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Business - Coggle Diagram
Business
Why to start business?
Financial Freedom
No worry about job security
Be your own boss
Flexible working time
Build your fortune
Retire early and rich
How businessmen make money?
Build a network and create a system
Leverage other people's time and effort to create the system
They own a system and system work for them
Income automates once system starts working
System is independent of a person
Money generates even in their absence
why most people don't start business?
Huge investment
Lack of knowledge
Fear of taking risk
What are the types of businesses available now to start?
Traditional
Own a store or work space
Recruit staffs
Maintain stocks
self promotion of business/brand
Find customers
Maintenance cost
Medium to high initial investment
Long running inventory management
Franchise
Own a store or work space
Maintain stocks
Recruit staff
Your brand already has customers
High investment to get franchise order
Very huge initial investment
Risk factor is high
Direct Selling
No investment
Need not own a work space
No special skills required
High income
Zero risk
Anybody can start