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Assignment Business Start Up

The document discusses several key factors for starting a new business: I. The range of resources required includes the four factors of production - land, labor, entrepreneurship, and capital. Personal skills like time management, team building, negotiation, and leadership are also needed. II. Legal requirements depend on the type of organization (public, private, non-profit), sector of activity (primary, secondary, tertiary), and legal form (sole proprietorship, partnership, LLC, corporation). III. Financial support comes from various sources like loans, friends/family, grants, and local business competitions. Non-financial support includes training and donations of equipment from NGOs and international organizations.

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20 views

Assignment Business Start Up

The document discusses several key factors for starting a new business: I. The range of resources required includes the four factors of production - land, labor, entrepreneurship, and capital. Personal skills like time management, team building, negotiation, and leadership are also needed. II. Legal requirements depend on the type of organization (public, private, non-profit), sector of activity (primary, secondary, tertiary), and legal form (sole proprietorship, partnership, LLC, corporation). III. Financial support comes from various sources like loans, friends/family, grants, and local business competitions. Non-financial support includes training and donations of equipment from NGOs and international organizations.

Uploaded by

Allui
Copyright
© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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I. Range of resources required to start your business.

 The factors of Production

II. personal skills and qualities needed to start business.

 skills needed to start a business

III. legal requirements for new business.


 type of organization
 sector of activity
 legal form

IV. Financial support available for business.

V. support provided by government in cote d'Ivoire.

VI. support provided by non-government organizations.

VII. sources of non-financial support.


I. Range of resources required to start your business

 The factors of Production

The factors of production are an important economic concept


outlining the elements needed to produce a good or service for
sale. They are commonly broken down into four elements :
Land refers to physical land, such as the acres used for a farm
or the city block on which a building is constructed. Labor refers
to all wage-earning activities, such as the work of professionals,
retail workers, and so on. Entrepreneurship refers to the
initiatives taken by entrepreneurs, who typically begin as the
first workers in their firms and then gradually employ other
factors of production to grow their businesses. Finally, capital
refers to the cash, equipment, and other assets needed to start
or grow a business.

By

JASON FERNANDO Updated July 13, 2022 Reviewed by THOMAS BROCK Fact checked
by YARILET PEREZ
II. personal skills and qualities needed to start
business

Here are the essential soft skills that we will need to succeed in
our business:

 Time Management skills

Time management is a very important skill to master. Learning


this skill will more empower to achieve and to use time wisely.

 Team Building skills

Team-building and teamwork skills are essential for an


entrepreneur in today’s workplace. People working at their
potential in teams generate better solutions and more
productivity than individual members working independently.

 Negotiation skills

Formal negotiation is a skill that can be learned through


experience and practice. People who negotiate frequently tend
to be more skilled at it than people who have not participated in
many formal or informal negotiations.

 Leadership skills

Leadership is a process of getting things done by people.


Leadership, a critical management skill, is the ability to motivate
a group of people toward a common goal. The key is to know
how to forge long-term relationships with prospects, customers,
suppliers, employees, and investors.
III. Legal requirement for new business

 types of organization

this, may be public sector, private sector, or not for profit.

 sector of activity

Primary sector includes mining and quarrying, poultry farming,


fishing, animal husbandry, agriculture, forestry. Secondary sector
includes manufacturing activities. Third sector refers generally to
all type of services, but also includes social enterprises and
voluntary groups.

 legal form

4 Types of Legal Structures for Business:


 Sole Proprietorship.
 General Partnership.
 Limited Liability Company (LLC)
 Corporations (C-Corp and S-Corp
IV. financial support available for business

Loans are the most commonly used source of funding for small
and medium sized businesses. We have to consider the fact
that all lenders offer different advantages, whether it's
personalized service or customized repayment.
Some examples cited as follow ;

- Friends and Family. Borrowing money from friends and family


is a classic way to start a business.
- Small Business Loans.
- Trade Equity or Services.
- Bootstrapping.
- Incubator or Accelerator.
- Crowd funding.
- Small Business Grants.
- Local Contests.
V. support provided by government in cote d'ivoire
In Cote d'Ivoire, government put in place organization able to
give financial aid :
- CEPICI ( Centre de Promotion des investissements en Cote
d'ivoire )*
- Agence Emploi Jeune*
- INIE ( Institut Ivoirien de l'Entreprise )*
- Banks ( BNI, BIAO, Versus bank, etc... )

VI. Support provided by non-governmental organization


As non-governmental organization, we can cite :
- Rotary International
- Lion clubs
- Kiwanis International
- Banks ( SG, BNP Paribas, etc. ... )
IV. Non financial support available
In the organizational field, we call this technical support: we
can ask for help from world organizations (UNICEF, ADB,
UNESCO) without asking for money, but we can ask them to
give us certain experts who will train us in specific areas.
This means that an organization can train an individual or a
group of individual free of charge in a particular field. we can
also receive donations such as computers, office furniture,
equipment, etc. free of charge from individuals or companies.
this part deals with all the help we can receive but which is not
money.

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