Some things to consider before starting a business

[Sabar90]

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

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[Mometaskers]

#1 is not always an option for people. It does help though since the corporation is a separate entity.

#2 this will be the main pain in the start, especially if really have a small capital. Still, don't be stingy. Outsource what you can.

#3 should be. Any advantage would be useful. And you don't even have to be a tech startup. It can be even be the draw, like those restaurants where you order from touchscreens on the table and a little "train" delivers the food to you.

#4 ramen

#5 only if what you are offering is not entirely new. Keeping an eye out at would be competitors would be useful coz you wouldn't want to go all out against established businesses, at least not at the beginning.

#6 watch out for economy of scale. Larger business can offer physical products cheaper and you'd have a hard time making cheaper stuff with the same quality. Find a niche. Obviously irrelevant for products like software.

[DpremiumTrades]

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

[NewBet]

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

1. Not necessarily. Greater risk, greater reward.
2. Obviously. This is the number one factor to success in any business.
3. No-brainer. Look at what happened to Blockbuster. In 1 decade they lost everything to Netflix.
4. Time is of the essence. It is the most important thing we have. If you do not respect your time, and think about starting a business, you better think twice.
5. Nothing hurts a business more than overestimating goals. It is better to slightly underestimate and over-achieve than always overestimate what can be done and constantly under-achieve.
6. I was thinking of this the other day. I always used to compete on price, and wonder why my competition could sell at higher prices... usually WAY higher. And the other day I was in a supermarket that sold the same thing as Walmart but 10% more expensive and wondered why do people shop here? But there I was...

[Jose Mourinho]

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

Your analysis is very good, it seems this is complete to be a consideration when we invest money. actually a lot of things that we must prepare when investing our money including the risk of analysis.

[Al Amin]

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

Well enough your analysis, I just want to add one only. Mental. Because before starting a business we must have a strong mental unyielding because in a business like being on the battlefield. Those who have a good strategy and mental businessman who won.

[Sled]

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.

[Kamote_1102]

There are a lot of things to consider before starting a business.

#1 what kind of Business- You need to make sure that you have some knowledge about the Business that you want to put up.
#2 Location- Of course consider the location.
#3 Capital- you should have a capital and reserve some money. because there are ups and downs in starting a Business, so you should be ready for it.

[redsun114]

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.

Indeed, without a proper homework you can never start any business whether it is to set up a multinational company or a local general store. Businesses need hard work in every aspect and it is pretty obvious that you need to follow some business modals before starting any business that covers all details.

[marjoree]

Things to consider too are: Location because with less people, expect a day with no costumer. Business that an owner is good at like selling in demand stuff( food, water, service), although you have many competitors, if yours are the best then costumers will come back again and again

[Emem29]

before starting a business you need to studieng the business and learn the things that you may do in your business,  and before starting a business you need a strong mind for the sake of your business,

[Yuhee]

There are a lot of things to consider before starting a business.

#1 what kind of Business- You need to make sure that you have some knowledge about the Business that you want to put up.
#2 Location- Of course consider the location.
#3 Capital- you should have a capital and reserve some money. because there are ups and downs in starting a Business, so you should be ready for it.

This probably would be added to because now adays people would make businesses by having loans. And not all businesses would go as planned. Most would just go into waste because of many factors. Most in my place have canteens or small time market place where there is really a wide competition. It would be better to have some business that is connected to being a supplier rather than just idling in place because it is hard to find costumers if you stay in one place. Internet businesses are too mainstream and you have to pay to advertise your own site.

[okissabam]

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

I'll put this in mind since I am hoping and considering to start a business really soon or maybe early next year. This is actually a great advice for those starting up a business. Of course I have to do my own research too before really trying it out in the field and the location too must be thoroughly thought about because it also matters.

[jekjekman]

What do you mean by starting a business? with bitcoin? because this is a bitcoin's economic section so if you are telling it in the real world's business then you are posting in a wrong section because doing and making a business through online is slightly different comparing in real life. Just like you don't need a good location in your business in making such websites instead you need a good developers and programmers in doing so.

But above anything else what you have been said was all applicable in both businesses online and offline. Just be more specific on what you are pertaining to.

[Wesimon]

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

1. It's hard to look for business partners who would allow you to use their money especially you dont have contributions. Yes business is quite risky if you dont try, you wont succeed either.

2. The harder the responsibility the more you succees so I agree.

3. Yeah. Use all means. But it depends on what business you really want to have. But it is really appropriate if you use technology with you business for easy promotion.


I guess you have to consider fiest if that business you want is feasible. Its hard to start a business without assurance of the result.

[Maricel2017]

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.

In starting  business you need to consider many aspects you should know the pros and
d cons of your business you want to start. Plan it very well and study. Putting a business is very hard you should take  risk.

[DaddyMonsi]

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 am 50/50 on this one, why would I seek partners if I see there's a big risk? It is like inviting someone to suffer the losses too in case shit hits the fan. Another is investors also think about their money so before they let go their money and invest on your business they will weigh in and see how big is the risk.

[mrcash02]

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.

In other words: If something goes wrong with the business burn other's money and preserve yourself from a loss... I would avoid this kind of partner at all costs...

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.

I think more important than hard work is strategy and management. If you know how to manage it well you will find the smartest way to do business and will avoid a lot of desnecessary hard work.

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.

It's always good to be updated about the lastest news to know the technologies and the best methods to do business, however over physical business it doesn't have much effect. But it's an important advice anyway.

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.

Don't know exactly what it means.

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.

To do this we can look through the internet searching for successful examples and if possible, some hints too. If there is someone reliable, it's good to ask this person about more details and to clear the doubts about the subject.

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

It depends your target public. There are people who prefers quantity instead of quality, others prefer quality. Focus on the right public. If you want to sell quality explain your product is more expensive telling the positive differentials compared to the competitors.

[Umar001]

Some things you need to consider before start up are business are,
1)Business plan and propsal, you  need  to have a plans of a business you wanted to do,. It was say, 'he who fail to plan, plan to fail,. There's need for you to have a clear type of business you want to do.
 2) market environment,, also you need to consider market environment of your products and services.
3) Evaluation, you need  to evaluate your  type of your business if it s viable or not. Consualt expertise if need be.
4) capital, capital is one of the major factor you need to consider before start up a business. E, g Equity or loan, how much capital  intensive involved.
5) competition, lastly who are my competitor's, my target customer etc. All this factor need to be consider before start up are business.

[949miner]

You will always have to work hard if you want to make your own bussiness, but you are saying that you should never use your own money, maybe you are right, but it is not possible to get it without a loan or a gifted money.
what money should i use then? it is not possible mate. otherwise, i would just keep that money for me and that is it. But you are right with all of those points, and you forgot to say that the imagination is the most important thing that you will need to have if you are going to run a new bussiness.