What are the factors that influence our choice of business?

[Haibso2003]

People venturing into businesses must have at least one thing that make them choose that field. Businesses around something you just take a leap out without any form of motivation. I'm starting a business people consider factors that they think my problem get well I want to get to in such business. Here are some of the factors that influence our choice of businesses.

1. Interest and passion: passion they say is the driving Force towards any form of human achievements. When you have the passion and interest to partake in something it comes much more easier to you due to the fact that you already have the passion for it and the willingness to learn it. Passion in business is very important. People go into business is due to the passion they have for it.

2. Monetary value: a very large number of people go into businesses because of how lucratively think it might be. Of course everybody wants to get something out of the business he or she takes part in which explains the fact that monetary values also a very important Factor to consider when starting a business.

 

[Good luck]

The major factor that affect our choice of business or influence it positively or negatively is Monentary aspect of it it , which is the capital and that is the most important thing to be considered when you talk about the choice of business.secondly location also play a vital role in business structure and it can also influence business in a very big way.

 

[Deleted member 51169]

For me marketability of the product you want to sell should come first. Once the product has a large consumer base, other things like financial gains flows in and substanbility of profits.
Availability of the product: Though this is sequel to the aforementioned reason, if the products are available and accessible easily then it is good to venture into such business.

 

[Topstik]

These are the factors that influence our choice of business:

1. Liability of Owners
2. Life of Organization
2. Transferability of Ownership
4. Flexibility
5. Tax Liability
6. Legal Formalities
7. Geographical Mobility

 

[Kendy]

There are different factors that influences our choice of of business. These choices ranges from one person to another. The level of experience is very important and could pose as a barrier to one's choice of business. If an individual is inexperienced in a iine of business he might either choose to learn it or venture into a different line of business which he is more familiar with. It would be very unwise to start a business with no prior knowledge or experience. Knowledge remains power and taking such risk is enough to crumble a business. Lack of capital is one of the greatest influence on the choice of business. Most small scale business owners would like to operate on a large scale but the limited funds is one barrier that impeded their choices which makes them settle for less. Flexibility is also an influence to the choice of business. No doubt, all businesses have their level of risks but there are some that are higher than others when it comes to risks. Some people choose businesses that can give them a bit if free time to engage in other activities which makes than choose a less time consuming and less risky business.

 

[Yhubee]

There are many factors that can affect our choice of business. Some of which include our funds. The amount of funds we have can determine the type of business we would like to start up. The sources of these funds also matter and will affect our choice of business.
Another factor that can affect our choice of business is our level of experience. We are likely go choose a business we have had enough experience in while working under someone, enough to know the pros and cons of the business in order for us to succeed in it.
Just as the writer said, passion is another factor that can determine the business we choose. Passion drives us towards our goal and where passion abides, success is bound to take place.
Our knowledge about a particular field also affects our choice if business. Sometimes we may not have the experience but we may have conducted researches about a particular business and have been able to acquired the knowledge that can help us succeed in that business.
Sometimes the success of other people in a particular line of business can also influence our choice of business. If someone succeeds in a particular business, we believe we can succeed in that same business too.

 

[Sotherefore]

Personally I put so many things into consideration if I am ready to start up a business and for me to be able to come out with A more suitable business idea I have to consider my location , the economic situation of my country and also the demands of people and when all these things are being considered then I can come out with a business idea .

The economy of our country is depreciating and as a result of this anyone who deals with the production of raw materials for exportation will likely makes a lot of money from this sort of investment or business . It is lack of production of materials for international transaction that leads to a slow decline in the economy and value of our money.

The demands of the people are also to be put into consideration here we are to establish the type of business that is needed within a certain location. This can be achieved through proper research on the location we have chosen to establish a business.

Capital can also play a very important factors but here a capital will only determine the size of a business but may not really determine the location in most cases..

 

[Kingsley]

Hmmm, when it comes to making decisions as to what to invest ones hard earn money into it takes a lot of careful thought for one to make decisions as important as this. But as for the first thing one will need to understand is one's nature, if one is the type that likes working online or offline, well as for I prefer to balance things up so I do both online and offline work.

So what I consider first before I venture into any online platform is the health of phones battery and power situation in my environment because I can not afford to waste my battery power when there is no constant light. Then I will consider how much information I have about the task I want to undertake in the website I intend to work on before working on it.



I do not work on a platform where I know nothing about as I know it will result to a waste of time and energy and my hard earn resources. Then again I also consider the cash out that will be given as a reward if is too unreasonable I will not take the task and if it reasonable I will take it, then sometimes I consider the stress involved. Then for as for offline I also consider electricity and I also consider if I will be spending more on transportation.


And if the stress involved will be too much and I also consider the profitability index. If the profitability is very good then I will take the business but if the risk is too high I will have to re-evaluate my decisions.