If you want to be a successful business man or woman you need to consider several factors before starting a business.
The following are factors to consider before starting a business;-
1.Availability of business gap in the are you want to set up your business, this means you need to identity the business opportunity then venture into that business in order to avoid competition.
2.Amount is capital required, make sure you start a business which you will be able to run with the capital you have and that cannot stretch your resources.
3.Availability of security in the area, depending on the nature of business you are doing security is required to avoid loses caused by theft or robbery.
4.Availability of customers, To get maximum profit locate your business in a place where the majority of people are interested with your products.
After setting up your business it is your responsibility to make your business grow exponentially and acquire huge profits.
To make your business sustainable and growing you need to do the following;-
1.Know your boundaries
This refers to using money from the business or lending out, you should make sure in all you do never affect the capital.
Make your business your first priority always never start a business just because other people are doing.
For instance if your business is about mining or lumbering make sure you utilise the available resources in order to sustain your business.
4.Find funding options
Never depend only on your business as sometimes business may have ups and downs hence as an entrepreneur you should have other alternative source of income
5.Find a mentor
To be successful in everything you need to have a role model whom you follow his or her paths and this also applies to business.
Youths are encouraged to be the creators of their own wealth and not to depend on government to give them jobs which might take time.
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Content created and supplied by: Feloky (via Opera News )