From the course: Become Your Own Boss
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What are the elements of a business?
From the course: Become Your Own Boss
What are the elements of a business?
- Now that we've talked about how to get your finances straight to start your business, now it's time to actually talk about the elements of a business. The first element of your business is legal. You have to incorporate a legal entity in order to be a business. The second thing you want to think about is accounting. You need to set up formal accounting processes for your business. In most cases, that's going to be someone setting up your accounting software. The third element of a business is management. So now, think about this. What are you managing in a business? You're managing people, your human capital, you're managing money, which is actual capital, and you're also managing your brand. Very important, and each one of these things is going to require specific skills and training, and you've got to focus on them, because they are the core, or what I call the heartbeat of your business. But the last element of…
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