What
is Business?
This
can be defined as a person’s regular occupation, profession or trade.
Can
also be defined as the practice of making one’s living by engaging in commerce.
Before
starting any business you must learn everything you can about the business you
intend starting.
Types of Business:
1. Sole Proprietorship: is
individual or married couple in business alone. Sole proprietorship is the most
common business around.
2. General Partnership: this
is a business of two or more people.
3. Limited Partnership: this
comprise of one or more general partners or more partners.
4. Limited Liability
Partnership: A limited liability partnership is similar to a general
partnership
5. Limited Liability Company:
this is formed by one or more individuals or entities through a special written
agreement.
HOW TO START A BUSINESS.
1. Know your business: before
you can start any business you must know the type of business you want to
start, be it goods or services.
2. Get business assistance or
training: You must go for training and different lectures about that business
you want to do and be sure of the business very well.
3. Choose a good business
location: Get advice on how to select a customer friendly location, because if
you are not in the right location you may find it difficult to make a head way
in the business.
4. Finance you business: look
for a way of getting capital from bank or friends to finance your business.
5. Learn about business Laws
and Regulations: As a business owner your subject to some laws .there are must
do things and of course things you cannot just do in business.
6. Register you Business.
QUESTIONS
YOU NEED TO ASK YOURSELF BEFORE STARTING A BUSINESS:
1. Why am I starting a
business
2. What kind of business do i
want
3. Who is my ideal customer
4. What products or services
will my business provide
5. What differentiate my
business from others in the market
6. How much money do I need
to start
7. Will I need to get a loan
8. Who is my competition
9. How will I manage my
business
10. How will I advertise my
business.
By BRO. OPEYEMI ADENIJI
