Some Tips For the First Person Who Starts Her Own Business
The problem of a person who starts her own business and how to make money with that business is very easy to solve if you know the basics on how to start a business.
Answer (1) – According to economists the main reason of each entrepreneur who begins his own business is to maximize profit for him.
So the correct answer is (a) Maximizing Profit. (b) To minimize the cost.
As a person who wants to start his own business there are some requirements needed for starting a venture. capital required, knowledge needed, skills needed, and advertising budget etc. You need to spend your money on these four things. And you have to have these things in sufficient quantity to start your business.
Once you have started your venture, then the next thing you should keep in mind is to find a way to minimize your capital cost. In this case, the person who starts her own business should think about the capital and look for ways to save. In this way the person will not have to use all her savings to start her own business. She can look for other alternatives like borrowing money from others or selling some property. Even though this is one way of minimizing the capital, this does not mean that person cannot do anything to save money.
A person who starts her own business should be aware of how to use her time. A person should have a business that has a very specific product or service. If that product or service is not in demand then you will be wasting your time and money to develop it. To increase the demand you can buy cheap goods from other places and sell them to your customers. To increase your profit you should also expand your business.
There are many ideas that person who starts her own business can consider. It could be using the internet to reach the target market. By using the internet you will be able to reach more people and you can sell your products or services at a better price.
The other idea for the person who starts her own business is by setting up a garden where she can grow herbs and vegetables. If the person has a basic knowledge of computers then she can use the internet to advertise her business. If she has an online business plan then she can reach more customers and increase her profits in the process. Once a person becomes successful in her own business, she can continue with it and one day she might even pass it on to her children so that they can also succeed.
