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Author Topic: Some things to consider before starting a business  (Read 1639 times)
Similificator
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May 15, 2018, 04:27:30 PM
 #201

I believe that these are the best things that a person must really put into his mind whenever he want's to start his own business. People nowadays just go in and jump into anything without even thinking too much about it. I think that if people only were thinking like the op, there would be lesser people that would be suffering bankruptcy. Sad thing is, not everyone is like op or has what it takes to stick to this plan. Which is probably why there are only a few people that are rich.

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May 18, 2018, 01:46:57 PM
 #202

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
 #203

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

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May 18, 2018, 02:07:25 PM
 #204

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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nara1892
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May 18, 2018, 02:34:40 PM
 #205

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
 #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.
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
 #207

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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