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Requirements of Entrepreneurship

Updated on November 7, 2009

 

Establishing your own business is not easy. But you can do it if guided by procedures and business principles.

Factors to consider in running and choosing a business:

1.   Availability of resources

Resources are supply or support which are classified as human or material. Human resources refer to people with skills, talents, intelligence, interests, creativity and sales­manship who can help you in running your business. Material resources refer to money, machines, and other facilities. Natural resources such as silver/copper, gold and lumber also belong to material resources.

2.   Market demands

It is the demand of customers towards the product.

3.   Current business trends

An entrepreneur must know the current trends before putting up a business. For example, in beauty service, the demand is in footspa.

4.   Good location

The business is good if it is accessible to customers. It should be located near the marketplace, church, school or office in the heart of the city or community.

5.   Capital or funds

It is the money you will use to start your own business. The amount of capital or fund will determine the size, location and operation of the business.


 

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      joooo 7 years ago

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