What to consider before starting a business - Part 1

Business is term as a means of generating fund which involves buying and selling most times. Business is the process by which capital are released in form of money in expectation of making income or profit from the use or appreciation of the material.

Money is necessary in business as well as man power and likewise properties. Money are needed in business for buying goods ahead hoping for an increment in price of the commodity and then resell it to make profit at the end of the sale. Money are also needed In business for buying shares in companies.

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Money is also needed in business through banks especially commercial banks. Anyone with excess money that wants to keep for future use and make profit within that period can walk into any bank of his or her choice and open an account with the bank if possible, fixed deposit account and save the cash for any period of time.

While the cash is saved, banks keep adding interest monthly for the duration agreed, eventually, when the time elapsed, the depositor can collect his or her savings and can also collect the interest which is serves as a profit for him or her.

Man power are needed in business in the sense that, one can decide to use his or her power and time to work for someone and get paid at the end of the service.

Work rendered to someone is also an business because he or she get paid for the services rendered and thus, make profit. Properties like Houses, cars, any form of machines can also serve as means of business.

When a house is built by someone and then rent it out to someone else, the tenant have to pay for the rent due and then tends to make more money for the person that rent the house out to him or her.

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