Secret Thing in Running A Business

What is Business ?

A Business, also known as an enterprise or a firm, is an organization involved in the provision of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company. (Wikipedia)

Classifications of Business

• Agriculture and mining businesses produce raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profits through investment and management of capital.
• Information businesses generate profits primarily from the sale of intellectual property - they include movie studios, publishers and Internet and software companies.
• Manufacturers produce products, either from raw materials or from component parts, then sell their products at a profit. Companies that make tangible goods such as cars, clothing or pipes are considered manufacturers.
• Real-estate businesses sell, rent, and develop properties - including land, residential homes, and other buildings.
• Retailers and distributors act as middlemen and get goods produced by manufacturers to the intended consumers; they make their profits by marking up their prices. Most stores and catalog companies are distributors or retailers.
• Service businesses offer intangible goods or services and typically charge for labor or other services provided to government, to consumers, or to other businesses. Interior decorators, consulting firms and entertainers are service businesses.
• Transportation businesses deliver goods and individuals to their destinations for a fee.
• Utilities produce public services such as electricity or sewage treatment, usually under a government

Potential Source of Opportunities

• Creating new and different products.
• Observing the door of opportunity.
• Analysis of products and production processes in depth.
• Estimate the initial cost.
• Figure out risks that might occur.

The Process of Searching for Information on Business Opportunities

• Information about the personality and ability of self
• Opportunities that can be achieved
• The needs and desires of consumers
• Environment
• The competitive situation
• Support and trend of government policy

  

Sources of Business Ideas

• Hobby
• Expertise
• Business legacy
• New innovations
• Environmental needs around

The Main Factors Before Starting A Business

• Market feasibility factors
• A factor
• Factor expertise
• Fund factor
• Raw material factor
• Human resource factor
• Personality factors