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Author Topic: Some things to consider before starting a business  (Read 1725 times)
MGBloomz
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May 18, 2018, 01:46:57 PM
 #201

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

Before you start doing business, you must make an analysis first, because by making a first analysis is very good for your business, and can help to the success of your business.
I think what you mean is to do a feasibility study first since this is more accurate and you can make a projection on your timeline. Also, it can make you plan ahead by checking on target sales.

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May 18, 2018, 02:02:38 PM
 #202

before you start a business think of location and your market strategy.

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May 18, 2018, 02:07:25 PM
 #203

I would add from my own experience of business owning, never think that you have already agnowledged everything and you dont need to learn!
Most businesses are successful because the people saw a need in their society and decided to meet it and when that happens, you see that everyone needed that product or services always patronize it.
Exactly, in which the business will be demand if the kind of business will be much support and love by many on it's particular place. As we all know there are a lot of business which we need to be considered but somehow it should be legal and aware the possible outcome as long as it will be recognize by those customers or clients.

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May 18, 2018, 02:34:40 PM
 #204

Some business tips that I know, and I've been practicing since the age of 16 years, this works well. That is :
1. Never to owe, even if once, don't do it, invest with what you have.
2. Know your talents, learn, and start a business with the talent you have.
3. Find an opportunity. because success starts from lucky, lucky = talent + opportunity is accompanied by hard work.
4. Do not use all your money for a business, leave 50% to back up when your business fails or needs a sudden fund.

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May 18, 2018, 02:58:45 PM
 #205

I would add from my own experience of business owning, never think that you have already agnowledged everything and you dont need to learn!
Most businesses are successful because the people saw a need in their society and decided to meet it and when that happens, you see that everyone needed that product or services always patronize it.
Exactly, in which the business will be demand if the kind of business will be much support and love by many on it's particular place. As we all know there are a lot of business which we need to be considered but somehow it should be legal and aware the possible outcome as long as it will be recognize by those customers or clients.
Usually you will be confused to make business what the consumer likes, I think first you have to think about the consumer first, eg what is needed by the consumer then what is popular now and then you can sort it according with your skills. suppose you are good at cooking and then look at what food many people like and what foods are popular, you can make that food to business..

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May 18, 2018, 03:06:52 PM
 #206

I would add from my own experience of business owning, never think that you have already agnowledged everything and you dont need to learn!
Most businesses are successful because the people saw a need in their society and decided to meet it and when that happens, you see that everyone needed that product or services always patronize it.
Exactly, in which the business will be demand if the kind of business will be much support and love by many on it's particular place. As we all know there are a lot of business which we need to be considered but somehow it should be legal and aware the possible outcome as long as it will be recognize by those customers or clients.
Added to that is the uniqueness and originality of your business you must have your own signature so people will recognize you differently from others.so what you have to find is the business in which will familiarize by many

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June 07, 2018, 05:14:06 PM
 #207

Important things that you needs to consider when starting a business. Capital - need to have a capital to start the business and even a reserve for the buffer just in case. Market - you need to have a good market for a successful business.

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June 07, 2018, 05:41:45 PM
 #208

Before starting a business you have to know first your expertise.It is important that you know will and how to handle your business.Next is location ,it should be easy to locate.And of course, capital.

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June 07, 2018, 05:49:29 PM
 #209

I would add from my own experience of business owning, never think that you have already agnowledged everything and you dont need to learn!
Most businesses are successful because the people saw a need in their society and decided to meet it and when that happens, you see that everyone needed that product or services always patronize it.
Exactly, in which the business will be demand if the kind of business will be much support and love by many on it's particular place. As we all know there are a lot of business which we need to be considered but somehow it should be legal and aware the possible outcome as long as it will be recognize by those customers or clients.
Usually you will be confused to make business what the consumer likes, I think first you have to think about the consumer first, eg what is needed by the consumer then what is popular now and then you can sort it according with your skills. suppose you are good at cooking and then look at what food many people like and what foods are popular, you can make that food to business..

I think best option is to first think of the idea then identify the target market, Look at the competitor who are already in the market with some what similar or related products. Then devise marketing strategies accordingly. First question should be, why customers buy your project, what's new you are offering to the customer. I think a completely analysed and well targeted product has a very low chances of being rejected by the buyers.

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June 07, 2018, 07:00:29 PM
 #210

Before a person can start his or her own business, there should be the ideal love for the work you have planned setting up. You got to be courageous in taking any decision that will help in uplifting the business. Also you must be a very hardworker, that is, you got to put much effort in the business so it does not collapse. I think you can also avoid autocratic leadership style because it tends to suppress the opinion of others 

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June 07, 2018, 07:06:18 PM
 #211

Important things that you needs to consider when starting a business. Capital - need to have a capital to start the business and even a reserve for the buffer just in case. Market - you need to have a good market for a successful business.
I agree with you. Capital is extremely important to the businessman. If you don't have a good capital, it is hard for you to maintain your activities. Moreover, your business needs to have a good market. If no one loves your product, how can you sell them ? 



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Topaz72
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June 07, 2018, 07:39:32 PM
 #212

Important things that you needs to consider when starting a business. Capital - need to have a capital to start the business and even a reserve for the buffer just in case. Market - you need to have a good market for a successful business.
We need money or capital to start any business as if we will not have anything to invest then how will we start it, after that we need to find best market to invest so I think nothing can be better than bitcoin right now, so after that we will need a lot of patience to hold it and let the market grow as if we will not let it grow we will not earn good profit.

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bearexin
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June 09, 2018, 05:45:44 AM
 #213

Before starting a business you have to know first your expertise.It is important that you know will and how to handle your business.Next is location ,it should be easy to locate.And of course, capital.
Having a sound knowledge about the business in which you are planning to invest your money is the most important and the foremost task to do as this is something which will give you a clear picture of the type of business and then based on which, you will then be able to make some better decisions and strategies in the future. do not jump into nay such business which doesn’t seem interesting to you.

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June 09, 2018, 06:10:45 AM
 #214

The most important to consider is the MONEY or the capital that is needed to build up your own business. And the other factor to consider is the place where to place it and the product that is in demand in that place. Then the plan in the long run for your business.

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bitcoin31
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June 09, 2018, 07:26:15 AM
 #215

That's very helpful to ud who want to get more information and knowledge about how to become a successful. But before invest ans make a decision make a research about the coin or any business you want and you plan and back up incase you failed you have support and you have high chance to recover.

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June 09, 2018, 07:28:25 AM
 #216

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.

The concept of your business is the most important thing in your company because in this way, the investors will be going to choose if they think that they will get something back on your services so planning is very important in starting a business.

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avtonomro
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June 09, 2018, 07:56:24 AM
 #217

I do not agree with the first point. I will never take the risk with someone else money as it will limit my decisions.
Rosilito
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June 09, 2018, 08:02:40 AM
 #218

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

Indeed, all of would really imply. Once one of the factors doesn't met it would be tough for a business to run. In addition, when you are running a business always set a mind of an entrepreneur, business man always want the profit even though the product itself doesn't have a quality while an entrepreneur depends upon the product's quality and its individual contribution to society once it became succeed I guarantee that it will be for lifeline and won't be forgotten easily.

Umar001
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June 09, 2018, 08:14:43 AM
 #219

They are keys things you need to know before  you  start up any business virtue, (1) business ideas, You must know the type of business to do, or invest in, and knowledge about things, (2) ready to take risks, the high the risk the high the return, (3) risk  only your own capital, not someone else capital,( 4) be sure of what you are doing be bold and have a confident.

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June 09, 2018, 08:22:37 AM
 #220

You need to be aware of:
1. Your market (Target Audience)
2. Correct advertising
3. It will take alot of time. Do not expect instant results
4. Do not give up on your ideas
(IF YOU ARE WORKING WITH OTHERS)
5. Know your team INSIDE OUT.

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