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Factors to be considered when starting a small enterprise

Factors to be considered when starting a small enterprise

Answers

Faith
1.Capital. Entrepreneurs have to invest in a certain amount of personal money for the start of
their business. He should know the sources of capital.

2.Business opportunity. An entrepreneur should not start a business similar to existing ones
without determining whether the market can accommodate all of them.

3.Entrepreneurial skills and knowledge. An entrepreneur should know his competencies,
attitudes and skills that will benefit his business.

4.Competitors. A person wishing to start a small business should know his or her competitors and the quality of products, so that he or she can make his products even better.

5.Legal requirements. It’s important for an entrepreneur to know the legal requirements of
starting a business because the legal requirements may prohibit or restrict consumption of
certain commodities.

6.Business premises. The location of a business is a key factor to consider. The following factors should be put in mind
- Transport facilities
- Availability of energy power
- Nearness to raw materials
- Expansion ability in future
- Availability of auxiliary services like banking
Titany answered the question on November 10, 2021 at 08:47

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