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Word Count: 783
Most people dream of one day owning a large corporation of their ownand making a bundle of money from it but there are certain steps that must be taken in the successful completion of owning a business When one decides that he or she would like to start their own business one must ask themselves three basic economic questions one what to produce two how to produce and three for whom to produce One must have each question fully answered in order to begin their venture into the world of entrepreneurship Also it is vitally important for one to fully understand every aspect of the product he or she plans to market Knowledge is the key to success After one has successfully answered the three basic economic questions one must formulate a business plan There are several steps to a business plan each just as important and should not be overlooked in the process of First and foremost one must ask who are the potential customers One must ask this question because if the product which is going to be sold is used by only a small percentage of people it may not be worth the risk of lost revenueAs opposed to deciding who the product will be sold to one must consider a vendors It is important to find a vendor who is fair and will produce quality products which will be used to produce the product planning to be marketed Another large factor that one must consider is expenses There aremany expenses to take into account employee salaries materials and supplies toolsadvertising costs phone bills bills paid for an office building rent electrical etc taxes freight charges a licensee etc As opposed to expenses one must also consider finance How will he or she develop funds to support starting a new business Funds can become available through personal finance or loans from banks Other factors to be considered are those decisions to
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