The term « Human Resource » was first coined by John R. Commons in his novel ‘The Distribution of Wealth’. HR departments are relatively new as they began developing in the late 20th century. HR departments’ main goal is to maximize employee productivity and protecting the company from any issues that may arise in the future. Some of the most common activities conducted by those working in HR include increasing innovation and creativity within a company, applying new approaches to work projects, and efficient training and communication with employees. Businesses that don’t require a physical storefront, such as digital product sales or dropshipping, are generally the easiest and least expensive to launch since you don’t need inventory or overhead.

The list includes healthcare for seniors, products and services that promote sustainability, artificial intelligence (AI) consulting, digital marketing agencies, and products and services for pets. One thing all five have in common is their potential to generate profits quickly and consistently. A traditional business plan has a lot of details, including a summary of the company, how it plans to succeed, market information, management, products and services, marketing, and sales projections. « Going public » through a process known as an initial public offering (IPO) means that part of the business will be owned by members of the public. This requires the organization as a distinct entity, to disclose information to the public, and adhering to a tighter set of laws and procedures.

In the United States, these regulations are primarily implemented and enforced by the United States Securities and Exchange Commission (SEC). The regulations are implemented and enforced by the China Securities Regulation Commission (CSRC) in China. In Singapore, the regulatory authority is the Monetary Authority of Singapore (MAS), and in Hong Kong, it is the Securities and Futures Commission (SFC).

How to Start a Business (2025 Guide)

{Let your customers know that you value their feedback and are attuned to their needs. Expand your online presence and take every opportunity to listen to and respond to the insights your customers and potential customers share with you. The day that cookie entrepreneur Debbi Fields opened the first Mrs. Fields business forecasting process cookie store in Palo Alto in the late 1970s, she bet her husband that she could break $50 in sales before closing time. To avoid losing the bet, Fields took to the streets, handing out free samples.}