Business is an occupation, profession and commercial activity that is conducted by one single individual or as a group.

It is not only an organized process where goods and services are exchanged from one to another for money, but also an association made up of people.

A business can also be described as an organization that provides goods and services for human needs. Every type of business requires some style of investment and enough number of customers to whom its products and services can be sold on a regular basis in order to make a profit. Business can be of privately owned, not-for-profit and government-owned on a contract basis.

As an example, Wadhwani foundation presents National Entrepreneurship Network (NEN) for students those who are interested in startup businesses.

Here are the 4 disciplines to be a successful businessman:

  • Planning:

Before planning an event, there are several things that must be done to make the event successful. If someone is preparing to start a business, he/she should draw a business plan.

The plan is an important weapon for managing and growing a business up.

A business plan includes all the product information, manpower etc. If someone wants to make changes in his/her business, those changes should be reflected in their business plans accordingly.

When someone updates his/her business plan, they should know how the proposed changes will affect their entire business.

  • Resources:

The most important module in starting a business is funding. The financial resources can be obtained from many sources. The easiest way is the businessman’s personal bank account.

Otherwise, one can take loans from banks or can borrow money from relatives. The successful organizations are those that have reliable and efficient employees.

Strong and reliable team members can be recruited using either agencies or referrals from individuals whose judgments can be trusted.

Resources can be of 5 types:

  1. Financial resources,
  2. Human resources,
  3. Physical resources,
  4. Educational resources and
  5. Emotional resources.
  • Determine how you will make a profit:

Profit is the ultimate goal of any successful business. One should have to inquire his/her business expenses such as electricity bill, rent, raw materials, employee’s compensation etc.

Then, one must calculate the selling price to generate a profit. This kind of theory is also known as Break-Even Point. We all know that how the profit is figured out:

Profit= Selling Price – Cost Price

  • Pay bills and proper taxes:

As an owner of the business, one may assume that The IRS (Internal Revenue Services) is not concerned with their tax liability. However, this kind of assumption is not true.

It is reported that nowadays Internal Revenue Services has increasingly targeted small businesses in recent years. The government may not be interested in one’s businesses before it turns into a profitable one.

Make sure to pay attention to the tax in earlier stages, otherwise, maximum deductions and prevent liability issues will be moving forward.

All the valuable businessmen recommend that there should be a proper tax consultant to every small and medium businessman.

It is obvious that a business is a path to earn money, but every organization should keep their product quality checked and behave well with the customers as to retain services.

According to Bill Gates “It is fine to celebrate success but it is more important to heed the lessons from failure”. To find out more details about top 100 small business blogs you may search on the internet.

Load More By Shiva Kushwaha
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