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This is @max-pro from, #Bangladesh}

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Assalamu Alaikum steemian friends. Hope you all are well. By the grace of Allah I am also well. Today I came to participate in the Steemit Learning Challenge Contest. Our teacher organized this SLC | S21W1 | Costos para emprendedores - Introducción al costo wonderful topic contest. Here we will know and understand a lot of details by answering few questions, so let's start.

What is cost and how important is it for entrepreneurs?

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What is Cost :- Cost refers to all the economic resources or expenses that are expended to carry out business operations and generate revenue. It includes various types of expenses that are used in production of goods, provision of services, marketing, management and administrative activities. This is called cost. However, there are different types of business expenses such as,

• Fixed costs.

• Variable costs.

• Semi-permanent expenses.

• Direct costs.

• Indirect costs.

Cost control and proper management are the main determinants of the success of a business. By reducing costs, profits can be increased and competitiveness in the market can be increased.

Importance Of Costs For Entrepreneurs	Source

Profit Determination	Knowing cost is essential for profit calculation. If the cost is low, the profit will increase and if it is high, the profit may decrease. Entrepreneurs look for ways to reduce costs to maximize their profits.
Pricing	Cost plays a major role in pricing the product or service. If the cost is low, then it is possible to sell at a low price, which gives an opportunity to stay competitive in the market.
Cash Flow Management	Reserving specific money for expenses and controlling it properly is important for business cash flow management.
Budgeting and Planning	Accurate cost estimation helps entrepreneurs in budget planning. It is also helpful in formulating future goals and strategies of the business.
Improve business efficiency	Entrepreneurs can increase their business efficiency by controlling costs. It helps in improving the production or supply process and helps in providing better quality products/services to the customers.

Hence proper accounting and control of costs is very important for sustainable growth and competitiveness of entrepreneurs' business.

Establish the difference between costs and expenses, giving examples of this through a real case.

Although the terms expenditure and expansive are related to economic matters, there are some important differences between them. Here are five simple everyday differences and an analysis with an example.

Cost	Expensive
It is a fixed price that has to be paid for the purchase of a product or service.	This is an adjective that indicates that something is expensive so it may be out of the normal budget.
It is a fixed amount indicating the cost of a work or thing.	This is basically an assessment that implies that buying or using something can be financially stressful.
Used for daily services such as food expenses, travel expenses.	Usually has a higher value for most people, such as a luxury car or expensive jewelry.

Examples of daily life : Let's say my friend Mr. Koddus wants to buy coffee from an ordinary coffee shop. If he buys a simple coffee from there for 50৳ BDT per day, then it is a simple Cost. But one day Mr. Koddus goes to a luxury cafe and buys coffee there for 500৳ BDT. This coffee seems expensive to him because it costs ten times more than regular coffee.

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For example let's say planning to open a restaurant business,

• Cost: The restaurant needs to spend on purchase of raw materials, salary of employees, rent etc. These fall into fixed costs that can be costly to run a business.

• Expensive: If the business owner wants to open the restaurant in an expensive place where rent or other costs are high. But this condition is meant to be expansive.

What are the benefits of performing a good cost determination?

Good spending is defined as spending that effectively contributes to the achievement of a personal or business goal and ensures maximum use of money. It is a planned and controlled expenditure that is capable of yielding specific benefits or profits in the future. Some of the important benefits of good spending are mentioned below:

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Financial Savings: Good costing is strategically planned to reduce unnecessary costs. As a result savings increases and it can be used as capital for future.

Improve Productivity: Better spending encourages investment in productive activities such as spending on better equipment, technology, training, etc. It increases efficiency and increases productivity.

Increase Profitability: Business costs can be reduced through proper cost control. Lower costs increase profits and increase business sustainability, which is critical to long-term success. So good spending is an effective way to ensure financial stability, savings and increase profits, which are crucial for personal and business success.

How do you determine the costs of your business? If you are not an entrepreneur, how would you do it?

Even if I am not an entrepreneur, there are some useful methods for determining the cost of a business venture that I can give an idea. First let's know about the business market. Look at how competing companies manage costs and how much their services or products are priced. Through market research I can understand how much money is required to be invested and what kind of expenses might be incurred.

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Make a list of all possible expenses for the business venture. This list will include raw materials, machinery, rent, staff salaries, marketing and other small and large expenses. Then take advice from experts or entrepreneurs. Getting advice on expenses and investments from those who are experienced in my business will give me an idea of ​​the actual costs.

Use various online cost calculators, projected budget templates or business planning guides. These will help me to approximate the exact amount of the cost. This way, based on research and advice, I can accurately determine business costs, even if I am not an entrepreneur. So it was a very learning contest where everyone would get a detailed idea about the costs. Thanks to our teacher for making our ideas easier.

So I am Inviting my lovely Steemian friends @zisha-hafiz, @stef1, @irawandedy, @kouba01, @selina1 to Participate in this Competition.