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KEYS TO ENTREPRENEURSHIP
29/10/2022

KEYS TO ENTREPRENEURSHIP

MICRO AND MACRO ECONOMICS ❗ECONOMICS❕ Economics is the study of economies and the variables that influence them. MAJOR T...
27/10/2022

MICRO AND MACRO ECONOMICS ❗

ECONOMICS❕

Economics is the study of economies and the variables that influence them.

MAJOR TYPES ❕

Microeconomics and macroeconomics are the two main areas of attention.

MICROECONOMICS❕

Microeconomics examines how individuals and corporations act in order to comprehend their motivations for doing so and how their choices impact the overall economy.

Microeconomics investigates how a certain value is associated with a good or service. It looks at how people work together and cooperate in the workplace.

Microeconomics frequently focuses on economic trends, including how personal decisions and behaviours affect shifts in production.

MACROECONOMICS ❕

As its name suggests, macroeconomics focuses on the overall situation. Macroeconomics is the study of elements that affect the entire economy, such as how inflation and price increases affect it. It examines how changes in net exports affect a country's capital account or how the unemployment rate affects gross domestic product (GDP).

By.

M SOHAIB SALEEM

WHAT IS ECONOMY?A system of interconnected production, consumption, and trade activities is called an economy. To meet t...
25/10/2022

WHAT IS ECONOMY?

A system of interconnected production, consumption, and trade activities is called an economy. To meet the requirements of persons residing in and participating in the economy, commodities and services are produced, consumed, and distributed.

An economy can stand in for a whole country, a particular region, a specific industry, or even a whole family.

Whether an entity is a country or a small town, an economy includes all of the activities connected to the production, consumption, and trade of products and services in that entity.

Every economy is different. Each is shaped by the resources, laws, cultures, histories, and geographies that are unique to it. Each changes as a result of the individuals' decisions and choices.

TYPES OF ECONOMIES

1) Market-Based Economy:

In "free market" or market-based economies, consumers and businesses can freely exchange products and services based on supply and demand.

2)Common-Based Economy:

Command-based economies rely on a centralised authority that manages the quantity produced, the cost of goods, and their distribution.

3) Mixed Economy:

A system that encloses elements of both capitalism and socialism is called a mixed economy. A mixed economy protects private property and permits some economic freedom in the use of capital, but it also permits government intervention in the economy to further social objectives.

By
M SOHAIB SALEEM

23/10/2022

IMPORTANT STEPS TO START YOUR BUSINESS❕

☑ Conduct market research

Market research will reveal to you if there is a chance to develop your idea into a profitable firm. It's a method to learn more about existing local businesses and potential customers. By using this research, find a competitive advantage for your business.

☑ Write your business plan

Your business plan is the base of your business. It’s a guide for how to organize, run, and grow your new startup. It should convince people that working with you is something beneficial for them.

☑ Fund your business

You can determine how much money you'll need to start your firm with the aid of your business plan. You will have to raise money or borrow money if you don't already have that much available. Fortunately, there are various opportunities nowadays than ever for finding the money you require.

☑ Pick your business location

One of the most crucial choices you'll have to make is where to locate your firm. The decisions you make when starting a physical store or an online store could have an impact on your taxes, regulatory requirements, and income.

☑ Choose a business structure

The business structure you select will affect your personal responsibilities, tax obligations, and business registration procedures.

☑ Choose your business name

Choosing the ideal name is difficult. You'll need one that embodies your brand and personality. It should be local. Moreover, you should also check to see if anyone else is already using your intended business name.

☑ Register your business

Once you've selected the ideal company name, it's time to register it and safeguard your brand. You must register with the federal government and maybe your state government if you conduct business using a name other than your own.

☑ Get federal and state tax IDs

When starting and expanding your business, you'll need to open a bank account and pay taxes. To do this, you'll need your employer identification number (EIN). For your company, it serves as a social security number. A tax ID is also necessary in some states, although not all of them.

☑ Apply for licenses and permits

Maintaining legal compliance will help your company run effectively. Depending on the sector, the state, the location, and other elements, different licences and permits may be required for your firm.

☑ Open a business bank account

A small company checking account can assist you in managing daily business, tax, and legal concerns. If you have the necessary registrations and paperwork prepared, the good news is that setting one up is simple.

By

M. SOHAIB SALEEM

23/10/2022

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