Lecture 1: What is a business?
A business is an organization where goods or services are exchanged for money. Business requires investment to purchase and create their product or services, and some customers make their sales to earn a profit.
You have to start your business with your passion, and you will work hard for it to succeed.
You are working hard for your business.
Hardworking is worth it and stays with you forever when you make it your business. If not you work so hard for somebody else, all the benefits will take away from you, and at the end of the day, you will not have anything for yourself or your family. When you work hard, there are obvious issues for your family because you give a minimum helping hand due to lack of time. If you lose your business, compensate for the decline in many other ways to your family, they sacrificed their happiness for you. The kids would have missed you because you were working all the time.
I am interested in starting a home-based business, as I believe it gives a better lifestyle if successful. Learning to run your own home-based business can be fun and very rewarding. The only thing that beats a failure is a try, and I will not lose much, but I would have had an experience that I can use later. I might become tired of the 9-5 job, and now I am losing inspiration in my career. I am also seeking a stable and additional income to improve my lifestyle.
Things you will learn in this course
What are the things that you will need to run this business?
· How will you locate the niche?
· Will there be a real market for the product?
· Are you thinking of turning your passion into a business?
· Have you checked the competitors?
· Location
· How will you sell your product?
· Who is your target audience?
· Have you got enough capital?
- How to set up your first business?
- What are the things you will need to set up?
- What are the benefits of having a home-based business?
- What is the type of business you can do from home?
- How to market your business?
- How to network?
- What are the financial systems you need to implement to achieve success?
- How to grow your business to achieve your goal?
- If you do not have ethics lasting for long, ethics in Business is doubtful.
Prepare yourself to Grow Your Business.
If you are motivated to grow your business, you must know the costs of producing a product. Then you should be able to price the product, and there must be a profit margin set, depending on the market for the product or service. Some people have a high product margin and still sell it successfully.
