Literature Review.
"Basic Ingredients of any successful business is having proper financing to survive and prosper. Problems faced with small businesses basically consist of when you open you have to pay rent, phone bills and you have to buy inventories and fixtures. You need funds for living expenses and salaries. It all takes money that you have already or that you'll have to go out and get. When starting a new business there are three important factors to be consider the idea, the need/ want for your product or service and the type of competitors you face. There are only two things you can be sure of about going into partnership with the government –it may have a lot to say about how you know you can conduct your business and will certainly have a hand in your profits; the other thing you can count on is change. Here's one important hint about what it really takes to make it in a business: the quality of management and the quality of marketing are the two most essential factors and they begin with knowing yourself and your business. What about financing? Management and marketing will go a long way to determining how you get the capital you need. "While opening a new business always comes with risk, about partial of small businesses fail within the first five years, according to the U.S. Small Administration periods of inactivity or recession can make a launch even tougher. Among the challenges facing many businesses today for instance, are tighter lending standards, higher prices of energy and food, and weak consumer spending. But depending on your kind of business and location, you could find in reduction costs. Dealers may cut better deals, rents would be lower, and workers may be more willing to sign on for less. .
"Offer what people want to buy, not just what you want to sell. Too often people jump into business built around a product or service they think will be successful rather than one that is already proven to have a market.