Entrepreneurship opens a whole new world of opportunities for those who wish to create something new for themselves. It takes a certain type of person, with specific characteristics to have what it takes to take on the role of entrepreneur. Entrepreneurs are driven, problem solving risk takers, who love learning and challenging themselves.
More and more individuals are taking the leap into starting their own businesses. Canada’s strong economy, diverse population and endless opportunity makes it an attractive place for aspiring entrepreneurs to start their business venture. In fact, according to the Government of Canada, there are nearly 1.3 million active businesses in Canada, with the overwhelming majority – nearly 98% – being small businesses.
If starting your own business has ever crossed your mind, entrepreneurship may be right for you. Here are five characteristics that are essential for any successful business owner:
1. You’re a risk taker
You are not afraid to try something new, to step outside your comfort zone. There are very few things in life as rewarding or challenging as starting your own business. There is a certain level of risk that comes along with starting a business. And, all of the responsibility for the success of the business will rest on your shoulders. Becoming an entrepreneur means you are venturing into the unknown, stepping out of the norm of employment, and putting yourself out there with the possibility of failing and no guarantee of success.
2. You’re ready and willing to put in the work
Starting your own business means you can expect to work long hours, wearing many hats and doing a number of different jobs. Knowing this and still wanting to become an entrepreneur means you are endowed with one of the biggest traits needed to do the job. The pay off may take a while to see, but being ready and willing to put in the work needed means becoming an entrepreneur may be a good choice.
3. You love to constantly learn
No one starts off their business knowing everything. In fact, most business owners will admit they did not know what they were doing when they started their business. But, what separates those who are cut out for entrepreneurship and those who are not is that entrepreneurs are ready and open to learn new skills as they go. You won’t know everything when you start running your business – actually, you won’t even know what you don’t know! Sometimes you may even be forced to learn on the fly. Successful entrepreneurs never stop learning, and being eager to learn new skills and open to personal growth is essential.
4. You’re a creative problem solver
Thinking of solutions to problems is essential to being a successful entrepreneur. This could be finding solutions to problems people are having and creating products or services to solve those problems; Or it could be finding solutions to obstacles that your business encounters on the way to success. Thinking on your feet and finding creative solutions to problems is a must for being an entrepreneur, since the answers are not always going to be obvious.
5. You answer the call to action
Wanting to start your business is great! Wanting and actually doing are two very different things. Having a great business idea is fantastic – but there needs to be action to put that idea into motion. Sure, it is going to take a lot of work; Sure, you might stumble or fail; And sure, it might take longer than you thought to get where you want to be. Entrepreneurs do not let that stop them. Make your plan and take action.
Taking action starts with registering or incorporating your business, and Ontario Business Central can help you with this. What is the difference between these two types of businesses? Knowing the differences between registering and incorporating can help you decide which one is best for you and your new business.
What are the differences between registering and incorporating?
Registered businesses have no name protection, but corporations do. So, if you are registered as a small business, there is If you are concerned with protecting your business name, incorporating may be the better option.
An individual can register as many business licences as they wish, however each business registration is separate from each other. Corporations have the ability to register Trade Names, or operating names, under the incorporated business. This allows one corporation to operate multiple names or businesses under the same umbrella. If you plan on operating a number of different businesses, but want to keep them connected, you may want to consider starting a corporation, where the opportunity to expand your business with specific business names related to different aspects of your business or new business ventures is seamless.
Registered businesses are connected to their owners directly. This means that any income generated by the business is seen as personal income and taxed together with any other personal income. Corporations are separate from their owners and the income generated is taxed separately, and at a lower tax rate.
Depending on what your business does, this could be a big factor in your decision. Any personal or property damage caused by a registered business falls directly on the shoulders of the owner. A corporation has limited personal liability, so the corporation could be held responsible for any damages, but not the owner’s personally. If your business sells artwork, this may not be as much of a concern as, for instance, a renovation company.
When you have decided whether registering or incorporating is better for you, Ontario Business Central can help get everything done today so you can start your business:
REGISTER A BUSINESS
INCORPORATE A BUSINESS
At Ontario Business Central, our commitment is to assist entrepreneurs as they build and grow their business successfully. If you have any questions about how to take the first steps to start, please reach out to our helpful and knowledgeable staff.
Office Hours: 9:00am – 5:00pm
Monday – Friday E.S.T.
Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.