SECTION 1 STARTING A SMALL BUSINESS
INTRODUCTION
What is a product line? A assembly line sight be defined as an organisation which is established to stomach a service and (generally, but not always) to earn a return to those engaged in it.
What is a undersize business? There is no firm definition; a dinky business could be defined in a way out of ways. It could relate to volume of turnover, measuring stick of profit, number of owners/shareholders, number of employees, amount of resources, etc. Note the definitions provided by government authorities, etc. for drive of grants.
Small businesses do not conform to any square(a) parameters. Much depends on the industry in which they operate and the personalities and aspirations of those that streamlet them. May include wholesalers, retailers, professionals, husband and wife team. For example, a business with 50 employees may be considered small for a shaper but medium to a retailer. Wholesalers have a sizeable turnover but low profits. Service businesses have deject turnover but higher profits. The Bolton report of 1971 suggested that a small firm has three essential characteristics:
* It is managed by its owners in a personalised way.
* It has a relatively small share of the commercialise in economic terms.
* It is independent in the sense that it does not form part of a larger enterprise and its possession is relatively free from outside control in its confidential information decisions.
What is an Entrepreneur? An entrepreneur is one who is willing to take the risk of establishing and running an enterprise.
What motivates a person or person to first gear a business? There are several dissimilar factors which may motivate one into starting a business. These may be classified under pull and push influences.
pressure Influences include:
* desire of independence.
* desire to exploit an opportunity.
* turning a hobby of work experience into a business.
* financial incentive.
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