Speech on thinking about business

Essay by klawHigh School, 10th grade May 2004

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Have you ever made a mistake because you didn't think through a situation properly? Humans are not the most patient of beings, and often we make mistakes of this kind for we don't spend enough time thinking. Look before you leap is a saying to prevent such slip-ups.

This saying is remarkably important in the business world, for a single seemingly small mistake can cause a loss of thousands of dollars. There are three main categories where this saying applies, the start up, the maintenance and the termination.

When establishing, it is essential to ask yourself questions, such as what type of business do you plan to start? You must think of all the benefits and disadvantages of every type extensively. What sort of people are your potential customers? This will inform you of the best ways to advertise. Do you need to hire workers, if so how many and what will they have to do? This will help you set requirements and choose from job applicants.

What funding do you need to start and run your business? This will tell you if you need to borrow money and if so, how much and how risky it will be.

Once you have settled your business, you must make decisions about the maintenance of your company. Are your employees working above or meeting your satisfaction? If not, you should fire him or her as soon as possible and find a better alternative. Do your goods all run out or too much remain after the expiry date? That will give you an idea of how many more or less goods you should purchase or make for selling. Do customers think highly of your business? If not, you should work on improving the weaknesses of your products or the...