How to start a business for youths.

Are you an aspiring entrepreneur? Well here are some tips to start you own business.

By Fareed Rene Ali.

An entrepreneur is someone who wishes to start a business or businesses in a chosen field(s), bear the risks and enjoys the rewards. To start a business, one must:

a) Determine or select the business sector(s).

b) Decide on the offerings of the company's products or services or both.

c) The best way to start a company is from small....take small steps and progress as the business venture grows.

d) Based on the business venture, the owner (sole trader or partnership) must

ensure they have the capital (the funds to start the business...to buy the products).

Additionally, they must have the funds to meet their monthly expenses (utility bills, wages and salaries (if people are employed).

e) Decide on a suitable location (in the eyes of the public--to attract the "right"

audience).

f) One of the most important aspects of an entrepreneur pertains to VISION...one must have vision!...look at the road ahead for further business opportunities.

g) Strategic thinking and critical decision-making is also an essential element...it

plays an instrumental role for the organization to succeed and maintain the

competitive advantage.

h) Identify the audience...those people who will buy the products or services....remember---customers are those people who are allowing the business to grow and remain successful and viable.

NOTE: EMPLOYEES AND CUSTOMERS ARE KEY TO SURVIVAL.

i) Effective marketing strategies are needed with the competition in mind.

j) The four P's (price, place, promotion, product).

k) Cost management is a must to keep overheads down and profits up.