Some things to consider before starting a business

[Tsugihara]

1. Have skills

If you only have a few skills, you can partner with someone with complementary skills.
2. Have additional plans and functions

If you are going to start a company, you must want something better to run a business. That means you will have more efforts made only from the main company.
3. Realize business growth

Perhaps you are contemplating entering the business world because you are excited about doing the main job in business. You have to be passionate about it. However, you must remember, if the business is successful, it will grow.

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[Lynchfondu]

1. Have a clear and concise market making plan.
2. Limit debt as much as possible - a capitalist economy favour's top and bottom line growth.
3. Know who your shareholders are, and respect them.
4. (probably the most important rule) Work extremely hard.
5. Have fun!

[mr_enoc]

1. Do not invest your own money

Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.



2. Work hard



If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.

3. Use the latest technology

New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.

4. Respect the time

Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.

5. Realistic

When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.

6. Sell excess, not price

You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value

When putting your own business,  money, skills, knowledge, need to be dedicated, those are the most important qualities that will be needed when you are planning to have your own business.

[Kemarit]

I have already a business and here's my call on some of your points, although its offline, but I can still chime in:

1. Do not invest your own money

Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.

I started with no partner, except my wife. Apparently, she can a job offer after a few months of opening our business so I now carry the burden everyday. The funds was from my last pay I got from my job. We took the risk, years ago so I think I got 'lucky' and didn't go bankrupt.

2. Work hard

If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.

There is no question that you have to really work hard in order to succeed. Thing's you thought you can't do before, but when all is in the line, you gonna do what you gonna do.

3. Use the latest technology

New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.

Of course you have to take advantage of every opportunity and technology is there to at help you to reduce the cost.

4. Respect the time

Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.

Time is very important as well. You have to have the proper stocks in time and you need to check everything is their is a stock otherwise you don't know when the customer will order and how many. So manage your time wisely and always order on time. Contact your suppliers if you are think that your products will gonna sell.

5. Realistic

When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.

My business model is simple, well its the most practical model so I think that what it makes successful.

6. Sell excess, not price

You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value

As I have said, I just got lucky because the market I'm in is not yet saturated although their is competition. If my supplier says that they are going to increase, I increase my price as well but its on a level that my customer can still buy it despite the competition out there.

[SushiMonster]

Also considering Jack Ma's advise in seeking business partners.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.

[Dainye_dyep]

the most important thing to consider when starting a business are the market, your capital, and the profit that you'll receive.

Well this hepls a lot but for me the most important thing if you are trying to have a business I think is the dedication toward it, I think if you are really dedicated for there's no thing will stop from doing it, what I am trying to say is pursue whatever you really want , always tend to be consistent in every step of your business for you to be successful.

[bhabygrim]

The only thing that you should do before starting a business is study the business and learn the things that you may do in your business that can result for a higher profit in the future. Starting a business is good and it is not that risky unless you don't know the things that you need to do before and during your business.

There are things to be considered before starting up a business. First, we must be sure about our capital. Be sure to have a capital that is enough to buy all the things that is necessary to start. Next, choose the best location where in people will love your product because it fits their needs. Hardwork is also a factor to be considered for your business to be successful.

[pdavidp]

well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.

[Oilacris]

well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.

Having a right team is much really better compared on you are just doing it alone specially if you do plan on bigger projects but if you do aim for small ones then doing it alone isnt really bad either as long you do know on what you are doing. Hard work and proper planning would always be tied up when it comes to business.Always set up back up plans incase of unexpected things to happen.So that later on when you experience such thing you are already prepared on what you would gonna do.

[Lieldoryn]

Also considering Jack Ma's advise in seeking business partners.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.

If a business founded by several people that there is always a risk that partner will have different points of view on the development of joint business. This leads to quarrels and can significantly reduce efficiency or even lead to the collapse of the business. It seems to me that you should always develop your project independently.

[bitcoinmaniac52]

Some things to consider when starting a business is if you are really solving a problem that a lot of people can benefit from. There are too many people starting a business thinking they can make a lot of money from it. The vast majority of new business's fail because of this mentality. If you do not have a solution that is unique and helps a lot of people you will eventually end up failing.

[dancingnancy]

Before you start your own business, you should know first if you are doing it with a good analytical thinking. You need to analyze things first before doing anything because if you will not do it with a good analytical then there is a higher chance that you will not make any good outcome from starting a business. So if i were you, i will do analyzation first.

Being analytical has it's own part, but actually investing money is the more important important latter. Knowledge is is crucial fit long term running of the business also a fixed mindset is required to be able to tackle competitors in the market. I think being realistic should be the first step as it's more important than speculating profits and actually working of business activities. We should understand whether it's actually possible to run a business or not.

[Spain2000]

Before starting a new business we should consider the followings things like for better business you should have a patience and the art of satisfying your clients or customers. The second reason is the idea should match with the ethics and tradition of the society. The most important thing is to select an appropriate market for the goods and services where you want to offer.

[salterious]

Sure all of those are things you should consider before starting a business but the #1 thing you should have before beginning a business is a business plan. If you dont have this then GG you are a dead duck walking

[kiloiko]

well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.

Efforts are always there when something new is planned and you need to work out on it day and night. There you may have hard times coming along the way but these hurdles make your way easy and give you more experience that can help to draw a better architect of work in your successful way. Learn and learn, even you know it already, again learn and get experience from it.

[Hamstead]

well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.

Efforts are always there when something new is planned and you need to work out on it day and night. There you may have hard times coming along the way but these hurdles make your way easy and give you more experience that can help to draw a better architect of work in your successful way. Learn and learn, even you know it already, again learn and get experience from it.

It is better to plan ahead, and enjoy the moment while we are doing in a very challenging event in your life. Hardworks and sacrifice are the tools to succeed not only in business but in all events in our life.
As we go into business industry, see to it that you are ready for a loss because in business not all are gaining. Sometime we consider also the trend and demand of  the market place as it take a big factors and basis of what is the outcome on this project.

[lienfaye]

This is very helpful thread for someone that are trying to start a business. Im an owner of a gadgets and accessories business for 5 years now and the first thing that i consider when im just planning to build one is what i really like. For me its important to know your passion because it will reflect in your business on how you handle and familiar with it. Its also important to know what might your customers like so you can serve them well.

[karnwillbit]

well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.

Your idea is highly appreciable to me but I would like to add that honest team plays very important role in advertising, publishing and developing your business as well as there is no substitute of hard work, loyalty and devotion to your job. Further more risk is an important factor affecting the business and I would also like to add that a good leadership qualities in a business man is very important.

[Persiville]

This is very helpful thread for someone that are trying to start a business. Im an owner of a gadgets and accessories business for 5 years now and the first thing that i consider when im just planning to build one is what i really like. For me its important to know your passion because it will reflect in your business on how you handle and familiar with it. Its also important to know what might your customers like so you can serve them well.

Yes as far as I notice, that is also one of factors that can give impact to your business. One of my friends told me that, before you actually start a business, you consider the risk, all in all they said here, and one more thing, you cannot run business by yourself while you are just a beginner, seek help and advises, try to find business coaches to help you manage your portfolios and your plans, but the final decision needs to be done by you.

[lol1yatme]

Also considering Jack Ma's advise in seeking business partners.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.

If a business founded by several people that there is always a risk that partner will have different points of view on the development of joint business. This leads to quarrels and can significantly reduce efficiency or even lead to the collapse of the business. It seems to me that you should always develop your project independently.

My personal opinion is that an independent business is far better than joint business because there will must be conflicts of two or more different ideas which have a negative effect on the growth of a business so develop your own idea and start it ,take risk and get the fruit of your risk as it is a common quote that ‘’great risk great profit and no risk no profit’’