7 Things to Consider When Choosing a Location for Your Business

One of the most important things before starting business is to choose the best place the business is to be started because in the first step or question before starting a new business is ‘Where to start the business’ because the finance is required when the plan of the business got final.

Following are the tips and factors which needs to be satisfied by the person going to start a new business and is in the process of choosing the best location:

1. Nature of the Business

Before choosing a location for a new business the owner has to understand the nature of the business and then he should choose the area that whether the community of the vicinity is of need of the products which are the product line of the business and whether any other such business is started in such locality and if so then evaluate the progress and conditions of such business.… Read the rest

What is a Business Plan?

“If you don’t have the road map, you really are putting yourself at a serious disadvantage.”–   James A. Lowery

Business planning tends to get treated as an academic exercise by many writers and consultants. They talk about such things as ”the planning process,” ”deriving a strategy,’’ ‘‘the organizational hierarchy,” and ”modeling approaches.” However, planning should not be viewed as an academic exercise. Entrepreneurs can enhance their chance of success by taking time to write a business plan. The process of thinking about your business venture and then articulating it on paper will assist you in thinking through how you are going to accomplish your goal.… Read the rest

Creating a Business Plan – Writing a Business Plan – Components of a Business Plan

Elements/Components of a Business Plan

There are no substitutes for a well-prepared business plan, and there are no short cuts to creating one. Each business plan is unique and must be tailor made because each business is unique. So the plans are not cast in stone: Entrepreneurs may want to make alterations to suit the specifics of their business. The elements of a business plan may be standard, but how entrepreneurs tell their story should be unique and reflect their personal excitement about the new venture. Although building a business plan doesn’t guarantee success, it does raise an entrepreneur’s chance of succeeding in business.… Read the rest

The Need for Entrepreneurship

Entrepreneurship is the act of being an  entrepreneur, which is a French word meaning “one who undertakes an endeavor”. Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. The most obvious form of entrepreneurship is that of starting new  businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity.

The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population.… Read the rest