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CONTENTS
INTRODUCTION……………………………………..…………………………………2
1. DEFINITION OF BUSINESS….………………………………………..…….…3
2. HOW TO START BUSINESS…………………………………………………...3
3. CORPORATE PLANING………………………………………………………..6
4. BUILDING A BUSINESS PLAN………………………………………………..7
5. SWOT ANALYSIS...........................................................................................8
6. PROJECTING START UP COSTS FOR A BUSINESS………………………..9
7. TIPS TO SUCCEED IN BUSINESS…………………………………………...10
CONCLUSION..........................................................................................................12
LITERATURE…………………………………………………………………………..13
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1. DEFINITION OF BUSINESS
Bussines is an organization or economic system where goods and services are
exchanged for one another or for money.
Every bussines requires some form of investment and enough customers to
whom its output can be sold on a consistent basis in order to make a profit.
Businesses can be privately owned, not-for-profit or state-owned.
Businesses include everything from a small owner-operated company, such as a
family restaurant, to a multinational conglomerate, such as General Electric. Larger
businesses may issue corporate stock to finance operations. In this case, the company is
publicly traded and has reporting and operating restrictions. Alternatively, smaller
businesses may operate more independently of regulators.
The benefits of starting a company include income diversification, a strong
correlation between effort and reward, creative freedom and flexibility. The
disadvantages of starting a include increased financial responsibility, increased legal
liability, long hours, responsibility for employees and responsibility for administrative,
regulatory and tax issues. Many of the world's largest personal fortunes have been
amassed by people who have started their own company.
2. HOW TO START BUSINESS
Here are 10 steps that are required to start a business successfully.
a. Do your research -
Most likely you have already identified a business idea, so
now it's time to balance it with a reality. Does your idea have the potential to
succeed? You will need to run your business idea through a validation
process before you go any further. In order for a business to be successful, it must
solve a problem, fulfill a need or offer something the market wants. There are a
number of ways you can identify this need, including research, focus groups, and
even trial and error. As you explore the market, some of the questions you should
answer include:
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Is there a need for your anticipated products/services?
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Who needs it?
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Are there other companies offering similar products/services now?
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What is the competition like?
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How will your business fit into the market?
