What is a business?

By Mushtak Nadim

Definition of a business

A business is a specific type of economic activity, it is simply an organisation set up to earn profit, or non-profit business activities. It is engaged in commercial, industrial and professional activities and earns money through production, buying & selling of goods, trade. This is achieved by the consumers also known as customers.

What is needed to open and run a business?

First of all if you want to open a business you always have to have an investment, businesses cant just open out of nowhere.

Steps for opening a business and running:

1.Business plan

2.Market research

2.Business assistance/partnership OR sole proprietorship?

3.Location for your business

4.Finance your business

5.Survey your customers (optional but good to find out information about other business competing or if your business would be good in that area, if not relocate and repeat step 3-5 and check again)

6.Register a business name

7.Obtain business licences and permit

8. Advertise (optional)

9.Understand employers responsibilities and customer expectations

10.Be well prepared for competing businesses

Comment Stream