Some things to consider before starting a business

[princess.tyche]

The most important thing that you need to consider when you open up a bussiness is capital. Because you have to have a back up money in case your sale isn't good enough to fulfill your monthly fixed costs such as rent, salary, bills. Second, the product itself. You have to produce a good quality product. Third, good management bussiness. No matter if your products are the best in the field, if you can't manage your bussiness you will lose to your opponents.

[Ekim22]

The things you have to consider to start a business are,  find  the best location,have big capital,produce good quality of product and many more.

[jona]

No one will want to set a business without checking the cost price a d what he or she can afford, if can put in what you can afford same is also applied in bitcoin and cryptocurrency investment.

[Elseye]

As for me - the amazing thing to do is to select a unique area, where you will hardly face rivals in business.

[blue_nexus15]

The most important thing that you need to consider when you open up a bussiness is capital. Because you have to have a back up money in case your sale isn't good enough to fulfill your monthly fixed costs such as rent, salary, bills. Second, the product itself. You have to produce a good quality product. Third, good management bussiness. No matter if your products are the best in the field, if you can't manage your bussiness you will lose to your opponents.

Building a business is extremely difficult and you can see that through the statistics of startups in the first year, most of them are bankrupt or doing busines failure. But it is not that you can not succeed in building a new business, study your market needs and your strengths to get the right direction, build a solid business system and team professional leadership will help your business easily succeed.

[Cinemo]

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/

In chosing and starting business all you have to do is to have a large amount of money for starting. You need to.research more about the world of business. Other than that the places you are going to start the business is there are lots of people. Think the item that is unique and easily to buy. In business being positive is a good attitude.

[jo123]

Many things like things to do before starting , picking the right and perfect business to start then the very very long preparation before opening.

[systematicdeception]

Of course, to start a business, you need to know what to start. I always said, I say and I will say that the entrepreneur should have an idea. If you cannot even come up with an idea, then what kind of business is it all about? It is not necessary to be an innovator and to invent something unimaginable. You can take an already working idea

[dvillier]

Many things like things to do before starting , picking the right and perfect business to start then the very very long preparation before opening.

Obviously, to begin a business, you have to realize what to begin. I generally stated, I say and I will state that the business person ought to have a thought. On the off chance that you can't think of a thought, at that point what sort of business is everything about? It isn't important to be a trailblazer and to design something unfathomable. You can take an officially working thought

[EnricoGomez]

Thank you for this amazing piece of article!
It was very informative and easily understandable - I will try to keep this on mind and even share it with those interested. Business is truly advantagepus yet hard to manahe unless you are knowledgeable enough.

[LienTHETRADER]

Always aim to buy the raw substances at cheaper rate and sale them at high price and provide pure finished products at the early years of business

[sonic22]

Starting isn't a problem, surviving is. Be persistent and try to be the best at what you do.

[thecoder2017]

There are so many things to consider in starting a business like having a sufficient funds, consider also the place if it is accessible to people and the commodities you want to sell also you need a thorough plan.

[wasaisi]

Before we run a business, of course we need capital to start. This capital can come from many sources, for example from own savings, loan capital, or from investors. Knowing the need for capital will be better because we have estimated the initial expenses and operating costs of the business, so you do not keteteran in managing business finance.

[Kamote_1102]

Things to consider before starting a Business.
1. what kind of business are you planning to build.
2. where are you going to put your Business.
3. capital.
4. timeframe of the Return of Investment.
5. Manpower.

for me, these are the most important things to consider to build a business.

[outdatedruff7]

I dont know a single letter of doing business. I like jobs in office only

[webdevmastery]

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/

Ideas and funds is the most dominant needs in starting your own business and the place where you are going to start your business in order to become successful in the future and to surely earn a huge amount of profit.

[romeo23]

There are many things I would consider before starting a business. The following are a must..Number 1 is Viability..The viability of a business is measured by it’s ability to sustain profits over time. Is it just a cash and burn idea? What are the long term goals to make it profitable...Funds..Money can’t buy you happiness but it can surely help you accelerate your business to another level. Without sufficient funds you’ll have to rely on low quality of work, which will ultimately lead to the company’s downfall. So make sure you’ve enough money before burning up..Third is Market.Is there a market for your idea? Are there people who will actually go and buy your product. For example, let’s say you want to sell designer socks, people may like your product but they won’t buy it because socks is often worn with formals. So make sure your passion meets business before you start.Next is Competitors..You might not be the first one with this idea, there maybe a dozen more people who operate with the same model you have in mind. So make sure you do your research before starting. What makes my product better than the ones already available in the market?Is there absolutely no space for me? For example, the search engine market is dominated by Google and it’s almost impossible for a new player to make it’s mark.Last but not the least is Strategy, you need to have multiple action plans for your business. If plan A fails, what next? plan B!Once you’ve sufficient answers to all these questions, you can go ahead and start your venture.

[gambitcoin53]

wow this is truly a great help for the people who has a lot of questions regarding tips on how to start a business, i still dont know if i can relate it to bitcoin, one thing that struck me most about this article is that it can be applied when you want to start a new ICO, especially the part on the importance of value creations which talks about five criteria which i find more appealing if i will plan to release an ICO.

[Spain2000]

For a good business strategy there are many things to consider before a starting of new business like if i start a business for me place price product and promotion these are to make sure before starting a new business and place is the most important because the demography can change demand and use of the product there and business become successful if we notice all these things  in mind and innovation is also important for a good business.