Entrepreneurship

• BUSINESS IMPLEMENTATION OBJECTIVES

  • Implement the business plan
  • Operate the business
  • Sell the product
  • Identify reasons for keeping business records
• BUSINESS IMPLEMENTATION


  The application or simulation of business plan after it is developed
• GUIDELINES FOR SUCCESSFUL BUSINESS PLAN IMPLEMENTATION

  • OBJECTIVES - the entrepreneur should have a clear idea on what is his purpose of putting up his/her enterprise
  • TASK - this means that the entrepreneur must know what the tasks are he/she has to perform in order that his objectives will be realized
  • TIME ALLOCATION - This means that the entrepreneur should have a timetable or a schedule to follow every task, so that it will be accomplished on time and realize his/her objective
  • PROGRESS - This means that the entrepreneur should monitor the development of the tasks and the accomplishment of the objective
• BUSINESS OPERATION


  Consultation to professional for advices, like accountants or consultants from small enterprises
• BASIC REQUIREMENTS TO START A BUSINESS IN THE PHILIPPINES

  • SECURITIES AND EXCHANGE COMMISSION (SEC) REGISTRATION (for partnership or Corporation) - It is responsible for enforcing the law against market manipulation
  • DEPARTMENT OF TRADE AND INDUSTRY (DTI) Registration (for your business tradename) - It is a government agency responsible for establishing policies and programs intended to support the Philippine economy's growth and development
  • MAYOR'S BUSINESS PERMIT - for getting the license to operate in the city or municipality and payment of your local business taxes
  • BUREAU OF INTERNAL REVENUE (BIR) Registration -for getting Tax Identification Number (TIN), official receipts and invoices, registering national Internal revenue taxes your books of accounts and paying your taxes
  • SSS, PHILHEALTH, AND PAG-IBIG FUND registration -for registering yourself or company as an employer and for remitting your employees' contribution together with your employer's share
• OTHER STEPS TO FOLLOW BEFORE OPERATING A BUSINESS


  • Set up an accounting system or hire an accountant -Know how the business is doing financially is important for planning and survival
  • Advertise the business -No one will buy the products or services if customers do not know that the company exists. You can make use of the social media
  • Secure insurance for the business -Liability insurance protects the business in the event of litigation. Consider life and disability insurance, health insurance and fire insurance when you are leasing an office or storefront