Briefly mention any 3 factors to consider while setting up a business
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Answer:
Almost every individual dreams about starting his own business. Yet only 4% of the newly started businesses manage to reach the 10 year mark.
In fact over 50% of the small businesses don’t even make it to the fifth year. Most people have no idea about the various things to consider when starting a new business.
It is just a desire to be on top of things that motivates many to start businesses. They have no idea about the money that is required, the hard work that they have to put in, the knowledge and the experience that they have to gain, and the kind of patience they need to have, until their business reaches up to a certain level for them to break even or make profits.
‘Well begun is half done’
is what they say. So if you want to start your business, you have to get all the things needed to start a business.
Here is a checklist that will give you a list of factors to consider before starting a business:
A Business Idea
Knowledge or Expertise
Market or Demand
Start-up Costs
Capital and Finance
Competition
Location
Staff
Technology
A Business Idea
Every business starts with an idea – a super duper idea that actually works. If you want your business to stand out, you will need to offer something that no one else has offered till date