The Pros And Cons Of Starting A Business
Starting a business is risky but rewarding as well. One has to follow certain steps, weigh pros and cons to starting one, to having a business partner and the benefits of having a B.Com Degree. Shiraz is in contemplation on venturing into business and we look at the different aspects that could help him.
Steps to Start a Business
Starting a business has certain steps that have to be followed. According to (https://www.sba.gov/content/follow-these-steps-starting-business), the following steps need to be followed when starting a business:
• Compose a business plan: This will give Shiraz a direction on how to start and run a successful business.
• Acquire business support and preparation: There is free business training and counselling services,
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With a new business, Shiraz has the flexibility to limit his hours, work pace and work environment. It also gives Shiraz the ability to pursue a career based on his interests. Opening a business also represents a certain type of freedom. Shiraz may feel unencumbered by the limitations encountered when working for another, including mismanagement or a limited number of positions within a company.
Cons:
Starting a business is both exciting and tiring. The hours Shiraz set for himself may grow as he tries to get the company off the ground. Business owners can work approximately 52 hours a week, according to the 2005 Wells Fargo/Gallup Small Business Index. These numbers can increase around the time of your opening. When Shiraz opens a business, he will need to have the ability to complete any needed task, including hiring and firing employees, assembling contracts and relationships with vendors, and carrying out less glitzy
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Partners, who can’t meet goals, track clients, or follow through with their tasks can dissolve a recognized company or a new business venture. Corrupt business partners can also add to the fall of a company. Other cons include different work ethics, sharing profits and disagreeing on direction.
Benefits of a B.Com degree when starting a business:
A B.Com degree has various benefits and competitive techniques when it comes to starting a business. In addition this degree strategically prepares an individual for the business industry and its’ various demands. With modules/subjects such as accounting, mathematics, economics, marketing and business management, it proves beneficial. A few examples of those benefits are as follows:
• Helps to make certain tasks and aspects of starting a business easier
• You will be familiar with the different types of business techniques and tactics
• You will have obtained reasonable knowledge when it comes to the formation of a
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