"No risk, no business" it is a popular proverb. But risk is not only the problem of a business. A business, whether new or old, continuously faces the variety Of problems.
Most commonly faced problems of establishing a business are as under.
Assessment of Opportunities:
Before starting a new project the businessman must analyze business opportunities in term of expected profit,possibility of success, future tendency, Stage of business cycle etc.
Nature Of Business:
In starting a new business the businessman has to decide the type and nature of business. The selection criteria will be based on availability of capital, scope of business, expertise and experience etc.
Infrastructure:
Infrastructure provide a sound basis for all types of business.
It includes basic installation and facilities such as roads, plants, transportation, communication system etc.
Future Of Business:
This factor should be considered separately. The future of business
must be assessed very precisely. The factor of technology is especial Consideration because it is fast changing and almost daily render old Products outdated and obsolete. Today's technology rejects yesterday's. The business will have to go for tomorrow's technology.
Finance:
Finance is the life blood of business. Business finance includes capital, Loans and retained earnings.
Finance is used in purchasing equipment, land, machinery, plant and raw materials. A business enterprise has to meet other day to day expenses.
Labor Problems:
The business requires labor. The larger the business the greater the number of laborers required.
The business enterprise has to know what type of labor, in what number And at what wages has to be recruited.
1 skilled labor 2 semi-skilled labor 3 unskilled labor
1 skilled labor 2 semi-skilled labor 3 unskilled labor
Types of Goods And Services:
It has to be decided what types of goods and services are to be offered to the consumer. And whether they are to be manufactured or bought.
These are important points which will help you to set your business.
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These are important points which will help you to set your business.
"learning process never stop"
I hope you like this article and more information and ideas must subscribe this blog.
Thanks for visiting (Business and tricks)
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