Richard Cantillon

Entrepreneurship means much more than starting a new business, it is the opportunity to make people more creative, proactive, innovative, and anyone should have it in their DNA, regardless of their choice of profession. According to Jeff Timmons, professor at Babson University and considered one of the fathers of entrepreneurship, “this means creating in the individual an ingenious spirit for the benefit of humanity”.

The famous Lean Startup methodology, which has revolutionized the way in which products and services are launched on the market, the most widely used in Silicon Valley, is precisely about this, about finding a “minimally viable product”, which means testing the idea in the market, profiling it, pivoting it, until it reaches the market.

Or, as Professor Dani Rodrik of Harvard University says, “the impact of innovation on productivity and employment and even equity is about how quickly it is transmitted to the labor market and the real economy”. The Lean methodology is precisely about creating successful companies using continuous innovation.

What is the importance of entrepreneurship?

Entrepreneurship means much more than starting a new business, it is the opportunity to make people more creative, proactive, innovative, and anyone should have it in their DNA, regardless of their choice of profession.

What does it take to be an entrepreneur?

A most fundamental factor: entrepreneurs care about meeting their customers’ expectations. It is not easy to be an entrepreneur. The key is to be totally convinced that you want to dedicate yourself to running a business, before you spend the next few years trying to be someone you don’t want to be.

How much tax is paid on a business?

Being able to know how much tax you pay for a business depends on many factors ranging from the size of your company and its line of business. However, to give you an idea, currently, taxes paid by companies in Mexico have an average rate of 53% between taxes and contributions.

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J. gregory dees

Financial planning is a key financial management tool that understands and grants control, improves the decision-making process, as well as the level of achievement of objective and organizational goals. Planning can be a flexible tool due to its adaptation to different areas and aspects of business and personal life. The article aims to determine how financial planning is a key agent in institutions. A descriptive-analytical study is carried out, using techniques such as interviews and documentary gathering. It is concluded that financial planning is an indispensable tool to guarantee business achievement, which allows anticipating and showing future problems, taking stock of the company’s position and establishing a course to follow; as well as providing a framework for determining the financial impact and effects of various corrective actions.

Making a business last over time is not an easy task, which is why entrepreneurs must be aware that, in addition to dedicating great effort and hard work, a high dose of control of their situation is necessary, control that financial planning can provide because it will allow them to implement measures and implement strategies at the time they are necessary to correct management errors or amend possible deviations. Behind these businesses there is a great diversity of stakeholders, such as suppliers, shareholders, lenders, creditors, collaborators, etc. All these groups need to know how their interests are being served, which makes it necessary to carry out adequate financial planning, which sets the guidelines to achieve change through the implementation of financial objectives and the analysis of current statements in relation to these goals.

What are the obligations that every company must comply with?

Companies must document the delivery of inputs. The new obligation is to provide, install and take care of the maintenance of the necessary equipment for teleworking. For example: computer equipment, ergonomic chairs, printers, among others. Payment of services.

What do entrepreneurs study?

Finance and accounting

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To be an entrepreneur, it is necessary to have knowledge about the control of income, expenses, taxes, invoicing, accounts and everything related to the economic activity of your business.

What taxes do small businesses pay?

In this section we identify VAT (Value Added Tax) and Income Tax. These taxes are undoubtedly the taxes with the greatest tax and financial impact on companies in the country.

Joseph alois schumpeter

It is important for companies to start planning and organizing themselves now so that the reactivation can be a faster and more consistent process. The strategy selected by each organization will depend, to a large extent, on the sector in which it operates, and among the most probable options that will be contemplated in this decision are the following patterns of return to normality: a) take advantage of the moment to grow; 2) go through the crisis and then return to operate at a similar level to the previous one; 3) transform to re-emerge; and 4) eventually discontinue the business or restart it, but with a profile that will probably be very different from the previous one.

Growth: this will be the case for companies that have recovered quickly and have been able to change favorably during the crisis in line with new consumer behavior. From this sector, future investors realize their potential to lead this stage and the need to provide capital to scale aggressively during the recovery. The cases that are best weathering the crisis are retail and online pharmacies, food delivery, chemicals and petrochemicals, media streaming, telemedicine and preventive medicine, digital education, and food and beverages.

What is the percentage paid to the IRS?

In general, taxpayers must pay at least 90 percent (however, see 2018 Penalty Relief, below) of their taxes for the entire year through withholding, estimated or additional tax payments, or a combination of both.

What are the obligations of the companies?

In corporate finance, a debenture is a long-term debt instrument used by large companies to borrow money at a fixed rate of interest. … Large debentures are paid before sub-debentures, and there are variations in risk and return rates for these categories.

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What are the legal obligations of a corporation or company?

Resolution of civil, commercial and police conflicts. Advice and representation in family law. … Resolution of criminal and disciplinary conflicts. Insolvency and restructuring.

Peter f. drucker

This element is a vital tool for controlling income and expenses, in such a way that it makes it possible to meet daily obligations, while at the same time it serves to measure the funds available to the entity.

Likewise, cash flow is completely linked to the profitability of the business, mainly because it sets the tone to be able to face unforeseen contingencies and have money available for investments that may arise.

However, in spite of its importance, one of the most common financial problems is the lack of attention to the subject, since it leads to mistakes that put the company at risk. Currently, the economic situation in our country not only affects the demand for products or services of the companies, but also hinders the collection management of portfolios and generates a shortage of funds to finance current operations.

This has a strong multiplying effect, since if a company is late in the payment of debts and harms the payment capacity of its creditors, who in turn are late with their suppliers, a chain is generated that can cause serious financial problems for the most vulnerable companies.

By Rachel Robison

Rachel Robison is a blogger who collects information on court filings and notices.