Financial Planning of Entrepreneurs

labibasultana (63)Steemian BD|Club100in Steem Entrepreneurs • 5 days ago

Financial Planning of Entrepreneurs

Thursday

14 November 2024

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Hey, streemian, What's Up? I am @labibasultana From Dhaka, Bangladesh. Hope all are fine. I gone a participate in this Contest

Contest:-"Financial Planning of Entrepreneurs"

To become an entrepreneur, in my opinion, one has to make a very difficult decision. Because even if you are an entrepreneur, you have to withdraw from business because of human and indecisiveness. I've met many entrepreneurs who are enthusiastic at first but don't last. The questions that I am going to answer today are given below with answers based on my knowledge and opinion:

1. How does financial planning ensure the long-term sustainability of a business?

Long-term planning helps to make the business viable in the long term. Planning must be pre-planning. There are some guidelines in planning such as :

Budgeting: Budgeting is done by thinking about certain aspects such as how much money you will start the business on a large scale or a small scale.
Capital: Business planning is mainly based on capital. Even if the capital is low, it can be good for your business if used properly.
Expenditure: In terms of spending, you should calculate the amount of things that are necessary for you. Let's take my friend's new business as an example. There were so many things he thought he would need but instead, it turned out he had more leftovers that would add to his waste sector.
Be careful in selecting employees. Find out your mistakes in business and correct them.

2. What is the role of savings in dealing with unexpected expenses?

By unexpected expenses, we mean any sudden need for money. Suppose your business loses for some reason, your savings play a very important role. Unexpected costs are unexpected costs that we do not understand beforehand. That is, about which you have no idea and do not have a plan, suppose you have an accident, you may have unexpected expenses or you do not have any pre-planned. As a result, your budget can be damaged, and the role of savings is immense in handling the preparation.

3. What kind of financial management strategies should entrepreneurs apply to avoid financial crisis?

What kind of management strategy should be applied by the entrepreneur to avoid a financial crisis is discussed below:

First, you should save, which will help you avoid financial crises. A sustainability plan can be one strategy to overcome financial crises in your business. Sustainable planning is about preventing waste and investing wisely. Besides, you can take the benefit of insurance if you want, which is a ray of hope for you if you have a financial crisis.

4.Why is it important to determine startup capital for entrepreneurs?

Determining startup capital is very important for an entrepreneur. This capital serves as the foundation of the business. We know that when building a building, the stronger its foundation, the stronger the building. Similar to business, your capital is the startup capital; it acts as the foundation, and the more planned, the better the business can be started.

5. Share some of your own financial planning that is important to the business.

Here are some of my financial plans to share:
You don't have capital alone but you can start with a bank loan if you want. Or if you don't have cash, if you have land, you can sell it as capital. You can also start a business by working on them. However, before starting the business you should take out insurance which will help you in case of loss of your business. After that select workers for own business. Before doing business, you should know about the business risks so that the risks can be avoided. and choosing a specific time.

_{All photo click by my friend}

I have shared all my thoughts on this topic hope you like it. Thank You

I like to invited my streemer friend @sohanurrahman @razuahmed @valeriaaoropeza

C.c:-@mainuna

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#steemexclusive #bangladesh #club100 #planning #business

5 days ago in Steem Entrepreneurs by labibasultana (63)Steemian BD|Club100

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sailawana (77)modMOD ID|Club5050 4 days ago

Many thanks to the Steem Entrepreneurs community users who shared the original posts. We hope your contributions continue to inspire and strengthen the entrepreneurial spirit in our community.

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labibasultana (63)Steemian BD|Club100 4 days ago

Thank You Ma'am 😇

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steemcurator04 (54) 3 days ago

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labibasultana (63)Steemian BD|Club100 3 days ago

Thank you Sir 😇

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