There are various types of businesses. These types vary based on who owns the business, what the business does in the market and how it operates. The current business environment is dominated by a lot of business entities and ventures. The following are examples of the most common types of businesses. 1) Sole proprietorship A
Small business articles
What is Winner’s Curse?
Winner’s Curse is a term generally used in the auction when the bidder who overpays the value of the product wins the bidding. The winner might perform actions based on one of the following: The winning bid will exceed the amount of the auctioned product in which case the winner will at a loss The
What is fixed expense? Examples of Fixed expenses
The expenses that occur in businesses are classified into two types – fixed expenses and variable expenses. Fixed expenses are those expenses that do not change when there is a change in production or sales level. Expenses like rent, insurance, payment on loans, management salaries, advertising are examples of fixed expenses. They change over a
Variable Expense
The expenses that occur in businesses are classified into two types – fixed expenses and variable expenses. Fixed expenses are those expenses that do not change when there is a change in production or sales level. Expenses like rent, insurance, payment on loans, management salaries, advertising are examples of fixed expenses. They change over a
General Partnership Explained – All You Wanted To Know
A general partnership may also be referred to us a business partnership or ordinary partnership. It should not be confused with either a limited partnership or a limited liability partnership. According to the 1890 partnership act, a general partnership is defined as two people or more engaging in trade with a common interest in profit
What Is Sole Proprietorship? Understanding Sole Proprietorship
A sole proprietorship is a business owned by one person. It is the simplest business form to start and operate. Unlike a partnership or a Limited Liability Company, Sole Proprietorship does not have a legal separation between the owner and the business. The business is, therefore, an extension of the owner thus the proprietor is
Types Of Warranty and their meaning
A warranty is a promise or guarantees to provide some assurance from one party to another that certain conditions or even facts are true. If this promise is false then the warranty can be enforced to allow for a legal remedy. A warranty can be used to state that a certain condition is true at
Meaning Of Objective Statement And How To Create One
An objective statement is a short statement which describes precisely what you are looking for or what you want. This can either be in job searches or in business dealings. While your goal might be to land a job say as a teacher, in the business context, these statements usually provide clear details and directions
What Is Gross Profit Margin And How To Calculate Gross Profit?
In a company, matters to do with finance play an integral role in determining the direction of the business. It is always prudent for the management and employees concerned to ensure that they monitor various aspects of company’s finance to make it financially sound. Financial ratios are one aspect that needs to be understood and
Five Simple Ways to Market Your Local Business
Marketing your local business is a project that every business owner must take seriously. There are many ways to market a local business. The steps listed in this article will help you gain an appreciation for the process, and by following each one of them you will ensure that your business is more popular than
8 fantastic ways to manage multiple businesses efficiently
Some people have a very focused behavior – They will concentrate and focus on one business and grow that one business consistently. They are known be disciplined and patient. But then there are others (like me) who are bored with the consistent and want to keep trying new things. These are commonly known as serial
How to move up the Competitive ladder?
If you want to tackle competition, then like a wrestling match, you have to take them one by one. You cannot attack all your competitors at once. This is why you need the competitive ladder. What is the competitive ladder? Just like you have a podium where the top winners are ranked, similarly you have
4 questions to ask yourself before targeting new customers
If i ask 100 businessmen out there what they want, each one of them will say that they need more customers to grow their business. That’s the number 1 target of each business out there. But before you actively seek out new customers, here are 4 questions you need to ask yourself. Question 1 –
How to gain market share from competition in 3 simple steps?
Business is never simple. There are so many dynamics involved in our day to day business lives that we sometimes don’t know which work to do on which day. But due to this busy status, many times our competitors take the lead from us. Quite simply, either we were complacent, or they were smart or
How to Analyse and Defeat your Direct competition?
Many a times businesses are not motivated enough because they know their competitors but do not analyse their direct competition. At other times, the businesses might get complacent if you don’t have a list of your direct competitors and what they are doing in the market. Why it is important to analyse your direct competition?