This is a guest post from Colette Cassidy, the Director of an Irish tax consultancy company named All Finance Tax, specialists in financial and taxation advice.
For many people, the thoughts of working in a functional 9-to-5 job simply to pay the bills and fund a living can be demeaning and dull, so they might well decide to follow their passion and form their own company.
Entrepreneurship is very common, with as many as 1 in 5 adults choosing to go down this route, and can be extremely rewarding, but it is also fraught with pitfalls and requires vast amounts of dedication and self-confidence.
Irish finance and taxation specialists All Finance Tax (www.allfinancetax.com) created this infographic which sums up really succinctly the main things that anybody needs to know before they consider setting up a business.
For every successful business venture, there are many more which fail all too quickly, and the main reasons for business failure are pinpointed below. It also identifies the main characteristics of a successful entrepreneur, a thorough checklist for setting up a business, and the contents of the all-important business plan.
Anybody seeking to start their own business should be expecting to thrive rather than merely survive, but if you go into the enterprise game unprepared, even survival will be very difficult.
The points contained in the below infographic are simply the starting point for an entrepreneur to know what to avoid, what is the least they need to do, and indeed whether or not they have the personality traits necessary to succeed in business.