Some things to consider before starting a business

[nurbay]

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

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.

I love your answer and I think your answer is very accurate. Our priority to start a business is to be able to recruit and retain high-quality talents for our business team. Because if you already have it, it is definitely our business will run as expected and we will succeed in the future.

[Sled]

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.

That is the most important thing before you start a business, you need to have knowledge and if you don't have experience yet then that is alright since you have knowledge and you know what are the things that you need to do. Starting a business does not take time in building because it takes time from yourself on how you are going to be prepared.

[pelipurlara]

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

We can make a lot of profit but we also have to have a lot of knowledge to be successful. I can say that capital and knowledge are essential before starting a business. If you have big capital but do not have a good strategy then it will be useless

[robbietobby]

I would like to consider this blog post first: https://www.huffingtonpost.com/diane-gottsman/five-ways-to-succeed-in-b_b_8140682.html

I would love reading blog that would motivate me in starting business and ALL about introducing money to develop my financial IQ.  I would slightly take off music in my brain and consider some tips in starting some business:
1. Play to your strengths - planning is crucial. I believe in the saying "If you fail to plan, you plan to fail."
2. Make the effort to show up - it also means strut your stuff at the end of the day. Showcase your talent as talents are belssings from above.
3. Dive into the uncomfortable - Not everyday is a good day, make sure you have a good attitude in the midts of the bad day.
4. Ask for what you want - The best attitude is not afraid of asking what you don't know.
5. Do not get discouraged - Being discourage is like pushing opportunities away.

Business SUCCEED!

[Tactical Genius]

that was a great and quite comprehensive but compressed read.I have been thinking about the basic principles needed to be successful as an entrepreneur and basically the write up summed up a lot of them. I should also quickly add that losses should not deter a person from halting his business but the appropriate research and analysis of why he he or she consistently made losses could help one get back on track.The never quit mindset is also very important in enterpreneurship.

[Bugsbey]

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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/

Thank you for this informative post about starting a business. I really wanted to read or research about how to start a business and the right attitude towards business. I think having a right attitude is very important in starting business.

[choychoy]

You need knowledge and money before doing a business.

[Tapyaks72]

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/

Thank you for this informative post about starting a business. I really wanted to read or research about how to start a business and the right attitude towards business. I think having a right attitude is very important in starting business.

I really appreciate people who much effort to do a post that is really informative, sometimes in all we want is to be stable financially and most of us want to be an entrepreneur but in just a planning stages we are afraid of the risk because of that we don't succeed, and Im already enlightened that those who don't afraid risk most likely be successful.

[Best Dreams]

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

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.

I love your answer and I think your answer is very accurate. Our priority to start a business is to be able to recruit and retain high-quality talents for our business team. Because if you already have it, it is definitely our business will run as expected and we will succeed in the future.

No doubt that having knowledge is wisdom in starting a business and the other most important thing we need to start our won business is the time, if you are well trained to maintain your time and your business accurately then you can get profit, at this time we cannot say anything but for me to start business the only things that are important are the time to invest, capital to invest and the patience to hold your investment and after that your success will be guaranteed you will earn high amount of profit in very small time if you will manage everything with care and on right time.

[Razick]

You need to consider start up capital which has to cover all expenses, there is also the issue of the  location, what product you are selling and prices for which you products will be sold. You will also have to figured out the target audience your products are aimed at and make sure the products is properly marketed to them. There is even more but this is just the start.

[torch2121]

For me make a feasibility study. Right location on for your business. Then quality is everything always maintain the quality of the product because that's what they always came back to your business. Always humble to customer, always treat your customer right. Do right, act right and every thing follows. Just a thought.

[krishnaverma]

You need knowledge and money before doing a business.

Knowledge part is correct but one should till not waste a lot of time on this. You just just start small and you will acquire all the experience and knowledge in the process. Regarding that money part, it is one of the the biggest misconceptions related to doing business. I was listening to a very popular public speaker (who own a successful company) and he gave multiple examples of how you can start a business with almost no money.

[equoboy]

Know first your profit and find a nice location and importantly you have to save some money in case of crisis,you wont lose your business.

[Maximo1]

Here are some important factors you need to consider before starting a business, it helps you to eliminate the risk and obstacles youll facing on the journey.


Great idea
Funding budget
Analysis of competitors-helps you in developing a much
    more effective strategy for your business
Legal documentation
Positive attitude-most important thing that will help in
   passing all the challenges and difficulties.
Know when you need help-make sure you already have an
     adviser who can provide you with the best advice at the
      hour you need.

[iMark]

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

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.

I love your answer and I think your answer is very accurate. Our priority to start a business is to be able to recruit and retain high-quality talents for our business team. Because if you already have it, it is definitely our business will run as expected and we will succeed in the future.

I think if we wait to experience first before starting business, surely there will be many people who do not dare to start business because they have not had any experience in that field? I think the most important thing is that you understand the target market of your business, understand and have knowledge for the business you are going to run, that's what matters! yeah a credible team will give you a successful business

[KingFisher9]

I guess a lot of things to be prepared before starting to do business. Calculation errors can make the business we live will go bankrupt. The calculation of operational biyaya be one of the things that must be considered in starting a business that we will live. the business world is a world full of manipulation. Also check or viable the business is before startup.

[Indai24]

I guess a lot of things to be prepared before starting to do business. Calculation errors can make the business we live will go bankrupt. The calculation of operational biyaya be one of the things that must be considered in starting a business that we will live. the business world is a world full of manipulation. Also check or viable the business is before startup.

Based on what I have learned before it would be best to conduct a feasibility study prior starting a new business. You need to examine as to what type of customer that you will be getting to this area and ofcourse you will need to consider the place and as to what products that you're going to offer.

[mintevacuateT]

Busieness means to establish connection between the customers and producers in a peacefull and satisfying way and we should give that preference

[braveanatexis9]

target public, the produccts to be dealed, the position of business setup all  need to be considered before setting up business

[Whitly]

Thanks, myself I thinking about starting own business (selling clothes and own brand), still updating the plan with new ideas and thinking about risks, about pluses and minuses. Your post is useful for me, I even merited it, but I don't agree with "Don’t plan a business for today – Plan it for at least a year from now.", since world moving is really fast, I think it's hard and useless to try plan on a year, max 3 months.