Some things to consider before starting a business

[micher143]

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.

The concept of being an entrepreneur rather than a business man can totally help us to achieve more rather than to just think on profit we should consider our target consumers and buyers that May give us rewards on our product and services. We should also maximazed our service and product , and we need to be open on development and growth that could possibly help us to bring good service and product for people.

[gg20222]

If you can open a business you should be open minded person. And have enough koney to start a business of your own

[Naughty Princess]

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.

Think what kind of business if it is needed in the market.  Place it where customers can accommodate the service more conveniently. Since you are starting a business you have to consider all the risk.

[Fantastic33]

Having a business will definitely help you to earn more. But you need to know a lot before putting up a business, such as how will you run it, do you have enough capital, and how to make it stable. Its not easy. You should also focus on it and love what you are doing. Choose a business of your interest that fits your personality.

[rickadone]

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.

There is something about passion when it comes to the things you are doing as you can really see what you are doing not just as a business but as a hobby that gets you money and nothing can be as sweet as that.

However, for someone like me, making money is really even a hobby and that is the reason I really usually do not care what I am venturing into, and as long as I understand the business, I push hard to get it working and when I am bored, I have people to recruit to get the work going, while I start thinking of something else.

[cramcram21]

The capital and the time management and also your location what is the best business to do in your location,
You should first review or look for something that would be in trend in your location .

[pallang]

Before starting a business you should check the location first then sufficient capital to open a business and also think of the right commodities to sell what are the basic needs of the people or maybe things that you are only the one selling.

[mgwm]

Who are your target market
What is the need of your target market
Did your product or service that will make the customer likeable
Did the business will be grow or it will have losses
Or the business has a social responsibility
And think that your business is negotiable to investors

Just make a business plan that have a complete content that will guide what business you want to have make sure your business will grow.

[gandame]

Before starting a business you should check the location first then sufficient capital to open a business and also think of the right commodities to sell what are the basic needs of the people or maybe things that you are only the one selling.

That is good idea because once you want to enter business you want also what is the best product you sell for your customer. And we need to think twice or more before we do that thing.

[dharnamonitor]

Before starting a business you should check the location first then sufficient capital to open a business and also think of the right commodities to sell what are the basic needs of the people or maybe things that you are only the one selling.

That is good idea because once you want to enter business you want also what is the best product you sell for your customer. And we need to think twice or more before we do that thing.

Before taking a huge step in starting a business, we can make a feasibility study for it so that we can see if the business is ideally and technically feasible enough. Consider also the uniqueness and affordability of the product

[cheann20]

 We all know that It's hard to start a business especially if it's not our forte. And sometimes having knowledge is not enough, or having money only is not enough too. And as a business man/woman  You 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 ..

[wuvdoll]

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.

So many things and while a lot of people get themselves limited due to the fact that they do not have all the information to know the right thing to do at the right time to get on moving, they end getting to mess things up instead until they realize that they still have a lot to learn.

This stuff that the OP shared is simply something that can really be of help for those who are starting a business to know some of the things they really need to touch while doing their stuff.

[Batang Hambog]

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/

For me, if  you are planning to build up a business even if its big or small be sure that you have a capital that support your to your business. secondly you have a knowledge on how to manage an effective business, therefore you are hard working not during there is costumer but also when there is no.Thirdly you are willing to accept all attitude of your costumer probably there are some costumer that boastful sometimes in that point you are also open-minded for that particular case. thanks.

There are so many things to consider before you start to build or to create business. First and i think the most important is the capital or the money that you need for your business. Second is the business plan because it is important to have business plan for your business to maintain the operation.

[athanz88]

Well for me, I really love to share two things I think the best to do before making a business, which are :
1. Learn about your business before make it. The best way to make this easy is to do business in things that you know well and love. If you already master 1 business, then maybe you can grow it and expand it to other kind of business.
2. Backup money. For the early months, your business maybe wont goes well. So you need extra money to pay your worker fees or other fees like electricity, water, food, gases, etc. This is important. Because if you don't have some, it can make your in-progress business collapse.

Well, this topic does give me some thing to learn, as it is a lesson from a reliable source. Thanks very much for sharing.

[naidray]

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.

Very well explained really. Starting a business is not a small thing to do at all as it requires a lot and without knowing some of these things, some people have ended up finding themselves in a situation where they just see that nothing is moving in their business, but with articles like this, it is so easy to get going and at least know some things you will have to watch out for first before starting your business.

In my experience, I have seen some of my friends do consider a lot of things for setting up their business and most of the points discussed were focusing on how to face the negative situations. I mean to say, we need to concentrate on how to manage an emergency situations then we can manage any business effectively.

We need to consider positive situations also but when we are mentally prepared for negative situations then we can manege any business profitable all the times regardless of what are hurdles we may face.

[sampalokmix]

This is actually a good read and very informative especially for those who wants to start a business. Honestly I also wanted to put up a business of my own but I'm trying to read some articles and information about starting a business. You can't just wake up one day and say I'll withdraw money from the bank to start a business today, of course it needs to be premeditated at first.

Yes indeed, I think when you are planning to start up a business several things must be considered like , place , purpose and of course profit we cannot jhst go in the scenario without any plan about it,that why academic studies like Feasibility stusy and making a business plan is such a helpful things to secure a business.

[ginika]

There are several things we need to consider before starting an example business:
1. capital preparation
2. preparing labor
3. procurement of raw materials
4. technical things in business
5. business marketing optimally
6. profit from business
7. risk from business
8. pay attention to business competition
9. Pay attention to business management
10. facilities and environment

[bendingappaloosaH]

What type of business are you going to set up? It depends on specific criteria for specific businesses

[Aying]

There are several things we need to consider before starting an example business:
1. capital preparation
2. preparing labor
3. procurement of raw materials
4. technical things in business
5. business marketing optimally
6. profit from business
7. risk from business
8. pay attention to business competition
9. Pay attention to business management
10. facilities and environment

Aside from that you have to make sure that you know what you are doing or when you do have a partner just make sure that you trusted each other well and one of you will manage that business. Just love what you are doing, and you'll gonna become successful here.

[pubmongrelT]

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businesman