Key things you need to know before starting a business

Starting a business this days is not easy because of the competitive market and other factors, in this article I will be  teaching you the key things to know about starting a business.

1. What is business 

First of all what is business, when most people are asked what business is, many people can not answer because they don't know while some people give an answer base on what they were taught in schools and others give an answer of what they learnt from business books. 

Definition of business 

Business is the exchange of values for valuables. Now let me explain what I meant by business is the exchange of values for valuables, when you go to the market to buy some you give money and collect what you want in other words you use money to pay for the product or service the you want, now notice that it is money that you are using to do the exchange and money is a valuable commodity that is money has value, but at that moment when you want to buy let say ice cream, the ice cream now becomes more valuable than the money because you need or want the ice cream at that moment, so you see both of them have values but at that point in time one now becomes more valuable than the other. 

Why this definition 

To understand this definition you will need to understand how business is being done in the  early days when money does not yet exists, there is something called trade by Bater which the early days people use to do business, now this is how it works for example if you have a mango and let say your friend has a pawpaw and you like the pawpaw you friend has, you can make an exchange with him if he his also interested in your mango, then maybe you both can come to an agreement that if you give him ten mangoes then he will give you his one pawpaw.

So that is trade by bater and how it works, that is why my definition is given as money is the exchange of value for valuable.

When you have known this definition of business then you will be able to put it at the back of your mind that you business must be something valuable that people would want to exchange their value for it, if not you might just be wasting your time that you are doing business because people will not come to you even if people come it might be your loved ones.

2. Business is competitive 

Most people think that business is something that you start and continue to run without any competition, the truth is that business is always competitive and even if no one has your products or services that you are rendering to the market, that doesn't mean that  no competition will arise all you need in other for competition to arise is time.

So while you are preparing to start a business also prepare for competition, so you can start thinking of ways to make money and keep your customers satisfied at all time. 

3. Business location 

The location of your business is very very important in the success of your business, if your business is located in a bad place where people can not find you or you are in a place where people do not need or can not afford for your products or services then that location is considered a bad location for your business.

Before you start any business anywhere you need to do and environmental survey to check if the environment is good for you and your business, most especially if your business is focused on physical location exchanges, for example you sell bread and people come to your shop to buy bread, that is what I meant by physical location exchanges. 

4. Timing 

Timing is one of the most important factor that helps a business to be successful in the business world.
Timing refers to the right time for starting your business, let me tell you a story about how powerful timing is, there is this company called general magic a very great company with a great product, they were the first to create a touch screen mobile phone with a lot of great features on it but at that the world was not ready for their product, the mobile phone was great but the timing was wrong and so the company went out of business because nobody wanted their product, the truth is even if your products are great and powerful and your timing is wrong it means you are automatically out of business.

Conclusion 

I hope that this article was helpful and will be of great help to you when you are trying to start a business if it was helpful please don't forget to share to others so they can benefit from this great and powerful knowledge, thank you for your support and have a happy business startup.