Sources of business finance
Why do businesses need finance?
To buy raw materials
To pay employees
To buy equipment
To pay premises (rent)
To keep up with competition
To keep up with the changing technology
To introduce new products or services
To market products and services
What are some of the sources of business?
Brainstorming- a situation in which an individual comes with many business ideas while listing them down. They later go through a list systematically to weed out those that are not viable
Surveying and research –happens where customers lack goods and services lack. Hence an entrepreneur caries out research to find out the gaps in the market
Trade fairs and exhibitions -these are seasonal events normally organised with intention of equipping existing class of entrepreneurs with relevant knowledge and skills.
Hobbies and talents- hobbies are what like doing during free time
Friends and family- friends and family most especially those in business can be a good source of business ideas
