In the enterprise lecture this week we looked at finances and the different types of expenses that an entrepreneur can face whilst starting up his or her business. Something I found interesting form the lecture was learning about credit score and how it benefit you in the future and even whilst your building it.
If you don’t know what credit score is, it is a number between 300-850 that decides if a consumers is worthy of getting creditworthiness ( this is the extent to which someone or a company is seen suitable to get financial credit, this is often based on the reliability of the person or the company pay money back in the past). The higher your Credit Score, the better a lender would trust you with their money as they have the confidence of you giving them the money back. Credit score is based on a credit history which is built up by number of open accounts, the total levels of debt, repayment history and a bunch of other factors. Lenders use credit scores to evaluate the probability that an individual will repay loans in a certain amount of time.
Partt of this weeks lecture was to watch ‘Starting up a Business made Simple’ below are some of the steps that recommended during the video
- Research – one of the main thing that the video kept on coming back to was research and researching into what people had done wrong in the past when they started up their own business. Personally think this was an interesting ideas as no one would think to research into mistakes however, it can help make sure you don’t make the same mistakes.
- Looking for a business and registering it – Before you register your business you may want to check out government website to see if the business name is taken or not and if it is taken your going to have to have to think of a new name.
- Researching business niche – this is when you look at possible competitors and how they are getting their customers through the producing they are selling or even the way they advertise to attract customers. If the competitors business is succeeding it shows that whatever they’re doing, they are doing right.
- Social Media – setting up a social media account for your business is key so you can promote your services and the products that you’re selling even if you’ve just started your business
- Primary Research – Looking for your audiences wants, what they need and what they like. You can send out surveys to get them to help improve your business.
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