Question

Critically discuss six factors to consider when starting a small business ​

Answer 1

Before starting a business consider 6 important things:

1. Very good ideas, any business can develop in the absence of a great idea.

2. Funding and budget. The next important schedule should be considered involved in the business of your business.

3. Competitors' analysis.

4. An effective business plan.

5. Legal documentation.

6. Positive attitude.

Answer 2

Ans: Some of the factors which must be taken into consideration while starting a business of small scale are:

1.    Budget and funding: You will have to identify your sources of funding thoroughly.

2.    Competition analysis: Know your competition.  

3.    Plan: You need to have a proper and organised plan in order to conduct a business thoroughly.

4.    Have a positive attitude: Your business will face tough competition in the market. Having a positive attitude is important.