Some things to consider before starting a business

[BennyK]

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/

Very good and informative. From a personal experience, I know that the biggest challenge to consider much when starting a business is the human resources. You can have all the other resources, stuffs, and a well planned business structure available yet lose your money and the business when the human resource is amiss. You cannot tell vividly the attitude an employee will put across after been employed. It demands a great deal of work to scrutinize and select the good few ones to be employed.

[1715331035]

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[1715331035]

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[BeGoods]

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.

Many of my friends that become successful entrepreneurs suggesting for the first business purpose is not to make a profit but to provide services and deliver the best products needed by consumers. you have to provide good service, build good communication with partners and customers, create a truly quality and good product for the customer,  then with that purpose, big profit will follow you

[deppil]

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.

becuase from that, it's hard work and patience is the key because business is usually not too developed in the first year because everything has a process. even big companies like Mc donald, KFC, and so forth need time to grow into big business. so need to work hard and never give up to make a business. and do not forget to keep innovating so your business doesn't die like nokia

[meshow1]

Thank you! I've been reading a lot of articles about how to start a business because I really want to start one.
I have a stable job but I want to have my own business as well.
This is very informative.

Of course you should plan before you get a business because when you plan you will get a beautiful business though you can build it in your own perspective.

[carlisle1]

Im running my own business too.but before i conduct and start to operate,i make sure that i know the product well.i know the place,i have my target costumer and i have my own strategy to attract the costumer.i have a simple managing technique but i have a long researching before then.thats why now im almost successfully inverything

[parallaxbug9]

Adequacy of enough capital, suitable environment and population growth affects any business setup even btc trade

[bituperio]

Thanks for the article, there are many books and articles on what makes a business successful, but I think that at the end of the day is all about the people that make the decissions and lead.

[swallovwvile8]

Eventually the primary noticeable thing is to look after the monetary ability of the individual to set up that business

[hermae]

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.

I have dreams to start my own business in the future. I think before deciding what kind of business we want to build, we must do a lot of research first about the market that we are going to join in. Best thing to consider is the place where we want to have our business. For example, if we want to have a restaurant, I think it is best to consider what kinds of food we will offer. And if we want to build it in a place where many well-established restaurants are built already, we should think of a food that would make our restaurant unique so that customers will be eager to try and will be a regular customers in the future. Before building our dream business, we should know the ins and outs of business first to be able to be successful in the future.

[TIDOVEE]

Wow, what a nice write up. A lot of people believed the first thing you need is money. Whereas the idea is more needed with which one will be able to utilize the fund judiciously.more so, recognizing opportunity, and the needs of the environment is also very important as noted in the article. And acquiring the necessary knowledge needed to get the best out of the businesses.

[Kousei23]

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 of course you must consider the profit or the capital to be used because we all know that in businesses the first thing you must acquired is to have a capital. Later on the things you consider is always on the business and not on money. Be sure to have a better income and then a better strategy too.

[okwang231]

before we get a business big or small, we should invest enough to build a business because that is our first money and your business knowledge is sufficient because if you have no knowledge about it you are sure to go ahead soon enough or get rid of everything You're struggling with war not a joke or that's why business should know what people need so that all of us will come to this really important knowledge and capital money before you start a business.

[sordinihandbag]

which busieness are you talking about? Btc business?  then sorry I am a newbie in this case

[vinz7229]

Im running my own business too.but before i conduct and start to operate,i make sure that i know the product well.i know the place,i have my target costumer and i have my own strategy to attract the costumer.i have a simple managing technique but i have a long researching before then.thats why now im almost successfully inverything

i agree, putting up your own business is not just a game that if your loss your interest you will stop right away, before you start your own business you need to consider everything such as, looking for a perfect  place to put up your business, set your mission and vission, make a survey about your product that you want to introduce in the market, and most of all you need to put up a unique product so that it will really patronize by your future customers.

[neliawesome]

Before starting a business there should be planning.Plan first before you immediately run a business.Do some research what kind of business that will surely click and make some studies.Make sure that you have enough money to run a business and lastly work hard so that your business will have a great result.

[hacekd]

Thank you! I've been reading a lot of articles about how to start a business because I really want to start one.
I have a stable job but I want to have my own business as well.
This is very informative.

     Its good to you to think to have a new business even though you have a stable job, just consider somethings before you build a business as like as do some research to want demand business today or make a your hobby a business, if you love to baked then start a bakeshop or online shop. Nowadays, Online shop is more convenient business. I'm looking forward to the success of your business.

In general, there are 5 things we should consider before opening a business or starting a business that is:

Product.
Management system.
Market Analysis / Consumer.
Marketing strategy.
Financial analysis.

[Satry]

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

Before we start a business you need experience and have knowledge. We need to conduct some research and once you’ve started your business, the daily reality of running it can be overwhelming. You don’t always know what to expect. We need to consider the important things first make sure you have money, focus on people and their needs. Your biggest priority will be recruiting and retaining high-quality talent to your team.

[Dejech19]

Thank you! I've been reading a lot of articles about how to start a business because I really want to start one.
I have a stable job but I want to have my own business as well.
This is very informative.

Of course you should plan before you get a business because when you plan you will get a beautiful business though you can build it in your own perspective.

Hi, I will share something if your  planing to have a business. Things to consider are  first what business you want to start, second where are you planning to put up your business,third prospect clients, four know the needs and want of the society, fifth your capital, sixth  evaluate if you really gaining if the said project will be successful,seventh  know your positive profit.Having a business is not easy you must consider many things. Specially ask you self it you are mentally, emotionally, and financial stable before you engaged your self in a business.

[Zahrowil Qolbi]

Thank you very much! I have read many articles on how to start a business because I really want to start one business. I have a less stable job for that I want to own my own business. This is very informative article.

[Lion34]

This actually encapsulate the "A-Z" of business secret for a starter. However I think one of the keys to growing business is remain open to new ideas in the line of business chosen.