Family Business: Succession Plan

Very Basic Knowledge about Income

MONEY. INVESTMENT. INCOME.

Money must be invested it in a manner of calculated risk. By knowing what are the possibilities that may occur during the selection of the chosen investments. There are actually three kinds of income in which we could invest on. Passive Income, Portfolio Income, and Active Income.

Getting Started: Innovation

The first step for entrepreneurs are the identification of GOOD IDEA and OPPORTUNITY. These two important factors must always be considered to be together and cannot be separated. It is because of the fact that if a good idea was formulated but there is no opportunity that it would be marketable in a given location then there is no chance that it would be a feasible product and if there is a market opportunity but the idea was bad or a little bit of irrelevant inside of a market environment, of course people will not try to buy it. 

Significance of a Business Plan

As others say that putting up a business is EASY. The fact is, it is not. In an academical view, there are lots of things needed to learn to build an effective business. The framework of a business is the BUSINESS PLAN. Last academic year, the latter was our major subject which means that our group must submit a consolidated one and must defend it to the panelist for it to be implemented next academic year.

Business Plans are considered the conceptual framework of what you envision in your business. The former consist the purpose of your business, management, marketing, operational, and financial aspects that highly contribute towards the success of a concrete business plan. But it’s not as 123 when building these aspects because you’ll need to have the following: