Author: Aung Ko Oo (UMK)

I was taught both in class and in class. Young people want to start their own business online. What should I do? They ask questions such as how to do it. It is based on a series of articles that you have read and experienced.

I want to admit in advance that I am not an economist. AELC arrived in Rangoon in 2002 with no capital and in 2013

Based on the experiences you have had while setting up and running your current business. How to start your own business based on your knowledge of business literature. It shares what you should do.

You need to think before you start a business. What do you need to think about? There are at least four things to consider. These are:

1. Types of Business

2. Market Area

3. Investments Types

4. Break Even Point


1. Types of Business

You need to start thinking about the type of business.

  • Production;
  • Service;
  • Trading.

Start thinking about the type of business you want to do. When you think like that, you have a hobby. Choose the type of business you want to do. Do not be distracted by any influential activity in the environment.

This means that other people are opening phone shops. I want to tell you not to open a car showroom. According to the current situation, customer needs

You have to consider, but the workplace you do not want to do creative thinking, creative ideas are weak, so you are weak in satisfying your customers.

In other words, the ability to provide customer satisfaction is weak.


2. Market Area

Organize your business region, to what extent do you aim for Local, International, etc.? Types of Business and Market Area are directly related.

This means that the person who is going to open a small shop will be in your market area of your neighborhood. If you want to build a water treatment plant, you can think not only of your township but also of the whole country. As for the media business, you can think not only of your country but also of the international community.

After thinking about the market area, is your business a new market? Old market? You need to think about this.

If you are in a new market, you need to focus on your business. You need to make your product familiar to your customers, and in the old market, what percentage of the companies in the current market have the largest market share? You need to think about how much you can afford.

If you have to repurchase a share of that market, do you want others to take your market share? Or attract non-users who have never used it? These need to be considered.


3. Investments Types

Do you do it with the capital you have? Will you borrow from others to do what you want? You have to think about whether you want to collaborate with others. This also applies to the type of business.

If the business you are choosing is big and you have little capital, you have to choose between the two. Then you need to have a solid business plan.

Possibility Percentage needs to be calculated as close as possible. Another is Risk

You also need to set aside money for If you have 100 lakhs, you can not invest it all at once. A business can make a profit. If that happens then you need to be able to follow through.


4. Break Event Point

Break Even Point is the capital point. If you do your own Investment Types with your own money, you should consider the payoff factor even more if you do not consider the payback period too much.

(Those who work with their own money also have to consider the cost point). In that case, from others. If you take money from a bank, you need to think about how to get rid of it as soon as possible, as the rising interest rates are related to your profit and loss.

It is important to consider how much profit you can make in One Unit and how much you can earn in a year and how much you will pay back in a few years. (I left it out for fear that it would be too long because it was technical).

These are some basic things to look for when selecting yours.