Analyze what it takes to start and run a small business

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.

Rahul Sunny answered 1 year ago

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