Understand the basics of a country’s economy and how it works. Develop the basic skills in running your own business (entrepreneurship), managing your finance and planning properly so that you can operate effectively and successfully within the business environment .
How to start your own business related disciplines needed
Accounting-The recording and analysing of financial information and making decisions related on the basis of this information.
Bookkeeping –The recording of monetary data in order to produce useful financial information .
Auditing –The verification (checking )of financial statements and information
Internal Control –Establishing systems in an organised systems in order to safeguard resources or possessions
Economics – The use of resources to satisfy needs and wants in society
Entrepreneurship –Taking initiative and calculated risks in conceptualising starting and running a business.
Management Accounting – The provision and use of information relaying to the future which enables managers to make appropriate business decisions e g the utilisation of cash resources by budgeting , or deciding on production of finished articles as in case of factories and manufacturing companies .
How to start your own business is started by entrepreneurs which defined in the Collins dictionary as the entrepreneur is (The owner of a business who, by risk and initiative, attempts to make profit). He or She is a person who sees an opportunity , makes a plan , starts the business , manages it and receives the profit as a reward . They often risk investing their own money in a business venture that may or may not succeed rather than placing it in a safe investment e g a fixed deposit . By starting a business , the entrepreneur will attempt to make more profit than the interest he would have received from a fixed deposit . The challenge of How to start your own business does not only include money , but self –satisfaction of a job well done .