ENTREPRENEURSHIP

Detailed explanation-1: -Expenses are the costs a business incurs from its core operations, while revenue is the money it earns from selling products and services before paying expenses. Once you pay expenses, you get net income or profit, which equals the total revenues minus the total expenses from a given accounting period.

Detailed explanation-2: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.

Detailed explanation-3: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.

Detailed explanation-4: -Independence and flexibility You’ll have more freedom and independence working for yourself, so won’t be tied to the typical 9-5, Monday-Friday working week. Being your own boss means you can work when you work best – whether that’s 12pm or 12am – which should result in you being far more productive.