Business is an activity primarily undertaken with the motive of earning profit. It can be said that profit maximization is the only motive of an entrepreneur when he or she is into running a business. More the profit an entrepreneur earns the more are chances of his or her business flourishing. As it is said that profit is the lifeblood of business, as human beings need blood in the body same is the case with the business as well. An entrepreneur is motivated by the amount of profit he or she makes in a particular business.
Motivation is the driving force for all business leaders to perform better & better each day. But to become a successful businessman, businesswoman, or entrepreneur it is very important to know the nature & scope of business that they are already into or any new business that they want to start. A lot of planning & thinking is involved for an individual to start a new business or to continue in the already existing business. There are various forms of business wherein a person can start the business, and these include sole trading concern or partnership business, or even joint Hindu family business.
There are 2 modes of business, and they include traditional business & online business. If an individual wants to start a new business or an individual is planning to come with his or her own business, first of all, an individual will have to think about the finance involved. The next thing an individual will plan would be the place, whether the person wants to purchase a factory, gala, or a shop. The person will have to keep in mind & plan out what would be the cost of factory or shop or whatever & then the finance arrangements are to be done again.
What would be the nature & scope means what type of business would an individual like to do & why & what would be the scope into that business. An individual has to think of some different kind of business wherein the person is not only new in the business world but also a monopolist business person. If a person is into a business which the others are also doing then the individual has to think & plan out as to how differently the person will carry out his or her business or how he or she would be different from rest of the business houses.
An individual needs to plan out the area in which he or she will carry out the business & what type of customers will they cater to & how they will retain the existing customers & how they will make new customers. Besides all these things, the businessman should also have a particular way of talking to the customers because every business depends upon the style a person develops so that the customers get attracted towards their products.
A businessperson has to always put his or her 100%, and even the blood & sweat to establish themselves in the market. A business person always has to make SWOT analysis & grab all the possible opportunities that come their way. When a business is just set up new in the market by an individual, it is important to know their strengths weaknesses opportunities & threats because when a person is new in the market i.e. in the business world an individual has to face a lot of competition from already existing business houses. There is a lot of risks involved in the business, and there is a risk of loss of money with loss of goods due to fire or robbery, etc. Despite all the odds, a businessman should never give up.
So, a new businessman like a fresher should always keep in mind as to what business he or she will conduct so that they can grow to survive & expand their business. Many of the existing businessmen are already running their business & they have the ownership of businesses like factories & shops which they have purchased & have their place.
Today, there is a concept of purchasing a factory or a shop on a rental basis wherein an individual pays a monthly rent to the real owner of the shop or factory & if the person has the affordability he or she will continue his or her business in that same place or else they will have to move to some other place for conducting business. Now, these people have to move from the original place because the real owner of the shop or factory cannot afford to continue with the same amount the other individual pays him. The real owner will always give his or her shop or factory on rent for a minimum period of 11 months or it can be extended depending upon the agreement & mutual understanding of both parties.
Some people never purchase a shop or factory on their own, and they will always conduct business under a roof that does not belong to them. The business is in their name, but the place is not their own, and the owner is somebody else. The owner allows the other individuals to carry out their business in their shops or factories by renting it to them. Sometimes there is a huge loss incurred by an individual so the individual might have to sell it off the business property which belonged to them once upon a time.
A business can only be successful only if the businessman puts his or her heart & soul blood & sweat into upbringing the business. Only qualification does not help an individual to become a successful entrepreneur but skills & knowledge will help them to achieve their goals a business is a lifelong & continuous activity. A person can start a sole trading concern type of business wherein all the decisions related to the business are taken by a single individual so the individual bears all the risks & an individual also enjoys the profit he or she makes.
On the other hand, in partnership, all the decisions are taken by all the partners or between 2 partners or more & they contribute the money to start a particular business. Profit & loss are shared amongst the partners as per the agreement which is made at the time of the starting of the business. But since last one & a half years businesses have gone down drastically under such situations businessmen who were earlier selling mobile phones have now started selling sharbat, chikkis & even mangoes during the mango season because food items are sold like anything because people will think about their food & not about purchasing cell phones or garments. So, each & every business has been currently affected because of the pandemic.
A businessman now has to forget about the expansion of their business across the borders. Currently, the situation is such that the growth & survival of the business is very difficult, so expanding business across the borders is next to impossible. The only business that is currently running well or is doing well is that of the fast food, milk, grocery, vegetables garments & footwear to some extent because food is the basic necessity. An individual cannot remain hungry or cannot remain without food. Yes, unnecessary expenditure can be drastically curtailed, so what these businessmen are doing is that they have come with different kinds of schemes like discounts & sale like 40% & 50%sale on every product & garments. Since 1 year or more no sale has taken place no new products have available in the market. The businessmen are not to be blamed but the situation was such that everything got closed down, and the whole world was into lockdown. So under such situations, all the businessmen are now into old stock clearance, because no new products are available & the businessmen do not even have the purchasing power to purchase new goods & sell it off so they are forced to sell the old stocks of goods at a discounted price.
So even the customers will not be ready to spend their money on an old stock of goods like garments crockery goods footwear etc. The shopkeepers are not in an opposition to show the varieties of goods that they are dealing in because of the lack of availability of new products in the market. So a customer cannot & should not fight with the business owner or should not even complain about the products.
Whatever is available the customer has to purchase the same old products so the customers avoid purchasing the same old products many times. These business people have to throw away their products because they get torn with a very bad condition, many times the goods are not all in proper condition, the goods are spoilt or broken as well so again the businessmen have to throw them away because they know that such defective goods cannot be sold & will not be accepted by the customers. But at present, planning to start a new business is next to impossible because currently the property rates are shooting up so high that to start a new business is not at all possible because today the rates of shops or factories is reaching to crores of rupees even if a person plans to start a small business with a small factory or shop but to start a business on rental basis is also very difficult because even to pay rent to the owner of the factory or shop becomes difficult for a person who runs a business on rental basis
Even that new business person will at least have to pay a minimum of Rs 20,000 to 25000 monthly rent to the person whose factory or shop is taken on the rental basis because it’s obvious that with the increase in property rates the person who wants to rent it out his or her factory or shop will at least demand the amount as mentioned above. And if the person who has taken a factory or shop on rental basis & the person is not able to earn much at the end of the day then paying such a huge amount as rent will be of no use so in such situation both the parties are losers the person who gives his or her place on rent & the person who is paying rent from his or her money so it would be quietly advisable for the youngsters & others as well to continue in the ongoing business existing & flourishing once the situation normalizes can think of starting a new business start in their name.