Question

In: Economics

Analyze what it takes to start and run a small business

Analyze what it takes to start and run a small business

Solutions

Expert Solution

  • In order to start and run a small business first of all a person must have a strong business idea.
  • He must then analyse the cost of each good and services from every market and choose those goods with lower costs than can help in maximizing his profits.
  • To start and run a small business, it is very necessary for a person to have enough money to purchase necessary goods and services and also have right people to assist him/her in the business.
  • A person must have an estimate of the business expenses like the rent, machinery, equipments, raw materials etc.
  • He must choose a correct insurance policy that can cover them and protect him from potential risks during losses.
  • The businesses must analyse the various requirements that will be helpful for them to run the business smoothly. They must choose a convenient location, time, effecient manufacturing and supplying process etc.
  • Finally they must Set up financing and advertising plans for further success of the business and to earn profits through more popularity.

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