3 important things you need to consider before running a business, says Seng Takakneary, CEO of SentoSaSilk
Starting a business is not an easy thing to do, so if you are determined to get into the field, you have to be fully prepared. The following are the three key points shared by Seng Takakneary, CEO of SentoSaSilk, a Cambodian silk production company, that you should understand before deciding to run your own business.
The first important thing you have to have is a business plan; we need to know the story and structure of the business and the type of business we want to open. What kind of business it is? We need to know how the organization of a standard company differ from a small family-size company. Also, you must be prepared to have sufficient finance or capital for the operation in the first, third, and fifth year.
The second important thing is determination. Of course, personal commitment is very essential when running a business. She also added that the issue of legal document comes after, the most important thing for each individual is to determination. How much we want our business to grow? In the first year, how much do we want it to grow? How about the year after? What else should we do to improve our business?
The third most important thing is financial management. We have to know how to manage our sales or expenses, controls the costs, purchases and administration costs in order to know whether or not we can fully manage them. This is an important thing to consider because in running a business it is very high in terms of the rent, taxes, and other business-related documents, so it requires us to study and find out legal document as much as possible. These are all elements we need to know.
By: Tan Somphors