The most important element in starting a business is funding. Even the most basic home business incurs a multitude of startup costs, including registering a business name, obtaining a business telephone line and printing business cards. Thus, the mobilization of resources should take priority when starting any initiative. The business initiater should have:
- In depth knowledge about the community around it and related to it;
- Good knowledge and understanding of the labor market as a whole and in different levels;
- Skills to maintain and update a list of professions.
- Good knowledge of local employment opportunities;
- Good communication and presentation skills;
- Good reputation in its community.
Every entrepreneur needs funds for business growth, to increase their competitiveness in the market and to maintain their operating business and their customer base. In the following slides we are going to talk about the different sources for financial support.
The three main sources of financing for a company are income from commercial operations, contributions from investors and loans from individuals, financial institutions and other types. In this way, it is important to evaluate these sources of financing.
Evaluate them in short-term, such as payroll, or long-term, such as product purchases. Select the most convenient financing for our business is a way to get the success and growth of our company. These form the backbone of a company. Conversely, inefficient management of finances and the grown source of financing could lead to a shortage of liquidity in the company.