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Acquiring Financial And Material Resources: Paisa Sab Kuch Hai Bhi Aur Nahi Bhi

Acquiring Financial And Material Resources: Paisa Sab Kuch Hai Bhi Aur Nahi Bhi

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acquiring financial and material resources

Any entrepreneur would know that How important it is to acquire financial and material resources? Like every building or house has a foundation on which it is based, every business is also based on a similar foundation that accounts for acquiring financial and material resources.

1. As a car runs on fuel, acquiring financial and material resources is essential to run and earn profits. No business can operate without proper financial and material resources.

business resources

2. Financial Resources: The means through which any business acquire the funds to finance their investments, capital and current activities.

  1. A business acquires the financial resources or funds from three general sources:
  • Financial Institutions (Banks, Credit Unions, Brokerage Firms)
  • Capital Markets
  • Owner’s Equity or Capital

4. In today’s time, many new budding entrepreneurs are trying to take their startups off the ground. It becomes critical for them to be able to easily acquire funding for their startup. They might ask for funding from their friends or family, which could also act as a source of financial resources.

startups

via bw

5. Also known as Physical Resources, Material Resources also play a pivotal role in the smooth running of a business.

6. Material Resources can turn out to be the costliest for many entrepreneurs! These resources include a proper working space, a working telephone line, adequate information systems and effective marketing material.

Corporate Office

via myhqdigest

7. Material Resources can vary depending on different ventures. A manufacturing enterprise will need raw materials and parts to be purchased. However, a web-based business will only need office space and equipment.

corporate office

via pcmag

8. Material Resources can be consumable or fixed. Consumable goods such as paper, oil, gas, phone service are used in the processing/running of a business.

9. Some Physical Resources are Fixed. Fixed Resources last a long time, but their value depreciates over time. For example, buildings, trucks, machinery, and office equipment.

Fixed Resources

via marcoab

10. Proper planning and resource management are very essential for any business to last. Thus, along with effectively and efficiently acquiring financial and material resources, their maintenance is also crucial.

planning

via atg

If you go to war without arms and ammunition, you are doomed to lose. Similarly, no business can survive without acquiring financial and material resources!

Blog Edited By Ritika Gupta

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