A businessman faces a lot of basic problems when he starts a business but it becomes more complex as the business grows. So anticipating this he needs to consider certain factors while he starts his business. Explain them.
Answers
The factors to be considered for starting a business are business idea, demand for the product and capital& finance.
Explanation:
- Business idea: We should first know the business idea and analyse whether the idea will work or not. We can get idea from friends or relatives.
- Demand for the product: We should have demand for the product so that our business will be successful and we have to know the current size of the market.
- Capital and Finance: Capital and Finance are much needed for starting up the business. Funds can be borrowed for short term or long term period.
To know more about facors for starting business:
https://brainly.in/question/1344612
https://brainly.in/question/2522829
Answer:
1. Cash flow management
Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, and then get paid (hopefully) 30 days later.
2. Marketing strategy
Positioning your product/service in such away that you will maximize on the returns is proving to be a challenge to many entrepreneurs. This is because some entrepreneurs are venturing into their projects completely ignorant of the Dos and Don’ts. It is therefore recommended that you contact a proper research and if possible have a hands-on case study. Don’t just invest blindly.
3. Capital
You want to start or grow your business, but you have little capital to do it with. Here, patience and proper discipline is required when it comes to cash management. It is always estimated that your business won’t pick up in the first three to four months. Therefore, a little patience is required. You can also get investors or apply for a quick loan to get you started.
4. Criticism and self-doubt
As a young entrepreneur, you will find that not everyone will take you seriously. They will tell you that you are too young to build a successful business. They will be quick to tell you just what they think you are doing wrong. At times, the criticism and the self-doubt it fosters might get to you. As your business struggles to get off the ground, you could start to doubt yourself.
5. Finding Customers
Even if you offer the best-quality product or service available in the market today, your chances of failure will be high if you don’t find loyal customers.
Advertising may help you find people who will really be interested in your product or service. If you don’t have money for ads, try to find customers within your circle of friends or family members. Let them spread the news to their friends as well.
Explanation:
Hope it helps u
Brainliest Plzzz..
#Keep smiling :)