All protocol observed, good afternoon? Am humbly honored to stand before to give a speech on how to start a business operation. A business refers to any act done aimed at making a profit. Before one thinks of venturing into his or her own business, he or she should have an idea on which kind of business he wants to venture in. An idea refers to wishful thinking.An idea can only be useful if it can get translated into a business opportunity-a viable and profitable business. It's also important to note that not all ideas can get turned into business opportunities but only some.
Secondly, an entrepreneur should then identify a suitable location where the new venture should be situated and also acquire the necessary resources needed in setting up and running the enterprise. An entrepreneur should have full capacity to secure adequate finances required in running the business operation. Thirdly after one has obtained enough and sufficient capital, he or she is required to design a Business Plan.A business plan refers to a written document that describes your business. It entails the following components; objectives, sales, strategies and marketing and financial forecasts. A program of activities has many functions, for example, it clarifies where you are, where you want to be and how to get there. It also explains what your business is about by describing your products in detail and what the ultimate goals of your firm are. A plan of activities identifies how you intend to market your products as well as your target market.
It is also essential if an entrepreneur needs to seek financing to start a business, a financial institution, for example, a bank will want to see the plan of activities to determine the viability of your business idea. An entrepreneur should have adequate capacity to venture, in that before one decides to set up a business operation, he should be prepared enough on what he is indulging himself in and should also accept the outcomes in whichever way they come. Another aspect that should be considered by a person before venturing into any business operation is the Risk-taking propensity. Risk taking propensity refers to the ability to withstand the fear of uncertainty and potential failure. He or she should be prepared to take risks in his or her business. In case of continuous failure or losses, he or she should not be discouraged and give up on his or her business but should keep on trying for all successful entrepreneurs were once failures.
Another important aspect that should always be considered by entrepreneurs before venturing into business is to understand the reason why you want to go global. It simply implies that different entrepreneurs have various reasons why they venture into business, for example, some start new businesses to realize profits, others venture into new businesses to pr0vide job opportunities and to raise the living standards of the society. Other businesspersons indulge into new businesses to provide a competitive environment for other entrepreneurs. Others start new ventures to get seen as role models in the community. Last but not least, an entrepreneur should understand the aspect of cultural difference. He or she should know that his or her potential market and customers comprise of all kinds of races and thus should be able to withstand and put up with all these differences. Lastly, I would love to thank you all for listening to my speech, and I hope that it is going to benefit most of us here who are aspiring to be future successful entrepreneurs. Thank you all.'
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