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Content Marketing Specialist at Palo Alto Software and runs editorial for both LivePlan and Bplans, working with various freelance specialists and in-house writers. A graduate of the University of Oregon, he specializes in SEO research, content writing, and branding.

This reminds me of those finance youtubers and influencers, who actually get rich by selling you a course on how to get rich, they weren't rich before.

Starting a business may seem easy but this comes with a lot of challenges which includes the ability to survive after being established.

🗝️🗝️Be passionate about your business idea🗝️🗝️
.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️

🗝️🗝️Don’t quit your day job🗝️🗝️

🗝️🗝️Prepare a business plan🗝️🗝️

🗝️🗝️Find the right partners🗝️🗝️

Good hints for new investors who want to start their own business, but of course these are theoretical ideas that need a lot of work to turn into useful practical experience.

When we start applying theoretical ideas, we will face many practical problems that appear during the project stages, so we have to face these difficulties and overcome them.

In general, I see that the biggest problem facing new investors is the great desire to obtain immediate results. This causes a loss of patience, burning stages, and perhaps rapid failure.

Building a business doesn't have static rules like Op listed.

What we have to consider in building a prosperous business idea is the future elasticity it has with every potential for the business to always remain relevance, but the good idea here is that people keep making new developments to ensure they solves daily human needs and tackle the arising problems also, it takes a lot of research and demands for inventing something new to solve every arising challenges in life but the way we've gone far in making a provisional offer in seing this problems solved depends on how longer they will remain of value to men and the economy, especially on instances were the economy sole depends on things we invented.

Why decorate your post if you do not own your own experience?

I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.

I did the just like that to make it attractive to the readers.


Learning is a continuous process. No one knows everything. If you think I'm an amateur, all well and good but all I know is I have been using these tips for my agro- business and it has been working well for me. Although is a small farm but I plan to grow big one day.

From what I have seen so far in the crypto world, or any other world for that matter, loving what you do is always the key point to this. I am not saying that it is not going to be a big deal, of course it is going to be a big deal, but it is going to be a bit different in the end.

I feel like there is some type of situation where it is going to be a bit different situation and we should be considering that as a big deal. Like if you really really really love your job, then you are going to probably make money, or at least even if you don't, you are going to be happier than anyone. I know a painter who paints for houses to hang it up, like regular paintings, but he does it on commission based, and he makes very little money and yet he is one of the happiest persons I know.

Op need not post the content of the whole article he just has to extract a part of the article and then make a reference to the article


This is so popular in social media, especially on Tiktok and Youtube, there is a big demand for courses about how to get rich if we check these influencers they have many followers and they have many shares and likes, they are making money from teaching money how to get rich this is probably the best way to get rich, you do not only get rich and you've also become popular.

I have noticed this as well. They somehow found a way to earn just by sharing a few tips here and there. What is funny is some of these influencers doesn't even have any actual background in doing and handling any business. Really smart tho, their strategy works and as long as they keep their audience engaged and interested then it will keep working for them.

Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when business isn't bring good profit at start.

Theory alone is not enough to make the explanations that you have produced attractive in Op, it needs to be complemented by the practice that you have been running so far.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea quitting ones job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit in order to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

With reagrds to quitting your job; it would be fine as long as you can sustain your daily expenses using your savings. You may create a period perhaps 12 months of your monthly salary should be the amount of your savings before you do so. One reason or advantage of quitting your job is to be able to focus to your business. No successful business have been taken lightly especially on its early stage. You need to build it foundation which is why you need to exert 100% of your effort into it. Sometimes it would work having a job and a business at the same time but expect that you would be spending more given that you'd be hiring someone to do it for yoy, or simply choose to embraace burnout by pushing too much of your daily energy;you decide.

OP, you could just link to the article where you got all your ideas from. Why decorate your post if you do not own your own experience?
I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.
But, yes, my family has a small rental business in my area. Partners have found excellent suppliers who supply them with a wide variety of bakery products, and since our store is located next to a residential area, it is convenient for residents. But I would not call it big business, since taxation works far from favoring the seller.

👉👉POS was introduced to help banking sector reduce bank queue arising from people who want to make deposit and withdraw.

👉👉Solar system was introduced has well to reduce the cost of fuelling your generator to get power supply.

starting a business, try not to take loans because this is not good for future business. Very many of us want to start a business but we always think about how to get big capital. looking for big capital to rent a place, looking for big capital to buy equipment. I think the most important thing is that we have to change the mindset like that, we don't need to have big capital, but how do we use small capital to be able to make a profit? Because with the small capital that we have, we will focus on what we have to be able to get profits little by little. Because for me it is not the biggest capital to build a prosperous business. Of course, it must also be accompanied by the points conveyed by Op.

That's only if you start a brick and mortar business, like one that is either a shop or an office, because that's how it works. But when we are talking about a situation like online business, then you are not going to need much, I could probably start the first VIP under 100 dollars if you know what you want to do. A friend of mine started a dropshipping business, I know it's a cliche, for just 200 dollars, and they handled every time from start to finish within that much money.

All in all I think if you live in 2023, you shouldn't look to start a shop right away, not as a business idea, sure if you personally want that then that's fine, aim should be starting a cafe, aim shouldn't be becoming rich, if that's your aim then online is better.

I think whether it's dropshipping or selling online or opening a business offline I think it's a free variable, in building a prosperous business and increasing business expansion or valuation when you don't have a lot of money, of course borrowing/getting investment is the best choice in this situation, but before that you need to calculate the circulation of money first, because to see opportunities you need to see the flow of money, whether the business is big or small, if you see a bigger opportunity when adding capital from borrowing, of course that is the conclusion that must be taken to make a business you will be better in the future with the hope of being more prosperous.

If you only rely on the money you have, that doesn't mean you can't, but it will take quite a long time in any business aspect.

As for me, from my experience, I can't deny that it is difficult to manage a business, because you will really spend time, physical effort, and when it comes to capital, even if the investment is small, if you know how to circulate money in the business, you will definitely be able to grow it. .

And the most difficult thing is that establishing a customer page is actually not easy, and once you can establish the customer and maintain the quality service and quality of the goods of the business, for sure the regular customers will come to your business first.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

Unfortunately, a person who has ideas has no money to start a business, and a person who has money has few ideas about how to use that money competently. Therefore, borrowed funds are still a way out of the situation - but for this you need to have a clear business plan, as well as understand the essence of the business.

OP, you could just link to the article where you got all your ideas from. Why decorate your post if you do not own your own experience?
I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.
But, yes, my family has a small rental business in my area. Partners have found excellent suppliers who supply them with a wide variety of bakery products, and since our store is located next to a residential area, it is convenient for residents. But I would not call it big business, since taxation works far from favoring the seller.

I agree. A lot of people who wants to venture into having their own business thinks that as long as they are making profit then they are already doing well. What they fail to consider is that the profit at the beginning of the business will slowly go away if you only focus on that. Much like yourself, you have to learn how to grow with your business and be ready for various things. Of course building a business is about money but it should be keep in mind that there are various factors that goes with it.

Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

If your product does not find a niche, it will be difficult for it to prosper. The customer is the reason for the business. Having them is one thing, sustaining and satisfying them is another.
Every business owner should have a good knowledge of Customer Relationship Management (CRM). It will make a huge difference in your business.

---

OP, I opened the link you attached and discovered that you didn't do much work than lift and rearrange an already written article.

I do agree with most of your points and they are obviously important for someone thinking to start a business, but there are a couple of points that I don't really agree with. The first point that I don't agree with is one shouldn't quit their day job before starting their own business, it might be possible in some of the cases where the business is handled by someone else at the beginning until it starts working but it doesn't work all the time because most of the times, a person starts a business individually.

The second points that I don't think is important for a business is to have a business partner, and I say that because most of the times, a business where there are more than one partners will start having issues after the business starts getting successful because people start thinking of getting more profits shares than others and that is when it starts creating issues in the business.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Find out if business is really for you or not because not everyone should be in business and not everyone should start a business. You can have a great business idea that will work, but for it to work, you do not always have to be the manager. If you try to manage a business with your poor business skills, you will fail in the business even if it is a great idea of a business to start. Apart from having the idea for a business, know if you can handle it well or if you should pass that responsibility to someone else so the business can work.

Even before getting into it and start following the above points one should have basic component at their hands called as “funding”. Depending on the nature of business one needs to decide funding prior to planning an idea to make it reality. This is important because adjusting funds after getting into funds could be disaster or in other words it could bring unwanted struggles on our way. I have seen this example very closely with relatives. It’s another fact that they managed to pick up a speed after bank approvals went through and they had money to spare. Rest is obviously what you mentioned in the article is all about step by step workflow to successful business.

~snip

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

To start a business is quite easy but to become successful and prosperous, that is something we need to work hard. Because I would say that business is not just all about having money or capital but having good management and plan had played an important role. Unfortunately, many business starters had missed this thing - with the lack of preparation, knowledge, and ideas, I can say it only fail. That is why I'd see some business owners hire someone to manage their business because they know that they are not capable enough to do it on their own.

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people.

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately an idea is been gotten. Another person may have thesame idea you have just gotten in mind. Getting into market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. Idea may look great to friends and families but this doesn’t guarantee that actual customers will actually love it. You need to determine if there is anyone clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea quitting ones job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit in order to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This should be individuals with same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when business isn't bring good profit at start.

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to being discouraged about the business and may lead to the end of the business. Don't be discourage, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

Of course, it must be recognized that funding is essential before any business venture can be consulted. When a person makes a plan to start a business he must first raise money, and plan afterwards. of course, you are right, basically in business, it is never possible to go ahead with a loan from the bank, many times it poses a huge danger. However, in the first case, if he does business with money from a specific fund instead of taking money from the bank, then it is possible to move forward in the future. and moving forward step by step must depend on something good, so before starting the business, various plans must be made seriously.

There is only a few business that money doesn't really matters but if you have money, especially a nice amount, you will gain more advantage. There are some who just look for a partner or run a funding campaign and ask the public to invest on them. This might be a good idea to gain funds.

Another way is to get a loan although this one seems risky because we are not sure yet if our business will be successful or not. As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore. Planning should still come first before anything. It's like our map so that we won't get lost in our destinations.

Let your purpose of establishing a business be on solving a problem not just to make money.

If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Of course having funds is a really great advantage when you are starting a business. Not only will you have more than enough funds to set up everything your business needs, you will also be able to have marketing projects that will surely attract customers faster. There are many ways to get funds, but you need to be smart in using those funds.

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people..

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

And it's not going to become prosperous at its beginning. Establishing it is going to take a lot of time and tests and trials. Defining it prosperous will based on how the results will be and how it's going to be stable.

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

When you claim to start a business without been curious about real service delivery about the area of business you want to venture in then it's natural with time you will fade away as you face the  competitive business environment having no uniqueness about your service.

A real life example is about a store across the street opposite the very building I live in. Several peoples have rented this very shop for different business purposes but either pack out within 6 months or a year after just renting. Oh business isn't moving as I expected were some of the complains that follow.

The real problem behind all these complaints could be that they just decided to jump into a particular business cause they found out someone somewhere is making so much profit from, it's not a business they had passion for, but just for the profit chase and a little challenge with profit they disappear. Same is happening to so many businesses out there.

It’s hard if you don’t have enough management skills to run your own business. Maybe you didn’t do feasibility study on your location that result to your failure. This is sometimes the mistake of many failed business owners, They become excited on running their own business without considering how feasible their business is.

Business is like trading. You need to choose the perfect coin before you start pouring money on it. It’s really hard but once you have a better study, You can be successful.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people.

👉👉Telecommunication company came to solve communication problem.

👉👉Generator came to solve electricity issues especially among most developing countries where electricity is an issue.

👉👉POS was introduced to help banking sector reduce bank queue arising from people who want to make deposit and withdraw.

👉👉Solar system was introduced has well to reduce the cost of fuelling your generator to get power supply.

These are some keys that may guide you after a business idea has been gotten

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately an idea is been gotten. Another person may have thesame idea you have just gotten in mind. Getting into market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. Idea may look great to friends and families but this doesn’t guarantee that actual customers will actually love it. You need to determine if there is anyone clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea quitting ones job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit in order to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This should be individuals with same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when business isn't bring good profit at start.

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to being discouraged about the business and may lead to the end of the business. Don't be discourage, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.


CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.


Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.

As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore.

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.


This is true, not because the start ups and small businesses don't need loans or don't apply for loans but because the banks and other financial institutions give loan to people they believe will be able to pay back with interest within the agreed period. They're in the business of making profit and some times they feel it's not worth it to take unnecessary risk on unestablished businesses.

Learning is a continuous process. No one knows everything. If you think I'm an amateur, all well and good but all I know is I have been using these tips for my agro- business and it has been working well for me. Although is a small farm but I plan to grow big one day.

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

You only cover the other business or investment you have from your other source when that other is profitable. Of course, you'll have to support it with your other source that's been prosperous as well. But if you're going to support it with another bankrupt or losing investment or business then that doesn't make sense to support the business that you're establishing.

You have to make profit from any business that you open. But if you're starting out with that new business of yours, much better not to expect a lot from it because you're still trying to take some tests and taste of the business that you've just built. Most likely that it's not going to do well.

I am sorry to hear your story but it looks like food industry is not for you or probably you missed something important.  I also tired to set-up a business and I also failed since I don't managed the business personally and let my friend take it over.  One thing I learned on this experience is that rarely people will be concerned on the business if they are not theirs.  Most of them will just enjoy the salary and don't care if the business will get bankrupt or not.

So it is best to be hands with the business, learn and educate oneself about the left and right of the business and study the trend and competition while implementing financial management.  It is quite a hard task but if we get familiar with it, it will be easier as time pass by.

I don't make the same mistake as you because I'm the direct manager of my restaurant, but I see your mistakes a lot of people are making and they still don't seem to realize like you. Letting someone else manage the business for us is a serious mistake because as you said, they go to work just for a monthly salary, they don't care about the business's existence, so the business goes bankrupt just a matter of course. 

Honestly, running a successful business is not easy and when we fail, we can only realize the mistakes we have made. There are many reasons leading to the bankruptcy of a business, so it is never too much to absorb new things and listen to people's suggestions.

It's true. There is a big difference between businesses which are directly ran by the owners or managers from businesses which are ran by employees, especially on the restaurants' industry. Customers who are used to attend to the place instantly notice the difference on the quality and taste of the food prepared, what is really negative for the restaurant's reputation on long term, as customers will lose their trust on the service offered, especially when taking people they want to impress to eat there or during special events.

It has already happened to me when my family hosted relatives and went out to eat expecting the restaurant to offer delicious food, as it was used to do, but it was a fiasco and I immediately noticed the manager/owner wasn't there, rather only employees were operating the restaurant. Result: we aren't going to come back there again soon...

I understand why we don't agree in this case because you may be position oriented the person already has an investment amount that can cover he needs, and I think the position of the person you are referring to has a lot of funds in his investment which gives him income, then opens a new business with results from the investment, the thought is certainly worthy of the case you describe friends, and the people I mean are those who have hard jobs who want to open a new business for him to build from scratch.

I think it will make the development of a business that already has even a little income, it will be slow if you still have work that takes up your time, it will break your focus, but this depends on the business you actually take.

It's true. There is a big difference between businesses which are directly ran by the owners or managers from businesses which are ran by employees, especially on the restaurants' industry. Customers who are used to attend to the place instantly notice the difference on the quality and taste of the food prepared, what is really negative for the restaurant's reputation on long term, as customers will lose their trust on the service offered, especially when taking people they want to impress to eat there or during special events.

It has already happened to me when my family hosted relatives and went out to eat expecting the restaurant to offer delicious food, as it was used to do, but it was a fiasco and I immediately noticed the manager/owner wasn't there, rather only employees were operating the restaurant. Result: we aren't going to come back there again soon...

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Honestly, running a successful business is not easy and when we fail, we can only realize the mistakes we have made. There are many reasons leading to the bankruptcy of a business, so it is never too much to absorb new things and listen to people's suggestions.

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

Your cautiousness readiness to lost with a satisfactory priority to gain would engineers you to fit bridge the downfall of your investment.

You must stay creatively efficient and updated to the marketing skills and be endivoired to goods and services provision at all cost of demands.

Enhance and to broad your products never to settle for less with considering that most customers wants to purchase a related items in a particular unit.

Even if we have a good job, we should create a business of our own. A job is never permanent a job means working under someone else they will pay you as long as you can work for them but they will not pay you if your performance decreases due to physical illness or any other reason. If you try to set up your own business along with the job and if you can spend some labor or time behind that business, it will be seen that the business will go to a good state, when your business will go to a good state, but there is no need to work under someone else. Not necessarily but for that business you can create employment of some people. We should all think like this. Regardless of the profession we are involved in, we need to have an alternative or a business of our own so that we can support ourselves better from our own business in times of danger.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

It's true. There is a big difference between businesses which are directly ran by the owners or managers from businesses which are ran by employees, especially on the restaurants' industry. Customers who are used to attend to the place instantly notice the difference on the quality and taste of the food prepared, what is really negative for the restaurant's reputation on long term, as customers will lose their trust on the service offered, especially when taking people they want to impress to eat there or during special events.

It has already happened to me when my family hosted relatives and went out to eat expecting the restaurant to offer delicious food, as it was used to do, but it was a fiasco and I immediately noticed the manager/owner wasn't there, rather only employees were operating the restaurant. Result: we aren't going to come back there again soon...

The business should be care by the owner directly,So that the business will be very good.Because the Manager is not the owner,So he won’t give his full cent percentage of participation until he get financial benefits from them.Now the many business holding businessman use the Manager to control their different business,but the most of the Manager use the company for their own benefit.The best thing is needed to hire a good manager for your business as compared to hire a employees.Because manager role is more next to owner.

Even if we have a good job, we should create a business of our own. A job is never permanent a job means working under someone else they will pay you as long as you can work for them but they will not pay you if your performance decreases due to physical illness or any other reason. If you try to set up your own business along with the job and if you can spend some labor or time behind that business, it will be seen that the business will go to a good state, when your business will go to a good state, but there is no need to work under someone else. Not necessarily but for that business you can create employment of some people. We should all think like this. Regardless of the profession we are involved in, we need to have an alternative or a business of our own so that we can support ourselves better from our own business in times of danger.

Even if we have a good job, we should create a business of our own. A job is never permanent a job means working under someone else they will pay you as long as you can work for them but they will not pay you if your performance decreases due to physical illness or any other reason. If you try to set up your own business along with the job and if you can spend some labor or time behind that business, it will be seen that the business will go to a good state, when your business will go to a good state, but there is no need to work under someone else. Not necessarily but for that business you can create employment of some people. We should all think like this. Regardless of the profession we are involved in, we need to have an alternative or a business of our own so that we can support ourselves better from our own business in times of danger.

This is what we called side hustle that will soon turn into your main source of income once you succeed managing it and yes there's no problem on doing this. The only challenge is that, its not easy to have your business as it requires your full attention and I've done this before and failed many times already. If you really want to make extra income, they keep on trying and one day once you already have the skills and experience, you know already what's business that works for you.

Even though there have been many theories that have proposed this, which have provided solutions related to building new businesses, and there have even been many promoters, motivators, and other informants who have explained in theory how to build a business to be successful, in reality, this will not be that easy. Because in practice , sometimes a lot of things happen and don't match the ideal in theory. Sometimes I have done various tricks and tips according to theory but still fail. because after all the conditions for each business may be different, not only in capital but in perseverance, environmental conditions, the accuracy of the business opened, and various other factors.

but indeed here, it does not mean that building a business is impossible because of course many people have succeeded in building a business from 0 or from another step. It's just how we run it.

Yes, it's very easy for us to get a theory about business on the internet as you describe, and indeed building a business or starting a business that adheres to action or action is the key to success. As much as possible, avoid planning too long or dwelling on excessive details. Start acting with what is there and slowly develop according to the time and resources we have.

Even though the business we have is still small, the point is we have a business. so develop our business in a sporty and professional manner, don't be afraid to fail, take big risks, be confident, and try, even if you fail don't give up, keep trying and trying. Because losses in business are bound to occur, therefore we must develop and be passionate about building a business in earnest.

Quite a long article you just gathered your sources from, I am curious though OP on how specifically these apply to your "small farm" business. The real reason you're building business is purely to create money/profit unless you are a non-profit organization which rely on things like donations.

There were some of coffee shops in here that serves great, but even though they're "passionate about their business ideas", they still didn't make it. There ain't even Starbucks around here that surely will crush those small businesses. Sometimes it will kinda suck for everyone to just build business and it's not for everyone to be honest.

Network also comes into play. Someone's gotta put your business into your audiences to try it out.

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

If the situation is like that we face then sometimes we also have to keep up with the times by offering businesses on several online sites available. This strategy is also a step as a method to reach buyers because people do not need to go to the shop and simply order on the available online services. Price competition becomes a problem and if we are unable to adjust, the business we live will be empty of buyers. The accuracy of the business and time we must also be able to follow and adjust because it is a way that the businessman must do.
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Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

It is truly a good and smart way if we have multiple plans as we go for business. It will be hard not to know what the next step is once our initial plan fails. Hence, it is suggested that various plans for different possible outcomes are made just to ensure that the business will have a good foundation. A smart and flexible planning is really a good tip in building a prosperous business.

Adapting to the times or adjusting what is being sold to make it look more modern is one thing that must be done.
But that's not what's important, even though we have adjusted but if we don't have innovation and creativity then it won't affect us.

As business people, we also have to take advantage of every opportunity and provide the best service, people will be happy if they get good service.

nowadays there are many online shops that make it easy to buy anything at low prices, so we have to see how the online market can develop, so we also need to follow it.

I myself have a Wifi Voucher Service business, and it has been running for about 4 years.
I always put the service and reliability of my wifi products first, so that customers can be satisfied with the service Wi-Fi used.
If there is a problem, I will definitely deal with it as soon as possible.

For conditions like this, it will be very difficult for traditional traders to keep up and there are many shops in the area where I live that have to close because they cannot compete with online services. Most people aged over 50 years and over will find it difficult to keep up with the times and if they don't try to change the pattern, what happens is that they have to close their shops because there are no buyers.

That is one form of service that is expected and when customers feel there is a problem and we solve it quickly, people will be satisfied with the service we provide. I also have a friend who is a computer repair service technician and he is willing to be on the phone, come directly to the crowd to repair damaged laptops, until now his work has never been quiet and every day he has a job.

Traditional trade is indeed in decline and people are more interested in online stores because more goods are available and prices are cheaper.
Inevitably now it must keep up with the times.

I still see lots of people in traditional business.  I do not think that it is in decline even though online business is growing.  There are still lots of door-to-door sellers, people who set up restaurants, stores, and many other things with physical locations.  Aside from that, many online sellers have their own physical stores somewhere.  And I think the best reason why I think that traditional businesses are not in decline is that not all entrepreneurs have the ability to set up an online shop.

I still see lots of people in traditional business.  I do not think that it is in decline even though online business is growing.  There are still lots of door-to-door sellers, people who set up restaurants, stores, and many other things with physical locations.  Aside from that, many online sellers have their own physical stores somewhere.  And I think the best reason why I think that traditional businesses are not in decline is that not all entrepreneurs have the ability to set up an online shop.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Traditional trade is indeed in decline and people are more interested in online stores because more goods are available and prices are cheaper.
Inevitably now it must keep up with the times.

Some older people over the age of 50 even have their own online stores because they started learning and were directed by their children or even learned it themselves. However, the development to the modern era must be followed, otherwise, it will be one step behind others.

Service is number one, it will indeed generate positive feedback from customers and will spread to others.
If our image is good as a service provider or a good seller, then many customers will come.

The point is, building a successful and prosperous business must be viewed from all aspects.
The business will survive if we are able to develop it well and provide the best service and competitive prices and there are several guarantees provided.

Building a business that can become a giant company in the future certainly requires patience, many successful people tell stories that when starting a business they have experienced hundreds or even thousands of failures, but with strong determination and positive motivation that the business will become big they can be patient.

Patience will not work without a clear forward-looking vision of the state of the market and the economy in the medium and long term, which can help us know how long we should be patient. In general, this depends on the nature of the project's activity and the current situation in the market.
For example, take the Spacex project that Elon Musk launched years ago. This project is supposed to achieve revenue through the success of launching commercial flights into space. Implementing this vision is never an easy matter, and the project has consumed huge budgets to this day and is still consuming more in the hope that one day soon (no one knows when) the idea will succeed and the revenues will cover all costs. The shock may be great for everyone if the project proves to be unprofitable, especially with the rise of competing companies in the same field.

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

Patience will not work without a clear forward-looking vision of the state of the market and the economy in the medium and long term, which can help us know how long we should be patient. In general, this depends on the nature of the project's activity and the current situation in the market.
For example, take the Spacex project that Elon Musk launched years ago. This project is supposed to achieve revenue through the success of launching commercial flights into space. Implementing this vision is never an easy matter, and the project has consumed huge budgets to this day and is still consuming more in the hope that one day soon (no one knows when) the idea will succeed and the revenues will cover all costs. The shock may be great for everyone if the project proves to be unprofitable, especially with the rise of competing companies in the same field.

Even if you have an online business, you still need to have a store or warehouse because not all customers buy online. I agree, I don't see any signs that traditional businesses are declining but simply that they are upgrading and combining. The stores are both offline businesses and online businesses combined will be more effective.

Personally, I prefer to go shopping in person if it is an important product and needs a hands-on experience. Buying online does not always satisfy us.

In building a prosperous business, one of the most important considerations is the financial capacitation for making an establishement which will require steady funding more than you ever expect because that's what is going to sustain the business together with the adopted model of operations designed for the business to follow, if we fo by the required standard and procedures for business development we will then arrived at an average performance for the first time and that could help the business sustainable through the process as it continues.

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

I agree, the problem with most people who are new to the business world is that they ignore many factors that affect the result of their business endeavors.  Many think that if they have the capital and some knowledge is enough to maintain their business and that is where they are wrong.  In a business, one must (as you stated) consider the number of competitors competing in the marketplace.  He should also research the source of supplies, the cheapest the better, and how to handle these supplies so that it won't get damaged.  Obviously, he also needs to make a warehouse for his supply so that he can easily distribute items that are bought online or replenish them when bought in his stall.  There should be a computation of expenses for the long term and the initial fund should cover it so that one can make sure that his business will have enough time to get popularity and become successful.

I agree that SMART Move Acronym is a good way to outline goals. It also keeps you grounded as to what can be realistically achieved and what isn't. Having an outline allows us to know what to prioritize and what can be done optionally. Moreover, it also gives us a window to create backup plans as we can foreshadow what problems and issues may possibly occur in our business.

Competition would be always there and  on every business then it would really be that just not surprising that there would be ones who would be coming up with the same idea and things in mind on which it would really be given or been

offered out too on the market on which it would be simply having that kind of competition on which it would be giving out that chances that making getting that huge marketshare in against with your own offerings or business idea too.

In building a prosperous business, one of the most important considerations is the financial capacitation for making an establishement which will require steady funding more than you ever expect because that's what is going to sustain the business together with the adopted model of operations designed for the business to follow, if we fo by the required standard and procedures for business development we will then arrived at an average performance for the first time and that could help the business sustainable through the process as it continues.

1) Always record finances.

2) Always separate personal expenses.

3) Always look at financial data.

4) Try not to record finances manually.

Agreed, rather than waiting for the business to be big starting at the earliest with the resources available is the best choice. This will help with development of business over time.

Nowadays the business is much about how we market our product and stand away from the rest of the business people is what makes you the best.

Business is always full of competition, without competition the consumers and retailer can not express their thoughts toword the products in the market, no business without competition just like Bitcoin and altcoins investors invest in bitcoin with bigger capital than altcoins, although the price of Bitcoin is higher than altcoins.
Without competition the market will not have good quality products, so as a POS business director always record finance data and expenses because it will help you to know if the business is profiting you or you are lossing.

Business is always full of competition, without competition the consumers and retailer can not express their thoughts toword the products in the market, no business without competition just like Bitcoin and altcoins investors invest in bitcoin with bigger capital than altcoins, although the price of Bitcoin is higher than altcoins.
Without competition the market will not have good quality products, so as a POS business director always record finance data and expenses because it will help you to know if the business is profiting you or you are lossing.

That's why proper fund allocation is essential along with that is extra funds, and emergency funds for operation. Because for every business, that is not always every day will be a profit day. Not every time will have sales. So when every time you have a down day, or no sales at all those funds will help you continue your business. As long business is running, profits will continue to come in.

Too many businesses focus on their image, on their marketing and appearance. Too little does on fund distributions.

building a business is not as easy as we imagine, especially for businesses that are already growing, of course to build just one business you have to go through various obstacles to be successful, and of course smart people will develop their business in other fields, but not everyone can do it, apart from strategy the good thing is of course the luck factor is a way to achieve success, but are we able to think about having a good strategy, on the other hand building a business from scratch will have a better foundation

Starting a business may seem easy but this comes with a lot of challenges which include the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be a community, country, or world problem. These various companies have been in existence to solve various issues among people.

👉👉Telecommunication company came to solve communication problems.

👉👉 Generators came to solve electricity issues, especially among most developing countries where electricity is an issue.

👉👉POS was introduced to help the banking sector reduce bank queues arising from people who want to make deposits and withdraw.

👉👉Solar system was introduced as well to reduce the cost of fuelling your generator to get power supply.

These are some keys that may guide you after a business idea has been gotten

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately after an idea is been gotten. Another person may have the same idea you have just gotten in mind. Getting into the market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. The idea may look great to friends and families but this doesn’t guarantee that actual customers will love it. You need to determine if anyone is clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea to quit one's job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This shouThesee individual with the same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when the business isn't bringing good profit at the start?

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to be discouraged about the business and may lead to the end of the business. Don't be discouraged, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.


CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to create a business is to make money, you may get discouraged within months if good profits weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.


Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

Competition is something that we cannot avoid in the business world. Because competition will always exist in any field. There are several benefits that occur when a business field has a high level of competition. That is, every company will try its best to improve quality and be better than its competitors. In fact, an innovation is often created as a result of encouragement from intense competition. In fact, competition is also good at holding back the pace or even stopping price manipulation that can harm consumers. But when a business in an area has no competitors. So a business company that is the only one in that area could play with prices and take more profits without worrying about consumers leaving. Because there really is no other place that can be used as a destination by consumers in the area. Competition does make business difficult. but did create some positives in it.

Competition is not always good. A stronger business than you will sometimes change its prices, beat you in the competition, and cause you a loss. Competition is usually good for the customer. Due to competition, it becomes much easier for customers to reach higher quality and cheaper products. The customer benefits from this. However, in addition to the positive aspects of being competitive, there are also negative aspects for businesses. Especially the unfair competition practices of large companies leave many businesses in a difficult situation.

In terms of businesses, competition is positive if the financial strength of both parties is the same.

Competition for customers is often in the interests of customers.

You are right. Customers are the ones who benefit the most from the intense competition that occurs within the business sector or in the business market. Because well, as you said, the company will try to create quality goods but at prices that can compete in the (cheap) market. As recently, there are many cheap cellphones with high specifications that beat their competitors who have expensive prices. So that it makes products that are originally expensive to decrease in price to offset market prices.

But competition is tough for companies that have just launched, especially with not large capital, so competition makes it difficult to develop. Because a company that has just been built must be faced with other companies that are more experienced and have more consumers. This is where the difficulty occurs because new producers must be able to create new things that have not existed before to attract consumers to them.

Intense competition, many of which even make small companies do not continue their business due to not winning in the competition. Well, the point is that competition makes things not easy for business people, but it becomes an advantage for consumers.

Isn't that the weirdest thing you've ever heard about, this inflation thing you're talking about? Prices are constantly rising and never falling, if you look at them. It appears as though they are engaging in some sort of game with us. And while we're all frantically racing in circles and attempting to stay up, we keep slipping behind

And in regards to what you said regarding the administration, it is true that they appear to be living in a fantasy world while claiming that everything is wonderful here while we are actually having financial difficulties. Though not in a "ha-ha" way, it's a tiny bit amusing

The bizarre part of it, though, is here. What happens if the inflation is not the only issue? Perhaps we are simply reflecting on the past and believing it to be better because things change. Who is to say, though? Just keep going forward, isn't that all we have to do? Maintain a positive attitude and a smile. We will survive despite the strangeness of the outside world

In building a prosperous business, one of the most important considerations is the financial capacitation for making an establishement which will require steady funding more than you ever expect because that's what is going to sustain the business together with the adopted model of operations designed for the business to follow, if we fo by the required standard and procedures for business development we will then arrived at an average performance for the first time and that could help the business sustainable through the process as it continues.

Starting your own business requires a good plan. Whether you have the money to start a business or not, you need to have a good plan before starting a business. When you have a good plan for building your business, you try to work according to that plan. If you don't have enough time to do business at that time, you will try to arrange money in phases. But if you don't have a plan you can't start your own business even if you have money so we need to have a proper plan first. Either before or after some time you will definitely have money, with proper planning it is possible to start your own business with money anytime.

And building your own business is a right decision for a person because life does not always go in one way and at some stage of life people have to lose their jobs or other workplaces. 

Starting your own business requires a good plan. Whether you have the money to start a business or not, you need to have a good plan before starting a business. When you have a good plan for building your business, you try to work according to that plan. If you don't have enough time to do business at that time, you will try to arrange money in phases. But if you don't have a plan you can't start your own business even if you have money so we need to have a proper plan first. Either before or after some time you will definitely have money, with proper planning it is possible to start your own business with money anytime. And building your own business is a right decision for a person because life does not always go in one way and at some stage of life people have to lose their jobs or other workplaces.  .