Banda Wilson

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 BUSINESS CLASS 101  MS. WENDY WRITER STARTING A BUSINESS ___ By WILSON BANDA INTRODUCTION Advancements in technology have brought about unprecedented access to information, skills, talent and a lot more products and services than ever before. Each year, more and more people are starting their own businesses, setting their dreams in motion. This has created a more vibrant and competitive business environment. Before you start  Before starting your own business, it is a good practice to thoroughly develop your idea, understand your motivation and weigh the pros and cons. Running your own business  Do not underestimate the hard work involved in running your own business. As a business owner you will be required to take on multiple responsibilities: providing a service or producing a product, day to day administrative work, selling your idea to potential investors. You will have to endure long working, take more risks and handle the pressure that comes with running your...

  A mutual fund is a collection of different types of investments. Investors in the fund do not directly own the stocks and bonds that make up the fund, they instead own shares in the fund as a whole. The diversified portfolio of the fund reduces the risk on investment. Types of mutual fund management Active : A professional management team of fund managers is employed to manage the fund. Passive : Mutual funds are automatically invested in correlation with major indices. Types of mutual funds Equity funds: invest in stocks Bond funds: invest in bonds Money market: invest in short-term debt, Treasury bills and contracts for difference The price per share of a mutual fund is known as Net Asset Value (NAV) per share. NAV is calculated daily based on the closing prices of all the holdings. Mutual funds have a minimum initial investment requirement. 

  An investment fund is a pool of money that various investors buy a share of. Each investor gains ownership of the purchased shares. Investment funds provide investors with a wide variety of investment opportunities and options. A professional fund management team is employed to manage the fund in the process offering better return on investment and reduced risk. Types of investment funds   Mutual funds Futures Options Insurance Life insurance Health insurance Purchased life annuities Real estate Mortgage 

  Income increase There are quite a number of ways to increase your income, starting a business, improving your education and qualifications, self-employment and volunteering as a way to gain experience in new fields. Expand your knowledge about the different sources of income, be able to explain the different ways to increase income and be able to prepare a personal income plan. Lower incomes can prove to be a huge burden on financial well-being but there are few options you can employ to help you survive: reduce expenses where possible , understand the difference between parsimony and saving, identify investment opportunities, find free opportunities to have fun look for ways to earn additional income. Ways to increase your income Cutting down expenses Eat home cooked meals instead of eating out Use cheaper modes of transportation, bike or walk Reduce your rent Spend less money on leisure activities  Generating extra income Start a small side business Talk to your employer a...

  Among the many other ways to increase your income is starting your own business. To get started, consider the following: Write a business plan The business plan will enable you to evaluate whether your business idea is feasible. The goods and services that you offer, how are they unique and will they appeal to the customers. Thoroughly study your competitors, what are the primary differences between what you offer and what they offer.  Define your business and vision Defining your vision is very important, it will be the driving force of your business. Ask yourself the following question: What business are involved in ? What do you sell? What is your plan for growth? What is your primary competitive advantage? Write down your goals Create a list of goals with a brief description of your action plan. A new business concept will require a lengthy period of research and development before the outcome can be clearly and accurately predicted for the long term.  Create two ...

  Budgeting is creating a plan of how to use your money. It involves indication of the total amount of money received and a breakdown of this money according to how much money is spent on different things. A budget can be done on a short term basis e.g per month or when one receives an income, and on a long-term basis e.g. per year since some items have to be paid for annually. Advantages of budgeting It helps people to plan their spending. It helps people to keep a record of how money was used. It helps people to know how much money they have available and how much they can spend on different items. It helps in controlling the use of money. It helps people to live within their means. Simple budgeting equation: Income - expenses = total cost of budget First calculate how much income you have available from all sources per whatever period of time e.g. per month or per year. List all the regular expenses and allocate money accordingly. When this has been done, make sure that there...