Mauritius

March 06, 2013

Becoming an Entrepreneur, the Alternative to be Employed

At a time when many young people are tired of waiting for a response after applying for a job, the idea of trying to start a business lot. Entrepreneurship is a solution to unemployment, but how to do it? This adventure, although attractive, is not done without risk. So how to proceed?

Find a good job after graduation, understand by this a job in the Civil Service, is the dream of thousands of young people. But the scarcity of vacancies, even in the private sector, pushing many to contemplate entrepreneurship. Once considered a test too likely, entrepreneurship begins to enter the customs Mauritius. Facilities we have today, as well as public and private institutions that offer ongoing support to entrepreneurs, encourage people to become entrepreneurs. 

Why start a business? 

The reasons are manifold. Instead of waiting for a job, you can create your own job and become your own boss! Success also offers personal satisfaction. A contractor can constantly innovate and grow the business while creating jobs. He learned a lot in a short time, because running a business requires a lot of interest in areas such as marketing, sales, accounting, law, relationships with customers, the importance of time management, the industry trend, etc.. Entrepreneurship asked to think intelligently and develop our creativity. 

Who can become an entrepreneur? 

Business creation is for everyone: workers, managers, job seekers, employees, students and business ... All skill levels are represented. There is also no age to begin. 

Risks 

Becoming an entrepreneur is risky. A company needs financing, and often, the entrepreneur must go into debt to be able to run his business. The company depends on its income to meet daily expenses and pay salaries. However, if sales of products or services blurred, for example in times of crisis, the company would find itself in trouble. This amounts to the contractor to plan management to avoid unpleasant surprises. It is the only master on board and must know how to handle with tact. This huge responsibility is heavy and can make it stressful. 

Some areas in grass 

ICT 
Computer technology is an area that presents many opportunities for small and medium enterprises. Today, everything is done online and there is a great demand for the creation of websites, the formulation of simple software to manage a business, the implementation of network connection, the installation of various peripheries and course maintenance. These are small businesses that offer these services to individuals and SMEs. The computer also gives ideas: online shops, news sites and marketing, etc.. Subcontracting is also a niche for large companies are always looking for small service providers in the field of ICT, such as design, updating pages, the 'content writing', etc.. 

Agribusiness 
Although this sector is far from being attractive to young people, it is a promising sector. Traditional farming is gradually giving way to modern methods of planting or breeding. Of course, large-scale projects have a capital cost. Agribusiness is however of interest to those who already possess agricultural land even if it is possible to have access to state land for agricultural use. Many technical facilities are offered by the'' Agricultural Research and Extension Unit 'and' Farmers Service Corporation '. These institutions also offer courses in various fields related to agriculture. Agribusiness is not limited to culture. Agricultural processing products with high added value is gaining ground. The latest report from the Food Security Strategy ', available on the website of the Ministry of Agriculture, contains a lot of interesting information about new opportunities. 

Services 
The service sector professional. They are very small companies structured starting to offer personal services to individuals, including carers or babysitters. There is also a catering service, makeup at home for social events, direct sales of household and cosmetic products, etc.. 

The Arts 
With real estate and interior growing, there is a strong demand for products such as decorative paintings by hand.Young artists are notified of this niche. It is possible for young artists to organize mini-exhibitions of their paintings. 

Welfare 
Recognizing the need for a healthy, people are more enthusiastic to join a club of well-being. These centers are popping up everywhere exercise because the demand is there. In the same perspective, food is a niche that is constantly growing. Ready-to-eat healthy is a niche. Just work your imagination and invent food. 

Steps 

  • Project design

First, the entrepreneur must know what he wants to do. It may already have a talent or skill that wants to exploit commercially, or he had an idea and wants to achieve. Whatever the activity, it is important to learn and also to see if there is indeed a market for this new product or service. He should ask the following questions: Is there a market for my product or service? If yes, what is the extent of the customer? Is there ever competitors? Is there room for additional company in the same sector? Is what I can offer a competitive price? What are the investment costs?Where to find my equipment? Who are the suppliers? Where can I find funding? What is the interest rate? What is the guarantee required by the bank? Do I recruit people for my project? Or find the necessary competence? What is the cost of labor? Place of operation: Where to find a suitable place, and the price of rent? Is that the place is right for my business? I have difficulty in obtaining an operating license? What is the annual cost of the license? In short, many of these questions before you even begin. 

  • Company creation

Start the business is the easiest thing. Just incorporate a company or registering with the 'Registrar of Businesses'.A company can be incorporated within 24 hours and the procedure is very simple, with some forms to fill out and file with identification or proof of address. Be noted that this year, incorporation fees and other services have been increased with effect from 1 January. Also, since February 15, the Registrar of Companies has been revamped by introducing new forms. 

  • Secondary licenses

Once the company founded, it must obtain permits secondary. The type of license depends on the nature of the activity. Must apply for a 'Building and Land Use Permit' (BLP) with the local authority (municipality or district council) area and then pay the Licence (Trade Fee). BLP folder if full at the time of submission is processed within 15 working days. After this period, if the applicant does not receive an official response, then the permit application is considered approved under the principle of 'Silent Agreement'. A BLP is not required for small businesses that can make at home, if the following criteria are met: the activity will not generate additional traffic, the activity does not inconvenience the neighbors in terms of noise, smoke or odor and activities take place in a part of the dwelling house. The types of activities allowed in this case include crafts, construction of a home office and back are covered in just three days, according to law. 

  • How to find an idea?

It is not necessary to be a great expert to find interesting ideas. Just look around and identify trends. A simple example: the sale of motorcycles exploding at a rate of about 900 per month. The total number of two-wheelers on our roads has reached 174.330 31 January. This means that there is a great demand for maintenance and mechanics. Young people who have taken courses at the MITD can think up their own garage mechanics.Similarly, we see the emergence of small cleaning companies, janitorial or even repair electrical wiring or plumbing to meet the growing demand. It should also perform thorough research on various sectors, and see the trend abroad. The Internet is an essential tool to document. There are also magazines that can give a track.Documentaries on TV may also be useful. 

Assistance 
Public institutions are designed to help entrepreneurs, guide and support them in their projects. 

SMEDA 
The Small and Medium Enterprise Development Authority (SMEDA) offers several free services under one roof: information on opportunities, advice, coaching, facilitation and training. Companies registered in SMEDA enjoy a range of benefits, for example, bank loans at concessional rates. A visit to the SMEDA, at its headquarters in Coromandel, can be extremely fruitful for an aspiring entrepreneur. 

MBGS 
Previously known as the 'Mauritius Manufacturing and Services Development and Competitiveness (MMSDC) Project', the 'Mauritius Business Growth Scheme' has been operational since March 2011, aims to improve productivity, foster innovation and added value, advising entrepreneurs and to provide financial assistance to acquire foreign expertise. The MGBS offers a 'Start-ups Entrepreneurship Payback Scheme', which is released each January and July. The main attraction of this plan is that it pays a stipend of Rs 20,000 per month for the aspiring entrepreneur for one year, as long as the project begins to generate revenue. The deadline for submission of projects and 29 March 2013. 

Banks 
Development Bank of Mauritius offers several financing plans for entrepreneurs. Some loans are offered at interest rates very low, with a moratorium of up to two years for repayment. For their part, commercial banks also offer loans at interest rate of only 3% above the rate (7.9% at present). 

 

 

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