Requirements of Entrepreneurship
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.