How to build your business

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HOW TO BUILD A BUSINESS
There is a difference between building a business and building a lasting business. A business is a legalized entity that engages itself in the process of buying and selling of goods and services to the customers. A business may manufacture its own products or it may sell the products of another company. There are different types and levels of businesses. Therefore, for one to build a business they need to identify the type and the level of the business they want to build. These factors are such as capital, the market, location, and the demand and supply in the market. Businesses are of two categories. That is to say, the for-profit generating these are such as sole proprietorship, partnerships, and corporations among others and the non-profit businesses. In the category of the for-non-profit businesses, a board of governors or directors runs the business. Regardless of the business’s type, level or category, every business must have a structure. That is to say that there are steps necessary for any business to run effectively. Therefore, this paper’s endeavors are to bring out the necessary steps of building a lasting business. The factors to consider in building a business are such as vision, mission, and objectives statement, strategy, execution, identifying staff and customers and identifying the shareholders and partners.
Every business starts with a vision. The business owner should have a clear picture of the business. The vision statement captures, the activities, and the result of the business. This helps the business owner to focus on what they want to do and the path the business should follow to realize its goals. The other thing is the mission statement of the business. The mission statement gives the business the direction to take. That is to say, it states what the business seeks to achieve. After the mission of the business is stated, the objectives need to be put in place (Garson, 2011). Objectives are the goals that a business seeks to achieve in a given period. Every business needs to set objectives to enhance development of the business.
Assessment is another significant step in building a business. It helps determine the current position of the business. This is in terms of gifts, capabilities, capital, assets, market situation and what the entrepreneur needs to start the business (Woods, 2007). The business owner does a thorough research after the statement of vision, mission, and objectives. Questions are asked of oneself, of the market and the services and products available in the market. The research shoul...