What is Business

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers. Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers for profit. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning.

What is an entrepreneur?

An entrepreneur is someone who:

Can identify a niche in the market – an entrepreneur can spot business opportunities that will fill gaps in the market

Can identify key people to help achieve goals – nobody is an expert in everything!

Takes risks – even if you have carefully researched the market, there's always a chance that customers may reject your product or service

Shows drive and initiative – if you are launching a business you need determination and energy to overcome any obstacles

Is resilient – all entrepreneurs have failures and successes. Your ability to learn from mistakes and move on is key to the success of your business.

How do I come up with a bright idea?

Creative thinking allows you to come up with new ideas, or an innovative approach   to   a problem.
With businesses, new ideas can result in a new product, or a process that cuts costs or improves quality, for example. Fresh ideas give businesses a competitive advantage, and help make goods and services stand out in the market.
Different ways to generate ideas include:

Lateral thinking – solving problems through an indirect and creative approach. Often referred to as thinking outside the box

Blue-sky thinking – open-minded thinking where everything is possible, and you are not restricted by realities.

Sort out your business finances

Starting a business is costly, and many owners of small and medium-sized businesses underestimate the amount of money they will need. You need enough to set up the business and cover operational expenses until the business starts to generate a profit.

Before you commit your life savings to launching a new business, ask yourself these key questions:

1.     Does your business idea have the X factor that would get investors excited about your venture?

2.     How much of your own money are you willing or able to invest?

3.     What is your business track record and will this help or hinder your chances of getting financial help?