Some things to consider before starting a business

[yonjitsu]

First and foremost, investigation or making feasibility study of the business you wanted to establish. If the result is feasible, then that's the time to start planning and do whatever is being the result of the study. Planning is essential to avoid wasting of time and money.

[1714473901]

1714473901

[1714473901]

1714473901

[shakerpartymaker]

By the way you can start your business now using MyWish project that allows ICO launching for a small fee, don't even need having any programming skills, the guys will do everything themselves

[campbell.box]

A lot of people start a business are very sudden an idea is to do! Don't wait for things to be clear, it's too late!

There's a lot of resistance to thinking, and maybe you just give up! Your experience, your foundation, and what you need to do sometimes may not be the same.

[koleskok]

Indeed. Let's aways put in mind that when starting a business, you have to think the location all the time so that customers won't be hesitant to purchase of the products yoi are going to introduce.

[Bitexpert2017]

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.

[Freddie Aguiluz]

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.

Me too, it helps me a lot, I also have a stable job but not that good enough to start a business, what do you think is the best way to start even a small business?

[Monnt]

As an entrepreneur Your 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.

Yes, before starting a business it is important that we know its nature and the best place to start on it and should have an advance vision for its market or who is the main customer for your business so that we can have an estimate for the return of investment or the ROI since it is not profitable if it takes long time for the return with reference to our effort which have been exerting on it.

All the domains that you have mentioned are important and we need to consider all of them before starting any business. For instance if you are building some resort and that too in the market, it is not going to attract large number of customers.

For that, you need a location where people come for tourism or that is some picnic point. So we can easily understand now that how all these things affect the business.

[jeraldskie11]

There are many things needed to be consider before  planning to start doing business such as the amount of money, expenses and product to sell and the price of it. These is very useful if you do business so you need to think and plan wisely to sucess it and make sure that your ideas will be hit in everyone so you don't need to worry of it. Think wisely can bring you in a successful life.

[Bastok]

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/

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.

For me the most important to  consider before starting a business is location.  The best location that is fir for your business that your going to build. Then follow your marketing strategies on how to market your business. Capital and knowledge is already their before you decide to build the business.

[Freddie Aguiluz]

Indeed. Let's aways put in mind that when starting a business, you have to think the location all the time so that customers won't be hesitant to purchase of the products yoi are going to introduce.

Aside from location, we shoud also consider the surroundings. What and who are with you in your location, your kind of business will depends on them, whether you will start a restaurant or a contruction firm.

[Irviyandi]

Thank you for providing a very useful knowledge for me and again with this topic I better understand the things that must be considered before starting a business so no one in starting a business and ultimately a big loss because I am not aoahm about business.

[ausbit]

Thank you for that wonderful note. I have read it and have taken note of it. Very timely because, now that I have a capital (thanks bitcoin), I am thinking of putting up my very own business.
For me, I just want to start small. Starting with my expertise and that is cooking. Passion is a key to be a successful businessman. If a business lacks passion, then it is bound to sink.
I am thinking of starting my business around christmas time ( this is a time where people actually don't care about spending. A season of giving, a season of shopping ). Looking positive on this one. Thank you for your inputs sir.

The first priority should be the awareness about the market which is called the crypto market knowledge. Now invest in yourself first and then proceed for investments and do not enter into the market without knowledge or with less knowledge as we know that a little knowledge is a dangerous thing. So avoid entering into the market without enough knowledge and invest if you are enriched with the crypto knowledge.

[Merjay18]

The thing's you need to considers before you start business are, you need to look for comercial place,you have big capital and you now how to handle business .

I think the thing to consider before you start bussiness are capital, the project that you want to start. Maybe you could also consider the profit that you will earn. Lastly you need to think projects that is competitive and has a potential in market where you want to start your bussiness.

[max fray]

• A successful business is one that delivers value to its customers and creates value for its owners.

Sorry for omitting the greatest part of your long post, but I mostly liked the idea highlighted above.
So I can say that my translation business is successful because every month I deliver to my customers the volume of original information equal to a couple of medium-size books 

[Blue Bell]

The thing's you need to considers before you start business are, you need to look for comercial place,you have big capital and you now how to handle business .

I think the thing to consider before you start bussiness are capital, the project that you want to start. Maybe you could also consider the profit that you will earn. Lastly you need to think projects that is competitive and has a potential in market where you want to start your bussiness.

Capital is really the basic requirement for starting a business so we must have smart amount of capital that we will invest and get profit for our future. I think we should be wise while choosing our project as a small wrong decision can destroy all, start a business with what you are good at and choose they object which will be high in demand. Now a day crypto currency is on demand so buy bitcoin at low price hold for the long time and the latter on sell at an expensive price so this way again and sell.

[Mapalast]

That was a great writing! But the thing is, to run the business well we should do the basic mangement concept :
Planning
Organization
Actuating
Controlling

If those principal could be going well together then you can have a good and stable business.

[Godexists]

some things to consider before starting a business is first you need capital,planning, location of your business and strategies on how you market your business.

[lokanot0]

Thank you for this post! It can really help a lot of people who have been struggling to maintain even the smallest of business. Businesses, small or big needs to be prepared for to be successful.

[staradvincula]

I believe that all of us are aspiring a stable income in preparation for our retirement.  First things comes in our mind is to put up a business.  There are many factors that we have to consider before starting a business.  (1) Starting capital.  This is necessarily need to support and sustain the stability of the business.  Reserve rolling or back-up capital in case of shortage.  (2) Product. We have to think of a product that will meet the need of the consumers.  It should be a necessity product to gain support from our clients. (3) Market.  Location and the number of population is important.  We have to find  the right and perfect location depends on the product and the chosen business.  (4) Attitude. We have to build a strong relationship towards our clients.  Patience should always be in front of our personality.  (5) Lastly, Period. Your preferred business shouldn't have to be a flavor of the month business but it should be a long term business to generate more profit.

[PETMALU11]

Always think first that what is new about your business in other kind of business, And what would the result if your planning to create a business and has a potential in market where you want to start your bussiness.