Owning a business requires a lot. There are more requirements to starting and maintaining a business today. A business owner is a person who organizes and manages a business undertaking and partaking a risk for the sake of profit. They also show improvement on a daily basis in how they serve customers, manage employees, and try hard to improve their operations. In other words, they should utilize the four crucial functions in management.
The first step is planning. Starting a business doesnâ€™t happen overnight. Bill Gates, on the other hand, is a different story. He made it big overnight in 1979, when he created â€œWindowsâ€, an interactive desktop interface. But business owners arenâ€™t as fortunate as Bill Gates, so business owners have to plan. The first decision a business owner must make is what type of business he or she wants to start. The decision should be based on the amount of knowledge and skill that they have in the field that they are considering.
â€œSister CEOs have discovered that starting their own businesses can be spiritually and financially therapeutic. Many set out intitially in search of happiness, not money. But many learn that doing what they love can make them prosperous, too-and, ultimately, financially secure.â€ (Broussard, pg37)
The more knowledge the business owner attains, the more the potential they will gain. They should also consider the location. Location is a key to help their business to make money. When you first start your business, first try to locate your ideal site, and then figure out how close you can come to it. Familiarize the owner to the environment. For example, a business owner might want to know where their supplier and distributors are located and their competitors. Then they should decide how much space they will need after finding a building. Another important decision is the legal forms of business they want. Sole proprietorship, partne