Planning on starting any business?

[Lida93]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

[Plaguedeath]

I agree capital isn't the first requirement if you want to start a business, I know any business require capital, but if you think capital is the most important, even someone give you $1 Million, you might not taking a step because you don't know what business you want to create in the first place.

But, I'm not that agree with proper management plan, that's mostly for medium to big size business.

For me, skill is the number one, as long as you have skill, you know what you doing and how to execute it.

[DeathAngel]

Most businesses fail in the first couple of years. It’s just so hard to run a profitable business in the current climate so I am full of respect for anybody who is able to do so. It takes a lot of risk, but if you can be successful then I can envisage it being so rewarding.

[ndutndut]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

Of course, starting a business must have a mature planner, not haphazardly, and good financial management is an important factor. In addition, I also want to add a few more things to think about before starting a business, test the market first for product iteration until it is mature, prepare an emergency fund for six months, this is for the worst case scenario if it does not match the business plan. In addition, focus on 1 business until it is stable first, do not rush to start a 2nd business before the first one is stable. And no less important, do not rush to recruit many people at the beginning, do everything yourself except those beyond your capacity. Often dig for insights from customers, this is like a compass to improve our business.

If we talk about the long term, ideally if you want to start a business, you must have a mindset and must be able to think at least 10 years into the future, whether demand for the business still exists. Don't let us give up on building a business, it turns out that in 10 years the demand has dropped drastically or even none at all.

[Cookdata]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

Business plan is the big short of any successful business, but there are other things to look into properly. As they used to say, those who fail to plan have already plan to fail but you can have proper management plan and a has some short coming. You have to first accept that any business has their own challenges, you must be ready to..accept whatever comes later especially when you have never been there before, in fact it's when you start some business you will along the line learn the hard ways.

You can have a good management plans and still fail, the government policies for instant are the quickest ways businesses fold, recall the drama between the United state and other countries and there tarrif calls, if you are been caught between those policies, no way you are going to last long, the policies are not reasonable, not healthy for any business person no matter how you want to plan it, you will fold up in due time because you can't because of that want to increase prices immediately, you will experience low patronage.

Be ready to accept the fact that no business go successfully without their challenges even if you are going to scrutinize your business with accuracy management plan.

[bangjoe]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

Regarding Business, it depends on what business is being run, because there are businesses that do require a mature plan before starting, and there are those that don't need that, just some basic knowledge, because basically planning can follow, you won't be called a failure when you just understand a good plan in your business even though you opened it 2 weeks ago, right?
Sometimes we are always required to be perfect in planning a business, with so many plans and then with the level of risk that is understood will make a beginner have fear in doing business, I have seen many people who behave like that, which in the end they do not have the courage to start their business.

If you ask Mark Zuckerberg at the beginning of his business, he would not think and imagine as big as now, he only thought about how to communicate many people in one application container, the point is enough determination and aspects that need to be known with the aim of opening a business, talking about plans is dynamic in business because its nature will easily change depending on your condition at that time after running for some time.

[bitzizzix]

Most businesses fail in the first couple of years. It’s just so hard to run a profitable business in the current climate so I am full of respect for anybody who is able to do so. It takes a lot of risk, but if you can be successful then I can envisage it being so rewarding.

Yes, running a business nowadays is not easy because the competition is very tight and most of them fail even before a year. And all of that is ensured with good planning and management, but the obstacle is the mental factor and this is what makes them fail without thinking that to be successful it takes a long process and most of them give up actually all of that is a process to be successful because for now nothing is instant. Giving up easily is not a true businessman and having a steel mentality, therefore a steel mentality is the most important thing that must be instilled in him and there is no point in having large or small capital if his mentality is weak which makes him give up easily.

[coolcoinz]

Nope, I'm done with the government and all the paperwork. I've seen people start businesses in the crypto space and fail because of the government. I know a mechanic who got set up by some women from the tax office. They came when he was closing up and asked him to check some electrical issue in their car and he basically replaced a fuse that was worth $1 and they wanted to pay him he said they could buy him a beer or something like that so they gave him $10 and he took it. Then they took out their badges and said he did not give them a receipt and fined him.

I know a guy who had a crypto exchange and was raided by the tax office every few months because they suspected a crypto exchange is just there to launder money. All that while they're paying 30% tax to these people and they are actively trying to destroy their businesses.

I have enough money, but you can't buy time, so I'd rather have fun.

[Marykeller]

Someone that has he or her plans put together before starting a business, easily make out something tangible from the business, even when started with small funds.

Starting a business is not a days job without first having the business oriented in your head on how it should be done to run it successfully. Another most important thing someone should look into about a business is location. When you have the proper management structure, the next thing to look into is location that's another key factor of starting a business

[Alphakilo]

For one to have a successful business, you must understand the business you are about to start and have a good plan for it.

Things like how you would fund your business, advertise your business, and how you will record your income and expenses. Recording your income and expenses will enable you to know when their is a profit and lose in your business, and for you to be able to do this, you must be organized, being organized will help you in business.

Another way to have a successful business is to treat your customers kindly because the way you treat your customers will determine if they will recommend you to their friends or not.

[slapper]

Management beats money almost every time. But most “proper plans” get rewritten the second you face reality. Who decides what “proper” even means, anyway? Consultants? VCs? Family? We pretend structure is universal, but it’s just whatever worked for someone else, somewhere else

Capital gets headlines because it’s easy to count. Management, especially the human, emotional side, is harder to measure, so people skip it. The smart move is to build a plan that changes as fast as you do. Experience is a cheat code, but so is knowing when to break the “rules”. What matters: team chemistry, relentless curiosity, and knowing which advice to ignore

[tabas]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

Experience is an important factor, but not the key to starting a business, and having a plan. Because I have seen people who have no experience in creating a business and having themselves involved in business. Despite that, the very first businesses that they have established became a success. I believe that there are a lot of factors that are part of someone's initiation of owning a business and potential businessmen will be discouraged if they heard that in order for them to have a good start is to have experience in having a plan before they execute their business. I think, only having a plan is enough but having experience is an advantage.

[mindrust]

Planning your business structure before you act is the way to go but if you get stuck there for too long, you’ll lose your ability to move forward.

You don’t need to make the perfect plan as it doesn’t exist. “Good enough” is what you need. Mistakes will be made on the go no matter how much preparation you do.

If you are able to fix those problems when you face them, that’s as important as making plans. It is because even though it is impossible, even if you make the perfect plan to start your business, you’ll be facing some serious problems eventually anyway. So you better learn how to solve them in real time.

[RealNoblee]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

Yes, proper planning is fundamental and very essential to starting up a business.

One may have a very wonderful business plan but still miss it. So these factors should be put into consideration.
1. Who are the market (Customers)
2. Where can these customers be found (Location)
3. What exactly does these customers need (Priority).

Another to this is, not just having good plans and huge capital but is taking positive step and corresponding action.

[goldkingcoiner]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

What would you consider a business idea with a proper management plan? Because there are a lot of businesses that build on top of foundations with the try-and-see method. Learning out of one's own mistakes and upgrading their business plan is really the backbone of any starting business. And really, the same argument could be made not only for management plans but also marketing plans, financial plans, development plans and so on. There are many stones in the way that can trip any business up and ruin the entire venture. But the question of whether they learn out of their mistake and continue building remains to be asked...

[rachael9385]

Just a nugget.

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

There are many factors to consider before starting up a business and like you mentioned one of them is the management structure. Another crucial thing is to take note of us picking a business that can survive the test of time, if your business cannot thrive in your country there's no need to waste your time with it. You also need capital before starting up a business. This is why planning is important

[Rruchi man]

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

This is where and why experience should be leveraged. If you know that you lack managerial experience, seek to bank on the services of someone who has ample experience in that field because if you do not want to encounter some losses that are unnecessary, a good manager is an option to avoid it.

If you also have the experience but you lack the time to watch your little business grow, leveraging other people could also be important because the little business needs attention, and if you do not have the attention to give it, employ someone who you know will give the business attention based on the benefits they stand to gain from it.

[Asiska02]

But on account of proper management structure on ground with even the small size of capital, it can be sustaining to such business's success in the long ... Experience should be considered as a key asset in business planning and as a key factor it's important to always involve those with experience in the area of business when planning. Never neglect this!

This is actually the norms today when people want to venture into business, they forget the proper planning management and focus more on how to raise the biggest capital for the business to start big. It is not always about the capital in most cases, but how you’re able to manage your business; the environment, customers, customer’s niche, your way of advertisement and many more.

Without a proper business plan, your business is more susceptible to failure which can affect everything you’ve worked so hard to build. Rushing into business without being able to outline the pros and cons is very bad for your business. So take your time to build a long lasting profitable business because that’s where the main purpose lies.

[Japinat]

A business that has no serious planning is never a business, but it’s real gambling. You are only risking your capital to lose, that’s why as much as possible, know your business well and make clear target goals that you are sure to be attainable. Otherwise, everything will turn into gambling, like entrusting everything into luck, instead of building your business from a knowledgeable and skillful point of view.

[Agbamoni]

A business idea without proper management plan is one that can be considered to be dead on arrival. Business success revolves around excellent management plan first before capital size. With a large capital chunk into any business that's lacking in proper planning, such business can inevitably collapse, turning into a wasted investment.

You speak well buddy. But you don't need an excellent management plan, what you just need is a moderated management technique. Because you cant have a perfect management system due to several factors affecting business whether big or small. If it were just finance, critical thinking, reduced cost effectiveness etc. Then its understandable. Societal factors, facility factors, environmental factors and regulation factors affect every business, it all falls down to how every business owner handle things in such situation.