Some things to consider before starting a business

[BitcoinCommodor]

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/

You need to consider first if you have passion for the business you are planning on going into, if you have passion then every other thing can follow, because passion would keep you moving even when everyting seems to have failed.

[1715646563]

1715646563

[1715646563]

1715646563

[1715646563]

1715646563

[1715646563]

1715646563

[Maddinson100]

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/

Starting a business might not be as easy as it might seem to be, because there are many things that need to be put in place and carefully researched before starting the business to avoid crashing the business.

[winterland]

OP you say that The idea is not what is important. I can't agree you, innovative idea is what makes business successful but also idea needs to be realized in a smart way. Imagine google, it's not a first search engine but with it's speed, design and functions it become first. Also bitcoin, not a first one but it was still an innovative idea like google because on that time there was only 2-3 simular thing.
Also don't forget, we can patent idea and earn money with it.

“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.”
That's way Op mentioned it, there are a lot of ideas, there are many similar business, ideas are dime dozen but the most important thing is how to develop the idea, make it better, implement it. Just like you said, Google isn't the first one, the idea still the same > a search engine, but Google could manage to develop and implemented various features to make their product better than yahoo.
I'm not sure with bitcoin, as far as I know bitcoin is the first decentralized digital currency.

This, making the idea a reality is the key, something like the internet has been thought by people hundreds of years ago, something like bitcoin was envisioned since the eighties but satoshi was the only one that could make that a reality and that is why bitcoin is so valuable.

[Milo_Kidd]

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

First thing to consider is the place where you want to start, the people (consumer), materials, advantages and disadvantages. In business for it is adaptation between people, place (business) and government (policy). The key for here is just adaptation. Just observe and study your location before you start and proceed to material for the demand and supply. Consider how the raw materials. It should easy to access (transfer). My suggestion is start in small one (experiment) to make it successful. Keep exploring.

[winterland]

If you want to starting a business , make sure you have these 3 things:
- Relationship : It will make your business more easy in the first time.
- Money : Money is the most important thing in every investment or business
- Experience : In business there will be some mistakes, experience will help you stay away from them.

How if you dont have an experience since this is your first time to engage on business but you are still eager to proceed then its up to you as long you do know on what you are doing.Having preparations and proper research will really be suggested on here because if we jump in without any knowledge then we would end up on losing those funds you do capital.

If you do not have the experience you could always hire someone with the right experience and if that is not enough you could always delay starting your business until you get some experience under your belt, just remember to not postpone your dreams for too long or you may never make them come true.

[GrayFullbuster]

I can say that capital and knowledge is very important before starting a business. If you have big capital, for sure you can make many profit but you must have a lot of knowledge to become successful.

[bitgolden]

OP you say that The idea is not what is important. I can't agree you, innovative idea is what makes business successful but also idea needs to be realized in a smart way. Imagine google, it's not a first search engine but with it's speed, design and functions it become first. Also bitcoin, not a first one but it was still an innovative idea like google because on that time there was only 2-3 simular thing.
Also don't forget, we can patent idea and earn money with it.

“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.”
That's way Op mentioned it, there are a lot of ideas, there are many similar business, ideas are dime dozen but the most important thing is how to develop the idea, make it better, implement it. Just like you said, Google isn't the first one, the idea still the same > a search engine, but Google could manage to develop and implemented various features to make their product better than yahoo.
I'm not sure with bitcoin, as far as I know bitcoin is the first decentralized digital currency.

This, making the idea a reality is the key, something like the internet has been thought by people hundreds of years ago, something like bitcoin was envisioned since the eighties but satoshi was the only one that could make that a reality and that is why bitcoin is so valuable.

I agree with you in this regard. Business can’t be set up just by cramming different business theories and plans. There are many other things that count like your financial condition, your investors, your team etc. You need support of those who have been already in this field to avoid blunders.

[winterland]

I can say that capital and knowledge is very important before starting a business. If you have big capital, for sure you can make many profit but you must have a lot of knowledge to become successful.

Capital is important but it is the less important of all the factors to make a business a success, how many business have started with no money or with a loan and they have become extremely big and valuable as time has passed.

[monica69]

Some countries did not accept the bitcoin cause its illegal, and some people have no idea about in bitcoin. .
If you develop a product or service, make sure that you have a market on that product or service and affordable as well to your chosen market. Quality is over quantity because if you have quality products/services then people will come back to you since they will like it so quantity will follow. A business needs fuel or capital and you can get it from your family or friends at first if you are just starting.To start a business you need to plan, think the possible result, like what you said it needs a place were it is demand and has many people.
This time if you use bitcoin in the business it is not a good idea, this is because the popularity and the legalise of bitcoin. Some countries did not accept the bitcoin cause its illegal, and some people have no idea about in bitcoin.  Just start small and eventually it will get bigger if you are successful.

[Creating N Action]

1. Budget is the first thing to consider before we starting a business.
2.Product that make it profitable.
3. Place that have many consumer.
4. Market trends that the consumer need.
5. Expected costumers so that the products that I will offer is not useless.

[Sled]

1. Budget is the first thing to consider before we starting a business.
2.Product that make it profitable.
3. Place that have many consumer.
4. Market trends that the consumer need.
5. Expected costumers so that the products that I will offer is not useless.

Those things that you said are true. Business needs a lot of preparation and you need to do the things like those in order to execute a business in a great way. Business needed to be planned very well even in the budget because the budget will tell if how far can that business can go and what are the things that it can do for us people who are planning to build a business.

[Btcjunpitz18]

1. Budget is the first thing to consider before we starting a business.
2.Product that make it profitable.
3. Place that have many consumer.
4. Market trends that the consumer need.
5. Expected costumers so that the products that I will offer is not useless.

Those things that you said are true. Business needs a lot of preparation and you need to do the things like those in order to execute a business in a great way. Business needed to be planned very well even in the budget because the budget will tell if how far can that business can go and what are the things that it can do for us people who are planning to build a business.

You need to consider your capital and you need also to consider what type of business you are in line with. Try also to gather information  and do some research what is the demand of the customers.

[Jeremiesaranza]

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/

First thing to consider is the location  what type of business your going to invest, the population of the people,the ambiance, the uniqueness of the set up and settings a friendly owner and staff, be patient at the first months because you are making your maket to become popular to the place you are building a business

[migolmigol]

A great topic to start the year! And a very well explained with thorough discussions of each element on things to be considered before starting into a business. In statics, 9 out of 10 start up businesses fail. And in my opinion it is all because of lack of preparation. Some people nowadays just put up a business without thinking of both internal and external factors. Not everything can be put into passion. You have to be smart and know how to minimize the rism of the business before establishing it.

[dvillier]

If you want to start your own business then you should have some practical experience before starting business.
To get experience you need to make relation with success traders and get tips about trading from them.
You should have more than enough knowledge about your idea of trading.
You should have patience quality and risk taking quality.

[pantet]

Things to consider before starting a business are; capital, location, strategies on how to run your business, people and a lot more. Its not easy to put up a business you need to study first on everything especially the location and your market or customers of your business to make it successful in the long run.

[akishang]

In my opinion, if you are planning to have a business, you need to make that it is something that defines you as a person. Having a business that is not in your interest might be a bad idea. You should enjoy what you were doing and money should come secondary. Know the pros and cons of you business and plan ahead. Research the things that cab improve your business,know the trend and make surr to have a good location to attract customers.

[tannerchum]

There are a lot of things to be consider in starting a business. First you should know the types of business plan if that business you wanted to hve is big. You should do the feasibility study, concept plan, business plan and the project proposal. Those types of business plan has its own components before you can conclude that exact or perfect businessyou wanted to have. The most important is you should aask yourself are you really ready to open up with business. Also do you have exact amount for your capital.

[Masongrae]

If you plan to have a business you must be open minded, be determined and focus. First make a Plan, think what are the things you think that can comply costumers needs for their satisfaction, then set a timeframe or
timetable upon planning, must have the budget,  then execute. God bless.

[andrei56]

Probably one of the most important lessons when opening a business is that you need to understand that most business are not profitable in the first year, you need to be ready to absorb all the costs, that is why you see that most of the business that declare bankruptcy were the ones that opened recently.