The obstacles mentioned in starting a business are false ideas. If the business is started under proper research and planning, there is a positive change in economic conditions and a 100% chance of success in business and thus every person or person can succeed like a successful business person under the procedure.
- Most people impose the idea of failure on themselves and that is why the idea of starting a business does not even arise in their minds.
- No one in the house or family is associated with the relationship due to which no support is obtained from the house or family.
- Many people also think that starting a business requires a lot of money which is not currently available.
- There is no experience in starting a business.
Benefits of Own Business
- Complete authority over income
- Continuous increase in income based on personal efforts
- Your ideas can be implemented
- Lead others instead of following them
Entrepreneure
A legal and ethical activity undertaken for financial gain. It is called business. A business person is called an entrepreneur. An entrepreneur is a person who identifies opportunities and invests his resources, knowledge, skills, personal abilities, equipment, time, and money. After making a financial profit or loss. An entrepreneur is also called a risk taker. People living in an area have different needs, wants, and interests. Men and women who start new businesses identify these needs and wants and establish various new businesses to fulfill them.
The Meanings of small Business
(A): Small business means
- Independent Management
- Owner’s Invested Capital.
- Work Mostly at the Local Level
(B): Definition of small business
- If the owner has direct contact with most of the staff members, including managers and key people, such a business is a small business.
- Sole Proprietorship and he runs the business
- A Business employing not more than 50 people
Small Business Strategies
- Focus on a particular market segment
- Work while being part of the local population
- Providing personal attention
- Use of local natural resources
- There is no direct competition with larger companies
- The demand of a particular area or population is met
- Limited quantity production of a certain number of products
- Provision of technical repair services
- Providing services with personal attention
- Being more competitive in rapidly changing market conditions, adapting to changing conditions, and reacting quickly
Reasons to be interested in Small Business
Small Business owners are a major political pressure group whose voice and demands cannot be ignored
A large number of ordinary people are involved in small business enterprises.
Sometimes Employees and owners of small businesses are less organized and less represented in labor organizations.
Small businesses provide many employment opportunities.
Small businesses reduce poverty and contribute to development.
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