Oguz han engineering and technology university of turkmenistan innovation economics faculty department of innovation economics

1.1 The concept and essence of youth entrepreneurship
What is entrepreneurship?
The definition of what is entrepreneurship is given in Article 1 of the Law of Turkmenistan on entrepreneurship according to which,
Entrepreneurship is an initiative, independent activity of citizens aimed at making a profit or income, carried out on their own behalf, at their own risk and under their own property responsibility.
An entrepreneur is an enterprising person. It is necessary to emphasize the most important thing in this business, it is a risk, because the start does not guarantee its success. Many successful entrepreneurs start their businesses small, some with large-scale projects at once. In both cases, one similarity is the idea.
Ask yourself the usual question to see if you are ready to become an entrepreneur. Let's say you were given one million manats, what will you spend this money on?
According to world statistics, many of the people who win a big lottery or acquire a huge inheritance spend all their money on buying expensive housing, cars and a luxurious life in an average of five years, and some still remain in debt.
The main problem of a novice entrepreneur is fear, the first thing you need is to overcome it, not to let your feelings interfere. There is a simple truth, working for yourself can achieve a lot. Another important role is played by personal qualities of a person such as resourcefulness, initiative.
How to become an entrepreneur?
If you still decide to test yourself and your strength in entrepreneurship, the first thing that is required of you is a business idea, and for this you need to conduct,
- analysis of the consumer market,
- find out what products or services are missing in the market.
It is better to start a business with minimal investment. Also, in order to provide your business with a long-term perspective in the future, start a business in the real sector of the economy as a material production.
Turkmenistan is a country with a dynamically developing economy, the country has a huge potential to focus on import substitution, taking into account all the factors and features of the country.
How do I formalize this activity?
Registration of entrepreneurial activity in Turkmenistan consists of three main stages.
1. Take a short course of study at the school of entrepreneurs, the Union of Industrialists and Entrepreneurs of Turkmenistan.
2. Registration with the tax authority at the place of residence and obtaining a patent with types of activity.
3. Registration with the pension fund at the place of residence.
Individuals, citizens of Turkmenistan, as well as citizens of a foreign State can register business activities. All this requires only a passport.
After registration, an individual receives the status of an entrepreneur, and his business is considered legal. But this is not the end of the matter, sometimes novice businessmen do not even suspect that it is necessary to perform periodic mandatory actions such as,
- Submit tax returns in certain accounting periods at the place of registration to the tax authorities and pay taxes. You can read more about what taxes, fees and duties are paid by an entrepreneur here.
- Submit reports in certain reporting periods at the place of residence to pension funds and make mandatory pension payments.
Basic laws regulating business activities;
- The Law of Turkmenistan on Entrepreneurial Activity
- The Law of Turkmenistan on State support for small and medium-sized businesses
- The Law of Turkmenistan on the Free Enterprise Economic Zone
- The Law of Turkmenistan on Trade Activities.
- Tax Code of Turkmenistan
Such a phenomenon as entrepreneurship, which is an economic activity aimed at systematically obtaining profits from the production and / or sale of goods, rendering services (for this purpose, property, intangible assets, labor of both the entrepreneur himself and those attracted from outside can be used), has long been the core of the market economy. In recent years, the development of small and medium-sized businesses in Turkmenistan has noticeably intensified. The gradual overcoming of the economic crisis has increased the need to create a new generation of entrepreneurs, young, dynamic, modern people who can play an active role in business, the economy and in the development of society as a whole.
There are a number of definitions of youth entrepreneurship. For example, according to T. A. Benderskaya, a young entrepreneur is an individual entrepreneur under the age of 27, and in the case of carrying out activities that are among the priority areas of support and development of smallbusinesses, under the age of 30.
This type of economic activity as youth entrepreneurship is quite specific, since representatives of this type of entrepreneurship differ in a number of certain personal qualities and a peculiar approach to doing business. This is evidenced by the fact that young entrepreneurs want to do business that is currently close to European and global standards, not only because of the desire to get material profit and their own benefit. They strive for such a public status that their business will be respected and prestigious. Also, young entrepreneurs have a certain psychology: business is not for the sake of money, but for the sake of self-realization and prestige.
It is worth noting that young entrepreneurs have certain personal qualities, on the basis of which the opinion is formed that it is young people who represent the basis on which a constantly developing economy should rely. Examples of such qualities are:
a) high mobility,
b) availability of up-to-date knowledge from all spheres of life,
c) rapid adaptation to the new conditionsof the economic sphere of life,
d) innovativeness in thinking, etc.