characteristics of a successful entrepreneur

If any person starts a business then we can tell by his action whether he will become successful in business or not. A man works hard to become a good entrepreneur. While working hard, he develops some such characters in himself which will be found only in a successful entrepreneur. In this article, we will know about all those characters that a successful entrepreneur develops within himself while making his business a success. Let’s start:-

Table of Contents

Time does not matter

This is most important character that find in every successful entrepreneur. Time really does not matter for them. If their business want 24 hours from them then they are always ahead to give 24 hours to their business. You must have heard from the mouth of every successful entrepreneur in the interview that they hardly sleep when they are expanding their business. This is the thing that make them unique from other people and they constantly growing in their life.

know how to control yourself

Everyone has their own comfort zone and their body tries to work according to their comfort zone. This is the reason when people try to pull themselves from their comfort zone they face many difficulties and their mind try to divert them to do that work in which it feels enjoyment and entertainment. But the person who successfully walks out of the comfort zone is the most successful person in life. After stepping out of the comfort zone the person realizes that till now his action was controlling him and not he was controlling his action and this is one of the biggest realization a person have because after this realization person will know how to take actions as per situation.

You may also like:

Knowing what is important and not what is urgent

Every successful entrepreneur knows what is important at what time, not what is urgent. Let understand this point from an example- Every student study hard during the exam days whether they study the whole year or not because it is urgent if they will not study they will get fail in the exam but Studying in small portions every day is important thing for every student as this thing will give them good marks in exam and reduce the burden of exam stress.

People who know what is important to them and what is urgent and act according to what is important will always have excellent results and a better life in the future, those who act according to the urgency. Important thing will not force the person to do the work. It is totally depend upon person mentality and he need to force himself to do the important things first but urgent things will force the person to do the work because in urgent thing person know if he will not do the work now then they have to face many negative effect in the future.

Always acts as the leader rather than the boss

Do you know what is the difference between leader and boss? To any person both the words sound alike but there are small differences between them which make these two words different. The boss always thinks about his advantage in every situation but a leader always thinks about his own benefit and also thinks about the benefit of his worker. A good leader always works by taking his workers along and also discusses with them about the ideas of his company. That is why a company which has a leader instead of a boss grows more in the market and the workers of the company are also happy with the company and work well.

Doing everything with proper planning

Every successful entrepreneur always makes a proper plan before taking any action as he knows the value of time, money and efforts that he and his employees will put in to make it work. He devises a complete strategy about how he can make his new plan a success.

Work with people

A successful entrepreneur knows that he alone cannot run the business properly because he knows that he alone cannot handle the whole business so he gathers some people like him and works with them. This will distribute the work among the people and also reduce the workload.

Finding solutions instead of complaining about things

Problems are part of our life and whenever they come in our life we start complaining. But the people who try to find the solution of the problem are the real person who can be successful in business because the most important concept of business is to find and identify the problems from the life of the person and provide them the best solution to that problem. This thing will make the life of the person more comfortable and will increase the value of the entrepreneur in the hearts of the people.

Focus on main thing

A successful entrepreneur knows what to focus on and what not so he always ignores those things which are not important and giving them time would be a waste of time.

types of company in company law

There are several companies have opened in India that are doing different business. In order to handle so many companies and to make rules for them, it becomes necessary for the law to first divide those companies according to their work. In this article, we are going to discuss about the types of companies in company law means we will discuss about the companies that are separated by the law as per their work.

define company

The company is an artificial person that has its own identity. The company has a common seal which is used by the people to approve any document in the company. All the people doing activities in the company are employees of the company (including owner of the company). Because the company has a distinct identity, every document contains information about the company. For example- Address, the owner of the company cannot give his address in the company document, he has to give the address of the place where the company is established.

You may also like:

company act

Companies Act is a set of rules which are made by law for the smooth running of the business of companies in India. According to Companies Act, 1956 section 3(1)(i), we shall call all those things a company which has been registered in accordance with the Companies Act or any other previous law.

Till now three companies act have been passed:

Company Act, 1956
Company Act, 2013
Company Act, 2015

kinds of company in company law

The law has divided companies into five parts on the basis of their functions.

Incorporation
liability
control
ownership
National Interest

1) Incorporation

Incorporation refers to how the company was formed and came into existence. Companies that include under incorporation are:

a) Chartered- Chartered refers to companies that are formed by passing a document by a king or queen. For example- east India company. These types of companies are not found today and we do not even need to study them deeply.

b) Statutory- Statutory companies are those companies which were formed and came into existence after the passage of an Act/Law in the Parliament. For example- Reserve bank of India (RBI).

c) Registered- Registered companies are those companies which were formed and came into existence after being registered under the Companies Act, 1956 and any other previous law. For example- Reliance, Maruti, Tata.

2) Liability

liability means loans and debt that company raises to run the business smoothly and properly. Companies that include under liability are:

a) Unlimited liability company- Unlimited liability company is described under section (2)(92). This act states that the owner of the will has to pay off all the debts and loans of the company in case the company will be closed down by any means in the future.

b) Limited liability company- The limited liability company says that in case of closure of the company in any way in future, if the owner of the will is not able to repay all the debt, then no one can tell him anything. We can also divide limited liability company into two parts on the basis of law:

Limited by Guarantee: In this, the owners and directors of the company decide in advance how much amount they will be liable for if the company is closed in future. The company will be responsible only for a specific amount at the time of winding up. For example- The company takes a loan of Rs 10 lakh from the bank and signs an agreement in advance with the bank that it will pay only Rs 5 lakh if the company is closed in future.
Limited by shares: In this, the owners and directors of the company decide a share limit in advance that if a person is buying 100 shares of the company, then the company will pay an amount of 90 shares to the shareholder at the time of closure.

3) Control

In this, the owner of the company decides how much control they want to pass on to the investors. we can divide control in two parts as per law:

a) Holding- Holding company means to buy and acquire the company by another companies. Holding companies have high control in the company as they consider as the owner of the company. Any company can take over another company in three ways:

The company should hold 51% of the shares
Board of directors to have extra control over the company
All the companies under the main company will go to the buying company.

b) Subsidiary- Subsidiary means the company purchased by holding company. In Subsidiary company people have less control over the company.

4) Ownership

As the name suggests ownership means who is owner of the company. we can divide ownership in two parts as per law:

a) Government- These are those companies in which ownership will be in government’s hand weather it is center govt and state government. For example- Railways, Public banks.

b) Non-Government- Non-Government are those companies in which government is not the owner and the company will be run by other normal people and board of directors. For example- Reliance, Infosys.

5) National Interest

National Interest means what is the original country of the company. we can divide National Interest in two parts as per law:

a) Indian- Indian companies means those companies that are registered as per Indian Act and belongs from India. For example- Tata, SBI.

b) Foreign- Foreign companies are those companies that are from a country other than India and come to India to do their business. For example- Dominos, Pizza hut.