Scribd Logo
Upload

Welcome to Scribd!

  • 75 views

    Factors To Consider in Starting A Business

    Uploaded by

    Angelo Dumaop
    To start a successful business, entrepreneurs should consider several key factors: 1) Having a clear objective and vision for the business. 2) Determining the necessary capital and sources of funding such as personal funds, loans, or investments. 3) Developing a strong professional network to gain advantages such as supplier relationships. 4) Understanding and complying with all relevant legal and regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Factors To Consider in Starting A Business

    Uploaded by

    Angelo Dumaop
    75 views12 pages
    To start a successful business, entrepreneurs should consider several key factors: 1) Having a clear objective and vision for the business. 2) Determining the necessary capital and sources of funding such as personal funds, loans, or investments. 3) Developing a strong professional network to gain advantages such as supplier relationships. 4) Understanding and complying with all relevant legal and regulatory requirements.

    Original Title

    Factors-to-Consider-in-Starting-a-Business.pptx

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    To start a successful business, entrepreneurs should consider several key factors: 1) Having a clear objective and vision for the business. 2) Determining the necessary capital and sources of funding such as personal funds, loans, or investments. 3) Developing a strong professional network to gain advantages such as supplier relationships. 4) Understanding and complying with all relevant legal and regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    75 views12 pages

    Factors To Consider in Starting A Business

    Uploaded by

    Angelo Dumaop
    To start a successful business, entrepreneurs should consider several key factors: 1) Having a clear objective and vision for the business. 2) Determining the necessary capital and sources of funding such as personal funds, loans, or investments. 3) Developing a strong professional network to gain advantages such as supplier relationships. 4) Understanding and complying with all relevant legal and regulatory requirements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    Factors to Consider in

    Starting a Business
    FOCUS AND DIRECTION
    • Have a very good objective for the business.
    • Establishing a clear and documented vision-mission
    and strategies.
    SOURCES OF CAPITAL
    • Different sources of capital are available, the only
    catch is determining the needed amount of funds
    where it will be sourced from. Examples of where we
    can source out capital are personal funds, financial
    support from family and friends, retirement funds,
    loans from financial/banking institutions
    GOOD NETWORK
    • Being engaged to professionals, specific
    associations as well as informal networks like
    friends, classmates or former classmates boost
    connections of your business turning out to
    advantages like relationship to suppliers that are
    not always available to others.
    LEGAL REQUIREMENTS
    Law must be strictly followed by anyone,
    therefore in running a business, understanding
    the regulations implemented by a constitution of
    a locality is very vital for the continuous operation
    of a business.
    DEGREE OF RISK
    • Risks are different for each nature of business. The
    limited market, stiff competition, high cost of
    financing and few supplies of raw materials dictates
    much of the risk level for each industry.
    RESEARCH AND DEVELOPMENT
    • Innovation is a factor that keeps the business
    and its products busy in the market resulting to a
    increase or decrease in its customers. Success
    through innovation is well connected with a very
    strong research and development of an
    organization.
    PERSONAL COMPETENCIES
    • Before running a business, an entrepreneur must
    know his capabilities. These capabilities will be
    the basis to where the business can go, grow and
    glow.
    AVAILABILITY OF RESOURCES
    • Resources like raw materials, human resources,
    and machineries/equipment should be in an
    adequate level from the get-go of your business.
    As an entrepreneur, knowing the sustainability of
    these resources is a must.
    Other Critical Factors
    AREA ASSESSMENT QUESTIONS/ITEMS
    1. Basic Feasibility of the Will it Work? Is it legal? Is it Needed?
    Venture
    2. Competitive Advantages What is the product’s strengths over the
    of the Venture competitors?
    Benchmarking
    3. Buyer Decision What are the demographics of the
    customers? How much is their interest
    with the product?
    4. Marketing of the Goods Target market, Cost of Advertising and
    and Services establishing the brand
    Other Critical Factors
    AREA ASSESSMENT QUESTIONS/ITEMS
    5. Production of Goods and The adequate level of resources,
    Services technology, raw materials for production
    6. Staffing Decision Recruitment, Selection, and Controlling
    of Personnel
    7. Control of the Venture Monitoring records and assessing
    performance of employees
    8. Financing the venture Continuous working and operating
    capital

    You might also like