Launching and developing a business in the IT field are real opportunities for success, given that computers have penetrated into all areas of life and directly influence almost any economic activity. The key to success in this endeavor is linked to the solid technological skills of the founders, but also to the correct strategy for managing the risks involved.

In this sense, it is of crucial importance to set up a process to identify problematic areas and call for field-specific insurances, as protection against the various threats that can affect the stability and success of the business. Entrepreneurs in the IT field must secure their investments and protect them from cyber attacks, technological damages and financial losses for the development of a profitable business.

In the article below, people who want to develop a business in the IT field can consult useful advice in order to establish it, both in terms of planning and registration, as well as in terms of operation and further development. Also, they will be able to discover what are the current trends in the field, what business ideas can be easily transformed into profitable activities and what is the role of insurance in this endeavor.

1. IT business – from planning and establishment to business development

The technological world evolves at an accelerated pace, which represents a good opportunity for people who have knowledge in the field and who want to turn their talent into a profitable activity.
IT startups are preferred by many young Romanian investors, because the organization of such a business is relatively easy, the initial investment not being very high. However, one should not lose sight of the risks to which new entrepreneurs are exposed and the easy solutions that can be used in this sense to avoid the emergence of problematic situations.

1.1. Planning and registering a business in the IT field

The transformation of an idea into reality, as regards the establishment of a company in the IT field, is a real, successful opportunity, but at the same time a challenge full of challenges. To increase the chances, it is necessary to go through an initial stage of planning the approach and establishing the business. Specialists in the economic field recommend that any activity start in this way, because in this way those areas where the chances are maximum can be identified.

• Among the elements that must be taken into account in this regard are:
  Market analysis and opportunity identification. The IT domain is divided into two main areas, hardware and software. The first category is more difficult for beginners to approach, because it presupposes the existence of an appreciable capital, which must be used to purchase the necessary technology. The field of software is recommended, because, as a rule, only a few investments are needed (space, office design, computer technology, purchase of software).
• Elaboration of the business plan. The document has an essential role in establishing the business concept and the pursued objectives, as well as in obtaining financing. More than that, the business plan is also a useful guide in the actual activity, which follows after the establishment of the company.
• Choosing the legal form and registering the business at the Trade Registry. Among the existing options, specialists recommend the choice of SRL, which offers many advantages when looking to establish a company. The approach can be carried out by one’s own effort, but it is also possible to access the services of a business consulting firm, which will set up all the organizational details.
• Establishing the field of activity and registration with ANAF. After the establishment of the company, it is necessary to register it for tax purposes in order to comply with the specific requirements and regulations.
• Obtaining authorizations for IT companies. Companies in this area must obtain certain authorizations, such as those regarding the GDPR (General Data Protection Regulation), which show that customer data is secure.

An element of interest, which must be weighed, is the choice of the type of company that will be established. Specialists recommend that entrepreneurs at the beginning of the journey choose an option that they can approach successfully, even if they do not have extensive experience in the field and organize a small company with a limited number of employees. In this sense, the easiest options are: limited liability company (S.R.L.) and authorized natural person (P.F.A.).

Among the advantages of the S.R.L. is the reduced value of the social capital required to establish the company, the possibility of practicing an occupation without having a document attesting the professional training and the choice of an increased number of CAEN codes, which allow the development of several economic activities. Also important is the liability limited only to the social capital brought to the establishment of the company (in case of a financial dispute, the owner is not liable with his own assets).

The P.F.A, on the other hand, is much easier to set up and administer (there is no obligation to collaborate with an accountant), and the profit is available to the owner at any time, without having to pay the salary or obtain dividends.

1.2. Operation and development of the IT business

Setting up a business in the IT field is a simple step, which does not require major investments in terms of time and capital. Its transformation into a successful business requires sustained efforts in the face of fierce competition and rapid changes in computer technology. In order to obtain and maintain the competitive advantage, it is necessary to take measures that allow the achievement of the company’s profitability and future development targets:

• A primordial element is the creation of a suitable technical infrastructure. In this sense, it is necessary to make a major investment in technology so that the subsequent work is efficient and offers positive results.
• Special care must be given to the implementation of security systems, which eliminate the risks of cyber attack through software and hardware elements in order to protect assets and data.
• Development of human resources is a way to ensure success in a company. The IT field is one in which talent shows its value, in most cases, that is why it is important to recruit professionals with superior skills. These skills must not remain at the initial level and must also be invested in continuous employee training, so that the company remains relevant in the industry.
• Marketing and relations with clients are important elements, because their identification offers opportunities to market the services offered. In this sense, the best results are given by innovative marketing strategies, adapted to the target audience and by personalized solutions related to the relationship with customers.
• Start-up companies in the IT field have a high chance of success if they adopt emerging technologies. Innovations in the field almost always represent competitive advantages and elements that allow rapid adaptation to changes.
• The modern business world attaches importance to sustainable development and social responsibility. For this reason, it is necessary that these principles be integrated into the business plan, because this allows the creation of a positive image in the community and industry in relation to the company.

2. Business ideas in the field of IT

The digital era is in continuous expansion and, for this reason, the IT field represents an area where numerous businesses can be developed, the opportunities being major. The transformation of the passion for technology into a successful business is possible, but it is recommended that the development direction take into account the current trends, which influence the demand of the clients regarding the digital solutions used.
Moreover, these trends also show how the market will behave in the future, an element that must be taken into account, otherwise the chances of failure are maximum.

2.1. Trends in business technology with companies in the IT field

Entrepreneurs who want to be successful in the IT field must be aware of the current trends that will dominate the market in the future, because this part of society is in continuous development and what is relevant today may be abandoned the next day . Incorporating these trends in the development of a business offers opportunities for the future and, for this reason, it is necessary to study them and choose that field in which the knowledge possessed combines with what is predicted to be important.

• Artificial intelligence and machine learning are two fields that offer numerous opportunities to newly established companies. In this sense, development is useful automatic learning algorithms or the creation of customized artificial intelligence solutions for various industries. Business process automation systems that incorporate elements of artificial intelligence are increasingly in demand and more profitable.
• Cloud services are used by different companies, and developing a business in this area has high chances of success, because customers are relatively easy to find. A good idea is to create data management platforms that store, manage and analyze information from the cloud.
• Cyber security is another area with high chances of success, because risk in business is major in terms of threats of this kind. Companies that develop security products have chances to make a profit and become relevant on the market.
• The Internet of Things (IoT) is current and is expected to be increasingly important in the future. The development of IoT devices represents a real opportunity, especially if they are customized for certain niches, such as health, agriculture, education.
• Virtual and augmented reality is a trend with high chances of success in the future, applications of this type being increasingly sought after by clients. By creating VR/AR solutions, startups in the field can become successful companies.

2.2. IT business ideas with high chances of success

The possibilities of developing a business in the IT field are extremely numerous, the clients being practically unlimited in number. Individuals and legal entities are increasingly looking for products and services from this area, both as elements for spending free time, as well as for making business more efficient.

Considering these elements, the specialists offer some recommendations that have a high chance of turning into successful businesses:

• The development of mobile applications is an approach that can bring significant profits in the conditions where there are billions of smart phone users, who are always looking for an application that will satisfy them. The opportunities are great, the profits can be significant, given that the investments are minor (there are cases where a person with a laptop connected to the Internet managed to develop an application sought by millions of users).
• Consulting in cyber security is a successful business idea given that the threats in this field are major, and the losses can be significant. People who have thorough knowledge about cyber security can offer consulting services, security audits and solutions for implementing solid security systems.
• Online learning has become a constant element in modern society. E-learning platforms are accessed by young people and adults alike and, therefore, the development of such solutions that offer courses on different topics represents a solid business opportunity.
• The development of games or applications that use elements of virtual reality is profitable, clients looking for such solutions not only as a way of entertainment, but also as an element of training in various fields of the industry.

3. IT business and the role of insurance in the development of a successful business

New entrepreneurs in the IT field must know that setting up a business in this field also involves exposure to certain risks that must be managed intelligently. Otherwise, the losses can be major, especially if it involves the involvement of clients who carry out large-scale activities.

It is possible that the losses arising from events caused by cyber risks are so great that they lead to the bankruptcy of the company and even to the need to pay huge compensations. Among the most useful solutions in keeping risks under control are IT insurances, tools specially designed by companies operating in the field of general insurance. Possession of insurance against cyber attacks by companies that offer this type of services to clients protects entrepreneurs from financial risks in case of undesirable events occur. Such help is beneficial in all circumstances, but it has an overwhelming role in the first stages of business development.

In order to obtain a guarantee of complete protection against cyber risks, IT entrepreneurs can use various solutions, among which:

• An insurance that should not be missing is contractual civil liability, which is a type of Lloyd’s insurance and which offers protection against errors that occur when certain services or products of the type IT does not generate the expected results. Financial damages can be recovered in this way, without affecting the company’s finances.
• Professional liability insurance covers legal costs and damages resulting from errors, omissions or negligence related to the provision of IT services. Knowing some elements about professional IT insurance must be mandatory, because it protects entrepreneurs from problematic situations, which may arise at any moment.
• Insurance for the protection of intellectual property is beneficial, because it eliminates the possibility of damages in case of copyright infringements.

In conclusion, the development of a business in the IT field represents a successful opportunity, provided that the possibility of some risks are taken into account and the implementation of some solutions that allow to approach them in an appropriate way.

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