Work is not new to us; we have been indulging in several activities or occupations since we learnt to hold it at our own will. If we take a look around us, we find that most of the people are engaged in numerous distinct activities.
These activities could be anything, for instance, a doctor attends his patients, and a teacher teaches in the school, a shopkeeper sells well, drivers drive vehicles and so on. In this way, people make themselves busy with any activity during the day and sometimes during the night.
Then a question arises, what makes us engage in these activities, why we all keep ourselves busy-All these are done to satisfy our needs and wants. Many works are related to earning money through which one can buy goods and services or discharge various devoirs.
However, the activities can be classified as economic and Non-Economic, and business falls under Economic Activities since it generates income and feeds not only one but a large population. People circulate money in the form of goods and services and accumulate it by investing, purchasing new assets, holding shares, etc.
Here, through this blog, we shall attempt to describe the business and its various features and analyse the role of loans in the betterment of the business.
Needless to say, while doing business, we can be stuck in many problems. These problems defy us to take risks, but good things demand hard efforts to happen.
OBJECTIVES OF BUSINESS
- ECONOMICALLY, it is meant for profit earning which is possible by creating customers, continuous innovations and best possible use of resources.
- SOCIALLY, it enforces the production and supply of quality goods and services. It also involves the adoption of fair trade practices and contribution to the general welfare of society.
- HUMANLY, the business should be channelised with looking at economic well being, social and psychological satisfaction of the employees. It encourages the development of human resources and well being of socially and economically backward people.
- NATIONALLY, a profitable business contributes to the creation of employment, promotion of social justice, generation of revenues, self-sufficiency and export promotion.
- GLOBALLY, it raises general standards of living, reduces disparities among nations and possible availability of globally competitive assets.
All these objectives mentioned above collectively describe that Business at each stage, beneficial to the development and harness every section of the world society.
Thus one must seek to start up with the resources available to promote exposure of the things and contribute his role in making of a global society.
Let us consider the attributes which are mandatory to possess by an individual before deciding for a start-up.
Attributes One Must Possess Before Starting A Business:
- Self-confidence- your needs define your interest and interest builds self-dependency thus makes you confident. One’s inner confidence can be helpful in convincing others to invest in our business.
- Ready to compete- uncertainty runs across business continuously, therefore, one should be prepared to compete in every condition
- Company of business elites- Business elites is undoubtedly helpful in getting exclusive ideas to run a business with ease.
- Firm to the decision with slight leniency- strong decisions make our business different from others, but circumstances do not always run according to our will, changes lie in their nature. The decision should be taken with the consideration of its impact so that it can help prefer leniency to comfort others.
- Full knowledge about public needs- business must be run with keeping the idea about the needs of common individuals as they are the one upon whom your overall business stand and survive.
When no money for capital investment
When you decide to open a business, and you are out of money, for instance, you must look for financial assistance which might help you out to get your business to succeed.
Whenever you find compare between Equity and Debt. You should always go with debt as it bears comparatively low risks. Through equity, one can exchange goods and services, but this cannot enhance the number of assets. Then it is for no use and provides fewer benefits, where debt imparts help in accordance with borrower’ needs.
In need of capital investment, you may also apply for quick loans as it bestows an immediate help to give financial pillar to the startup. Quick loans are formulated to assist its seeker’s at the initial stage. It enables the customer to start and hold his business and lead it to the peak of development.
The business topmost motive is to gain profit. It runs on stipulations not on speculations as it demands efforts at ground level to provide firm support to the superstructure, be it is related to stakeholders, employees or customers.
Business is a platform that reforms your art into a profession. The assumption that the company can be held by an experienced is entirely wrong as it requires the art of managing it and one who owns this art would compile every success in his path.
It is also referred to as hard efforts through which a business holder influences its customers to pursue your ideas according to their needs.
Thence, Business is a task that can only be performed by one who is prepared to take the risk as an opportunity and loan can be added like fuel to accomplish its purpose.