Challenges Faced by Companies While Entering a Foreign Business
10 Important Factors to Consider Before Starting Your Own Business
Published on May 10, 2008 by Educate And Learn in Small Business
Comments (46)|59 Liked It
Certain key factors which need to be addressed before starting your own business.
This article describes different factors which need to be kept in mind before starting your own business. It mainly talks about a business from a proprietorship point of view, rather than from a corporate point of view. Thus it is intended for small business.
A number of factors are important in order to start a successful business. Here an effort is made to describe some of the key factors.
Knowledge/Expertise
Any business requires some amount of basic knowledge and experience. The owner needs to be aware about the business he intends to start. Knowledge and expertise about the product or service are keys to a successful business.
In case of limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors.
When you ask yourself a question “What business shall I start?” you need to get a convincing reply about what you intend to do and how you are going to go about it. Read more in Small Business « Small Business Survival in a Down Economy Four Easy Ways to Double Your Economic Stimulus Check »
Expert knowledge is especially required if the field of business is a niche field. For instance the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes. Market/Demand
Once a decision is taken on the business you intend to start, the next step is to explore the demand / market for the product / service. Certain products will only have a domestic market for them whereas others can be successful on an international level.
The key question is “Who are the customers?” A market survey can be conducted to identify the
Published on May 10, 2008 by Educate And Learn in Small Business
Comments (46)|59 Liked It
Certain key factors which need to be addressed before starting your own business.
This article describes different factors which need to be kept in mind before starting your own business. It mainly talks about a business from a proprietorship point of view, rather than from a corporate point of view. Thus it is intended for small business.
A number of factors are important in order to start a successful business. Here an effort is made to describe some of the key factors.
Knowledge/Expertise
Any business requires some amount of basic knowledge and experience. The owner needs to be aware about the business he intends to start. Knowledge and expertise about the product or service are keys to a successful business.
In case of limited knowledge the owner may not be able to sustain the business and can be fooled by the vendors, suppliers and competitors.
When you ask yourself a question “What business shall I start?” you need to get a convincing reply about what you intend to do and how you are going to go about it. Read more in Small Business « Small Business Survival in a Down Economy Four Easy Ways to Double Your Economic Stimulus Check »
Expert knowledge is especially required if the field of business is a niche field. For instance the construction or software industry would require more knowledge as against a retail business selling a particular brand of clothes or shoes. Market/Demand
Once a decision is taken on the business you intend to start, the next step is to explore the demand / market for the product / service. Certain products will only have a domestic market for them whereas others can be successful on an international level.
The key question is “Who are the customers?” A market survey can be conducted to identify the