Entrepreneurs: Do your market research and keep all business records

To all budding entrepeneurs: Have a particular kind of business in mind? Determine if it can be profitable, something that the people need, and something that you can handle.

So, aside from deciding on what kind of business to start, you should understand how you can actually run the business. All the “what’s and how’s” that you may have in mind should be answered prior to opening your business.

Now, even if you just paid less than a thousand pesos for something, it is important that you jot everything down in your record book so that it will be easier for you to reconcile all your business’ finances.

Some entrepreneurs fail to keep receipts and vouchers that they sometimes end up having a headache because they no longer remember where their money went.

Therefore, entrepreneurs should ALWAYS keep all records up-to-date, because it will be beneficial when you are making vital decisions to keep your business running.

Source: https://news.abs-cbn.com/business/01/02/21/business-mentor-start-the-year-right-with-a-growth-mindset

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