efforts to make positive changes across the entrepreneurial ecosystem.

Inspired by Saudi Vision 2030, a multitude of entities, from the private, public and third sectors, have forged ahead to design and implement a spate of initiatives and programs to accelerate the growth of Saudi Arabia’s entrepreneurship ecosystem.

Human capital is strategic to the growth of the local entrepreneurship ecosystem To nurture the necessary talent needed in Saudi Arabia, the MiSK Foundation has been playing a pivotal role.

A very recent example is the MiSK Innovation 500 Startups program, which brought Silicon Valley growth techniques to support MENA-based companies to scale up and fundraise. Also, in partnership with the Ministry of Education, Ministry of Communications and IT, as well as Saudi Telecom Company, MiSK Innovation attracted more than one million people to participate in Saudi Codes, an educational initiative which teachesbasic coding skills. In addition, a multitude of sectorfocused hackathons attracted thousands of developers.

One stand-out example was the Hajj Hackathon organized by the Saudi Federation of Cybersecurity, Programming, and Drones, which broke the Guinness World Record for the most participants with around 3000 developers from 100 countries.

Funding SMEs and initiatives is another crucial component for the development of the entrepreneurship ecosystem The Ministry of Communications and IT has recently signed a cooperation agreement with the Ministry of Labor and Social Development to allocate up to SAR1 billion fund to support initiatives across the tech sector, including tech startups.

The fund will be targeting investors, entrepreneurs, government entities, accelerators, and tech developers in Saudi Arabia.

The Saudi Venture Capital Company (SVC), which was recently launched, has made a financial commitment as a limited partner in more than 10 VC funds.

SVC is a government VC company that was established as part of the Private Sector Stimulus Plan (PSSP) to minimize the existing equity funding gap for startups. It has also co-invested in about 14 startups through a matching program.

To further advance this vital sector, the Saudi Association of Venture Capital and Private Equity was established to promote the industry’s contribution to the growing Saudi economy, helping to determine and improve best-in-class regulatory policies, as well as raising awareness and fostering collaborations between industry professionals.

The Saudi entrepreneurship ecosystem is nimble to adapt to emerging trends The Saudi Capital Market Authority (CMA) established the Financial Technology Experimental Permit (FinTech ExPermit) granting permission for equity crowdfunding platforms to operate.

In addition, the Saudi Arabian Monetary Agency (SAMA) designed a sandbox regulatory environment, and granted a number of banks and companies experimental licenses to provide various services in the field of digital payments.

It also launched Fintech Saudi, which brings together key stakeholders to foster a culture of innovation in the financial sector in Saudi Arabia. Furthermore, a bundle of support companies has sprouted up out of TAQNIA, a subsidiary owned by PIF, with the mission to create value from technology.

A few examples of such companies include Business Incubators and Accelerators Company (BIAC), Riyad TAQNIA Fund, and Research Products Development (RDP), a center for technology development and commercialization.

Diversity and inclusion augment developing local entrepreneurship ecosystems The Saudi General Investment Authority (SAGIA) has been playing an integral role in making local entrepreneurship more inclusive to the global entrepreneurship scene, as well as to the international business community wanting to access the diverse and lucrative Saudi market.

Since 2017, the authority has been granting international entrepreneurs an innovation license to pilot the expansion of their startups in Saudi using partner Saudi universities and business incubators. In addition, SAGIA has recently launched VENTURE, an initiative aimed at attracting global venture capital firms to the kingdom.

During the recent Financial Sector Conference, held in Riyadh earlier this year, 20 venture capital firms signed agreements as part of the initiative.

NGOs are an essential building block of the Saudi entrepreneurship ecosystem A prime example of this is Saudi Endeavor, which has been supporting a number of high-impact, high-growth local entrepreneurs in scaling up their companies, creating thousands of jobs and increasing their annual revenue by an average of 16%.

Measuring impact

With such a proliferation of initiatives, a couple of inextricably linked recommendations come to mind. First, key stakeholders should build a repository of the ongoing initiatives’ outcomes in order to keep track of and gauge the impact on the local entrepreneurship ecosystem.

Secondly, these initiatives have a cost burden which necessitates having shared ecosystem metrics to measure the returns that entrepreneurship generates locally.

One overall ecosystem metric is the National Entrepreneurship Context Index (NECI) that was introduced by the Global Entrepreneurship monitor this year.

NECI, which assesses the environment for entrepreneurship in an economy, is based on 12 framework conditions such as internal market dynamics, entrepreneurial finance, government policies, and entrepreneurial education, evaluated by local experts. Other ecosystem metrics could also be developed based on the indicators proposed by the Kauffman Foundation, such as density, fluidity, connectivity and diversity. Each of these indicators measures an entrepreneurship ecosystem in specific ways.

Ultimately, the local entrepreneurship ecosystem could leverage a rich pool of lessons learned to accelerate its evolution. It could thus further improve its conditions to increase the chances of success for entrepreneurs and SMEs. A word of caution though: published indices and rankings should not be perceived as the “guardrails” of entrepreneurship ecosystem development.

Rather, policy makers and other stakeholders should keep their fingers on the pulse of the ecosystem to assess the validity and contribution of their initiatives, and iterate accordingly.

The aforementioned efforts have gained lots of impetus at a national level, showing a fertile ground for a variety of entrepreneurship ecosystem stakeholders.

However, the real yardstick that will reveal how the entrepreneurship ecosystem is developing is embedded in the regions.

Hence, efforts at a national level should be also cascaded down to a regional level in order to harness the wide spectrum of comparative advantages that Saudi regions enjoy.

 The Saudi Entrepreneurial Ecosystem Lab, or SEE LAB, was developed for this purpose. It is an integrated platform with the mission of contributing to the growth of every Saudi region’s entrepreneurship ecosystem through three key levers: enabling the interaction between the ecosystem stakeholders, engaging the entrepreneurial community in generating and implementing relevant initiatives, and educating the stakeholders about trends and issues in the respective region’s ecosystem for potential improvements. The initiative was piloted in 2018 and started to take root in the Almadinah and Ha’il regions.

To further reinforce the development of the entrepreneurship ecosystem in the regions, I have led the efforts to set up an arrangement with MIT Regional Entrepreneurship Acceleration Program.

This arrangement is structured around having different regions from Saudi Arabia engage in the program to design and implement specific interventions that will enhance the participating regions’ respective entrepreneurship ecosystem.

The Makkah and Madinah regions have already participated in previous cohorts of the program focusing on the comparative advantage of Hajj and Umrah, and Ha’il region will take part in the upcoming cohort starting later this year.

A boulevard of fulfilled dreams

It takes an ecosystem to get a fledgling startup off the ground. It is equally important to have an ecosystem to help SMEs grow and create the desired impact on the social and economic levels.

It is becoming more evident that Saudi Vision 2030 has fueled the efforts of many players in the Saudi entrepreneurial ecosystem– indicating the emergence of a healthy, stimulating ecosystem platform.

Aligned with Saudi Vision 2030’s entrepreneurship related objectives, fostering an entrepreneurship ecosystem has become imperative to enable the alignment of these stakeholders’ efforts towards a collective impact at both regional and national levels.

Such stakeholders must dovetail their efforts to nurture such entrepreneurial ecosystems, and thereby create a boulevard of fulfilled dreams.

source: entrepreneur

For almost 10 years, Egypt has made a dramatic leap in a number of fast-expanding startups and an amazing set of supporting institutions and communities. 

In 2018, Egypt was ranked the fastest growing startup ecosystem in the Middle East and North Africa and the second largest after UAE, according to a report by start-up platform MAGNiTT. 

During these years, Egypt’s flourishing entrepreneurship scene has been receiving support from governmental entities and private institutions which aid entrepreneurs to reach their maximum potential by offering fund opportunities and mentorship. 

Having known about these governmental and private institutions that provide help and support to startups, Egyptian young people were encouraged to start their own projects, especially in light of the lack of employment opportunities and law wages. 

Egypt’s population of more than 100 million citizens also makes its market one of the most lucrative, attracting the attention of not just startups from the wider region, but also investors. 

“With a large youth population, low wage costs and numerous niche markets yet to be saturated, Egypt is an ideal place to offer young entrepreneurs a suitable environment to experiment and develop their ideas,” founder of Global Entrepreneurship Network’s (GEN), Jonathan Ortmans, said. 

Moreover, it’s indicated that 82 percent of Egyptians perceive successful entrepreneurs as having high social status and almost 76 percent of Egyptians, mostly youth, perceive entrepreneurship as a good career choice. 

Furthermore, 55.5 percent of the non-entrepreneurs surveyed expressed their interest in starting their own business, a percentage that is double the global average, according to a report published by The Global Entrepreneurship Monitor (GEM). 

But without the support of the Egyptian government, many startups would have never seen the light. There has been an increasing engagement by the Investment Ministry, as well as other governmental institutions, since the inception of the government’s economic reform plan. 

Egypt successfully established many incubators, providing a stepping stone for local entrepreneurs. Bedaya, TIEC – Technology Innovation and Entrepreneurship Center, and Fekretak Sherketak are the top incubators founded by the government, offering funding for new innovative ideas. 

Bedaya 

Bedaya, a governmental incubator, was established by Egypt’s General Authority for Investment and Free Zones (GAFI) in 2009. This incubator can offer up to LE 150,000 (US$9,047) in funds as well as business development services, networking opportunities and manufacturing spaces. 

Though Bedaya is a governmental incubator, it is led by the sector.

According to their website, 60 percent of Bedaya’s fund is allocated to supporting startups from governorates outside of the capital, Cairo. 

The incubation period at Bedaya is a minimum of three months. Bedaya offers funding for 3-5 years in return for equity. But, it also reveals different exit strategies that vary from business to business. 

TIEC – Technology Innovation and Entrepreneurship Center 

Running throughout Upper Egypt and the Delta as well as in its headquarters in Cairo, TIEC is a government entity that specializes in incubating information and communication technology (ICT) startups as part of the governmental plan to develop Egypt’s ICT sector. 

Since its establishment in 2010, TIEC offers fund of up to LE 120,000 (US$7,237) without a share or equity in the company. Its incubation period is 1 year. 

Fekretak Sherketak 

“Fekretak Sherketak” Initiative was launched in September 2017 by Egypt’s Ministry of Investment and International Cooperation to encourage startups and promote the entrepreneurial atmosphere in Egypt. 

According to its website, this incubator is “designed to support and empower the next generation of Egyptian entrepreneurs and contribute to the development of the Egyptian startup ecosystem.” 

Along with funding opportunities, the firm offers program mentorship, training and other necessary tools and resources for local entrepreneurs looking to grow and expand their businesses. 

The program promotes the launch of the Egypt Entrepreneurship Program (EEP) in partnership with Hermes Financial Group and UNDP. 

Emerging businesses have the opportunity to receive LE 500,000 ($30,157) as a fund from "Fekretak Sherketak" in return for 4-8 percent equity as well as a four-month training period. 

Furthermore, the number of private venture capital (VC) firms, accelerators and incubators in Egypt has also been increasing, which indicates a growing interest in entrepreneurship in Egypt. 

These firms include Gesr, Flat6labs, Injaz Egypt, and AUC Venture Labs; they succeeded in putting many brilliant ideas into motion. Egyptian entrepreneurs who like to start or even scale their business can head to any of these incubators or accelerators which offer mentorship, training, office space, and legal support to selected startups. 

Due to Egypt’s evident interest in entrepreneurship, barely a week goes without an Egyptian startup announcing an investment round. Egypt opened doors for many young people to start thinking about ways to innovate, create and control their destinies , unleashing their entrepreneurial potential.

source: egypttoday

By Maurray Newlands

Today, many people today are looking to leave the daily grind for something that feeds their passion.

People do not want to retire at the age of 60 (or older) to look back on life and feel they have wasted it.

Luckily, it is now increasingly easy to start a business from scratch without spending a fortune. Below, I've highlighted 75 varied business ideas you can start cheaply from the comfort of your own home.

Some of the business ideas listed require nothing more than an internet connection, while others demand a level of licensing or a specific set of vocational skills...the choice is yours!

1.Making Chatbots 

I am quoted on entrepreneur.com as, "ChatBot expert Murray Newlands commented that, 'Where 10 years ago every company needed a website and five years ago every company needed an app, now every company needs to embrace messaging with AI and chatbots.'" That brings opportunity and jobs. You can learn to make them for free without coding for companies.

Chatbots are in, and it has reached the point where every business needs one. Chatbots have become a huge opportunity for companies to engage with their customers, gather data, and improve their marketing and customer care efforts.

You can start your own chatbot creation business easily and quickly without needing to code. I created the free to use tool Chattypeople.com, but there are lots of others out there. All you need to do is:

• Read about bots and their functions
• Create an account 
• Learn about the company who needs a chatbot
• Create their bot through 
• Launch it through Facebook Messenger
• No coding or long courses needed

The platform is great, as it:

• Works with Facebook Messenger and comments
• Can push promotions to customers on demand
• Recognizes variations on trigger words
• Can process orders from Facebook
• Integrates with all main payment processing platforms

2. Bookkeeping Services

Are you great with numbers and want to work from the comfort of home? To become a freelance bookkeeper, you do not need to be a Certified Public Accountant, but you do need to be good with numbers. There are lots of free to use online invoicing tools such as Sighted.com and online payments tools like Due.com. Some services you could offer include:

• Creating balance sheets
• Providing income statements
• Creating various monthly, quarterly, or annual financial reports

3.Personal or Virtual Assistant

Although personal and virtual assistant jobs do not sound glamorous, they do pay well.

If you have already held this job in an office, you will find the digital version allows for a lot more freedom. Use services like Upwork.com to find clients. You can choose:

• Your clients
• Your hours
• Your hourly, daily, or monthly pay rate

4. Marketing Services

Marketing does involve a certain level of background knowledge. That said, if you are not experienced, investing in an online course is not only cheap but will equip you with the adequate tools to start a solo digital marketing agency you could expand in the future. There are lots of new marketing fields opening up such as influencer marketing.

Companies are always looking for freelancers able to provide marketing copy that is SEO-friendly and can transform website visitors into leads and, eventually, customers. In addition to offering optimized copy, you could offer to upload the content to their websites and improve their SEO further with:

• Meta descriptions
• The right titles
• The correct keyword density
• Tags and categories
• Relevant images with SEO captions and alt tags

5. Social Media Consultant

Who doesn’t love Facebook, Twitter, and Instagram? Fancy yourself to be a bit of whiz, but don’t have any formal training? Twitter and Google, among other platforms, offer complete professional courses with recognized certifications that require little to no money. Social media is also a business that has unlimited potential with a client base that can span across the world. This trend is unlikely to die soon, if ever, and new platforms are being released every year, making the possibilities for expansion limitless. You can use social media management tools to make your job easy.

6. Affiliate Marketing

Affiliate marketing is extremely easy to get into and involves you earning a commission by promoting other companies' products and services. Basically, you choose a product you like, promote it, and make a profit on each sale that stems from your marketing efforts. An affiliate marketing business is especially easy to start if:

• You have a blog or website of your own
• You can prove your success through visitor statistics
• You have already successfully undertaken affiliate marketing and can show this to your potential clients

7. Tester or Reviewer

Individuals or startups often look for people to review their products to encourage others to buy them. You can either get started with a profile on freelancing websites or approach companies directly, offering them a review in exchange for a monetary reward by becoming an influencer.

Even better, if you have your own website or blog, you could write entire posts about their products, thus allowing you to charge more money in the long run and build a portfolio with tangible results to show future clients.

8. Secretarial Services

Similar to virtual assisting, remote secretarial services require little to no experience. All you need is:

• Strong organizational skills
• Good communication skills
• Good time management
• A high level of autonomy

Your day-to-day tasks as a freelancing secretary will typically include:

• Booking meetings
• Organizing calendars
• Replying to emails
• Putting together presentations
• Answering phone calls

9. Online Dating Consultant

Have you got a way with words? Or have you found your Mr. or Mrs. Right and want to share how you got there? You can become someone's wingman or woman and help them find love by becoming an online dating consultant. This type of consulting comes with a large level of responsibility, as you will be guiding someone's love life. Daily tasks include:

• Acting as an account manager on dating sites
• Writing profiles
• Offering telephone updates on their matchmaking status

10. Ebay Assistant or Seller

An Ebay assistant or seller is similar to being a marketing affiliate. The key difference is that instead of marketing the product, you are selling it directly to the customer. When selling for others on Ebay or any other platform, you will sell the product and keep a commission as compensation.

Unfortunately, this type of job comes with risks. Commonly, scam artists attract Ebay sellers and use fake shipping papers to convince them to send payments. Unfortunately, even if you are scammed, you will be held responsible for your customers not receiving their items. Always remember to:

• Get to know the distributor
• Keep all payments in your e-wallet until the customer confirms having received the parcel
• Report any suspicious activity
• Do not share any of your banking details

11. Application Developer

New applications are launched on a daily basis and if you believe you have the skills to create your own and a unique enough idea, you should do it! Aside from the fact that you will have to invest little to no money to get started, it is far less time consuming than the average 9 to 5. Once you have created your application, couple it with the right marketing strategy and you'll be making money in your sleep. The best part about developing applications is that you can do it from anywhere in the world.

12. Website Developer

We live in a digital world where every business needs a website to drive their traffic to in order to make sales. If you have the skills, you could enter an industry that will never die. You can also start small by creating websites on platforms such as Wordpress. If you want to take your web-building skills to the next level, you can learn the language of website creation through Codecademy.com, where you will be able to learn how to incorporate personalized:

• Shopping carts
• Product pages
• Galleries
• Blogs
• Services pages
• Feedback forms

13. Internet Security Consultant

Hacking, scamming, and viruses are just some of the security threats on the web today. If you know your stuff, you could make very good money consulting businesses, especially those who handle sensitive customer information and want to keep it as safe as possible.

14. Graphic Designer

Companies are always in search for branding that tells people about what they do. If you can follow company guidelines and customer needs, all you will need to get started is a computer and applications such as Photoshop or Illustrator. Types of media you will be responsible for creating include:

• Logos
• Fliers
• Newsletters
• Magazines
• Information sheets
• Letters
• Advertisements

15. Desktop Publisher

Desktop publishers typically use publishing software to create:

• Magazines
• Books
• Marketing newsletters
• Other marketing materials

In order to offer a full service, you could also write the content or hire a content writer and create your own small team.

16. Designing Business Plans

Having a eureka moment is great, but it can be hard to put that idea down on paper in a way that will speak to a potential investor. If you have owned your own business in the past or earned a business degree, why not help those with a eureka moment start something they love? Plan your fee around the various packages you are prepared to offer your clients. You can either:

• Create an electronic copy that your client can customize
• Keep a copy on file and continue customizing it according to their needs
• Create various templates that you can show your customers and how you can customize the templates for             them accordingly

17. Tax Consultant

Companies big and small pay good money to have their taxes prepared for them. It gives them a chance to focus on the everyday operations of their business. If you have the appropriate experience, you could set yourself up as a freelancer; however, by starting with a tax preparation franchise, you will receive courses, seminars and training.

18. Blogger or Vlogger

Are you an expert in a specific field? From travel, fashion, cooking, to DIY, and removal services, if you know how to do something particularly well, why not tell the world through a blog or vlog? All you will need is a computer and a good quality camera. You can make money by offering advertising space and reviews of products on your platform.

19. Informational Product Creator

Similar to blogging or vlogging, creating informational products is your chance to put your expertise in an e-book or some form of digital format and selling it to the online world. Find a niche that's not been overdone and start writing. You can sell your information piece on platforms such as Amazon Books.

20. Resume Writer

No matter the experience, there are very few people that enjoy or are good at writing their own resume. Individuals pay very good money to have their personal statements put on paper for them. It will cost you nothing to get setup and once you get the hang of it, you should be able to average a good hourly or daily pay rate.

21. Domain Name Buyer

As the name suggests, all you need to do is buy domain names you believe people will want and sell them for a profit. You will need to be able to:

• Identify profitable domain names
• Identify domain names that are memorable
• Learn about SEO and keyword optimization

22. Flipping Websites

Flipping a website is the art of buying an already existing website, improving it, and selling it. With the right web development skills, it is a very easy and cheap trade to explore. That said, you need to be able to identify websites that have the potential for improvement.

23. Translator

Translating is one of the easiest and most profitable industries to delve into if you are proficient in more than one language. Sought out on a global scale, translators do not need any capital to get started and can earn a salary of $40,000 a year (minimum) depending on the size of the company you are hired by and the length of the contract they offer.

24. Financial Advisor

Although the number of people wanting to start their own business has grown, many still do not know how to organize themselves financially. Start by getting your Certified Financial Planner (CFP) certificate to show clients you are credible. On the other hand, if you already have the experience, you can start by advising individuals and then grow your empire to consult for larger organizations.

25. Editorial Services

An editorial services business is easy to start, requires no initial monetary investment, and has a huge potential for expansion. From small and large businesses to authors and students, your client base could be endless. You can offer a variety of services, some of which include:

• Copywriting
• Ghostwriting
• Magazine article writing
• Newspaper article writing
• Web content writing
• Proofreading
• Editing
• Indexing
• Book writing

26. Online Photo Selling

If you are a professional photographer or just have a deep-rooted passion for it, you can make money from your pictures on photo selling websites. All you need to get started is a camera, preferably a digital SLR with a minimum of 8 megapixels, and a computer. Once you have established yourself on websites such as GettyImages.com and Flickr.com, you can setup your own website with a list of your watermarked images and their price per unit.

27. Meal Planning

There are loads of people who love food but don't have the first clue about what to buy. They are either not very confident in the kitchen, don't know the first thing about a balanced diet, or struggle with maintaining a budget. As a meal planner, you would:

• Create a list of ingredients
• Create step-by-step recipes for your customers to follow
• Explain the nutritional value of the meals to educate your customers
• Explain to them how they are saving money by sticking to your meal plans

28. Patient Advocacy Services

Patient advocacy services are extremely important to communities across the world. On a daily basis, you would be:

• Helping people track down hospitals for paperwork
• Gather bills for insurance companies
• Argue cases with insurance companies

People in need of these services are most likely ill or grieving, leaving them fragile and often unable to defend themselves. It is important they have the right support during this time in their lives.

29. Ecommerce Store

If you have a great product, but no money to invest in a physical storefront, staff, and bills, why not set yourself up online? Aside from the lack of huge monetary investment and time commitment, the marketing opportunities online are endless. Also, although a storefront is great for branding purposes, it does limit the size and scope of your audience. By setting yourself up with an e-commerce store, you can:

• Sell to anyone in the world
• Have a store that is open 24/7 (meaning you literally make money in your sleep)
• Run promotions easily, whenever you want
• Cross-sell between your marketing and social media platforms and your website
• Run marketing campaigns through Google and other platforms

30. Survey Taking

Although you won't get rich doing surveys online, you may make a steady income if you sign up to multiple sites. These surveys take barely any time at all to complete and can normally net you around $150+. Some of the most popular survey-taking platforms include:

• MySurveys
• InboxDollars
• Global Test Market
• EarningStation
• Harris Poll

31. Video Production

There are a number of ways you can use videography to create your own home-based business. There are so many people wanting to become YouTube celebrities who don't have the skills to upload high-quality, well-edited videos. Other services you could offer include:

• Vlog editing
• Creating music videos
• Voice-overs
• Adverts

32. Sustainability Consultant

Businesses of all sizes are trying to find news ways to do their part for the environment by implementing greener practices. Unfortunately, many of the more eco-friendly options available today are also significantly more expensive, so business owners need someone like you who can advise them on how they can change their process without sacrificing their bottom line.

33. Call Center Representative

More companies are looking to hire call center representatives who are willing to work from home on customer care issues. All you need to get started is a computer and a phone line. Aside from the fact that you could earn a good base salary, you will not have any commuting expenses and can save money by cooking your meals at home.

34. Direct Sales Representative

The term "door-to-door sales" often puts off people, because all they picture is getting doors slammed in their faces on a daily basis. That said, by working for companies such as Avon, Mary Kay, and Tupperware in the right areas, you could host very civilized parties in your home, allowing you to make money while meeting new people.

35. Travel Planning

With all the booking platforms available online today, anyone can book a holiday from the comforts of their home. But with so many different factors to compare, it can be overwhelming. Some of these include:

• Flights
• Car rentals
• Hotels
• Restaurants
• Tours
• Activities

If you have strong organizational skills and the knack for finding a good bargain, you could offer these services to others who have less time on their hands. Find the deals for your customers and add your surcharge for your services.

36. Online Custom Tailoring 

People are increasingly conscientious about the way they look, and with that comes the need for tailored clothing. One size does not fit all, and businessmen and women, in particular, want to look the part when they go into the office every day. The custom clothing industry is still relatively untapped, so starting a business now will offer you a significant potential for growth in the future. In addition to having their pieces delivered directly to their homes, you can offer customization of:

• Fabric
• Patterns
• Size
• Fitting
• Stitching
• Lining

37. Currency Trading

Online currency trading is easier than ever thanks to the number of tutorial videos, online courses, and applications that offer step-by-step guides to becoming a currency trader. All you need is:

• Technical skills
• Fundamental analytical skills
• A small amount of cash flow
• A phone, tablet, or computer

38. Telemarketing Services

More and more companies are outsourcing their marketing efforts, and telemarketing is one of them. As a freelance telemarketer working from home, you will be setting appointments with customers and creating warm leads for companies. The amount you charge will depend on the size of the company you are working for, and the project they want to allocate you.

39. Referral Services

Are you the person who all your friends and family call when they're trying to find a good restaurant, lawyer, plumber or gardener? If that's the case and you love referring them to all the lovely businesses you know of in your neighborhood, you could start a business doing just that. You'll be able to work with individuals and businesses, helping customers find what they want, and businesses gain more clients. To get started, you will need to:

• Gather a list of businesses you want on your referral lists
• Sell them the benefits of being on your list
• Place ads online and in the Yellow Pages to gain customers

40. Event and Project Planning

Event and project planning can be done remotely, but having a hands-on approach and offering your services in your local area will be more beneficial to you from both a quality control and monetary point of view. You can start this business from the comforts of your home and meet with clients in restaurants, cafes or at their office or home.

41. Professional Photography

Whether it is a wedding, family event, or a business' marketing materials, people pay good money for professional photography. Unless you feel the need to sign up for an online course, the only monetary investment you will have to make is for a camera. Establish your daily fee and remember to keep into account your travel expenses.

42. Tutoring

Have you worked as a teacher before? Are you proficient in a second language? Have you studied math, science, or any other subject? If so, you could tutor adults and children, provided you have the right paperwork for child protection reasons. It will cost you very little to get setup, and you can offer your services at people's homes.

43. Computer Trainer

There are a number of seniors wanting to learn how to use computers and the internet, meaning that if you are proficient in both Mac and PC, you could offer your services in your neighborhood. Be warned, most will not be as passionate about computers as you, so they will only want to learn basics, such as emailing and using an internet browser.

44. Property Manager

As a property manager, you will be responsible for ensuring your clients' properties are running smoothly. You will also be the primary contact for tenants and will be responsible for making sure the properties you manage are safe and well-maintained.

45. Home Inspector

This job may sound like it is just a matter of looking around people's homes, but it actually requires a high level of expertise. You will need to learn about the new products that are constantly appearing in the market and stay updated with any changing laws. Networking and building positive relationships with your local real estate agents will give you the best chance of success, as they will recommend your services to others in your area.

46. Courier Services

You may be thinking “that is what the mail room is for”, but in actuality, businesses in busy areas often use local courier services, as they can offer more flexible pickup and drop-off times. Because of the specific services you are offering, you will also be able to charge more.

47. Life Coaching or Mentoring

If you have a proven track record in a particular field, can prove past success, or have trained in matters of the mind, life coaching or mentorship could be for you. People, especially soon to be entrepreneurs, seek guidance through mentorship and life coaches. You can setup your services from the comforts of your home with no monetary investment.

48. Massage Therapist

The licensing to become a massage therapist varies according to the state in which you reside, but if you have a passion for health-related activities, you could take a masseuse course and set up a clinic from the comforts of your home. Once you have completed your course and gained your license, you will have to invest in a massage bed as well as the appropriate oils and massage products.

49. Personal Trainer

Fancy yourself as a bit of a fitness fanatic? Then why not channel that energy into a course where nutrition and the anatomy of the body are also covered? With this, you can train novices from the comforts of your home or through your local gym.

50. Personal Chef

As a personal chef, you will spend your days cooking for people who do not have the time to do so themselves but do have the money to pay someone to do it for them. If you want to stand out from the crowd, offer meal plans that suit various dietary requirements, such as:

• Gluten-free, lactose-free, or egg-free meals
• Vegan and vegetarian dishes
• Meals for those with diseases, such as coeliac

51. Cleaning Services

Cleaning services are easy to offer and require no training. You can either:

• Offer discounted services, provided they have the necessary cleaning products onsite
• Offer a more expensive service that includes you bringing your own products

Also, you can take your business in various directions by targeting different clients. Possibilities include:

• Cleaning offices or shops in the evenings
• Cleaning restaurants or people's homes during the day
• Providing morning housekeeping services for hotels

52. Dog Walker/Trainer/Groomer

In some places, dog walking alone can be a very profitable business. Those working from 9 to 5 either do not have time to walk their dogs before leaving the house or just prefer it if someone comes in to let them out of the house for some exercise. Also, dog walking businesses that offer additional services are becoming increasingly popular. Consider also offering:

• Training
• Grooming
• Dogsitting

53. Packing Services

If you have an eye for the little details, a packing service business could be your calling. When someone moves out of their home, they pay for removal services to take their belongings from their old house to their new one. But the process of packing all their belongings into boxes in the first place is extremely time-consuming. Why not offer people your time to do this for them while they are at work or busy running errands?

54. Laundry Services

If you are looking for a way to make money at home without the need to learn new skills, home-based laundry services are easy to offer with the possibility for expansion in the future. The most complex part of the process will be establishing whether or not you need licensing to start this business from your home. This will depend on your location and the size to which you plan to grow your empire. Otherwise, all you need to do is:

• Keep track of your sales, expenses, taxes, and general bookkeeping
• Establish how much you will charge
• Decide on how the payment process will take place (e.g., before or after you complete the service; in cash, or via card, bank transfer, etc.)
• Create a website and other marketing materials to get your name out there

55. Caregiving

To become a caregiver, you will have to undergo professional training and acquire various certifications and health and safety diplomas. That said, if you've have cared for a parent, sibling, or friend in the past and feel this is something you want to pursue, it is a business you can set up cheaply. You can not only choose your clients but also your working hours. Daily tasks as a caregiver will vary; however, you will often be expected to:

• Clean
• Wash
• Do laundry
• Prepare meals
• Take your patients outdoors for fresh air
• Do their shopping
• Potentially dress and feed them

56. Landlord or Bed and Breakfast

You do not have to own a huge building with multiple rooms to start your own bed and breakfast. If you have a nice, clean home with a spare room, why not advertise it? Websites such as Airbnb make it easy for people to rent out the spare rooms in their homes. You can even charge more by offering:

• Food and beverages
• City tours
• Local experiences
• Housekeeping services

By offering your customers something unique, you will find the experience gratifying and profitable.

Related: What 70 Airbnb Stays Can Teach Anyone About Running Any Business

57. Personal Concierge

You are probably thinking that being the concierge to the executive of a big company will be a piece of cake, think twice. Although you will make good money being someone's personal concierge, it is a very challenging job in which you will be expected to deliver what has been asked of you, on time, with a smile. That said, you will normally be paid very handsomely for your services.

58. Grocery Delivery Services

Big supermarkets do offer this service, but delivery prices are often very high or the food is warm or bruised when it arrives at the customer's home. If you own a large car, you could become people's personal shopper. Some people do not have time to run errands after a long day at work and others may not have the physical capacity to do so, so why not do it for them? You could also couple this service with others, such as:

• Being a concierge
• Offering cleaning services
• Daily or weekly dog grooming, walking, and training services
• Being a caregiver

59. Lawn Care and Gardening

Although you will only be able to mow lawns for a limited time of the year, gardening services span throughout the 12 months. You can set up your own business with services, such as:

• Lawnmowing
• Gardening
• Raking
• Snow removal
• Herb farming

Herb farming can be offered as a service across most parts of the world. Whether you are in an urban or rural area, herb gardens take up very little space.

60. Babysitting Services

Babysitting may not sound like a profitable market to enter, but you'd be surprised how well you can get paid if you have the right experience, certifications and licenses. Although formal training is not required, this can teach you all the procedures in the case of any emergency. There are also a number of families offering service work as a:

• Babysitter
• Nanny
• Tutor
• Au pair

Related: 8 Tips for Anyone Starting a Child-Care Service

61. Childproofing Services

Childproofing is a trade that many do not think of these days. But every family with a newborn baby or small child wants to provide a safe home for them. There are so many areas of a home that can be dangerous, from sharp corners to stairs. A childproofing business is very cheap to start up, but you may be required to follow certain state regulations, depending on your location. To understand all the ins and outs of the industry, you may want to undertake an internship in the field before setting up shop.

62. Digital Media Conversion

Have you ever thought about what happens to all the old CDs and DVDs we used to use to listen to music and watch films? Well, the answer is, often nothing. For those who have only just started using the internet to download, purchase, and listen to music, their CDs are wasted. If you know how to transfer this media to a computer, you could be doing the tech-phobic and those with little time on their hands a serious favor. Offer your services on forums, social media or flyers. You may even end up with customers with more general tech needs on a long-term basis.

63. Personal Driver or Taxi Services

This is an especially easy business to start if you live in an urban area, as many businessmen and women prefer having a driver to go to and from work in order to make calls, schedule meetings, and generally work on the operational aspects of their companies during that time. On the other hand, if you are looking to start a business that is more like a taxi service, why not become an Uber driver? To become an Uber driver, you need:

• A decent car
• A clean driving record
• A smartphone
• To be 21 years or older
• At least 3 years' driving experience
• A background check

Some of the main benefits of being an Uber driver are:

• You can create your own schedule
• You don't have a real boss
• You will benefit from “surge pricing” regularly
• You'll meet new people every day

Related: 5 Lessons Learned From the World's Greatest Uber Driver

64. Hairdressing or Makeup Artist Services

If you have worked in a salon before or just know how to cut hair but do not have the capital to open your own business, you could start one from home. All you need to do is make sure you comply with all your state's requirements for opening a salon in your home. That said, once you've got yourself up and running, you could earn anywhere from $22,500 and up. You could also offer other beauty treatments, such as:

• Hair coloring
• Hair extensions
• Manicure and pedicures
• Makeup
• Massages

65. Interior Designer

Both homeowners and business owners look for interior design and home decorating services in order to make the vision for their space come to life. Having a degree or certification will help you understand the different functions of a home or office, but it is not legally required in most places. You will be able to do most of your research from the comforts of your home, but you will need to get to know your client in order to understand how they want to use the space. Consider asking questions like:

• Is it for adults or children, or both?
• Does the space need to be pet-friendly?
• What is the purpose of the room?

66. Tour Guide

Many tourists like visiting new places with a guide. It allows them to ask all the questions they want and get a real local feel of the place they are visiting. If you know your town like the back of your hand, why not charge people for tours? You can create packages that include:

• Walking tours
• Taxi services to and from their hotels
• Breakfast, lunch, or dinner at a local restaurant

67. Bridal Concierge

The wedding industry is one that will most likely live in perpetuity. This is meant to be a special day for a couple, but often turns into a chore because of all the planning that comes with it. Because it is nearly impossible for brides and grooms to be able to enjoy the planning of their wedding, they often pay professionals to do it for them. If you have strong organizational skills, are communicative, pay attention to the little details, and love weddings, then you could set up shop from the comforts of your home. To get started and build a portfolio, offer your services to a friend or family member. From there, you can start charging other clients.

Related: What You Can Learn About Ecommerce From Used Wedding Dresses

68. House and Pet Sitting

People who go away on holiday often worry about whether or not they will come back to an intact home, especially if they have pets. This type of business requires little to no monetary investment. Start by approaching:

• Friends
• Family members
• Neighbors

As your house and petsitting business gets on its feet, think about marketing yourself to your local community by:

• Designing business cards
• Launching a website
• Hanging flyers in your area
• Advertising in the Yellow Pages

69. Senior Home Companion

The minimum life expectancy is becoming later and there are now more than 45 million people in the United States who are 65 years old and up. As people age, they need more help with their day-to-day activities and may also appreciate some companionship.

70. Electronics Repair Services

The 21st century has led the majority of people to own at least one electronic device, if not multiple. Although many insure their products, most still prefer to get a quick fix rather than sending it off for a long time before getting it back. This type of business has room for expansion, and you can offer repairs for:

• Appliances
• Computers
• Cameras
• Phones
• Speakers and musical equipment
• Televisions
• Gaming devices

71. Upholstering Services

If you're good with your hands and have a particular love for sewing, why not train as an upholsterer? There are a number of ways you can learn the upholstering trade, including:

• A course
• Books
• YouTube tutorial videos
• Practicing on old furniture

There is also significant potential for expansion. Often people who need upholstering services also need their furniture repaired, so why not learn to repair furniture as well? You could also team up with a company who does repairs and add these costs to your customer's final invoice.

72. Auto Repairs

You can start an auto repair shop from the comforts of your home if you have a garage and the right tools. On the other hand, if you don't have the space to open a business from home but do have the tools, you could open a mobile auto repair shop where you travel to the location of the vehicle in need of repair. There is also the option to start your own car wash and detailing shop. You don't need to have any mechanic skills, just a keen eye for detail and a love for getting your hands dirty. This is a very rewarding business that can become extremely profitable with the right promotion.

Related: How to Find the Right Tech Talent (for the Non-Tech Entrepreneur)

73. Bicycle Repair

Although a bicycle repair service can be seasonal, there are opportunities to tap into multiple markets so that you can have an income year round. For cyclists who just use their bikes to go to and from work, offer general repairs and maybe storage facilities during the winter months. If you want to attract cycling fanatics, you can offer year-round repair services. A Saturday shop in the right location is the perfect way to gather a bit of a crowd that will surely spend hours discussing their common passion.

74. Menu Planning Services

The restaurant chef is not the only person that has a say on what goes on the menu. High-end restaurants often find themselves indecisive when it comes to the food they want to serve, especially as seasons change. A menu planning business is a very low-cost idea, but is perfect for those who love to work with food without any direct involvement in preparing or serving it. Many places are willing to hire a consultant to design their seasonal menus, so visit local restaurants and make them aware of your culinary skill set.

75. Home Daycare Services

Firstly, you will definitely need the appropriate licensing and permits to start a home daycare business. That said, if you love children; have worked with them before; and have friends, neighbors, or family who take their young children to nurseries while they are at work, then starting your own home daycare business could be very profitable. When getting licensed, you will need to:

• Research the requirements according to your state's laws
• Get the correct orientations
• Submit your application
• Get your training
• Buy the necessary insurance
• Have your home inspected

Finally…

It may seem daunting to leave your 9-to-5 grind and start your own business, but by doing so, you are giving yourself a newfound level of freedom while doing something that feeds your passion(s). The internet has made it increasingly possible for you to brush up on your skillset or even learn new ones, leaving you with the opportunity to start a business easily and cheaply.

source: entrepreneur

Building a business in the modern world can be hard due to the fierce competition in all industries. This competition often forces small-scale businesses, who lack funding, to shut down.

We all know the commonly told statistic that around 90% of startup companies fail within their first few years. Although this may sound daunting, it does not mean that all innovators need to abandon their business dreams—quite the opposite really.

Those individuals who are interested in the business world simply need to understand how much it costs to start up a business.

By knowing the relative costs, they will be able to spend their money wisely and hopefully turnover more profits. This, in turn, ought to allow them to survive in this harsh business climate.

Quite often we see businesses failing as they have failed to pay attention to the finer details. As such, I would like to explore the costs of these finer details which, more often than not, can determine the success or failure of a newly founded firm.

The first thing that any startup business will need is a good website and domain. A website enables you to provide a source of information about your company which is easily accessible for potential consumers. Moreover, a website is easily shareable therefore meaning that it can enable your business to gain more attention from all around the world. Quite often we see websites being created by web designers—individuals who specialize in creating attractive websites.

These individuals are responsible for setting up, designing, building and maintaining your website. The best thing about such individuals is that they can give you a unique design which will make your website stand out. The downside is, however, that they can be quite expensive which can make life tough for startup business owners. According to Website Builder Expert, a web designer has the potential to charge you around $7000 in your first year, however, in my experience, a decent website for a startup is around £750-1500.

Alternatively, you may decide to use a website builder which is far cheaper. These sites offer you templates from which you can build your website and organize your content as you so please.

The issue here is that you will be required to do more work, and your website could come across as far more generic and potentially less professional. Nonetheless, it could be a good strategy for individuals that are interested in bootstrapping in order to save as much money as possible and get the business going.

Another potential cost could be that of business cards. Business cards are an excellent way of spreading the word about your services in a personal manner. They are also useful because they enable potential clients to know exactly how they could contact you.

Just like websites, business cards can be intricately designed or make use of basic templates. Hence, they can cost anywhere in the range of £10-£40 per 100 cards. The important thing to remember about business cards is that they should be straightforward and easy to interpret. You could, for example, outline your basic services and contact details (use a professional email address with your business domain) and then go into greater detail by using a LinkedIn page or through your website. Whichever you go, remember to stick to a clear and precise message.

But I would add as a note, that a business card is a reflection of you and your brand so it makes sense to invest in a designer and a good quality print and card. It says a lot about you!

When you’re starting up your business you may also wish to spend time with a business mentor who will guide you through the early stages of your businesses’ development. Business mentoring is a useful tool to invest in because it can enable business growth, prevent mistakes and develop your knowledge of the business world. According to The Business Mentors, mentoring programs can cost anywhere in the range of £400-£4000 depending on the level of input required.

Consultancy is another essential service that all business owners will require because it means that businesses can receive more expert advice. Consultancy firms often charge large sums of money for their services, but are well-known for providing a good service.

I believe in a consultative mentoring experience with the mentees that I support because want to be able to share my experience, expertise and embed them into a community of like-minded people. Who you surround yourself with in business, is an essential part of your business development. The wrong people, the wrong advice or no advice–can end up costing your £000s.

With all of this in mind, the question is: can you afford a business simply through bootstrapping? Could you, for example, start your business from your kitchen with the aim of spending as little as possible? Although it may be somewhat tougher than starting your business in the regular fashion, I believe that you could bootstrap and start your business from home.

This will, however, require you to do lots of research beforehand. It may also require you to develop some sort of side hustle, in order to accumulate enough funds to build your business. I strongly believe in starting on the journey with a survival budget spreadsheet so that you know exactly how much money you need to have saved or coming in to ‘survive’ during the business development process.

There will, of course, be other expenses but these are the ones which you will have to take care of right at the beginning. There are also other elements required for the business that don’t cost anything to set up like social media but can still be very time consuming and therefore costly–so use it wisely!

It will inevitably be a difficult thing at first; however, through hard work you will be able to succeed. Just like anything else, success in the business world is reliant on four key things: determination, hard work, a decent idea and passion!

source: forbes

Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. Great entrepreneurs have the ability to change the way we live and work. If successful, their innovations may improve standards of living, and in addition to creating wealth with entrepreneurial ventures, they also create jobs and contribute to a growing economy.

Entrepreneurship is important for a number of reasons, from promoting social change to driving innovation. 

Entrepreneurs Spur Economic Growth

New products and services created by entrepreneurs can produce a cascading effect, where it stimulates related businesses or sectors that need to support the new venture, furthering economic development.

For example, a few information technology companies made up the IT industry in India during the 1990s. The industry quickly expanded and many other sectors benefited from it.

Businesses in associated industries, such as call center operations, network maintenance companies, and hardware providers flourished. Education and training institutes nurtured a new class of IT workers who were offered better, high-paying jobs.

Infrastructure development organizations and even real estate companies capitalized on this growth as workers migrated to cities where employment was growing.

Similarly, future development efforts in underdeveloped countries require robust logistics support, capital investments, and a qualified workforce.

From the highly qualified programmer to the construction worker, entrepreneurship benefits a large part of the economy.

Entrepreneurs Add to National Income

Entrepreneurial ventures help generate new wealth. Existing businesses may remain confined to existing markets and may hit the glass ceiling in terms of income.

New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created. 

Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.

This revenue can be used by the government to invest in other, struggling sectors and human capital. Although it may make a few existing players redundant, the government can soften the blow by redirecting surplus wealth to retrain workers. 

Entrepreneurs Create Social Change

Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. This results in an improved quality of life, improved morale, and greater economic freedom.

For example, the water supply in a water-scarce region will, at times, forces people to stop working to collect water. This will impact their business, productivity, and income. Imagine an innovative and automatic pump that can fill people's water containers automatically. This type of innovation ensures people are able to focus on their jobs without worrying about a basic necessity like water. More time to devote to work translates to economic growth.

For a more contemporary example, smartphones and apps have revolutionized work and play across the globe. Smartphones are not exclusive to wealthy countries or people. As the growth of the smartphone market continues, technological entrepreneurship can have a profound, long-lasting impact on the world.

Moreover, the globalization of technology means entrepreneurs in lesser-developed countries have access to the same tools as their counterparts in richer countries.

They also have the advantage of a lower cost of living, so a young entrepreneur from an underdeveloped country can compete with a multi-million-dollar existing product from a developed country.

Community Development

Entrepreneurs regularly nurture ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities.

This enables further development beyond their own ventures. Some famous entrepreneurs, such as Bill Gates, have used their money to finance good causes, from education to public health. The qualities that make one an entrepreneur are the same qualities that help motivate entrepreneurs to pay it forward. 

Is All Entrepreneurship Good?

Are there any drawbacks to cultivating entrepreneurs and entrepreneurship? Is there a limit to the number of entrepreneurs a society can hold?

Italy may provide an example of a place where high levels of self-employment have proved to be inefficient for economic development. Research has shown that Italy has experienced large negative impacts on the growth of its economy because of self-employment. There may be truth in the old saying, "too many chefs and not enough cooks spoil the soup." 

The Role of Government

Regulation plays a crucial role in nurturing entrepreneurship. Unregulated entrepreneurship may lead to unwanted social outcomes including unfair market practices, pervasive corruption, and criminal activity.

Findings from the United Nations University also indicate the possible implications of “over-nurturing" entrepreneurship.

European economist Wim Naudé argues that “while entrepreneurship may raise economic growth and material welfare, it may not always result in improvements in non-material welfare (or happiness). Promotion of happiness is increasingly seen as an essential goal.” 

Paradoxically, a significantly high number of entrepreneurs may lead to fierce competition and loss of career choices for individuals.

With too many entrepreneurs, levels of aspirations usually rise. Owing to the variability of success in entrepreneurial ventures, the scenario of having too many entrepreneurs may also lead to income inequality, making citizens more unhappy.

The Bottom Line

The relationship between entrepreneurship and economic development is important to understand for policymakers and business owners. Understanding the benefits and drawbacks of entrepreneurship allows a balanced approach to nurturing entrepreneurship to be taken, which can result in a positive economic and societal impact. 

source: investopedia