Some things to consider before starting a business

[shunga]

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.

For some businessman they consider the needs of customers unlike any other businesses that always thinks about their gains or income. It is pretty innovative to conduct surveys at the crowd and to what people mostly like, because in some point we cannot ignore the so called market competition that has always been in the economy, so before you should start business you need to be a little wiser.

Small or big business needs capital. For me capital is one if the most important thing to consider in putting a business then the strategy that you will use. Having a busi ess plan make your business easy and attainble. This will serve as a guideline for you to have direction and focus. You should have the strategies how will your business will click to the consumer. Successful  business starts with agood plans

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[tutakhamunba]

Before starting a business, the most important thing to consider is "where to find the customers?". The customer is the foundation of any business' success.
The second thing is "what makes you better than your competitors?"

[TurboPower]

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/

Having one's own particular business can be the greatest dream anyone can get into to the extent accomplishing money related opportunity is concerned. What's more, we require more business people who will go for broke in understanding their dreams...these are the general population who are contributing huge to the nation's economy and can begin a progressively outstretching influence in light of the fact that there is an once in a lifetime opportunity they can be employing individuals as well.

Notwithstanding, getting into an effective business isn't that simple that is we must be readied while we are making a few dangers. Dangers must be alleviated so the effect is diminish while the business potential for development is expanded. I generally have a major and profound regard for individuals who are daring people yet recognizes what they are doing.

[BamBog]

There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way

I agree with you. Besides we have big resources of money, dreams and the potential to be successful, of course we need to calculate the details before investing in a business, set planning marketing how to can gain the targeted customer so that can get profit return after are also one of most important. even though in the end everything depends on luck itself.

[Btcmicel]

There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way

I agree with you. Besides we have big resources of money, dreams and the potential to be successful, of course we need to calculate the details before investing in a business, set planning marketing how to can gain the targeted customer so that can get profit return after are also one of most important. even though in the end everything depends on luck itself.

Handling a business is not as easy as that, you need to be physically and mentally fit  in all aspect so that you have a power to work for it. A big capital and a nice location  .

[squog]

That is true. There are alot of things to consider before even thinking about the capital you are willing to put in. I saw many people who had to learn all these the hard way and they lost tons of money to earn the success they have. I think the best way to look at it is an awful lot of planning and careful execution and a right amount of risk to be successful in a business.

[Sengoko]

Before starting a business, the most important thing to consider is "where to find the customers?". The customer is the foundation of any business' success.
The second thing is "what makes you better than your competitors?"

The choice of the right business to invest your money and then having a complete knowledge regarding all the possible things related to that business is the most important thing to do and that you have to be sure that you are not missing anything. Other than that, you also have to know about all of your competitors and that you need to be more productive to get lead over them.

[cryptogayan98]

t must be planned first to start any business. It should be a good concern about it, it should also have the background and the need. Businesses must succeed in doing so. The business must also acquire the knowledge of business. Information should be obtained from each article on business. You must first be wise to start your business. Also look for dealers. Notice how businesses are successful.

[ParkSaezz]

 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.

[tintinbongs]

Good insights, what i suggest most is do a research, study the business well and pray a lot, so that you will be more joyful when you know that your business comes from the LorD.

[Rauxanhinu]

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.

[Atlantic12]

This information has been very useful to me. I think these a major stuffs to consider and know before starting a project.

[Arlibtchunt2018]

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/

This is a very good statement for us investors. This has added up to my knowledge regarding business. Many have shared their advice but this one is a very compact with a brief knowledge.

[AleSergio]

Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.

[Astra2127]

Based on my experience, because we are owning a small bake shop, first thing we considered is the money we need or the capital itself. Knowing your capacity financially is very critical, it includes the money you need for your stall, product, and for the people you are going to hire for example. Next is ofcourse the location or area you will be choosing for your business. It is very crucial nowadays because places that are good for businesses are mostly populated, but putting your business in that kind of area is  very good for your concern which is business. Another thing is about "backup budget" or "extra budget" just in case your business didn't success, but don't worry about it businesses always go through struggles it just a matter of trial and error. Goodluck to you and to your business! 😊😊

[aeternus]

First and foremost is the ability from yourself if you are able to build a business, if you have enough capital to start or you are just pushing and trying hard to start even though you are lacking of capital. It is best for you to measure things before you start a business because starting a business is not an easy thing and you should be prepared, well prepared before you start.

The most important thing to start a business is not the money that you may have, there are many stories of people starting businesses with very little money and becoming really successful, what you need is a good idea and good business skills, there are many businesses that are not really revolutionary and yet they make money for their owners.

[Layers318]

I have started a food joint and one thing i realized is that it is very important to consider your human resources and treat it with the topmost priority. Getting a loyal and hard working employees is very difficult to come by.
Also, in our world of fast growing technology and decentralization, it is very smart to integrate cryptocurrency into every business to facilitate the mode of payment and also generate more income as the market goes up.

[deppil]

Before starting a business the first thing to consider is what line of business you're going to take. Your business should offer the daily needs of people. With this idea, its a sure thing that you won't loss on your business.

I agree with this. Yes, I think that too. There is q big possibility of gaining and not losing if your business is in demand by all people. Like for instance the prime commodities, clothing and others.

Yeah you have to consider a lot of things. not only the products that you sell are according to their needs or not but there are many other things like your product must last a long time to avoid losses when not sold/ then follow the existing trends. new innovations and so on

[lienfaye]

The most important thing that one to consider when putting up business is capital. Well some would say that even if there is low capital if one who do the business is well discipline it will be able to grow the business and yes they are right but in my way if i have to put up a business i should need a huge capital to work things out completely doing business.

I think it depends on what kind of business you're going to build.

In my case I started with small capital and able to grow it few months after I launched my business, its called repair and accessories of gadgets.

I consider many things before I put this up like the planning, budget, location and the demand of customers.

[mitchr4]

The most important thing that one to consider when putting up business is capital. Well some would say that even if there is low capital if one who do the business is well discipline it will be able to grow the business and yes they are right but in my way if i have to put up a business i should need a huge capital to work things out completely doing business.

In my opinion, capital does not have a big impact on starting a business, but an opportunity because without a business opportunity it will not run smoothly. The profits earned will be hampered. Whatever the initial capital to do business without opportunities is the same, meaningless.