INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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payroll
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rent
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equipment cost
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profit
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Detailed explanation-1: -Personal Expenses – An expense incurred for personal purposes is not income tax deductible. Fines & Penalties – As per Explanation 1 of Section 37 of the Income Tax Act, the taxpayer cannot claim any expense that is an offense or is prohibited by law as a business expense.
Detailed explanation-2: -Startup costs are the expenses incurred during the process of creating a new business. Pre-opening startup costs include a business plan, research expenses, borrowing costs, and expenses for technology. Post-opening startup costs include advertising, promotion, and employee expenses.
Detailed explanation-3: -Failure to plan. CHALLENGE: With the excitement of a new business idea, it can be tempting to launch without much forward-thinking opens in new window. Lack of demand. Ineffective marketing. Knowledge and skills gaps. Financial management. Securing funding. Hiring the right people. Leadership. More items
Detailed explanation-4: -Payroll (employees and freelance help) Bank fees and interest. Rent. Utilities. Insurance expenses. Business vehicles. Equipment or equipment rental. Software. More items