Bitcoin Forum

In starting a business, alot of factors need to be looked into for one to have a smooth and successful running business. Below are part of the areas one could focus on to help ensure your business stays afloat beyond its first year and continues to succeed:

👉👉Being afraid to fail
Failure is a key to your success, and jumping into your fear is very positive for your future business. How you pick up after failure and learn from your mistakes is the key to great success.
https://bitcointalk.org/index.php?topic=5412780.msg60900070#msg60900070
Check out this my past article above to learn from how your failure could have great impart in your success.

👉👉Not making a business plan
Too many businesses start without a basic plan, and if you fail to plan, you are essentially planning to fail. A startup should map out a business plan, even if it is just one page. It should include how much it costs to operate, how much they anticipate selling, who would buy your product and why. Great plan on how your  business will be operated could help to achieve a significant success.

👉👉Trying to do everything yourself
No matter how strong and knowledgeable you are, you can't do it all. “A big mistake entrepreneurs make is thinking they are all alone, and they try to operate independently without surrounding themselves with wise counsel. Don’t try to run a new business by yourself. Find and onboard trustworthy seasoned advisors who has good knowledge about the business to discuss your business ideas, strategy, challenges and progress with.

👉👉Hiring too soon
In some businesses, part-time employees may be money saving compare to a full-time employees. It is very easy to run a small business with part-timers, subcontractors and the services of other professionals.”

👉👉Giving yourself the wrong salary
Paying yourself too little or too much [is a mistake]. It’s often easier to determine the salary for a new hire than determining an owner or partner’s pay. Consider paying yourself a percentage of revenue. Whatever you choose, may figuring out your pay and that of your partners.

👉👉Wasting money
Handling money incorrectly and being irresponsible with cash flow is a death sentence for startups with limited access to capital. Making the mistake of hiring too many people instead of the right people and spending money to fill the top of the funnel without having a well-defined process to manage the bottom of the funnel. Putting good money to bad use and trying to be everything to everyone instead of being niche-focused is a surefire way to waste valuable time and money, which are the lifeblood to any startup

👉👉Expanding too quickly
When you start to see success, it can be easy to assume that growth will continue and the best way to make the most out of it is to simply copy and paste your working formula. However, it doesn't work effectively that way especially when you expand such business. Additive formula for operative may be needed for success. It is better to take things slowly and move steadily when trying to expand in ones business and never act on a spur of good results.

👉👉Not implementing a proper bookkeeping process
Many startup founders begin without a bookkeeping process in place. Great bookkeeping habits help you make smarter business decisions, spot opportunities early on, and head off problems before they become unmanageable. Understanding your financials helps to keep a pulse on your business’s financial health. Good bookkeeping practices also ensure you’re on top of issues like tax and insurance payments that can get great businesses into trouble.

👉👉Hiring the wrong people
Different skill sets and backgrounds are needed for the different positions you’ll want to fill. When you get started, make sure you have hardworking, all-around generalists who can do everything you need them to do. When you begin to grow, look at hiring those who are specialized for the roles that need a specialist. Don’t hire a generalist when you need someone who is specialized, and don’t hire a specialist when you could hire a generalist to do it

👉👉Underestimating the demands of business
Starting a business may be time consuming, stressful and demanding.  Bloggers most times may make people think optimistically; this is because the information often provided by them does not highlight the hardships of starting a business, but it glorifies the end, which is a thriving business. Because of this, people think that a startup is easy and fun, when in reality, it is quite the opposite.

CONCLUSION
A successful startup is not built by one person alone, so surround yourself with subject matter experts and mentors you can lean on and learn from. Don’t be afraid of failure; instead, learn from your mistakes and pivot your business model as needed. Test new ideas and acquire feedback so you can tweak your product to better meet customers’ needs

https://www.businessnewsdaily.com/7398-startup-mistakes-to-avoid.html

Everything you have written here are all good for someone who's starting a business to emulate. There's only one thing I would like to add to all you have listed above. Something I learnt from my lecturer in the university. He said when starting a business that we should be careful not to spend too much money on things we can get for free. In his word he said don't borrow what you can beg, and don't buy what you can borrow. This helped me when I was starting my business.

In addition to this, I will also add from one financial course I just finished which is to ensure as much as possible to keep cost low and not allow people owe for long because the longer they owe, the more the business is being starved of cash which is the life of the business. To do this, we have to ensure the time we keep for paying our creditors such as suppliers should be longer than the time we expect our invoices to be paid. But this must be done carefully in such a way that it does not ruin the reputation of the business.

Be cautious with whom you discuss and share business ideas and strategies with, especially when it is a unique one, because you may be giving someone an idea for a business to start, and if they have the resources to start such a business, they may go ahead and do so without your permission, and there will be nothing you can do about it because you have no proof.

To have a flourishing business, whenever you hire people to assist you, always make sure to give them a proper orientation so that they understand the goal of your business and work with it. When employing individuals for some roles, look beyond paper qualifications. Consider resourcefulness and willingness to put in their best.

Number one and two are very important to take note of. Being afraid to fail is the reason why some people don't move forward and  get things done. The more you doubt yourself you would never be able to achieve or get something substantial from it .making a business plan should be the first thing you do before starting out the business itself, in that plan it should contain the required capital  needed and a budget of how you are going to utilise the funds you have do you don't end up broke. Life is all about planning and preparation

10 points for starting a successful business. Hmm, very good! I completely agree with the points you made, but they're not always easy to implement and consistently produce results. However, what's difficult to beat are business competitors, especially if they already have a strong brand.
And one additional point from me is location. Finding a strategic location to market our products is a must, and utilizing cyberspace, as businesses have now evolved to online systems.

Having this means that you don't want to do business. That's why many stays in employment and that's still just fine for them. And from the very start, you're not going to start any business at all because what sets your mind automatically is you're going to fail so, it's not actually a mistake but it's a human nature that gives us that fear to do business and so, if someone thinks that he's going to fail if he starts a business. That's because of fear and I think many businessmen were able to overcome this and with the little fear that remains there, it will make you see what you think of yourself. So, take the risk, and let it go and just do your business.

You mentioned almost every mistake that is commonly made when starting a business, OP. In this case, there is no possibility of making new mistakes, but there are some common mistakes, one of which is that if the owner takes over important positions in the business with incompetent people, then the business can never be well established. When establishing a business, if important positions in the office are held by incompetent people, that business will never be able to earn good profits.

You did not add (1) not researching about modernized opportunities in a new line of business can cause the business to struggle; if other businesses are using modernized tools to enhance the efficiency of their business in terms of making huge sales and gaining more customers, the other business will be struggling because they have not adopted the new method. (2) Taking a wrong loan type can cause the business to collapse. There are different types of loans, and there are some loan types that you must not take to start a new business; an example is a working capital loan, which is meant for already existing businesses. (3) Not doing a survey before starting. A survey helps identify what customers would need and explains what they already have and what they are looking to get. The list is long.

 1, Success won’t come overnight
It takes years to build successful companies. You must invest all required hard work and perseverance
 2 Over spending
Starting a business doesn’t have to require a large investment, but some new business owners feel that they need to spend a lot to purchase the best of everything from marketing help to equipment,
 3 Focusing on too many things at once
The easiest way to lose focus is to do too many different things at the same time, especially as an SME.
 4 Not delegating tasks
Many small business owners feel the need to take care of everything themselves. Remember, there’s a reason why companies hire employees: they have a job to do.
  5 Not defining your market
An entrepreneur might think a particular product or service is the best idea. But without knowing the target audience and which other companies are also focusing on them, it will be significantly harder to sell the idea.

Very well detailed article everyone willing to start their own business should read.
I have seen many business fail in last few years just because they expanded too quickly. Expansion comes at a cost and when the cost is paid through debt, you are in a high risk if somehow your business doesn't do well as expected, either through some unexpected events like an epidemic or general economic downturn.
There's another I could add with my experience, don't depend on just one business to operate yours. There are several business that takes or gives their product and service to just one large business, it might go okay till the big business stays afloat but if by any chance it closes, you are in deep trouble.
I had some construction supply business around my locality and they took almost everything from a large factory. Everything was good for most of the time but due to some issues, the factory was forced shut. Everything on such sectors are done on credit and on liquidation, the court demanded money the small business own to the factory but as they hadn't sold it yet, they were unable to pay which led them to be blacklisted and their assets liquidated too.

That's why OP mentioned the point about hiring wrong people. People will be most important here when started a new business. If we have the right skilled people, we can scale the business if not, we will just end up paying them salaries for the work they can never fulfil. That's why the hiring process should be quite strict and we should avoid hiring people we know at the initial stage because it will be quite difficult to convince them to dedicate themselves as they will be taking it much lightly.

Moreover, hiring someone just because they are ready to work for cheaper wages is not what one should be looking for. If we really want the business to run well, we should not really care about paying more salaries as the quality wok delivered by the team will lead to success.

You should add never give up to the lists so you still try no matter how hard it is. Starting a business is not easy, you will face many challenges. But if you have big effort to work, you will have a chance to grow your business.

No need to be afraid with competitor because you have your own business. You should work hard and smart and always satisfy your customers. Make your business unique so your customers will remember and visit you again.

But never give up is a positive trait, while the ones that the OP is listing there are full of negatives. And even though it is not listed, one should know know this automatically.

Yes. Usually the start is the hardest part but some can also feel excited about it and then it was the middle or the latter stages is now the ones that is hard. Big effort is not optional but necessary and then it doesn't only gives us a chance but we can have more guarantees there.

It is also normal to be intimidated about them, especially if they are huge already but yeah, that shouldn't discouraged us. We need to focus on our own eventually, to perform better.

Everything you mentioned is true but I would like to add one more thing to the list, starting a business can be very challenging especially when they economy isn't doing well, so within the first few months don't expect to get back your capital...if you lack patience you might give up easily without making profit from it...i know lots of people that started a business and they gave up along the line because they were impatient

I see so many businesses in my area selling the same thing. A close observation shows that many of them don't survive after two years. The problem is that there are too many businesses offering the same services or selling the same products. My suggestion is that entrepreneurs should do a feasibility study of an area before investing. People seem to start businesses because they think their neighbours are making money. I think business owners should be creative and innovative so that they can offer unique goods or services to people in an area. When there is a cluster of firms offering similar services, there is stiff competition, which might lead to low sales and losses.

Business is built on skills and may not be as easy as imagined, as the process of achieving success in business also takes a relatively long time. No entrepreneur can achieve instant success because there are many challenges to face, and we may also experience some problems such as bankruptcy or a business that doesn't grow.
That's why I say that running a business is not easy, as it requires the best skills to manage it.
But most importantly, every entrepreneur must be able to evaluate each failure so they don't give up and can continue using a different approach.

I agree with the points you've shared, and perhaps they just need to be implemented correctly for a business to thrive. Failing means getting back up, and never giving up until your business is successful, as no businessman has succeeded without experiencing failure.

Not touching your profit for the beginning period is what also keeps business running, a good turnout for several times give your business a balance. One major aspect of business is environment, if your business services is around a targeted population and you meet the need of that area, your business will boom, that's why you need to do your feasibility study to know the basic needs of your customers and how best you can meet their need.

Business is basically based on skills. And to be successful in business, you have to go through a long-term process. Because it is not possible to achieve success in business immediately. In addition, there are some challenges in business. There are many who start a business just by looking at others or seeing the success of others without any plan or skills. And when someone starts a business without skills, patience and planning, he fails, loses money or gets impatient and gives up.

Starting a business takes way more than just money. You need right people who has right skills and can be dedicated to the project. A single man can never run the entire operations. There will be quite a lot challenged when it comes to starting a business. A good business plan in place can definitely help the business scale but we have to adhere to the business plan and also be prepared for the downsides. At the initial stage, the business will be capital extensive. It will need a lot of capital before even we can start the operations. One should be ready to invest capital as well as invest in human resources.

I have seen a lot of businesses fail not because they were lacking capital but because they decided to run the business in loss for a meanwhile thinking eventually they will be able to run into profits but at one time they ran out of money and had to start selling their assets just so they can pay their employees. This happened because of a poor business plan and a series of bad decisions.

It is very misguided for someone to start a business just by looking at others and feeling motivated by them. The most important thing in building your own business is experience. You can start a business without experience, but you must have a mentor who consistently guides and directs you in running it.
Patience is the key to success in building a business, but it must always be accompanied by the ability to spot opportunities and read market competition. In addition, what must always be maintained in business is good relationships with everyone.

I must commend you for these tips that you have shared with us concerning starting up a business and running it successful. Starting a business is not the ultimate when it comes to business. What is the most important factor to consider when starting a business is management of the business. For your business to stand the test of time then you must employ a good management system because, you can't remove the place of management in business with anything else.



Having a good book keeping skill is one thing that every business owner should endeavor to have and maintain if they wants to see their business grow and stand. Every money going out and coming in should be documented in the record book. This is important because it will help the business owner to know how the money is been spent and what the money is been used for. Every business should have a record book.

It’s true that society often gives a more advantage to those individuals who born in rich families. The individuals who born in rich families have better education, have strong network and have financial support so its easy to avail high level opportunities and easily get the jobs and fame and easily able to stand their own business because of factors that mentioned before. On the other hand if a individual born in poor family then its more difficult for him to get high opportunities and secure job for him because he don't have high network and financial support so if he want success then he need a lot of hard work to secure a job and avail opportunities  because he start with start and step by step reach to success on the other end for a rich individual its easier to avail success than poor individual.

Experience is definitely important, there are no people who started a business with zero experience on their own field, and then got great. Don't get me wrong, you could start a spaceship company without ever knowing about spaceships, but you can know leadership and business management, or you can start the best social media company but know coding.

So you have to have experience at something, and doesn't mean you can't be young, you can be young and good at what you do and you can still do it. Most of the time this works a lot more for shops, not online jobs, if you have a shop and you worked at a shop similar before and you saw some missing piece then you can do better. We had a company with my wife, well my entire family, and it didn't work, but I learned so if I do it again, I would do better, that is experience.

Not everyone have the opportunity to beg for money in business and for those who have good friends and relatives,  this has been very helpful to them in their business,  instead to go borrow money thar comes with so much interest they collect from people and after sometime they pay up the money.  I agree with you on this, if anyone can getting opportunity to beg for money in their business,  especially for someone who knows what they are doing.

It wasn't really about money I was talking about, I was talking about material things that will help you operate your business smoothly. Let's say you needed a refrigerator or a generator set for your business, you don't go and buy a new one when you have a friend or relative that have the one you can get freely by just asking. That money you would have used to buy a new one can be channel into getting more goods for your business. Sometimes getting these materials things from friends and relatives are more easier than getting cash from them.

Yes, you are right business depends on strong skills and patience. Many people starts business without having accurate knowledge about it and have not solid skills and lake the idea of strategies of business and except the imidiate profit and success but in reality business works with patterns and has cycle so its take time to run a business and some time we faces lose in business so we should mentally prepare about loss and slow success and have patience. A successful business requires planning, strategy, and the ability to handle challenges that will comes with high skills and have the ability to handle challenges. so the learning point is that if we want success in business we should have skills and patience.

Never expect instant profits, and never assume those profits that are still not on your hands yet, that's what I learned from my past experience being a businessman. Know that any business is a total risk, and you can't guarantee that it will immediately boom and bring profits. Instead, just enjoy your business and take the process no matter how it looks a loss when you are still at the beginning. Eventually, people will start to recognize your business and slowly making small but consistent profits, until it increases day by day, and that marks that your business is already working.

Good points, and yes, they're all accurate. Another mistake is not starting a business just because you see others succeed, as this can lead to underpreparedness. These people often only see the positive side of success, when behind it lies the struggle of failure. Those who aren't prepared for failure will be shocked and confused about how to handle it. However, those who have considered this before starting a business can overcome it and develop solutions, allowing them to face it more calmly.
This first point, in my opinion, is the one most commonly felt by anyone who wants to start a business. Sometimes they're already afraid before jumping in, making them reluctant to move forward, even though failure is perfectly normal.

Skills and opportunities, this combination will make us successful in business. I agree with you when starting a business don't just look at other people's success but rather look holistically. Their success certainly didn't come instantly they achieved it through tenacity and strong determination and of course they also went through the ups and downs of business.

So we need to realize that running a business isn't easy, but we have to try to know the results. It's possible that successful people have gone through ups and downs more than ten times. It's certainly painful but the results they achieve are better than those who don't try.

Furthermore we must also realize that we can't stop the changing times, but we have the ability to adapt to them. Because challenges and change will always be encountered depending on how you respond and deal with them.

Starting a business is very difficult to achieve and maintaining also is another challenge that we must ensure we put things in place for the sustainable growth of what we do, we have a number of businesses that started well but fade along the line and could not afford to exist any longer, because of some internal errors from those operating it, it takes a sound and determined person to run a business successfully to growth level.

Every business venture will have its own risks, but the difference lies in the level of risk. I agree with you that you should never expect instant profits, because if you don't get them, you'll become frustrated and ultimately become pessimistic about your endeavors.

Even people who start their first business start by burning money, meaning they spend more money on promotions and other things. They don't even realize a profit, but they have a clear budget plan and take risks. I myself once opened a small business, and in the beginning, I spent money before I even started.

From everything you listed here is very correct, there's no business that has lasted for some period of time without proper planning. You can't wake up one morning and just decides to go into any business, you've to know what's your niche and also have pre knowledge or possibly have a proper training about it. It's also good to seek guidance from people who has been there before you, their mistakes and how they scaled through, that way it makes things easier.

An entrepreneur is a risk taker which is very true,  but it should be a calculated risk. For a new business you've to gather every information you need so you don't loose money all the time. And another thing is the location of your business,  once you've decided the line of business the next thing is to look for a good space or location for that depending on what you're into.

A young man opened a barbing salon in my street, a place where you rarely see young guys,  just families with their little ones and most of the people around are females who are students, and you can literally see him stay there all day without any customers coming in and I remember telling my sis that he just wasted money renting that shop because the site for the business was a mistake plus no power supply, I recently passed there and noticed he has moved out and the shop is up for rent as well. So choosing the site or location for your business very important.

You've really outlined some important points here which is worth noting, however I feel there is a very important point missing and that is Not going for business training/Apprenticeship.

To operate a successful business you need some level of initial training on the business rudiments and this isn't just about attending theoretical trainings but learning under someone who is already made in the business right on the job in either a free or paid internship even if you're the one to pay to be accommodated, get to experience the business proper and immerse yourself into the process by asking questions and being very observant.

It is important to serve a master for at least 6 months before you can go start your own and still reference to your master for consultations in the event you kick off full operations. Starting a business without training is taking a faulty car on a long journey

I see it a little differently I think that just being patient and not expecting profits is not enough people need to be mentally prepared for an uncertain time at the beginning. Because when you start a business you are not only investing money but also your time, energy and personal responsibility. So it is natural to be disappointed if there is no profit. Not everyone can handle that pressure, In my opinion business survives not only on patience but on the ability to make the right changes at the right time. So just as it is necessary to reduce the expectation of profits, it is also not right to wait blindly.

As you said, a lot of factors need to be considered... With that said, you listed just a "few" of them, and all of them are some basic business advice, but where are the other important things, like balancing all that with your life, or doing that with a low budget?

Every business is unique in some way... therefore, it's hard to find a "universal" guide because there are factors that are different for all of us. But your first advice is smart and connected with everything we do:


We make mistakes, we fail here & there, but we learn from all that... and they teach us how to stand up after we fall. That's an important thing, sometimes it's hard to make it from one or two tries... eh, some fail a lot of times before they find what really works for them.

You have said it all OP, because to me me it's said that in a business you must be strong minded don't n't let the fact that customers are always right  lead your business down the drain, it's easy to say that we learn every day especially from our mistakes. Most times, you don't even have to make a mistake before you learn your lesson. That's why as a businessman or woman you must be sharp ,your mindset must be focused on financial productivity, planning, and new ideas for your business.furthermore  in a business you must have customers but do not let your customers become too close to you to the extent they can buy things for credit and not pay for over a year. And out of the fact that you are friends you would be scared to ask for your money no that's indeed a wrong mindset. That's just it: Before you start a business to me, you must be prepared for every step you take is a step to your financial success......

Good points, expanding on the the point you made about not employing the wrong people, this is actually very important because I've witnessed first hand how an empire build by someone crumbled because the business owner employed people based on sentiments and by that I mean, he didn't focus more on the growth of the business, proper scrutiny was conducted because he thought there was no need because he knew them closely. Skills, competence and professionalism are the top requirements

There should be two types of plans in a business plan. One is to increase the scope of the business and increase the value. The other is to control the risk or avoid losses.

To increase the scope of the business, you should always rely on creativity and think about the benefits of the buyer. Never take full advantage of the profit and leave it entirely in the business. Take 3/4 of it and invest 1/2 in the business.

To avoid losses, stop lending to buyers or try to reduce it as much as possible. Because the main loss of the business comes from here. Always try to reduce expenses as much as possible.

Being afraid to fail is actually normal, most especially if you are new to that kind of business. However, instead of seeing it as a negative outlook, why not use it as a motivation to keep thriving in your business so that there'll be no place for failure. Although I have to admit that all kinds of business are prone to failure, but that is if you never make the best to make your business works and clicks in the market.

Its normal to have that kind of feeling, but its not normal for any business owner to assume failure first even if he hasn't started working on his business.

And the list goes on. I'd like to add something that's been easily misunderstood or a misconception about building a business versus quitting your job, because the office is stressful and you need to deal with a lot to meet the schedules and stuff like that. Little did they know that the reality is, business demands more stress and time to meet everything you need to keep your business afloat. It's only the beginning that you seem to be enjoying it, but as days, weeks, and months pass by, you will eventually experience the slowest season ever, and it is inevitable to think about quitting. I think this is the most basic or the first mistake about a person who's new to business.
Consistency is the key, as always, if we want to achieve our goals and be successful in that field.

The harsh reality is that 90% of business startups fail (https://www.linkedin.com/pulse/statistics-startup-failure-rates-2025-altaf-rahman--orn1c#:~:text=Statistics on Startup Failure Rates (2025) (What's,every industry.) on the first few years. But this phase is crucial when running a business, because it's the best opportunity to learn what mistakes you did and what you can change/improve in the future. In my opinion, first-hand experiences give the best life lessons. Not everyone is suited to be a businessman, and this mindset (taking failures as a necessary learning experience) is what separates the successful ones.

Competitors are your best motivation. See it as more of a healthy competition because it keeps you keep moving forward and stay goal-oriented. Otherwise, if there is no competition, running a business might be quite boring. You will have no reason to develop your business well and create growth, simply because there's no comparison around that keeps you pushing your business to lead in the market. But we all know in all types of business, there is inevitable competition, so one must work hard to make his business thrive.

You know in a business where there is little or no competitors there is always a sign of unserousness, where by the seller will not be stable in his or her business place. but when you have competitors here and there you wouldn't want your shop to be lock for just a minute or hours because you have discovered that buyers now have other alternative. When there's no competitors sellers usually have pride as they will be selecting customers they will attend to and the ones they are not going to attend to, of course that's how most sellers do more especially when they don't have competitors. So in every business it is good to have competitors so that customers will not be left with one option.

For business opening a lot of things is supposed to be involved especially going for environmentals survey and also going for market survey these two things are the things that is determine your success in business so I believe that if you have our time to check the method of business that we are about to establish and the check the environment Factor that come make the business to prosper and also Bridge the business so comparing both of them that will determine the goods and the bad or the business so my advice is that in anything you are doing make sure that you don't have found out or make a research of it very well before establish it so that by the end they will not blame anybody you know that even think goes wrong you are the one that cost it

Successful entrepreneurs are those who are accustomed to the business environment and possess the necessary skills to handle various challenges. New entrepreneurs often fail because they cannot keep up with the pace of business, not because of financial or structural problems.

Some new entrepreneurs believe they can accomplish everything with money, when in fact some simple tasks can be done without financial cost. This i call naivety that can kill the business at early stage. While others can make their business a success story even when facing real financial problems.

@OP those are great pointers, it sure help a person who plans to establish business for a first time.  In addition, I would like to add that Ignoring Customer Feedback is another mistake of a business owner.  Customers are the bread and butter of the business so we must be all ear on them.

Feedbacks also tells us what to improve, to remove and to adjust. It also gives customer satisfaction when they know that the business is willing to hear their suggestions.

Starting a new business is not that easy and after the start up it is not that easy to stand firm after failing just few years after the start up it's not that easy but you see those business men and women who rise up to carry on after failing so many times they are the real business people and they deserve to be successful because they have learnt how to fall stand again and get it better without nobody helping them.

But sometimes the problem is also found in minimal finances, usually beginners start a business with a lack of consideration so they don't think about the risks that occur and how to overcome them. Finance is a common problem, not even just when starting a business, it has indeed happened and is experienced by most people. Successful entrepreneurs were the same in my opinion before they experienced the process and behind it there must be sacrifices whether in terms of money or time or others. A business that is run without financial costs means utilizing the skills possessed in order to generate profits, but before that there must still be capital spent even though the amount is small.

All you mentioned is very much important when starting business mostly  on the area of trying to do everything yourself ,in most cases people think they have enough knowledge and  power to handling every busses without them carrying about the falling of the business that philosophy is very wrong,every business man and women should have the understand that is not all businesses one should do alone,for example if you're  in a supermarket business your power and energy alone cannot make this business active,you cannot be selling and still collecting money from customers and at the moment arranging the product by putting they where they supposed to be, such business will drastically fall.cause people will see such organization as a time killer especially in this our Nigeria your business rumors will full social media, business owner have to consider employment in this type of business and not doing it alone.

Of course, this requires preparation, and I actually implied this earlier by saying that it's about taking risks. When someone takes a risk, they've prepared everything, including time, mental fortitude, and so on. By preparing for all of this, they've also considered the worst-case scenario for the business they're building.

Here, we can't just consider the positive outcomes our business can bring, because that's our goal in building a business. However, we must also consider bankruptcy, which will allow us to prepare for the next steps when the worst-case scenario occurs.

Those who continue and still finding ways to learn more about how to take care of the business that they choose, they are the one mostly gained success in the long run, as they keep treating failures as learning process, though not all have same sentiment and potential outcome but there are who really engage and practice things in a different ways to find what would be fit and best adjustments that they need to do find the right path and earn that success.

You're totally correct, the only thing I want to say is that, as a new business starter, your environment matters alot, make sure your business location must be a busy Area or close to a market location, have more knowledge on the kind of business you want to establish, meet experts that will educate you more on the business, don't  borrow money to start a business, and create public awareness for people to know your business. 

OP has explained everything we need to know about starting a business, as well as tips on what to avoid when starting a business.
In my opinion, when building a business, there is no need to rush into starting it. It is better to analyze and research for a long time and start when all the analysis and planning have been thoroughly done.
If it is a physical business, such as opening a restaurant, then it is very important to review the right location that is visited by many hungry people. Usually, locations with many offices that have many employees are the most strategic locations. And adjust the prices to the income and salaries of the employees in the surrounding area.

Building a business can sometimes be difficult due to intense competition. And usually, those who can survive longer are the ones who will ultimately win. However, remain vigilant about the competition itself, because not everyone does business honestly. So, don't show any weaknesses to anyone, and stay focused on consistent quality.

If there is no competition in business there will be no development or transformation in that line of business, when a particular business is only run by one person in a particular area whatever so ever the seller said will be so because people don't have choice than to buy because their is no other place they buy it again secondly the person may not be attending to customer in a good manners because he knows they can resist because he or she is only person selling that such thing, but there will a seriousness when they are more than one person operating in that line of business.

You have explained so many things every entrepreneur needs to keep in mind when starting a business. It is not the fault of these people making mistakes that had crumble their businesses to the extent of draining their capital to nothing. Doing business need a lot of things in consideration which involves business location, kind of business, attraction of customers, location of customers, location of raw materials, transportation and so many things that need to be in place for business not to lack essential link to raw materials and customers.

Just like you I'm also thinking that if you be late to start a business then maybe you can miss opportunities. Though research and planning are definitely needed for doing a business but when you actually start your own business then everything becomes much clear for you especially the behavior of the local market, customer preferences and competitor strategies because these things can't be fully understood without research. And in the case of a physical business like a restaurant, it is better to choose a busy area but success is not guaranteed just by having a crowd of people with that we also need to make sure that the area is hygienic and the quality of the food is guaranteed. Actually I want to mean that it is not enough to just take care of the customer but also the quality of the product we want to do business is very important.

The more you learn about a field, the more ideas you'll have to get a little further ahead and faster than others. But the problem is, not everyone has a strong determination to achieve success, so some will ultimately fail.

As the saying goes, the process never betrays the results, and knowledge is one of the keys to avoiding missteps and getting closer to the right decision. Failure is inevitable, but true failure is when you stop and don't continue.

I didn't say that lack of finance isn't a problem. It's almost the main problem causing failire for the great majority of economic fabric. Wise entrepreneurs can overcome some of those issues relying on small loans from closed people or by building trust with suppliers and client base. Overall, there are no projects whatever how big they are, can succeed without a strong financial base, in addition to project management based skills.

Whether you should expand your business doesn't depend on the amount of time your business has been around, but it depends on the demand for what you are providing to the customers, and the overall demand of the business in areas where you want to take your business to. When you start a business, you are supposed to observe the behaviour of the customers and see how much demand your business has. If the demand is high, you can expand the business even if it's only been a few months since you started the business.

That being said, one can only expand a business once they have already reached the peak at the first location. What I mean is that your first priority should be to spend money to make your current branch better, increase your products, make the infrastructure better, and overall do everything that you think should be done to make the business stand out more. Once that is done, and if you see the demand is still pretty high, then you can go ahead and open more branches.

In the aspect of hiring wrong people, in a business is not easy to notice a qualify people to be hire that will do the work you wants perfectly, you will at most hire people and from the people you absorbed, they most be wrong ones, and you remove them and replace with others, what really matters in business is the financial backup and environment where the business will be situate...Paying yourself to have a weekly service as a profit in a business is good idea, but you need to know that the effort of business man most be of high stake than anybody else the business will collapse...the measures you have written is good but not all a business minded person will follow, a risk most be taken in a business for it to grow, they're some certain things you have to overlooked in business.

How about when karma takes place? Because you can not expect to owe your suppliers to tolerate your long term indebtedness while your customer can not owe you at same range of time because if you do, you are also ruining the other person's business down.

I understand keeping in debts is basically an understanding between customers or co business allies who operates on the strategies of favoritisms which is based on mutual alliance but yet, it is highily disapproval to consider personal relationship to your business.

The truth is that if everyone have is entitled to be in debt with your business, the business is usually likely to crash. So before giving a customer the privilege to owe you, then you should be convinced of their reliability to pay at a specific time that would not disrupt your rollover and profits as a business person.

Building a business is never been an easy thing in the first place. You would be needing up to consider tons of factors on which you will be needing to look up and not just that focusing on a single point, because at the time that you do neglect one of those things mentioned on OP then there would be that having no balance on which it will be resulting into none good outcome of the business on what you do wanted. Mistakes are common but the best thing is that once you do able to commit out some mistake then you do know on how to patch it up and learn from it and then move forward. Always set back up plans because not all plans will be that getting in line on what we wanted to be. There will be tons of things that will be blocking you along the way before you will be able to achieve such success.

We do know that business could give out that kind of financial freedom but its not something which is that easy to obtain up such goal but it doesnt mean that we will be that hesitant to try or test out. Its important always that you do know on the risks that you are that dealing with, so that you wont be ending up on expecting too much and be disappointed.

You have written a good one and I just have to appreciate it but there’s also one thing I believe which is the fact that, something might be difficult for the next person and be very easy for the other person and even same applies to people who use blueprints and this implies that there’s no specific manual to life

I was also curious to know if everyone who goes into a business has to fail to be able to be successful?
I have written some other writings where people think loss is inevitable and I just wonder if there have never been a successful case without failure ?

Every Business is done on the basics risk. business involves both profit and loss, It is important to understand these risks and move forward. Doing business yields profits over time. If you do business thinking that you will make a profit immediately, then you are mistaken. Therefore, instead of despairing, we should run our business with our mental capacity then one day we will make our business profitable. If we invest in any business with patience, hard work, and planning, it will take time to succeed but the results will be beneficial in future. Starting a business requires capital because money has to be spent on marketing and promoting the business. Positive decisions are always made through planning, only then does a person successful in life.

It is difficult to become a good businessman if one does not make mistakes. However, to be a good businessman, one must be extremely careful so that he can keep himself away from common mistakes. Mistakes can be made in business, but if awareness can be gained about some mistakes in advance, then that businessman can benefit comparatively better than others.

In business, one should remember that promotion is the key to growth, so a businessman should not be stingy in promoting. It is necessary to get a good idea in advance by doing market research about the business he is going to do. In the beginning, instead of thinking about saving money, one should give importance to the business. If a businessman does not make mistakes in these matters, then I think he can do well in business.

‎You need to carefully plan, do feasibility study, avoid rush decision, learn from mistakes and putting in  consistent effort when running a small business. It is very important to find possible ways of surrounding yourself with knowledgeable people and focus on improving process continuously,  because Strong habits and careful behaviors provide stability and boost the likelihood of long term progress.

True failure is when you fail and do not learn from it. You can't stop, and you can't just move on without checking back what was the issue, if you do these then you can be a lot better. Any person who trades, and then makes a mistake and loses money, stops for a moment, checks out what went wrong, and then learns from that mistake and not make it again will continue to be a great trader one day.

It is not that simple and sometimes it has some issues but at the end of the day learning is what makes us great and that is how we can improve our trading. Not everyone does that, they just think it was an error for once and move on quickly and make it again and again, that needs to be something that needs to change.

Research needs to be done to find possible ways in which a business can move into a stronger position. It is necessary to identify and learn from all the reasons why a business faces losses, and to ensure that the business does not fall into any of those reasons. You should regularly communicate with those who have successfully started businesses and follow their suggestions carefully.But the most important thing is that if you don't have a business idea, don't make a sudden, hasty decision to establish a business, as you may not be successful.

That's quite true. Most of the times these new business owners will face failures and will stop back and will even think of closing down. These are the business which exited the markets without making any profits. But ones who stand firm and learn from their mistakes are the ones making profits in the future. We need a lot of patience when it comes to business. Failure is inevitable as you said but we have to take this as an opportunity and learn from the mistakes so we do not follow the same mistake again.

I think failures is just an another learning opportunity for us and can be our best mentor. Only failure can teach us how to avoid failure again in future and start gaining profits by being consistent.

You're always one step ahead if you are more aware on how to make things work in business, rather than letting yourself to fall on mistakes first prior to learning. Mistakes are normal, but if we can make good preparations to avoid them, that would create a more positive outcome.

Promotion plays a vital role in business. In order to stay on the line with the market competition, you have to make constant promotion, especially if your business is new and not known to the crowd. But make sure that you are doing the right promotion, not just anything that can make your business known for the sake of creating sales from your clients or customers.

This only proves that there is no instant success and profitability when it comes to starting a business. Some may create maximum expenses at the beginning, and that's fine, because in the long run, that amount will be doubled or tripled as long as the business starts to work and flourish in the market. Hard work, patience and perseverance are essential, in order to establish a new and unrecognized business in order to thrive in the market.

Having a business has certainly its own risk, now if you are blind on how to manage and combat the risk, the success you always aim will just remain a dream and a goal.

In business, you have to understand that having negative thoughts will not be good in the long run. Do not forget that you started your business because you believe you have the potentials to make that business succeed, and that you believe on the type of investment you enter. Hence, being afraid to fail, though its human nature, is never a valid thought the moment you invest on your business. Instead, create more growth by making good promotions to attract the customers, not by entertaining negativity that could hindrance the success of your business.

That's my opinion, friend. Financial problems are a common issue that everyone experiences, and some can overcome them with loans, while others can't or are less effective at addressing them. Wise people certainly don't consider borrowing as the only option; they'll explore other options first, and only then, when they run out, consider borrowing. But I'm sure wise people have other options besides borrowing, as they've likely already considered this and come up with solutions.
Essentially, starting a business requires careful consideration, not just one factor, but all of them. When we decide to start a business, we're taking risks and assuming responsibility.

All you just listed here is correct ,  been successful in business requirements someone to master all this things  you mentioned  here if not the business will not flourish, and only thing I can contribute is environment while avoiding those mistakes it’s also good to look for good environment  where you do your business which is the right site , I see people like for an example in some area almost everyone is doing same business, I have seen people talked about competition, yeah it also motivates but doing what everyone else is doing is also a mistake and can ruined your business , if care is not taking , because you must alway look for a way to top up your game and strategies different options, so I would said right environment is good when starting a business .

OP, no offense but I don't think this is helpful advice. Because what you provide is basic business knowledge and it is not too difficult to find on the internet. Even people who have never started a business know these things.

If you want to give business advice, you need to be an entrepreneur first, running a business and the advice should be drawn from your own business career. It is really meaningful and helpful for those who are planning to start a business.

Yes you are right on that, the perfect teacher now is experience that is what we should put into consideration first. Am not of the opinion that the OP's ideas are wrong but as things are going so also we are experiencing changes from all aspects of life, before businesses are established without considering commodities that  could yield high turn over because the economy was stable and we have steady cash flow to all angles  but now  the economic structures has been distructed because of greed and other related factors which then makes citizens began practicing cost reduction and saving just to meet end needs, on that note, business establishments are done after identifying the commodities that may yield high turn over because the inflation may affect the price of stocks in the market which may lead to lost.

I've talked to several friends of mine that have the idea to start a business. I think they all share the same idea about hiring employees.

They think that owning a business is investing on it and then letting the employees run it. But they have it wrong, and that's why hiring too soon is a mistake that they have not anticipated.

And it leads to hiring the wrong people, employees that might steal your product and cheat you if you're not hands on with the business.

That's why make sure to be 100% involved in your own business rather than depending on your employees in beginning.

Experience can indeed be a very valuable lesson.

The OP's intention is for us to discuss this, and I see several of our friends also continuing to share their own experiences and advice so we can all learn together.

I once started a small business, and while I've minimized all the mistakes, as the OP stated, there are indeed many problems that arise without us predicting them. The most important thing is how we resolve these small problems so they don't have a major impact. Managing our emotions is quite important.

Good descriptions but I'd like to highlight about expanding too quickly. I think that as a businessman, if the momentum is there then there is nothing wrong about quick expansions. As they say, "strike while the iron is hot" and that's what these businessmen do when they're on that moment. For as long as their product is being in demand or the services that they offer, they have to cope up the demand of their own target market. Because if they slow down and the demand is there, a competitor is going to come out of nowhere to cater that.

Absolutely, put aside enough money to support yourself and your family for at least 3 years. You can even put it in your spouse’s bank account ;)
Because when business goes bad and you can’t send enough money home, it’s really demoralizing. One of the most important parts of being a good businessman is managing your budget.

Experience would be the best teacher on which this isnt that only talking about business but in all sorts of things on which that you are trying out to get involved with. You wouldnt be able to learn something new if you wont try, and just like been said by most people on here is that there's no guarantee on what your business outcome or result it would be, whether it would be a success or failure on which it will depending on several factors and thats why its important that you do set up back up plans. So that at the time that there are unfortunate things do happen then you are already that prepared for that one rather than on panicking and found yourself making up some huge mistakes into your investment decisions.

Its always important that you should be having that passion and seriousness once you do decide to dive in into business on which its something that you would be needing up to consider at the time you do made out such venture. Its not easy but once you do able to pass through challenges then it will be giving out that financial freedom that you are wanting for.

Businesses also need to be run based on knowledge. Sometimes people think that running a business can be done by learning as we go. This is a bad decision, because building a business isn't as easy as it seems, as we will face many challenges along the way. Preparing a thriving business doesn't happen overnight, as many things are needed to grow and develop a business. Some people think learning about promotions will increase sales, but relying on promotions alone isn't enough because we will face competitors in the same business.

The bottom line is, there are many things we need to learn so our businesses can grow over time. In my opinion, the most important thing isn't who succeeds the fastest in business, but how someone can persevere and continue striving for success. This will gain experience and enable us to survive in any business environment.

Working capital is what keeps the business alive. Even if they manage to borrow some amount from friends and family, they still will not be able to survive for a long time because they will always need huge working capital. Many times, we see that new ventures have to burn some money in order to get customers and they often believe that they can wind up still making profits if they maximize their customer base. This does not happen and this will soon turn their business into a misery if they do not have enough capital left for expenses.

Even banks or investors would not just blindly invest, they will check past records and also the PNL statement. If the company is making losses since the time they launched than it might demotivate the investors or they might either end up offering minimum amount for major portion of shares.

You can only put the money in your spouse's account when she is also a very disciplined person when it comes to finances because you know how ladies are with the issue of handling funds which do nor belong to them but their spouses or life partners. Who else noticed women are the best managers of their own finances but could be the worst manager's of their men's finances. Women have this weak attitude of not holding their spouse's finances tight as much as they will hold theirs or of someone else. I don't know if it is peculiar to women around here or it is a general issue. Although I won't say it applies to all women but I've tested several of them and it has proven right.

When was the last time we ever had the money needed for the next 3 years? I doubt I had it as cash. Most of the business runs on the debt so it is okay to take loan but there should be a complete plan for making the startup as successful with calculating all the potential risks involved. Running a new business is kind of risky when the market all over the world is not on the high so instead of business the investor seems to be a safe option because it save us from a lot of stress and we can just focus on something that can give us peace.

Sometimes there are still many people who indicate that loans are something negative even though this happens because most of us are borrowing to meet the standard of living that is carried out but it cannot be denied that there are still good loans especially when we are doing business.

It would be great if we don't get involved in debt when we can't afford it but when the business wants to try to be enlarged and our conditions don't allow it then it's not a problem for us to borrow with the purpose and progress that our business does it is very possible.
The important thing to realize from the start is how we do business and realize whether we have qualifications in business or not because I think this is an important thing that must be known from the start.

Whether you have a business or not, your family business should be exclusive in any plans you have. Don't involve your family expenses on business you are just starting out, this shouldn't be about family alone, any responsibility that is not that of the business should stay put. Before the business you were doing well and fine, continue to use the idea to fund your family expenses, if it's salary from work let it be and never change it unless you see the need to do it.

We put too much emphasis on bills that doesn't concern a set up. You see a business person that is try to put his business in a good place taking money from the business to finance their house responsibilities and they hope the business becomes expandable and bigger, lmao.

And also putting all budget in that business when you are unsure yet of the step that you're about to do, many businessmen think that it's going to work for most of them when it's not.
They need to test the waters before investing all the money they have in the invest.
Because not all that does put all of the money there are becoming successful. There are times that it's not worth to put all of your resources all at once.

One note I've drawn from my own experience about starting a new business, in addition to those already listed by the OP:

Better to hire the professionals
When we truly can't manage it ourselves, it's better to hire professionals for some of the things we need to prepare for the business strategy. This doesn't mean you have to hire them long-term. However, it's better to hire them professionally to provide consulting and management for the business plan.

Don't force yourself to collaborate with family or friends to start a business if they don't have the skills. If you ever have to incorporate them into your business, make sure it's in accordance with their abilities. Don't mix family or kinship relationships with business, as this could have negative consequences later on if not handled professionally.

In this case, if we already understand their nature and abilities to what extent, and when we feel that our way of thinking is quite different from theirs, never force ourselves to cooperate with them, especially if it will actually backfire, especially if we only feel pity.

Most entrepreneurs don’t have this luxury. Those who might have this level of luxury are those that must have made something for themselves off business or some job and probably had enough at that.
When you don’t have all that and you’ve got just about what you would need for the start up, your best option would always be, having to tag along with those that have been in that field of business and understands or are making real progress in that business. They would turn out to be your guide eventually and you would find yourself making less and less mistakes.

While there are no guarantees in business, it's certain that everyone in business will do their best to ensure their business is profitable and continues to grow. Furthermore, having the desire to start a business signifies a bold move. As you said, we won't learn or gain new knowledge or new skills; by daring to try, we will gain new knowledge and experience.
Do you agree with the statement that success or failure is always a matter of trying?
I'm quite convinced by that statement.

In business, practical experience is the factor that helps us succeed, not mere theory.

People are enthusiastically discussing and sharing experiences with each other but if you pay attention. Most people just discuss what they think or hear somewhere, not many share their real experiences. Because most of us here are not entrepreneurs and very few of us have been or are in business.

In addition, each business field will have different difficulties and challenges and will have different experiences and lessons. Discussing and sharing general knowledge and experiences, honestly, this doesn't help anyone.

You raised a very important point for people that are planing to start a new business, most businesses takes time to grow and give profit to sustain the owner therefore they must make provisions for their survival pending when the business will stand. Taking most of your funds to start a new business is not a good business plan especially when you have financial responsibilities. If you cannot take care of your basic needs you will be forced to take money from the growing business which can affect it's growth. It is better to first save up startup capital before starting a business so that you wouldn't rely on it to survive, this is what kills many startups.

How is trying to do everything yourself a bad idea? Many businesses have fallen because the workers mismanaged the business funds.

Someone I know ran a multimillion company in my country, paying people salaries every month to help the public but they started stealing the company's money unless the company can't afford to run any longer.

They are the ones feeling the hit just like the owner said, he build the company to help people who are jobless in the country but they turned themselves into leeches and now they are jobless.

People will try to take advantage of your kindness even when you are trying to help them, this is the biggest lesson I learnt from this man and to be frank, my country is full of such bad people who don't take kindness as help, they would rather want to take over everything you have to themselves.

No one is kind enough to spend millions of dollars, or their entire fortune, to start a company just to help other people get jobs and earn income to support themselves. That is a blatant lie and the most ridiculous reason I have ever heard from a failed entrepreneur.

Anyone who intends to do business does not do it out of compassion, they do business to make profit, get rich.

In business, if a company goes bankrupt due to dishonest behavior of its employees, the ultimate responsibility lies with the business owner. They failed in managing and operating the business. Blaming others and making himself a victim will not change the fact that the failure stemmed from his poor management and supervision.

I agree to that, there are success stories and there are some who shares ideas and information to what struggles that they encounter during the early stage of their business, but for those who unable to make a success most of them did try to find other venue and start again to see if they are fit to whatever field they choose to venture their opportunity, though mistake is not by far but for those who loves to keep lerning new sets of ideas.

They will treat struggles and difficulties as test to keep pushing their best and to find real success and harvest the fruit of their hardworks.

Most of us take out the loan for wrong reasons and it is bad there is no denying in it, but in specific to business if needed and you can see the potential to increase your revenue and profit then it is a good one because at the end of the day you are going to payback the loan only from the profit that you are going to make and you will keep the remaining profits for yourself so this is what people say how we make money using debt.

But if someone does that to buy a new car or residental house then it is not a wise move.

Loans are not bad if you use it for genuine purpose. If you are just taking out a loan and not actually expanding your businees is when you are going to end up in big trouble because you will hardly be able to repay the loan and this will even ruin your credit score. Business loan usually comes with a credit line and we can draw only the required amount which helps expand the business while retaining the interest on used capital. These loans are really helpful for small business because they can expand their operations much faster.

I will never say these loans and bad but you just need to be well-informed about how to use the loan money so you can expand the operations and generate a stable cash flow which can be used to repay the loan.

I am also an entrepreneur. The little I had edited was based on the experience I had in my business. There are more than 10 key points in the sited reference but I only picked those ones that have directly or indirectly affected affected my business.This are fact that one should know to help in establishing a business but this only doesn't ascertain the success of the business. There are lot to business establishment and business success.

How do you know that most people borrow money for the wrong reasons or use the money for the wrong purposes? I think we are not them and not in their shoes, so don't be so quick to judge anyone just because of their outward actions.

Similarly, in business, just because someone borrows money and says they will use it for their business, we cannot immediately conclude that borrowing money is good and worthwhile.

If their business is constantly losing money and they can't find out the cause and fix it. But they borrow money to maintain it blindly, this cannot be considered as borrowing money is good.

Taking out a car loan or a home loan is not a bad idea because everyone has different goals and objectives in life. Don't be so rigid and impose your thoughts on others that way.

Loans might not always be required. Sometimes we can also raise some money by offering equity which will save us from the debt but still give access to working capital. Usually small businesses will offer equity to raise some money which can really be helpful. These businesses can expand much faster because the investor not only brings money on the table but also their connections and expertise. Choosing the investor here will be a critical part.

Most of the businesses who were lucky enough to be on shark tank have made a fortune and are not on top of the line. Any such investor who brings connections can really make business grow quickly without the need of taking debt. Maybe we might have to dilute <10% of our equity but yet it can be a beneficial decision.

One of the biggest mistakes that businesses make and you didn't mention in your thread OP, is that many of them ignore the importance of internet. My relative has a business related to building business and he is the only one locally who has a well-managed Facebook page and a professional website with my help. He has unlimited clients, never struggles to sell his materials and service because people easily find him online, while his competitors who don't put effort into online development, struggle a lot and most of them go bankrupt soon.
Following the latest trends and being popular on the internet is one of the most important parts of any business today.

In the initial startup phase, I don't think the internet is particularly significant. This is especially true in a local, community-based business context, focused on directly validating product issues. What's more important is ensuring that our product is truly needed by the market, through direct consumer research, product trials, small distribution, and repeat orders. So, in this phase, social relationships, local reputation, and product quality are far more crucial than websites, advertising, or social media.

Without the internet, a business can still operate, but its ability to scale up is limited. Once the product has proven market acceptance, the internet becomes a very significant acceleration tool (my daughter's personal experience with her food business). In the initial phase, product comes first, internet comes second. Branding follows values, not the other way around. The mistake many first-time founders make is focusing on creating a logo, Instagram feed, and website, without a proven need for the product. This increases initial costs and accelerates burnout. Because the internet is the biggest engine of growth and the gateway to expansion, starting a business without it is possible and perfectly acceptable.

Reaching more people through the internet is probably a way to outfox other competitors who don't. It's actually a way to have a feature of allowing buyers to find your products and buy at the comfort of their homes. Having a good branding strategy and building the right online presence helps give quality products a better chance at growth and visibility. But they'll also have reputations to manage since the net requires so much work to do on reviews and vouches.

We can reflect on the past, when the internet wasn't as widespread as it is today, and only a select few had access. In the past, businesses could thrive if management was well-prepared, and the advent of the internet made it easier to reach a wider audience.
But isn't utilizing the internet an option in this day and age? Of course not. It would be a shame not to capitalize on what's available to us. So, we must be able to utilize it effectively, using it for promotions or direct sales. Especially now, if we're in the culinary business, delivery services are now easier through collaborations with companies in that field.

But to be able to raise capital by offering shares, by participating in capital raising programs from Shark Tank. You need to come up with a business idea that is both attractive and creative, and that is not easy. You won't be able to raise capital with mediocre ideas and unattractive profit margins.

Raising capital from friends and relatives is not easy, let alone raising capital from Shark. That is why most people choose to pool capital with like-minded people or take out a bank loan to start a business.

Businesses that get the participation of big investors and Sharks are not lucky but they have unique business ideas.

Culinary business owners are usually very happy to collaborate with food delivery couriers, and not only that, these couriers can also deliver other items besides food. As a result, their collaboration with business owners is always very successful, not just with one, but also with several other business owners with different products. I also recommend utilizing more convenient services like the internet and other things that can increase your own business's turnover. If something can be utilized but isn't fully utilized, the business owner will certainly continue to be outperformed by their own competitors.

Nice one, OP. I would like to add one point, which is do not borrow anyone your business fund, no matter the relationship. Whether you are just starting off or you are well established, do not lend anyone. Don't get me wrong, I'm not trying to say we shouldn't help people in their worst moments. No, that's not what I mean. What I'm saying is that, if you must help someone, it mustn't be your business money or an amount that can wreck the business if the borrower fails to pay up, because it is what sustains the business. I've heard of one or two stories of persons who did this, and for whatever reasons the money wasn't repaid, and that was how their business crumbled.

Sure you need to have business skills before you can successful in a business because they have different type of business and you need  to get the Knowledge first before you can achieve your goal on it. We should always know that business is not a simple task you need to face some challenges and probably you can be in lose or in profits. So you need to be patient in any business you are doing and you should always set a target and plan. Many people have make alot of mistakes in some business they are doing they don't know the structure of the business since other are doing they will try to do too and is very important to understand something before you start business and location matters most you need to know what type of product people need in that environment you are trying to start your business.

Starting a business begins with making calculated risks,you don't just delve into a business because you saw others going into the business and making progress.Inquire knowledge about a business you're interested in, don't be independent about a new business you're interested and about starting.Always think on productive ideas about the growth of a business,you can't just stick to one idea for a long period of time, it's even more better to risk it than not making an attempt.One major reason about the downfall of a business is the fact that business owners employ at the very beginning of a business, it's quite obvious that at the very start of a business, enough profits haven't been made to pay an employee.

Yes, that's right, and now this style has become so widespread because both parties can be quite profitable and for culinary business people who want to work with couriers, it will be much easier to reach customers so they don't need to come to the place of business but only order and have it delivered directly to the address provided. I often order food this way because I think it is much more effective and the costs are not too high so we don't have to bother queuing or going out to buy it.

Businesspeople must have the courage to take advantage of the convenience available because now there are many services that are door-to-door so that if they want to collaborate, sales turnover could increase. People tend to choose what is easy and practical and perhaps utilizing a service like this can be quite helpful in reaching buyers because they only need to order and wait anywhere.

The problem is sometimes ego and prestige always become an obstacle for this where it cannot be denied that for now there are still very many people who borrow precisely to fulfill their desires in life or even just to fulfill ambitions to be seen more by some people who make loans seem to have a negative connotation in the end.

Borrowing is not wrong but it depends on the goal and we as much as possible to make the goal better if we really want to borrow but on the other hand when our prestige and ego dominate then we should actually refrain from making loans because it can actually make you a hassle yourself in the end.

Don't miscalculate how much capital it would require to continue and how much you would spend in your daily life. Most people think business is like a PC game where you earn and then you spend what you earn, that is not the case, you spend what you earn in your life too, you pay the bills, you pay for your food, you pay for your clothes, whatever else you spend in your life, so you take money out of the business itself. Otherwise, where are you going to find money to live?

Capital is huge when you starting first, specially if it's a brick and mortar business, we are talking about something large here and that is going to cause a lot of rift. We need to change that as much as possible and that is going to be the most important difference.

This is the point that drew my attention, because in business, you as the owner are not supposed to eat from the money both capital and profit, until the business starts getting bigger. Any profit made at the start of the business is not money that the owner should consume, but money that should still be invested in the business to make it grow. When the owner doesn’t have that mindset to reinvest the profits he gets from the business, that is when the business will hardly go further, and if care is not taken, it will crash in no time.

So my advice to those who want to start a business is this: when starting, don’t eat from the business for one or two years. You will see the growth of your business.

Even though daily needs are pressing, we shouldn't set a fixed income limit, as this will make it difficult for the business to grow. When the business is still relatively small, there's no need to hire employees, as this will only increase expenses. I agree with your point that once the business is up and running, it's better to reinvest the profits to expand production capacity and increase turnover.

So, starting a business is indeed challenging and not easy. It requires extra patience and maximizing time without taking unnecessary breaks unless absolutely necessary.

This was also my mistake when I started my business a few years ago. I had a small-scale F&B business. Because I understood little about the internet, I tried to start by creating social media accounts, a logo, and building a personal brand. But as the business grew, I realized I'd wasted a lot of resources on the internet. I agree with you that the internet can be used to expand your business's reach. As time went on, my business grew well, and I ended up not using the logo I originally created. I also only used Instagram for my business, not all social media platforms. As for personal branding, after the business was up and running, I realized I had to create a different personality than I initially planned. Ultimately, in business, quality and market research are paramount, and the internet is still needed for scaling up.

This is quite strange to me, I have never heard of it and I don't think anyone would be stupid enough to use their business's operating and emergency funds to lend money to someone, no matter how close they are. Because that would be like putting our business at risk, possibly even leading to bankruptcy.

I would call this stupid and unprofessional because it breaks basic financial management principles. Even a personal emergency fund should not be misused, let alone funds meant to maintain and reserve a business.

When starting a business, there are certainly risks we will face, but we must be prepared with solutions to ensure the business continues to run smoothly. If we simply see others succeed in a business and then try without understanding the business itself, this will be very risky. Of course, it is very important when deciding to start a business to obtain accurate information about the business and when starting to run a business it would be better to start working on your own because it is true as you said the profits we get are not enough to pay employees and if we can do it ourselves of course it would be better until the business being run develops before hiring employees.

I saw many times when people are starting the business they hired a person who is greedy and owner gave hold to this person and that person destroyed everything. When people are doing any business, they want to spend this money because they have a money to spend for their daily need but they have a friend for which he will spend all money on useless things. And there are many people who are hiring the relatives for the business which is not best for his business because he should invest no money for his family members because family members will not do work and you will blindly trust on that and there are most Chances your business will be flop . But you should take a look on other businesses and then start your own business.

There is no doubt about that, any business that uses the internet to promote their business and services will likely have more customers or clients than the competitors, especially if they are using online ads to target their audience or people who are potential clients for them because every business knows which kind of people will be the perfect ones to pitch their business or services to, and online marketing can help a business achieve that very easily, especially social media platforms such as Facebook and Instagram are the best for such purposes.

One should also use Google ads to promote their business and services all around the internet, and these marketing campaigns will surely find them some customers or clients because those who run those ads will be allowed to decide what country, ethnicity, age, gender, or any other specification could be added in the list of whom the ad should reach.

Let's imagine someone who has only the capital needed to lunch his company and he only lacks additional funds for promotion campaigns. Looking for investors or lenders would be much more easier and he can start a business with lack of funds considering that the large part in the budget is the one dedicated for advertisement. Others may think that this is a money burn, however you can see how this scenario is reliable and common happen.

The number one advice that I  have for anyone who starts a new business is to have customers BEFORE starting and incoroprating company. The reason behind this is, when you incorporate  the company, the expenses will rise (you'll haven to pay taxes taxes) and if you don't have stable income streams, the expenses will be more than profits

Well, that's it, and this is also closely related to the internet, where everyone can connect with each other, creating new opportunities and, of course, new jobs. And clearly, this makes things much easier, and there are four main beneficiaries. first, service providers, second, sellers, delivery drivers, and, of course, consumers.
After the massive internet, there are many new things we can see now, and if we can utilize them properly, we can experience the benefits directly.

Even if you already have a customer base before starting your business. There is no guarantee they will stay loyal to you if the product or service you provide does not meet their needs. Having customers beforehand is an advantage, but retaining them is equally important and requires more attention.


Business is never easy, and if you only focus on 1 or 2 factors and ignore the rest. It will be difficult for you to sustain your business let alone grow it. A business can only survive when all the important elements work in harmony and flexibility.


Therefore, we need to spend a lot of time researching the market and preparing appropriate plans and strategies.

The research part is incredibly important, I wish more people knew about that and did it but unfortunately they do not. Starting a business is difficult so you can't forget about the fact that you may miss some stuff when starting out, the idea that you will start perfectly is impossible so you have to put some question marks on what's going to happen. Obviously we are not going to see this change that easily but we can always end up with a lot better results without that much time or doubt.

If you can do this then we are going to get a lot better results whenever we desire. If we can get this done then the best thing we can do at this moment would be something that will get a lot better results because you would be ready for it.

Starting a new business is very difficult. There are certain rules of business. By following them, it is possible to establish a business. There will be both profit and loss in business, so you cannot be afraid of it. Nothing can be done without a plan. There must be a specific business plan. It is not possible to maintain a business alone. You have to be careful that the people involved in your business are trustworthy. So you have to keep trustworthy people. I agree with you on every point.

I would think the number 1 advice to give someone that's newly starting a business is to have enough capital. Without enough capital, you literally cannot do much. You can't replenish your inventory nor sufficiently cover your daily expenses. You also cannot adequately prepare for risks and emergencies that could pop up. Also, as a start-up, you'll have to compete with already established companies and you need capital to get your products and services to peoples tvs, radios and newspapers. Any medium available to market your products and services.
I understand the importance of having (loyal) customers, no matter how small they are. But as a small business looking to survive and thrive, you should have enough capital.

Starting a business is a very good thing to do in most countries, like mine, whereby it is best to be self-employed than working under paychecks. Starting a business can be easy, but complex, cause the site for the business matters a lot. Starting with a large capital, and no idea of how to maintain continuity with what's at hand, then will there be difficulties for such a one to go far with business.

With hight do use the system of stretching your hands, as you strength the teach.

The mistakes that you have been told to avoid while starting a business are undoubtedly very important. But in business, many times, people known, unknown, politically powerful people take the rest and turn the business situation into a red light. Therefore, selling products with the rest should be completely avoided. Because if the rest ends with the capital, then the business cannot be sustained.

I appreciate the fact that you wrote something, and this is certainly not to downplay your motivating attitude, but at the same time, some things are easy in theory than in practical, which got me curious when I saw this very point among the many you iterated and explained on your thread. Is this really easy? That's my simple question.

This question is born out of the real life experiences. If some businesses fail, my brother, that could end the career of so many people. Perhaps I should say it will take the grace of God for most of them to survive it. This makes me remember what Dangote (the wealthiest man in Africa) said when he kicked off his refinery in Nigeria. He actually admitted that "he was afraid" that it would fail. That's a billionaire. His own aside, there are level of businesses, and some even collected loans to start, finish or execute them. If such businesses fails, it will not be funny. Talking about business doesn't always mean the one you do with less than $5,000, or it's easily affordable by the person.

Well, let's just be optimistic in doing our business and pray for its success.

I think anyone who just started their business doesn't need to look for investors or try to borrow money to use it for advertisement or marketing. Online presence is needed but, spending that much and to the point that you don't have sale yet yet you're already borrowing.

That's a big expense for the business already when you haven't proven something yet for your brand. Use all the possible resources that you can since marketing can be done organically nowadays.

All you have to do is to make your presence stronger through joining groups and try to engage with the people that have potential interest in your product.

But no one stops from borrowing money for advertising purposes. Although I am saying that you shouldn't go there quickly when you're just starting.

Building a business is certainly not easy especially if you're just starting out and have no experience. Patience is constantly tested when starting a business, and yes, never be afraid to take risks, but always start with maximum effort.

You're right starting a business requires recruiting trustworthy people. However, even if you have employees, you must still be present every day. Because as a business owner you must focus on the business you've started, truly thinking about it, making plans, then executing it, and being involved every day. This can include managing operations, monitoring day to day activities, or developing business strategies. So you can't just sit in the office or shop doing nothing.

It is a wise approach for small businesses to use the online platform to promote their businesses, because from there they will be able to see customer who are in need of their service or products. But for it work perfectly they need to create a good Ads that can draw  the attention of people in any location. The benefit of the online space is that a person can see new ideas,  updates, and see see what works without burning the whole budget.

Let me add some of the few mistakes to avoid when starting a business.

Don't run your business on credit(to pay later) no matter the relationship you have with the person. Because by doing such a thing, you are gradually throwing your profits away.

It is better to employ strangers to your business, than to employ family members. My reason is that the way you treat strangers when they misbehave in your business may not be the exact way you will treat your family members(You are treat family members with soft hands, strangers with strict hands).

These days people don't find solutions to the downfall of their businesses rather they quit and find another business that would become more successful in the long run.What makes you think that the next business you're about delving into doesn't have lapses if not managed properly? Finding a solution in the downfall of a business is what I call growth, don't quit.After being informed by experienced ones in the business you're into, don't just stop there it would be important if you find your own uniqueness towards the business and add it up with the ideas you've acquired in respect to the business.

You make a very important point about paying yourself in business because its a problem for many new interpreneurs who mixed personal in income with business income. In the start of business the revenue generated is not the actual profit which is used for personal purposes but its the fule for growing your business further more. So we make sure that as a responsible owner we don't use early profit for personal use rather then it reinvest in the business to expand it at a larger scale so 7we compet large companies in the market. And if we use the early profit and pay ourselves more than our business crash early on and we have no idea how we came back in business. So the learning point is that if we start a business we should reinvest our revenue for two to three years to extend our business at larger scale.

It's unwise to incorporate your small business which is still struggling to have loyal customers that serves like a lifeline to the business continuity with their unwavering patronage. A business with customers would die naturally because the servicing of the business has to come from the profits made from sales.

Addition to having customers, there's another mistake some persons make when about to start a business, the mistake of not doing a business they have passion for. When outcomes are rough and results are not slow it's th passion for the business that keeps you going. Where it's lacking, any small challenges can drain your energy to stay strong and active.

Sometimes, someone needs to raise significant capital to achieve significant profits, so I think there's no harm in taking out a loan for a growing business, as it can actually increase profits.
For workers, I believe there should be no discrimination, even among family members. We must be professional and prioritize the interests of the business, meaning there should be no distinction between strangers and family members.

Business that is run by credit will have a slow progress, the reason also why you have to sell at a reasonable price so that your customers will find it affordable to buy.

I find this very interesting. Employing your family may help the family members to gain a job, but somehow in this case, they can also be abusive in return, and may not respect your as their boss or as the business owner. Unlike if you employ strangers, good strangers will look up to you and will respect you, and that could lead into an employer-employee good relationship that could help easily improve the business.

Building a business is easy but what's difficult is getting the profits to grow and achieve success, risks must be taken and every condition must understand its potential in the long run to make the business more sustainable.

Don't even think about hiring people, you have to do it yourself first to understand the business you are running.

https://www.talkimg.com/images/2025/12/02/URB9eZ.png

Look at the building, it's still simple, McDonald's was just a small shop, and the owner understood the type of business and its potential, after that he only thought about how to increase the opportunities to become bigger and as it is now all over the world, the business starts from small things that you understand yourself, but of course you have to be involved in anything, because that's the core of a business.

Nothing is done perfectly at the first trial especially in business where the risks are elevated. However, when starting a business, it is important to have a good plan and a backup plan. When drafting out the plan, one should avoid "being an island of knowledge" as the theoretical knowledge you have is vastly different from practical knowledge, it's important to consult people who have experiences in that field for guidance. Another mistake that should be avoided is in making financial decisions especially in terms of advertising. As essential as showcasing your services is, it should be done with foresight. When booking spots for advertisement or sponsorship, the feedback from your target audience is paramount. For instance, if the target audience for the business are youths, advertising in secondary schools will not bring as much revenue as advertising in spots popular to youths.
Although starting a business comes with its risks, proper planning and consulting will help minimize it.

Marketing approach should suit individual needs. In my country, facebook advertisement works the most for many products but for fitness products, instagram ads are the best and facebook ads are failure but traditionally, every business focuses on facebook. Google Ads aren't popular in my country because people spend most of their time on social medias. Btw video ads on Youtube are popular but these ads always come from wealthy companies, it's not a good advertisement method for startups or average businesses, it's mostly good for increasing brand awareness via luxury brand advertisement videos.

Jumping in with a plan and some backup help made all the difference when I started a small project. While figuring out the legal side, I checked out see here (https://www.yourcompanyformations.co.uk/blog/register-for-self-assessment/)—they made setting up a Limited Company in the UK super smooth.

That's another angle, the internet has made it easy for us to reach people faster than the way it were some years ago. You can create a page and make awareness, even adverts are now easy to make to reach potential customers. That's what YouTube, Facebook and Instagram does now, TikTok is another big platform that you can make adverts of your products without having to pay for any advert, all these is achievable online but you can't do it offline and may be more stressful.

However, if you are planning to open a physical shop as a new start up don't rush to do that, make sure you have build up your customers from different places, makes the online customers know you have shop. By the time you focus on offline customer first and then start coming online, the bond might be difficult to build for people that way.

Let's continue following the same example. Advertisement is a mast in any competitive niche. How much you know about advertisement importance in all kinds of businesses? You have to realize that big companies spend near to 66% of their budget for advertisement campaigns and without that advertisement the business will die. Take the example of crypto casinos in bitcointalk and how much they spend in various promotional compaigns. Some signature campaigns have more than 100 participants that should be paid every week and some campaigns are running since years.

As someone who literally closed down a business yesterday, I can tell you one thing from the mistakes that I learned. I mean this is first hand experience of someone who literally failed, so I am not sure if you are going to get anything better than that. Don't get me wrong, it wasn't really "my" business, I have a freelance job that I do, but I opened this for my wife and she was the one who failed but I did my freelance job while with her, so I saw it with my first hand.

Always have high experience in the field you are starting before you start, that is the most important and obvious thing that you can do, otherwise you will fail. You want to start a business? Go get a job in that field first and get some good experience.

Promoting a business by advertising in various places is a great step because it can reach a wider audience. Currently, there are many advertising methods that people can utilize, such as media, influencers, and other targeted advertising platforms. Large companies even allocate specific funds for advertising, and this is one of the keys to business success. I believe the effects of this type of advertising promotion can open up opportunities for businesses to grow even further.

Advertising can drive increased sales or even build a more popular brand image because the promotion through advertising can be packaged as attractively as possible. I think advertising is one of the things that is needed and all companies, big and small, make efforts to reach their customers and thus advertising can be more effective and measurable.

That's true most people are scared of making mistakes forgotten that we are humans and at such we can't wait for everything to be perfect or having a perfect knowledge or preparation before starting up something, it is not mostly about falling or making mistakes it is about how we react to such situations like what we are able to learn from the mistake, we can make mistake and learn from them and  make better decisions, there should be room for reevaluation in order to improve in so many kind of ways. We don't have to despise our little beginnings.

Be careful with influencers, they may not be bringing as much as people think they do. When we had a business, we hired an influencer of the topic to come in and make a post on instagram, this person had 200k following on instagram, and had thousands liking it as well.

Maybe it wasn't influencers fault, I am not saying they are bad or anything, I am just saying it may not be helpful to you, because it was not helpful to us, it didn't create even a single sale out of that. It's a business that no longer exists, so maybe the fault was that we just had a bad business, so maybe influencer isn't the responsible one for zero sales. I am just saying before any of that marketing, make sure people will want your business.

Ok adverisments are important and are the most important that require a large budget portion. When a businessman is ready to full accomplish all other steps, management can be done througn lending by investor lenders who trust the value of the project and are sure by generating profits by promoting it.

Building a business is a learning experience, and the more you learn, the better you get. This requires time, and time is costly in business, you own a business and pay, which means we are going to have some bad results if we are not careful. I think it's clear that we are going to end up with some bad results if we are not careful.

So make sure you have big capital enough to sustain you until you are good, you are not going to start a business and on day 1 you are going to be great. Look at all these huge big companies for example, tesla bankrupted and Elon Musk bought over because of that, now it is one of the biggest companies in the world, apple was bankrupting and brought Steve Jobs back and one of the biggest companies now, even facebook wouldn't happen if someone didn't pay them up tens of thousands to start.

It is definitely essential for a person who intends to do business, because if they do not have good knowledge about that business then they will not be able to handle it well. But I agree with you on one thing: before starting any business, it is better to work in a company related to that business. In this way, employees within the business will be able to explore everything, including the steps to take and the problems to solve, and learn effectively. An important point here is that if he works in a company related to the business he wants to start, he will be able to understand the internal activities and identify any potential problems. Later, when he starts his own business, he will be able to solve all the problems and start a good business.

I find this as smart move to be done by those people aim to build a business, because they can learn a lot of things if they work first before they try to build their own business.

For sure that he can learn how to deal with challenges also techniques done by his employer to make his business successful.

What's really great about it is he might know on when the owner get his supplies and other more. With those things provably that their start would not be so hard compare if they don't have great knowledge on the business they try to built.

With good knowledge and ideas about the business that you are planning to established always matter, more on how good you are in dealing doing your research seeking for more help and planning ahead with what services or products that you'll going to start, like what you said, in terms of advertising, targetting the right venue and market will help your business a lot, that's why it's best to do make sure that you fully understand how it going to work and how it will help you in gaining success.

Exactly. Failure is often the best teacher, as circumstances force us to adapt and innovate. Indeed, we should seek solutions when we fail, or when our business is still running. This isn't just about surviving, but transforming, or improving, far better than before. Indeed, information and experiences from people who have failed several times while pioneering their businesses can make us realize that achieving it is not easy. A successful business isn't built overnight the process is full of challenges, adaptation, and innovation. The experiences of those who have overcome failure serve as inspiration, demonstrating that consistency, perseverance, and the ability to bounce back are key.

Useful advice and a key factor when starting a business but I see few people mention and discuss it in this topic.

Indeed, even if we have perfect plans, strategies, and large capital but if we lack experience. It is very likely that we will fail quickly because there is a huge gap between saying and doing, between theory and practice.

So I hope people who are fresh graduates or thinking about starting a business should know about this. Instead of rushing into starting a business, take three to five years to gain experience by working in the field you are pursuing. Don't rush into starting a business because reality is much harsher than we imagine.

Starting anything without experience feels like stepping into a storm blind because theory looks clean while reality hits in ways books never show. even with perfect plans strategies and a big pile of capital someone without real field experience ends up surprised by problems they never imagined and that shock alone can make the whole business collapse. the gap between knowing and doing is huge. Fresh graduates often think starting a business immediately will fast track success but they miss the part where the first three to five years are usually where the real learning happens. working inside the field gives you instincts that no classroom can teach and those instincts later become the difference between surviving and failing. Rushing into a business without that foundation is like building a house on soft sand.

Experience teaches timing negotiation people management crisis handling and the small daily decisions that quietly decide whether a business grows or dies. These lessons appear only when you are inside the work living it day after day not when you are outside imagining it. reality is always harsher than the dream and only experience makes that reality manageable.

The place of experience is one thing that can't be replaced by anything because, business is a practical field business is beyond theory any can theorize and even learn about business from schools but that is not enough for anyone to succeed in business. Practicing what you have leant in the theory phase is the defining factor when it comes to running a business.Having a first hand expertise experience is what makes the difference in the business world, there is definitely going to be a clear difference between someone who has built his time getting experience and some who just come to start a business without getting the needed experience.

You don't need experience to start a business, but I agree that having experience in the field or business you're building is much better. It gives you a better understanding of what you need to do, whereas inexperienced people are often a bit confused about where to start.

This reminds me of a friend of mine who started his own business. He initially worked in a restaurant or food stall, and now he's established his own business. However, with his experience, he's become more knowledgeable about what to do, one of which is to differentiate his menu from others. This is one example of how experience is incredibly beneficial for starting a business.

For a physical business that has just been started, it's important that they first cover their local market and surroundings, and engage customers from there before they expand their reach into wider horizons and start promoting their business online, because having local customers initially for a business is a good booster for it because they could become regular customers since they live around, and they could also spread the word about the business to other people they know or meet, and that's one of the biggest reasons for any business to run smoothly.

Online promotions should begin once the business settles a little, that doesn't mean it should become successful completely, but once it starts getting at least a few customers, and then to expand the reach of the business, it's good to venture into the online world with the business, and try and reach more people with an interest for the business and generate more sales. Online promotions would also require the business to be able to make home deliveries or door-to-door services for better sales.

Establishing a physical business incurs additional costs, and it's important to be aware of these costs. It's not like selling on social media, and there are many differences.

Before starting a business, thorough research should be conducted, including determining whether the location is suitable for the business, evaluating its pros and cons, what to consider when promoting your product, and providing transportation to and from the location.

Once all of this is complete and the decision to open a business has been made, it's time to address questions like how to reach more customers. Businesses should aim to reach more customers. Maintaining and maintaining the quality of their products is also important.

Being experienced in the past jobs or other businesses that a person have been involved, it's certainly beneficial if they start their own business once again or if they're starting out fresh. They know what to do and the past owners or bosses that they've worked with for sure have also shared some trade secrets on how to make their products better. An adaptable person that applies what they've learned is likely to succeed in the business they're about to venture. Although those who has less experience, they'll also have to go through the same thing if they won't give up after few failures they'll get.

It's possible that some cases don't work out with influencers, but I've personally felt the impact of their advertising on their social media. In short, I own a clothing store, and the several partnerships I've had with them have had a much better impact because they've reached consumers even though they live far from where I live. To market using influencers, you also need to understand their follower base to ensure it aligns with your business. I usually ask them what age group and gender their followers are based in.

Since I run a clothing store for teenagers, I also need to understand the level of influence these influencers have within that group. To generate interest in the products we sell, we must build a strong promotional base, and the narrative must be as compelling as possible to entice them to shop or simply visit the store. After that, it will be much easier to attract them to make purchases.

Not only that, those who start with experience can also develop ideas. As I mentioned earlier, he developed his own menu to make it unique. While the basic recipe might be the same, adding a few spices can create a unique experience, both in terms of taste and presentation. He also often consults with more experienced people.

Furthermore, he was able to employ several of his friends. Besides owning a business, he also created new jobs.

I agree with the first part of your post, but I don't agree with this. The online presence of a business should start immediately after the business kicks off. You can try to build a relationship with those in the area where your business is, and at the same time build or grow your online presence. You don't have to settle for a little, as you put it, before you start pursuing online customers. It doesn't take much to create a social media account and offer your product or services there, and interact with customers. This at least creates an awareness of your product/services.

Then, as the business settles or when you can afford it, you get a professional to create a website and optimise it so you have good SEO. You can even get a professional to handle or show you how to handle (if you can) social media and Google Ads. You create ads on Facebook, Instagram, Twitter, TikTok and Google.  while also building your accounts by interacting with potential customers. Marketing is a very crucial part of a business. If you don't market your business properly, there is a high chance it will fail or not grow to the level you desire.

Lack experience start business? I think very bad ideas and you waste your money, time and your ideas for nothing guarantee will be success later. If you have much money and come from privilege family is fine star business without having experienced after all fail you still have much capital to start new business again. But don't try yet if you have limited capital to start business without have much experience I think too risk.
I found many new businessmen start business in restaurant or food most of them have working around three until five years ago relate with their business want to start, they have much experienced and know well how to anticipation risk when start own business. Learning later after start business for right now really not good ideas better have experienced firstly based on what the business will start than begin to start your business.

I disagree that for a more technical business, you need experience. In some petty business, you may not need experience to start yours, but most businesses nowadays demand some level of expertise before entering. People take years to serve before going into their own business. If you don't take experiences before time, you will pay the consequences of mistakes with your capital, and it may slow down the growth of the business.

Everything you said here is very important, but I would like to ask a question in regard of hiring a wrong person. Imagine moving to a place where you are not familiar with anyone there let's say you have alot of works at hand does it mean that you would wait until you get to know people around you or you will just look at thier faces and just pick? How can one find the right person in this situation? Because nowadays people like disguising themselves, they will look very innocent in your own view but deep down they are evil, so I'm curious to know how to go about this situation.

Experience is not a strict requirement to start a business but it acts like a shortcut through all the confusion mistakes and unnecessary risks that beginners face. when someone already worked inside the field they understand the daily flow the customer habits the small details that outsiders never notice. your friend who worked in a food stall before opening his own place is a perfect example because he entered the business knowing how to set himself apart with a unique menu and that came only from real hands on experience.

Starting a business with zero experience is possible but extremely risky especially for someone with limited capital because every mistake costs money and beginners make many mistakes in the early stage. if someone comes from a wealthy background they can afford failures because they have more chances to try again but someone with tight funds cannot waste a single attempt. for them experience becomes a protective layer. Many successful small businessmen especially in food and restaurant work usually spend three to five years learning the field before opening anything of their own. they see what customers want what problems appear in daily operations how to manage supplies and how to prevent losses. this preparation helps them avoid the common traps that destroy new businesses.

I agree with you. In fact, you should start investing by accepting that you will lose money in order to learn, this is the case with any business. That is why you should not invest a lot of money in the beginning, but invest a small amount of money, as a result, even if you lose, you will not suffer any big loss and you will be able to learn why you lost and use it correctly next time. But if you invest a lot of money in the beginning, then later you will not get any more money to invest and you may never invest again because of fear. Another thing is that many people read a lot of books and watch many investment videos before starting to invest in any business, and as a result, they are likely to make big mistakes. For proper education, you should start investing on your own or if someone else has already invested in that particular business, you can get the right idea from him. The education that you will get by reading books or watching videos is very different from reality. Every new investor should give proper importance to all these things.

A practicing businessman once told me how to start a business. He said, "You don't need to rush to register a legal entity. You don't need to rush to rent office space. You don't need to rush to hire staff. You need to implement a series of actions that will bring you money. Once you have real business processes that generate money, you can start scaling your business. And you'll have a legal entity, an office, and staff!" 🏬

I remembered his words because they were the words of a wise and knowledgeable man. In business, the most important thing is profit. If you're making money, if you have a positive cash flow, then you have a business. Everything else is secondary. All legal and accounting issues are just a pretty wrapper for a candy. However, the most important thing is the candy. The candy is profit (money).

Every good businesses needs to start,learn and grow.A successful business comes from clarity, strategy, proper planning and consistency.Many business starters are unsure about their vision plans, marketing skills and product building/solving ability.Oftentimes,many new entrepreneurs only focus on the product,the logo,he name,he hype but forget to ask “What problem am I solving?” because If there is no real problem, there is no real demand.

The tricky part that I am not really aware and can ask someone to help out, is what if you are rich? Imagine you have parents that are rich and you want to start a business, how are you going to gain experience in a field? Go work for a company that does it?

You are not going to end up with minimum wage jobs neither. Imagine you have so much money that you open your own McDonalds, it takes millions of dollars to do it but you have the money for it, what are you going to do to get experience, go get some job as a cook? Doubt it.

Yes, you are right online marketing and the power of the internet in modern business. Nowadays many individuals hunt a thousand customers through the internet within minutes through social media platforms like YouTube, Facebook and Instagram and through different websites. Currently TikTok is the best platform for advertising with no or little budget and with a very short passage of time. Online marketing is faster and stronger than physical marketing because in physical marketing there is a lot of stress on the mind due to the burden of business. I also strongly agreed with your advice about physical shops. If you want to start a business, start with online work and make a strong audience and check the demand of the market and when a customer trusts your brand then opens a physical shop. If you open physical shops first then it's difficult to trap a digital customer early on. So the learning point is that we should use social media platforms for business if we want to sell products faster and safer.

You've spoken so well and has pointed out key areas that's required for any one trying to start a business and it's sure serving as a guide. Absolutely what kils a business it could be a fresh one or something that's existing is wrong management and poor planning system. This era business thrives in sn unexpected manner so it's advisable to be consistent with their dealings you can't tell of the outcome cause every top business we are seeing today started off very small and get to their actual place, so when you don't take heed of this mistakes you'll repeat them when you eventually run yours.

I believe experience is the goal when you are about to start your own business. Though even people without experience can still make it but they will pay with more time more mistakes and more money lost at beginning and it's because business is just a practical thing and not some theories or hypothesis in paper. Because your friend paid the price when he was working for someone else by learning through the person's mistakes, failures and loses, he was able scale through a lot of challenges he would have faced when starting his business which he's now enjoying the profit. The ones who are just starting afresh will have to go through the same rigorous school of hard knocks and if they don't give up after the first few failures, they will also learn everything and succeed later. The goal is for you to put your head in whatever business you do and learn it the soft and the hard way.

Thank you for sharing a valuable knowledge here, reading your post make me have break to what I was thinking, although every thing you said here is correct because if someone is not that stable and he rushed to get all these things they end up failing, but if they are stabilized and having a good cash flow in their business of course they can hire whom they want to hire and also rent and expend their offices to accommodate more staff.

Nowadays, many people are very good at disguising themselves, making recruitment extremely difficult. It can be said that there is no absolute way to help you stay away from those fake and hypocritical people. However, by setting your own standards and requirements and hiring based on those criteria rather than on emotions or looks. You can significantly reduce the risk of choosing the wrong person.

In addition to being based on criteria and requirements, employee selection will also be based on your experience and vision. Each leader will have their own experience and vision to evaluate their employees.

Of course, having experience is good, because it indirectly provides us with certain knowledge about the field we previously worked in. And in fact, people who like to seize opportunities won't hesitate to expand their knowledge, including by asking their superiors about the business they're running. Wise people will seize this opportunity and see it as an opportunity, but for most, it's just a passing knowledge.

Experiencing failure in business is normal, as it's part of the business process, and from there, a mindset emerges that concludes there was a mistake that needs to be corrected. But not everyone is like that, some people give up easily and are frustrated by failure. This depends on how they manage the risks involved.

You don't need experience, you don't need a plan, you don't need a strategy, you can still start a business, there are no rules about it. But no one wants to start a business and then fail quickly. Therefore, thorough preparation is essential and should not be overlooked by anyone intending to start a business. 

There are many things to prepare before starting a business but in my opinion, experience is important and is the key factor because when you have experience. You will get a perfect plan, strategy...for your business.

As you start your business with prior experience, this will help your business avoid silly mistakes that inexperienced people make. By doing so, you will significantly shorten your business’s path to success.

There are certain things that need to be put into consideration before an individual will even think of starting a business, the chances of the business surviving are very slim and it is more susceptible to impulsive behaviours.

There is a possibility that an inexperienced person may be able to grow a small business into a greater business, but the chances are very low and unstable.

That's why it is very important to acquire knowledge about any business, in order to gain experience before jumping into the business, to prevent yourself from facing losses and disappointment.

The best work we have is the one who has experience and if we do that work even after years, we will have the strength and experience to easily complete it. Every person has his own thinking and he is working according to his own. We should not interfere with anyone so that their experience does not decrease. If we give advice to someone, he should gain his experience because of this, it will be easier for us to explain it to him. In which the business goes towards failure, it is our own fault, although if we somehow correct this mistake, only then will we be able to save ourselves in our business. Working in business is not that difficult, but working by maintaining ourselves is more difficult.

Sure, when doing any business just put in mind that you  an successful or lose and if you successful you will get more experience and if you lose you'll learn more better and know how to deal with it. Some business you need to invest well before you can handle the risk sometimes we need to set a plan and know how much we spend always on the products we purchase and we should not be comparing our self with other because that is one of thing that will make you confused and won't focus well again in your business because you will be forcing your self to get what other people are chasing and if you are not in a better location you will never succeed in business because location matter and know what people need in does area you are into.

To be successful in business, you have to firmly establish in your mind that even if I face losses in business, I will still have to deal with it and try to survive the business as much as possible, recover from the mistakes and continue the business. Because I think that you cannot suddenly become successful in business, to be completely successful you have to put in a lot of effort as well as time.
If we look at the big richest businessmen, they all have been able to create their current status after spending several decades.

We can make some exception about this. I've known successful businessmen and they didn't even planned their businesses. What they usually do is testing the waters, they have no back up plans and any other plans to make. They just tested if the business they're starting up from scratch is going to click and then if it succeeds, they'll proceed. But if it fails, they'll not stop and will do again another one. From the small businesses, they don't have any plan at all until they start to see that they're making it and more sales are coming. And so, that's when they scale up and the plan starts to expand for the business. So, they had no basic plan but that doesn't mean they've failed.

For the fact that they didn't tell you doesn't mean they didn't plan. There's nobody that starts a business that didn't plan it. They might not have plans to expand it at the initial stage but they certainly had a startup plan which is more reason why they started the business. Even if its a test run they want to do, it was also a plan they had for that before they executed the plan of

I also said earlier that it's better to have experience. However, not everyone starts with sufficient experience. Some people I know started their first business after graduating from school. Did they have any experience? Of course not, only theoretical knowledge they learned about business.

But did they fail? Some failed, and others were able to sustain their businesses despite starting with no experience. In fact, that was their first experience in business, and it provided them with new knowledge and experience.

Like the literal formal plan, I know of these entrepreneurs that they didn't do. But I might be mistaken for that because it's kind of hard to elaborate that they didn't planned it. Yes, they do have planned for it if that's for the sake of argument. It's doing it for the testing and trying but turning out for them that something has been profitable that they have figured out, it's not planned at all. And them being business minded, things are eventually going better for them as they set some plans on how to make sure that the operations will keep on going when they've see the momentum of their success.

Everything you have said here is nothing but the truth, but However what I can only add to your list is that don't start a business with a borrowed money or don't take loan to start a business because it will definitely affect that business. Some business people out of respiration they went as far as taking loan to do a business, and  in the absence of proper maintaining of the business and it fails, the business person will be in a deep shit because he will lose the business and also also pay the loan all together. That is one advice I will have to add.

A lot of us at first get excited about starting a business but then skip the part that actually matters, solving a real problem. It is true. many beginners focus on branding, the perfect name, and all those flashy stuff, but they forget to check whether anyone actually needs what they are selling.

Clarity and planning really make the difference. If you do not understand your vision, your market, or who you’re trying to help, the business will struggle no matter how fine the logo looks..  Starting small, learning fast, and staying consistent is really the formula. Once there is a real problem and a real demand behind what you are building, growth becomes way easier..

Branding is essential, but the foundation and purpose of the business also need to be considered. Many novice entrepreneurs today simply follow trends without considering quality and adequate service. Anyone can start a business, knowing the risks involved, but if the product type is simply a follower of the trend and doesn't consider market interests and needs, the business will certainly not last long. Furthermore, some people sometimes build the same type of business, but the service model and quality often differentiate them.