Page 106 - Trackpad IT-402_Class-IX
P. 106

uiz Bee        1. What are the differences between Liability and  Asset?
                                2. Write the advantage of Partnership.
                                3. Write about the disadvantages of corporations.





                STEPS OF STARTING A BUSINESS


        Starting a business involves planning, making financial decisions, doing market research, and acquiring knowledge in
        areas you never thought you would learn about before. If you are planning to start your own business, then you should
        follow certain steps.

        Step 1:   Plan and finalise a business idea: This is a very important step where you make a choice of starting your own
                business with your planned idea. This could be:
                ●  Something you are interested in.

                ●  Something related to your skilled learning.

                ●  Something that the market requires.
        Step 2:   Plan and finalise your finances: Before you implement your business idea, you need to have a clear picture
                of your financial status. You need to figure out how much money you’ll need to start your business and let it
                survive for at least a year without profits. The money you are planning to invest in business will be:
                ●  Taken from your savings and personal assets.

                ●  Borrowed from banks or any other financial company.

                ●  Utilised from the profit of some other business.
        Step 3:   Choose your legal business structure: Here you decide whether you want to be a sole proprietor or you wish
                to start a business in a partnership or you plan to start a Limited Liability Company. After this, you finalise
                aspects like business name, tax details, employee details, etc.

        Step 4:   Finalise the business location: Here you finalize your business location based on the location of your target
                market, business partners and your personal preferences. You plan to buy, rent, or build the prime location.
                Factors like access to talents, network opportunities, business and investor friendliness, low taxes, etc. play
                an important role in this.

        Step 5:   Build your team: Depending on the size of the business, the team needs to be built. Job roles to be assigned,
                number of full time and part time employees required, different departments to be created, etc. are the
                factors to be taken into account while building a team.
        Step 6:   Target  the  prospective customers:  Through target advertising,  surveying customers,  customer  support
                services, etc., you can reach your customers. Through them you have a fair picture of your customers' likes
                and dislikes and your improvement areas.

        Step 7:   Promote the business: This helps you to bring your business straight to potential customers. It can be done
                through advertisements in TVs, radios, newspapers, Social Media, etc. If in case it is a small scale business,
                then promotion is done through pamphlets in newspaper.

        Step 8:   Feedback in the long run: It is important to take feedback from the customers in the long run. You can use the
                feedback to improve your product and reach out to a larger group for future expansion of the business.


          106   Trackpad Information Technology-IX
   101   102   103   104   105   106   107   108   109   110   111