SEC-S20W2 | My Business Ideas | Capital Management
Assalamu Alaikum. Hope everyone is well. Come to discuss important business. Who organized this competition. I personally thank him a lot.
Business idea and plan are important. What is required to start each business? How to get started How important it is mentally. We need to know a lot about these things which @dove11 brother has taught very nicely in his post In view of that I am sharing my practice. Before that I invite some of my friends. @heriadi @josepha @simonnwigwe &wilmer1988.. let's begin.
Investment is needed at the beginning of any business. The initial investment is important for starting a business, the initial investment is mainly for the rent of the shop, legal license, and also for purchasing the product.
I will invest 20,000 US$ i.e. 1,26,315 Steem for the initial investment in my business, I will rent the shop for the business, and buy the business materials with legal license.
There will be profit and loss in business, but business idea is important for business, if business is done in smart way and if business is done according to plan, chances of loss are less.
So I will manage the business according to the right plan in terms of business. Nowadays business is a very important thing, so to do business one must manage the business according to the right decision and plan.
Profit and loss is a normal part of business, but it will depend on the structure of the business. If I make a profit in the business then I don't have to invest money in the new business, but if I lose for some reason, then I have to invest money as per the business requirement.
In the case of business, usually traders calculate profit and loss every month. First I have to understand the price of a product in the market, according to that I have to buy that product at a lower price in the wholesale market, then sell the same product according to the packet price. Or sell at a limited profit, so that the buyer does not suffer loss.
Then I have to calculate how many products I bought and how many products I was able to sell and how much profit I was able to make from those sold products. This way I can understand how much money I have lost or how much money I have gained in a short period of time.
a) Business will have profit and loss, so sometimes the business grows very well, and sometimes the business does not grow. Because of this, sometimes there is a profit in the business and sometimes there is a loss in the business.
b) To make my business more successful, offline business as well as online business, product marketing, and product promotion are good for me for quick success.
c) I am using my profits for reinvestment, not for personal use.
d) I must have expenses for my personal employees and organization, such as shop rent, import of goods, and employees, which I pay as part of the business.
Yes I have taken financial loan or working profit from Grameen Bank for my business.
a) I have taken a loan from Grameen Bank, I have taken a loan of Tk 5 lakh from this institution. Here basically the interest rate here is 25% and since I have taken a loan of 5 lakh taka so I have to pay a total of 5 lakh 50 thousand taka in 44 months, in this case the ratio will be 500×25×44.
b) I pay the monthly installments of the loan every month, for which I have to pay Rs.12,500 per month.
c) No I have never failed to pay installments.
d) Working capital loan which is a loan with high interest rate. This loan is usually taken by the businessmen to meet the expenses of the business such as raw materials, salaries of employees, etc. And the tenure of these loans is one year or less.
e) No I do not have such an account yet, but intend to do so.
Collateral security is beneficial to both a lending institution and borrower, as collateral security lowers the borrower's interest rate and reduces the lender's risk.
In collateral security, the borrower takes the loan by pledging his assets like property, shares etc.
a) Yes I have a desire to take loans from financial institutions, as opposed to financial assets.
b) In my country the terms and conditions of this loan are, first collateral determination, loan amount then interest rate determination, repayment terms. Later, if the borrower fails to repay the loan, the lender can sell the collateral.
c) Yes I want to apply for business loan.
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TEAM 5
thank you so much dear @damithudaya for valuable support 🥰