There is a saying like this “Give me six hours to chop down a tree and I will spend the first four sharpening the ax”. So, we should conscious of some factors when we start a new business. A person thinking about owning a business should examine the following factors should determine when starting a business:
Factors should determine when starting a business
- Capital Requirements: The starting of funds necessary to finance the operation.
- Risk: The amount of risk a person is willing to undertake by starting the business.
- Control: The amount of authority the owner can exercise.
- Managerial abilities: The skills needed to plan, organize, and control the business.
- Time requirements: The time needed to operate the business and provide guidance to the employees.
- Tax liability: The amount of taxes a business must pay to governments on earnings to the business.
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