Business and Entrepreneurship
Business and entrepreneurship have almost the same meaning but with a minimal difference. Business refers to the process of buying and selling goods to earn a living while entrepreneurship is the process of developing innovation in a new business or an existing business to upgrade it and make more profit. Both terms are based on the same goal of buying and selling goods or services for monetary values. To effectively run a business several factors should be considered, which include business environment, cost of starting the business, marketing strategies, size of the business, and resources available.
To start a business, determining a good business environment is very important. Several factors should be considered to ensure the business environment is good for the business. Government factors that design policies and regulations causing the business environment to be productive should be identified to ensure the business environment is beneficial (Álvarez, 2019). Other factors determining the business environment are accessibility, competition, and cooperation among the businesses. Apart from the business environment entrepreneurs should consider the cost required to start the business. Entrepreneurs should come up with business ideas which they can fully fund or consider creating a room for other investors to fund their business (Ewens, 2018). The purpose of making other investors cheap in the business is currently being adopted as it is increasing the rate of innovations leading to development. Advancement in technology has made significant changes in business marketing strategy. When starting up a business, the entrepreneurs should consider the mode of marketing they will use. Due to the rise of technology, the marketing platform has advanced targeting a large number of consumers. Therefore, the entrepreneurs should consider embracing technology as their marketing tool. Considering the size of business the entrepreneurs can identify the recourses available and those required.
In conclusion, business is the process of selling and buying goods and services. Establishments of businesses have become the key factor in economic growth. Several factors are considered while establishing a business, which includes the business environment. The business environment is the main factor in determining the type of business to start as it decides the productivity of the business. Other factors involve considering the cost of starting a business this helps the entrepreneurs to evaluate on the amount of money they have to fund the business or whether to invite other investors to fund the business. Effective business marketing strategy creates awareness to a larger population about the goods or services offered creating a wide range of potential customers. Size of business intended to be established is crucial as it is easier to evaluate the available resources and required recourses.