Business itself is broad,so to make it simple,the researcher only focused on the challenges and the requirements needed in starting a business.She discussed the meaning of business and the forms of it.The researcher also emphasized that it is important to have a business plan in starting a business.She also stated some of the most important requirements in putting-up a business. The researcher also mentioned the most famous challenges that an owner of a business can face. This research helps to answer the questions of the reader and the researcher herself about business. The importance of this research is to know if a simple individual have it all to own a profitable business. The aim of this research is to further explain the essence of business and to know the different forms of business that will be applicable in the business. Also, its purpose is to give some ideas on how to start a business and it also emphasizes on the challenges to face and the requirements in starting a new business to ready the upcoming business owner. In doing this research, the researcher had a hard time finding some information’s in a book because its not a common topic to discuss in any book.But she manages to get some info’s needed in a book. So, to be able to make this possible,the researcher scanned every periodic that is related to business available in the school library. The author of this research also surfed the internet to get most of the needed facts and informations. She also looked in a dictionary for some help. I. What is Business??
There are many definitions of business but here are some of the most basic and important definitions that must be known before starting a new business…According to Ditablan and Abad(2009), “Business is a commercial or mercantile activity engaged in ,as a means of livelihood.” And also business has been defined by many as an organization of the people with varied skills to produce goods or services,which can be sold to others for more than their cost.
II. Types of Business Form
According to Ditablan and Abad (2009),there are three forms of business organization and they are the sole proprietorship,partnership and corporation. They stated that, “The business is a sole or single proprietorship when only one person makes the investment;and if two or more persons agree to operate the business as co-owners under certain conditions,a partnership is formed; lastly,the more popular form of business organization today is the corporation where the stockholders are the ones who put in the capital.”
III. Requirements needed in a business
These days there are many people who want to start a business but the problem is there are many questions that are lingering in their minds like: How should I start?What should I do to make my business legal? These questions are answered by the admin of the website,Procedure:Putting up a Business in the Philippines,admin Webseite stated the step by step procedure in creating your very own business; He also said that, “In putting up your own business, you have two options,you either choose to get a franchise of an existing successful company or creating your own from scratch.And whatever the choice you make,the same procedure applies on its basic procedure.” Here are the basic step by step procedures in putting up a business,according to the author:
1)START BY DECIDING WHICH BUSINESS FROM IS APPLICABLE TO YOU There are three business forms; these are single proprietorship , partnership and corporation where as it will determine the kind of business you want to create.
2)GET THE BARANGAY CLEARANCE
In getting your barangay clearance mostly depends on the city or barangay where you will be operating your business. A simple photocopy of your DTI business name registration (for single proprietorship and partnership) or SEC registration (for corporation) is the sole requirement while some...