Today’s session began with us learning about the factors affecting a business. The basic factors are :- 1] Capital , 2] Labour , 3] Partners , 4] Target market
One of the most important factors in a business is partnership. For a business to run smoothly there should be a good partnership. While selecting a partner we should always keep these points in mind :- 1] Capital ,2] Skill Set, 3] Goodwill, 4] Duration of capital/investment. Selecting a partner is one of the crucial decisions, it is really important to pick a partner who compliments your skills. A person who has different skills, skills which you don’t have. All of us always think of our friends when it comes to forming a group/team for a project , but this was a discussion which helped us think in a different way and made us realize that you should select people who have different skills and ideas so that the group functions in a better way.
Sir also mentioned that to become a good manager or start your own business you should first understand yourself better and know about your skills and weaknesses.
Drishti Doshi 