STARTING YOUR OWN BUSINESS
Having identified your business opportunity (which is an area of buyer need and interest in which there is a high probability that an entrepreneur can profitably satisfy that need or involvement in investments in terms of money, time and energy.) your basic objective as an entrepreneur is to select and economically successful venture. That is, one that is most likely to give you a good return on your investment.
On starting any new business or expanding an existing one, certain basic principles common to any business enterprise should be taken into consideration. Perhaps you could build a business of your own. People who start business enterprise do so after taking two initial steps:
1. Considering the possibilities, and
2. Making the decision to go ahead. Successful business can start modestly; it does not always require a big investment to go into business.
Advantages of owning a Business.
There are many advantages in owning a business. Important among them is the security that a successful business offers. As a businessman, you could be reasonably sure that your financial security would be as lasting as the success of your enterprise. In addition to earning your wage from the business, you also would receive a fair profit
Three important requirements for starting a Business:
1. A knowledge of the business itself, i.e. its equipment and operational requirement.
2. A knowledge of the many factors which affect the business, i.e. market, competition and the like.
3. Money to ensure a fair start.
Thus the following are the major steps in starting a Business.
1. Prior planning
2. Selecting the business.
3. Locating the business
4. Measuring the market
5. Studying the competition
6. Getting the money to start
7. Bringing others into the business.