BASIC THESIS

b. Financial resources

b.2. Sources of business funding

b.1 Start-up costs

Some popular sources of funding:

• Personal savings
• Personal loans
• Mortgage properties
• Getting capital from venture capitalists or angel investors

The amount of money that a company uses to:

• Build its plant or facilities
• Buy equipment
• Hire staff
• Invest in technology
• Advertise the product

c. Human resources

c.1. Employee

- Employees are the ones who make and break the business - In terms of recruitment, you can:

• hire a recruitment agency
• use recruitment tools like website,...

- Need to have some training programs - Think about employees' salaries, perks or incentives

INFO

c. Human resouces

c.2. Manager- Managers are the one who can

• lead the way to the success
• add to the strength and diversity of the whole company
• help guide the growth & overall trajectory of a company

- Some ways to have the best managers:

• create an appealing corporate culture
• craft a detail JD for management positions
• ask questions that help gauge magerial attributes and skills
• avoid common hiring biases

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c. Human resources

c.3. Organizational structure

• A well-designed organizational structure can help managers identify well the human resouces available if the scopes of each department's responsibility and each team member's capabilities are obvious

• Each employee can benefit by knowing whom they can turn to for direction or help

d. Physical resources

d.1. Location

-Make sure you identify or look for the best location to get success easily

• Retail business => Well-populated and easily accessible area
• Manufacturing unit => Choose a location that can let you save money on electricy, water, taxes, etc.
• If yours is a niche product/ service => Single location where all your competitors are
• Offices => any place that is accessible and offers good facilities

-NOTE: + Make sure the location fits well within your budget and offers scope for expansion + An ideal location would be one that complements your business in the best possible way

d. Physical resources

d.2. Facilities

• Office building
• Furniture
• Machinery
• ......

NOTE: You need to buy or build facilities which fit your financial situation ==> Maintain your budget in the long run

d. Physical resources

d.3. Technology

- Technology can help:

• Enhance and improve the productivity and efficiency at work
• Save time & reduce the labor workforce in some phases

- Some steps to choose the right technology:

1. Assess the requirement of your business
2. Make sure the technology you choose helps in making things run smoothly
3. Consider leasing technological equipment to stay up-to-date
4. Always have a backup plan
5. Make sure you have the required support for installing, upgrading and troubleshooting the technology
6. Invest in training to maximize use of the technology

2.2. External factors

a. Polical factors

Political stability

Tax and economic policies

Employment laws

Foreign Trade Regulations

b. Economic factors

Interest rates

Exchange rates

Recession