regarding nature of business – Well begun in half done. This maxim true. A good commencement and selection of any business is very important. The following points should be kept in mind before selecting a new business.
1.Personal Interest
It is the duty of businessman that he should start such business in which he has personal interest. If he is not interested, he should not commence business. If a person is interested, in computer business he should start computer business not cement business. I can give an example of Henry Ford. His father was a farmer. But Henry Ford was not interested in farming. He wanted to start a motor car business and therefore he started Ford Moters. After some time he became a rich person.
2. Personal Ability
A person should start only that business in which he was ability and capaibility alongwith interest. No business can get success without the ability and capability of businessman.
What do you understand by business organisation?
3. Sufficient Capital
Capital is the life blood of business. Capital is essential factor of business. Without sufficient capital business can get success. Capital can be classified into the following categories:
- Fixed Capital
- Current Capital
- Working Capital
Business should be started keeping in view the quantum and availability of capital.
4.Scope and Expansion of Probabilities of Business
Business should be started keeping in view the scope of business. Such business should be started which has large scope in the future.
5. Profitability and Fisk Factors
Profit motive is the main purpose of every business. So only such type business should be started in which dufficient profit can be procured. Risk factors should also be considered while commencing the business.
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