BUSINESS LESSONS 1

There are many things to consider before starting a business. Business is not just a wild experiment nor a result of a “guess and try” approach. Many aspiring businessmen failed because of the failure to abide some standards in business preparations.

The great edifice to establish in building a big business is not on its commercial location but in the deep of the person’s mind – the thinking. Before starting ANY business, we should be guided by these standards:

 1. Knowing our capabilitites to handle inconvenience and endurance to any form of difficulties; Business is something which is dealing with different people, papers and procedures.

2. Knowing the kind of business you want to start; Don’t start something which is proven by others to be a good business, it is possible that it is not good for you.

3. Know your financial capability to sustain the expenses of your business in a long term; There could hardly be an instant gain taking into considerations the capital and other business expenses.

4. Know your financial condition and connections in relation to your desired business; Any businessman cannot live without the co-existence of others.

5. Know in advance the common, the rare and the special problems that may be encountered in the business you choose; Knowing it in advance facilitates your thinking on its possible remedies.

6. Know the place of business. Know the clients or the profiles of any prospective consumer. It will give you the hint on the extent of your business in a frame of time.

7. Expand your knowledge on the other EXITS of expenses. This will help you prepare some unknown business incidents.

8. Don’t borrow more than you could pay. It will surely destroy your business. Design a strategic method of payment if your rely too much on your borrowings.

9. Don’t employ many workers. Numbers of laborers doesn’t count, it is on their cooperation. Make an updated seminar or any lectures for them and the business.

10. In fine, it is important that you know the following:

       a.)  The business you want to start

       b.) The business problems

       c.) The business place and environment

       d.) The business finance and the expenses

        e.) The business disciplines  and firm attitudes

       f.)   The business frauds and legal matters

        g.) The expansions and investments

This is for lesson 1