SEC-S20W1 | Business Ideas | Dev's Teaching Team

We are pleased to commence the first week of Steemit Engagement Challenge Season-20, but before I commence with the first chapter, our team would like to show our gratitude to Steemblog for providing us with this opportunity.

  
I will come to the topic straight away and give you a short description of what our team expects from the participants.

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About your interest in the business area

  

Question #1- Are you planning to start a business or already in business?

If you feel that you should enter into a business or you are already in a business, no matter the size of it, that will be a source of your income. Your business might be a one-man show or a larger one providing jobs to others.

If you have started your business or looking to start one you took the right decision because you are now your own boss and you are on the right track.

However, a business is not just a source of income but you should have interest and a passion to run it successfully. Do you think your business should be of your choice? You don't need to start a business of your choice, but you have to see what is available and what sells in your area.

Let's know

Let's start with the basics of business:

The term business refers to an organization or entrepreneurial entity that engages in commercial, industrial, or professional activities.

The purpose of business is to organize different types of economic activities, whether manufacturing goods or providing services.

Let me add that business fundamentals refer to the basic processes that typically occur during the operation of a business, whether you're selling vegetables on the sidewalk or setting up a big factory.

Keep in mind that dishonest practices can make you rich temporarily, but the businesses that flourish in the long term have certain fundamental values that help build a successful venture that yields long-term benefits.

Tell us, what is your chosen business? Or why do you want to join the business field? If your answer is that business can make you rich and famous quickly, tell us what your plans are and what business field you are planning to enter.

Are you ready to do some research? Give me your answer to what you think within 200-250 words.

Individual business or on a partnership basis

Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

A- An individual business is what you start on personal capital arrangements and your efforts. In this model of business, you incur all the profits and losses depending on your efforts and investment.

B- A partnership business has two or more parties form where partners may contribute capital, labor, skills, and experience to the business.

The most common type of partner is the general partner, who actively manages and controls business operations.

A partnership may also begin without any written contract where the partnership shares its profits or losses among its partners based on investment and efforts.

C- There are more business types, but we shall cover them on another occasion.

Pros and cons of individual or partnership

Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

A partnership with two or more persons has certain advantages and disadvantages. We'll provide you with a few points on the advantages and disadvantages of partnership business.
Shared Responsibilities

Divide workload and responsibilities based on their expertise, skills, and experience.
Shared Capital

Flexibility, as partnership firms are easy to set up and dissolve, and partners can easily make decisions on complicated issues.

Partners avail tax benefits on their income.

The disadvantages:
Each partner is responsible for the debts, which means if your business incurs losses, the partners have to settle the debts.

The partners are individually liable for the actions of the other partners.

Now you know the pros and cons of individual and partnership businesses,

Where do you see your business in the next five years from now and your plans in brief?

Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

  
This is all about your business ideas! Let's know how do you plan to expand your business and see your business in the next five years. You have to tell us all about your plans in about 200 words.

Every business is all about a continuous process of earning money by putting our efforts, time, and working capital into our business. However, the purpose of any business is to create more money by using our creativity and expertise.

Do you think you have enough expertise of your own or plan to hire the experts?

Based on the above-mentioned points, we would like each participant to analyze and give their opinion. The quality points are based on how you explain and answer these questions professionally.

  

Contest Rules

1. Posts must be published on your blog (not in any community), and you should submit your post link in the comment section under this post, please don't forget to resteem this post.

2. The title must be: "SEC-S20W1 | My Business Ideas | (Name your business idea)

3. The post must contain the required number of words as specified in the topics.

4. Your post must be free from plagiarism, artificial intelligence (AI), or plagiarism.

5. Use the main hashtag ##dtt-sc20w1 among the first 4 tags # steemexclusive # yourcountryname # club.

6. If using the hashtag #burnsteem25 make sure you give 25% of the reward to @null

7. Please mention your club status if any.

8. Invite 3 friends to participate in this contest.

9. Your post must be #steemexclusive.

10. Please interact with other users.

11. Please use images that you own or from free image-sharing websites like Pixabay, Unsplash, Pexels, etc., and mention their source.

12. Please share your post on as many social media sites as possible and share your link/s.

• Please share your post link in the comment section of this post

This contest starts on Monday, September 9th, 2024, and ends on September 15th, 2024 UTC Time Zone.

Prizes

Our team will pay 3 SP each to all five selected posts every week = 15 SP and recommend winning posts to SC01/02.

We shall select five users every week that might get a vote from SC01/SC02. Other Steem Curators might upvote based on the quality of your post.

We will check all posts thoroughly and rank them based on their quality.

Note: We will choose the winners based on the quality of the post. A quality post is all about covering all points and staying on point within stipulated limits of words and proper context.

Please use proper markdown. Your involvement with other users in the contest will be a positive factor but not decisive. Make sure your comments add value and are not a repeat of what the poster has already said in their posts.

Special Note:

The post-report

Hello @

Thanks for sharing your post in "Dev's Teaching Team"

| Category |Remark|

| Steemexclusive | |☑️
| Club | | ☑️
| Free bots | | ☑️
| Plagiarism free ||☑️
| AI Free | |☑️

Here are the feedback and evaluation results:

Point 1. |/2

Point2. | /2

Point3. |/2

Point4. | /2

Quality | /2

Score/ |/10

Checked by @

@aviral123
@dove11