Do you want to dominate your own time? A career that requires this specification describes a business man.
A business is an organization engaged in an industrial, commercial or professional activities. It can be a non-profit organization, such a cooperative or a for -profit entity such as a corporation.
A business can either engage in an industry which is responsible in the production and processing of goods. While commerce includes all activities which are necessary for the distribution and storage of goods. Under commercial enterprises are trading and services.
So in putting up a business you also need to consider the factors
that affect its success. Most especially that money is involved
in the investment. There are two classification of factors, it can
either be internal or external. Both of which play a role in the
behavior of your business. The internal environment of the business
includes the factors within the organization. It includes the role
of the company leadership which is an important factor even the
leadership and the management style impact the organizational culture.
Other internal factors comprises the positive or negative nature,
effectiveness of communication and the values of the employees that
result from the leadership approaches. Organizations provide mission
and vision statements to set a direction. And are a blueprint of the
company’s decisions and activities. Behavioral factors like the
strength of your employees, the level of motivation are some of the
internal factors that should be taken into consideration in building
a business organization.
On the other hand, external factors are literally those activities
that evolve outside the organization such as competition. You need
to know your competitors, whether your industry is large with only
a few major competitors or a small industry with many competitors.
There are third party companies that do competitive analysis to
compare prices to those of competitors or know their activities.
It is good to identify your company’s strengths in terms of production,
sales or customer service to build competitive advantages that
benefit your clients. Other external factors include socio-economic
factors related to the behavior, values, attitudes of your target
customers and their economic abilities to afford your products.
Before you start a business you need to decide on what entity you are
going to pursue. If you want to run it on your own you probably need
to open a sole proprietorship or also known as the sole trader or
otherwise known as proprietorship. Here the owner is in direct
control of all elements and is accountable for the finances including
loans, debts, interest, loss etc.. A sole proprietor may use a trade name
or business name and or other legal name. Whenever one owner
becomes two or more, it already becomes a partnership.
Here there is an arrangement where parties (partners), meet minds to
cooperate to advance their mutual interests. The partners may be
businesses, schools, governments or individuals. On the other hand,
if you want to put a business to a group, you can choose corporation.
It comprises a company or a group of people authorized to act
legally as one entity and acknowledged as such in law.
Corporations come in many different types but are usually divided
by the law of jurisdiction.
It is best to be equipped with enough knowledge in putting up or setting up a business. So that it will prepare you with the necessary tools to develop it and succeed.