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Author Topic: Some things to consider before starting a business  (Read 4064 times)
Babyrica0226
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August 28, 2017, 12:22:59 PM
 #21

As an entrepreneur Your should have capital first, and you must familiar with the business which you are going to establish and it has to be a volume market. You are ready for the possibility that you may face when your operate, then had knowledge about how manage your own business.


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August 30, 2017, 04:56:36 AM
 #22

There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
Yes, these are few of the things that one should consider before starting any business. You need to even consider your target audience and understand their psyche. You should know what your customers need and what other competitive brands are providing to them. Besides you should have good analysis of the market.

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August 30, 2017, 05:38:01 AM
 #23

There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
Yes, these are few of the things that one should consider before starting any business. You need to even consider your target audience and understand their psyche. You should know what your customers need and what other competitive brands are providing to them. Besides you should have good analysis of the market.
It's hard to start a business especially if it's not our forte, sometimes having knowledge is not enough, or having money only is not enough too. We both need it with proper analysis, weighing the circumstances and the possibilities. Having business is like having an ICO too. We need to convince people to trust us so we should do great work with passion.

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August 30, 2017, 06:39:35 AM
 #24

There are lots of books, manuals and trainings you will find on how to start a business. But for me, one of the biggest contributors to be successful in starting a business, is the support of your own family. They are the one that will lessen your stress and they are the one who will watch your back.
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August 30, 2017, 07:07:10 AM
 #25

Well I just want to share some information regarding on how to start a business because as we can see, we are all want to have a stable business and we want to be a very good entrepreneur someday because if we're just working and working to earn money then if we can't work anymore we won't be able to sustain our needs anymore. I think this is worth reading especially those who are planning to build an ICO or a project. I've got this from my professor on college :

NOTE-REFERENCES :  Webster’s College Dictionary (Random House/McGraw Hill)
What is an Entrepreneur?
Entrepreneur: A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.
Initiative: Readiness and ability in initiating action.
Risk: The hazard or chance of loss.

NOTE-REFERENCES : The Portable MBA in Entrepreneurship, 2nd Ed.; William D. Bygrave, Editor. John Wiley and Sons Publishers, 1997.
What Does it Take to Be Successful?
  • “In entrepreneurship, luck is where preparation and opportunity meet.”
  • “The idea is not what is important. In entrepreneurship; ideas are a dime a dozen. Developing the idea, implementing it, and building a successful business are the important things.”
  • “Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.”
  • Somehow, someday… you are going to have to earn POSITIVE CASH FLOW. You need more than a revenue model (but you do need that). You need a VALUE model.
  • Market share is great, but you can’t pay bills with it.
  • You can do some financially stupid things to build market share.
Where Do You Start?
Think about WHO is going to want your product/service, what they will PAY for it, what you will NEED to carry it off, and how you will MAKE MONEY someday. That is, make a PLAN.

Success depends on
positive cash flow, growth,
 and value creation.

   Owners and investors who forget that tend to get “naturally deselected.”

The Importance of Value Creation

  • A successful business is one that delivers value to its customers and creates value for its owners.

Value is delivered to your customers when you do something for them
Better
Cheaper
Faster
Cooler
Different

However, it is likely that none of these will work for long, so continuous improvement and innovation are essential.

Value is created for the owners when:
-You do more with their money than they could do with it themselves
-You invest in productive activities that earn rates of return greater than their risk-adjusted costs of capital.
-The present value of future cash flows exceeds the startup costs.

Value is created by:
-Exploiting proprietary physical resources
-Possessing proprietary knowledge or expertise
-Creating a new or improved product, process, or service
-Staying ahead of the competition through constant improvement and innovation
   
Planning for Success

-Don’t plan a business for today – Plan it for at least a year from now.
-Moore’s Law: Computing power will roughly double every 18 months.
-Bandwidth will continue to increase for most users almost ad infinitum.
-People will live longer and maintain active lifestyles far after retirement.
-Energy sources and consumption patterns will change drastically.
-The world will continue to be a very dangerous place.

How To Not Get Funded


-Have a half-baked idea
-Have a meatless business plan
-Can’t articulate your value proposition
-Can’t identify your market potential
-Can’t justify your sales projections
-Can’t show your investors an exit
-Can’t show your investors a reasonable expectation of a reasonable return on investment
-Don’t think about risk
-Take no risk yourself
-Don’t take time to do your homework
-Try to fund a “lifestyle” venture

Funding Your Venture

-The hardest funding to raise is the first funding. You are probably on your own.
-Later funding gets progressively easier depending on the results you can show to investors and what you need to fund.
-BANKS are probably not going to help.
-The best funding is INTERNAL funding (reinvested earnings).
-PRIVATE EQUITY is the current buzzword for the major capital source for business ventures.
Closing thoughts

picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/




[/quote
I agree with - Warren Buffett because how can we be successful if we do not want to try it? Just be smart and think carefully about what to do with that sure there is a replacements



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Nameless27
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August 30, 2017, 07:13:30 AM
 #26

Thanks for this shares of a well-organized tips on how to start a business. Have copied in my notes for reference and also for study purposes. It is not an easy thing to do business but with determination and adaptation to what is trend it will be starting point on that journey.

I want to be called as businessman someday. A well respected one not the scam entrepreneur. If I have enough capital I would start one on small scale first. I have an eye for a bitcoin related business someday.
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August 30, 2017, 07:14:20 AM
 #27

There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
Yes, these are few of the things that one should consider before starting any business. You need to even consider your target audience and understand their psyche. You should know what your customers need and what other competitive brands are providing to them. Besides you should have good analysis of the market.
It's hard to start a business especially if it's not our forte, sometimes having knowledge is not enough, or having money only is not enough too. We both need it with proper analysis, weighing the circumstances and the possibilities. Having business is like having an ICO too. We need to convince people to trust us so we should do great work with passion.
You are right, those things wont really be enough specially if we dont really have the passion on this kind of venture but theres still possibility that you would still able cope up with that gap and might able to ride well along the way. Building business or starting it wont really be an easy thing since there are lots of things to consider first even if you do have the money and the knowledge it wont really be sufficient enough but somehow an advantage compared to those people who really start on 0 knowledge.


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August 30, 2017, 08:48:03 AM
 #28

Thanks for this really helpful information that all who wants to start their own business need. It really is hard to find a stable job nowadays. Lots of applicants are being rejected from the companies they are applying for that's why the unemployment rate is high. So I heard this advice in television just earlier and it said that if you don't have a job then you make your own job/business. And it's true I believe in it. And right now I am still hoping to start the business that I have always wanted.

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August 30, 2017, 10:38:07 AM
 #29

As an entrepreneur Your should have capital first, and you must familiar with the business which you are going to establish and it has to be a volume market. You are ready for the possibility that you may face when your operate, then had knowledge about how manage your own business.
You cant start if you dont really have the money to put on because if we are talking a business then money is the main thing here and we should not really rush things up because building a business is not easy and there would be lots of things to consider we should really make research on the business we would like to engage with because if we are rushing and dont know what we are doing then we would most likely failed and would go bankrupt easily on our business.


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August 30, 2017, 11:15:30 AM
 #30

  • The idea is not what is important. In entrepreneurship; ideas are a dime a dozen. Developing the idea, implementing it, and building a successful business are the important things.”
Thanks for the useful tips. The only part that I dont agree with is the part where it says that idea is not important. Why would idea not be important if it is the one where one's business will center or try to achieve? Idea defines what the one who started the business wants to achieve, what service or goods will he sell, and who will be the potential customer of the business therefore idea is also important.
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August 30, 2017, 11:31:51 AM
 #31

Thanks for sharing these information to me. Hope that it can help me to earn more money from my business. I have started many business but most of them do not give me a lot of money. Those tips might be a good solution. I am thinking about buying some book which can teach me more about opening business
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August 31, 2017, 06:01:02 AM
 #32

Having one's own business can be the biggest dream anybody can get into as far as achieving financial freedom is concerned. And we need more entrepreneurs who are willing to take the risks in realizing their dreams...these are the people who are contributing big to the country's economy and can start a ripple effect because there is a big chance they can be hiring people too.

However, getting into a successful business is not that easy that is we have to be prepared while we are making some risks. Risks have to be mitigated so the impact is lessen while the business potential for growth is maximized. I always have a big and deep respect for people who are risk-takers but knows what they are doing.

As the quote says "beginning is one of the hardest". At first we don't know which path or where are we going. Are we ready for this ? Or what if we fail? Fear of risks is natural but without it you'll gain nothing.


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  • The idea is not what is important. In entrepreneurship; ideas are a dime a dozen. Developing the idea, implementing it, and building a successful business are the important things.”
Thanks for the useful tips. The only part that I dont agree with is the part where it says that idea is not important. Why would idea not be important if it is the one where one's business will center or try to achieve? Idea defines what the one who started the business wants to achieve, what service or goods will he sell, and who will be the potential customer of the business therefore idea is also important.

In my own opinion, it refers to the actual things like " knowledge is only a rumour until it is in the muscle" and so they say. Idea alone is not enough and not important enough if it will stay as an idea. Entrepreneurship deals in making an idea and applying it into practice. Even the buoyancy is just a buoyancy until ships and canoe put it into application. Wink


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August 31, 2017, 06:04:26 AM
 #33

I think that trade is a job that requires a lot of factors, and it is tied to all the changes in the money market. For bitcoin and all altcoins, the value is always changing, we need to learn how to capture the moment accurately. In addition, we also need assertiveness to make timely decisions. Lastly, what you must have in order to be able to trade.

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August 31, 2017, 06:32:00 AM
 #34

Thanks for this shares of a well-organized tips on how to start a business. Have copied in my notes for reference and also for study purposes. It is not an easy thing to do business but with determination and adaptation to what is trend it will be starting point on that journey.

I want to be called as businessman someday. A well respected one not the scam entrepreneur. If I have enough capital I would start one on small scale first. I have an eye for a bitcoin related business someday.
There is nothing more beneficial than having your own business. This is a very good approach to start the business on a small scale and then increasing the scale of your business from time to time. But before putting your head in any sort of stuff, you need to know about that especially in case of Bitcoins. Only then you can get what you aimed for.

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August 31, 2017, 12:04:45 PM
 #35

This is worth a read by the way....

The following things to consider before starting your business:
1.Location-must be accessible to most buyers
2.Kind of business-it could be demand by the community
3.Capital-is your capital could be enough to support the business you have planning to make
And the most important thing is you know how to run your business, work for it and less expenses if possible to be able
to gain more profit.

This is a good add up to that article, actually there are lot of steps and advice on how to start a business and of course this is more than what we think. In the long run, you will experience some downfalls and sometimes you want to stop your business (we've been on that situation before). Only few have succeeded on the market and millions dared to try still they didn't get what they are hoping for. Dedication, luck and discipline are important in the long run and of course the determination to face failures and the humility when experiencing pump are essential.

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August 31, 2017, 08:42:01 PM
 #36

Thanks for sharing these information to me. Hope that it can help me to earn more money from my business. I have started many business but most of them do not give me a lot of money. Those tips might be a good solution. I am thinking about buying some book which can teach me more about opening business
That’s nice. You can also take certain free courses to improve your knowledge about businesses. You can visit Alison.com. They are offering many courses related to business, such courses are really going to help you in practical life. Besides book is also a good choice. Good luck, pal.
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August 31, 2017, 09:44:43 PM
 #37

One to start a business is Planning & Flexibility is needed
Before thinking about what business will be occupied, planning and strategy should be presented first. With a mature planning then the error can be minimized. Even the best plan can change according to market conditions so that flexible planning is required.adaptability with changing circumstances is necessary so as not to get stuck on a strategy that proves less efficient.
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August 31, 2017, 09:55:37 PM
 #38

Thanks for this shares of a well-organized tips on how to start a business. Have copied in my notes for reference and also for study purposes. It is not an easy thing to do business but with determination and adaptation to what is trend it will be starting point on that journey.

I want to be called as businessman someday. A well respected one not the scam entrepreneur. If I have enough capital I would start one on small scale first. I have an eye for a bitcoin related business someday.
There is nothing more beneficial than having your own business. This is a very good approach to start the business on a small scale and then increasing the scale of your business from time to time. But before putting your head in any sort of stuff, you need to know about that especially in case of Bitcoins. Only then you can get what you aimed for.
Indeed! In today’s world where everything is hell expensive, you can’t move in few steps with empty pockets. Money is needed for each and everything that we want whether it is good education, a safe home etc. private business is the best option to meet your all needs but again we need to know all details of anything we are setting up as a business whether they are bitcoins or something else.


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August 31, 2017, 10:27:42 PM
 #39

Well , the economic text books made a  list of things and simplified them as what one has to consider before venturing into a business, the;
Capital - which is a determining factor to the kind of business to establish.
Access to road- important for conveyance of human & materials  Access to raw materials — closeness is better because of materials.
Access to customers equally very important too etc
Thus, above all, personally I think what one needs more to succeed in business is strong passion. Strong passion is what would make one have hope to get up when they are fallen. 

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September 01, 2017, 06:55:18 AM
 #40

Ofcourse, there are so many things to consider before starting a business. But for me there are 3 aspects that we should consider. First is financial capital. If you don't have enough money to start a business then better start to end your plan now. Second is location, if your location is not that very discoverable then it would not success. Third is the type of business that you want to enter. You should always be considerable with the type of business that you would like to enter to. Because as for my experience, I entered into a lot of business in my life, but most of it did not succeed maybe because I had a lot of competitors and I did not have much time to make my business profitable. So my suggestion for you is to think very carefully of your business that you want to enter.

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