Explain the essence of mathematics in the training of business leaders.
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it is so essential to get an idea on
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- Owning a business needs more than just the ability to produce a good or deliver a service.
- To survive and succeed, your business must have good financial management. For lucrative operations and precise record keeping, one has to understand fundamental business math.
- To price your goods and stay under your budget, you must have a basic understanding of addition, subtraction, multiplication, division, rounding, and the use of percentages and fractions.
1. Estimate Production Costs - Before you formally start your firm, you must determine how much it will cost to produce, acquire, or provide your service.
2. Establish Product Pricing - You must charge enough for your product to be profitable if you want to make sure that you can run your business and generate enough cash flow to invest in your company.
3. Calculate company profits - You must deduct returns, production costs, and operational expenditures from your overall sales volume, or gross revenue, for a given time period in order to calculate the net profit.
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