Factors to consider before starting a business!!

[Alpen]

I believe the innovation factor is crucial for business. Look at how the rise of crypto exchanges created new billionaires in such a short time.

Of course, the market is crowded now and competition is fierce, but that has its own perks. For instance, I’m currently in talks with Cryptomus to launch a business under their brand. Their White Label solution allows me to cut costs and focus immediately on servicing my first clients and finding new ones.

Another advantage of the crypto market is the lack of geographical constraints—your entire business fits in a laptop. Plus, you can optimize taxes by incorporating offshore.

As for capital, once the brand gains traction, you can launch an ICO. Or, more simply, release a memcoin or NFTs with embedded royalties.

[Royal Cap]

Starting a business is always a good plan if you don't want to be stuck at a 9 to 5 job. You can achieve financial freedom still be able to get a lot of spare time which you can spend with your family. But as easy as it sounds, comes with it's own challenges. You will need to be way more focused and money minded if you want to make some profits out of your business. Initial years might be tough as it will never be that easy to start making profits from a new business. You might even wind up in loss at the initial stage but do not get demotivated because the coming years will surely give you good profits if you stay consistent.

Everyone says that business means freedom but in reality, in the beginning you become more imprisoned than before. The responsibility for all decisions lies on your shoulders, vacation means vacation with worries. In a job at least money comes at the end of the month but in business, that is not guaranteed. Still for those who believe in their work and build it up gradually, it is a different kind of satisfaction. In my opinion it is important to be mentally prepared first, if you go into business just to escape from 9 to 5 you will be more disappointed.

[Oasisman]

Though I voted for "starting your own business", but we can't deny the fact how hard it is to start on your own. Not to mention, all the other factors you need to consider outside of the one you have already mentioned in the OP.
The most possible thing that could happen when you're planning to start your own business, is to work for others first, not only because you need to save funds, but to learn how to run it as well. Equipping yourself with the most basic stuff about business, is equipping yourself to recover from unforeseen failures in this field.
I believe not everyone is meant to run in their own business, some can't just find their rhythm on how to make the business sustainable and stay relevant, and they may end up working for the others their whole life. That's understandable because that's how the world keep its balance.

[Alpha Marine]

Starting a business is always a good plan if you don't want to be stuck at a 9 to 5 job. You can achieve financial freedom still be able to get a lot of spare time which you can spend with your family.

I honestly don't understand how the narrative that having a 9-5 job is a bad thing. Why is everybody so obsessed with having a business? That is not realistic. Having an actual business that you can rely on completely is not in any way easy. A business won't even give you the time you think it will. Having your own business requires you to work more than a person doing a 9-5 job. It's more hours, more headaches and ultimately more difficult. So the misconception that having a business makes everything easier for you is not realistic at all.
There is also the fact that if you don't make a profit, you won't get paid, except you want your business to go under.

Having a job all your life is not a bad thing. It's not as bad as people make it out to be. Just keep improving yourself and look for places where you're valued and paid, and treated well. Not every doctor can have their own hospital, and not every engineer can have their own company. Or should all developers and programmers have their own tech company? How about pilots having their own airline? See how it doesn't make sense?
People still have careers and have financial freedom.

[Nahl]

Starting a business is always a good plan if you don't want to be stuck at a 9 to 5 job. You can achieve financial freedom still be able to get a lot of spare time which you can spend with your family. But as easy as it sounds, comes with it's own challenges. You will need to be way more focused and money minded if you want to make some profits out of your business. Initial years might be tough as it will never be that easy to start making profits from a new business. You might even wind up in loss at the initial stage but do not get demotivated because the coming years will surely give you good profits if you stay consistent.

Everyone says that business means freedom but in reality, in the beginning you become more imprisoned than before. The responsibility for all decisions lies on your shoulders, vacation means vacation with worries. In a job at least money comes at the end of the month but in business, that is not guaranteed. Still for those who believe in their work and build it up gradually, it is a different kind of satisfaction. In my opinion it is important to be mentally prepared first, if you go into business just to escape from 9 to 5 you will be more disappointed.

That's true that build your bussiness especially small bussiness mean you have double position that as the owner and the employee and it's not easy to managed it because every action and decision will be done by yourself so, if you have your own bussiness i think you should be forget about the working for 8 hours in a day because possibly your working hour is more than this even before sleep at the midnight you still thinking the strategy how to gets profit from your bussiness for tomorrow and these situations makes some people have give up and quit from their bussiness that's why everyone can became an the employee but not every body can became the owner

[YOSHIE]

Aside from the factors above, are there any other factors that should be considered before starting a business?

In my understanding, everyone can run and run a business, of course economics/finance and capital are needed as you mentioned.
But if I think about why those who developed businesses for 2-5 years have closed, no longer operating, the main reasons I see are:
Lack of Management & Resources should be thought through carefully, without raw materials or a broad customer reach the business will not last long, prioritize resources/raw materials.

Next, namely mentality, determination & tenacity in developing a business, we must have motivation and perseverance because every business we do, I am sure there will be competitors, for that we must be strong and brave enough to take the best steps for the success of our business.

[Die_empty]

In my understanding, everyone can run and run a business, of course economics/finance and capital are needed as you mentioned.
But if I think about why those who developed businesses for 2-5 years have closed, no longer operating, the main reasons I see are:
Lack of Management & Resources should be thought through carefully, without raw materials or a broad customer reach the business will not last long, prioritize resources/raw materials.

Next, namely mentality, determination & tenacity in developing a business, we must have motivation and perseverance because every business we do, I am sure there will be competitors, for that we must be strong and brave enough to take the best steps for the success of our business.

Starting and running a business is not for everyone. Some people are better at being salary earners or employees. Owning a business is a risk-taking endeavor, and some people may not be willing to take such risks. I know people who told me they can never start a business because they don't have the character of an entrepreneur.

When business owners share the challenges they face in running their ventures, you would give them credit. Competitors will do everything to make them fail which could include sabotage. It will take an individual who is determined to succeed in business. This is why only a few businesses succeed because not everyone has what it takes to be self-employed.

[KeenanEl19]

Aside from the factors above, are there any other factors that should be considered before starting a business?

In my understanding, everyone can run and run a business, of course economics/finance and capital are needed as you mentioned.
But if I think about why those who developed businesses for 2-5 years have closed, no longer operating, the main reasons I see are:
Lack of Management & Resources should be thought through carefully, without raw materials or a broad customer reach the business will not last long, prioritize resources/raw materials.

Next, namely mentality, determination & tenacity in developing a business, we must have motivation and perseverance because every business we do, I am sure there will be competitors, for that we must be strong and brave enough to take the best steps for the success of our business.

I forgot another factor that plays a significant role in business, and that's mentality, as you mentioned. Thank you for reminding me.

In business, I believe mentality also plays a significant role. For some people who start a business and experience problems or failure, the option they take is to quit completely. Perhaps this is partly due to their lack of a strong competitive mentality.

[ancafe]

Aside from the factors above, are there any other factors that should be considered before starting a business?
Let us know what you think.

The factors you mentioned are indeed quite comprehensive for anyone looking to build a business, but I'd like to highlight one point: before developing a business, someone must master the business and understand which needs the business will prioritize. Building a business is not easy because it requires the best skills to develop, especially now with reduced purchasing power, perhaps due to the financial challenges facing the wider community.

Your business plan must also be clear so you can target consumers based on your marketing capabilities. Many businesses now lack physical stores and instead utilize social media for sales, which may be slightly more practical. You will face this situation, and if you can't provide it, your business will be left behind and will never grow.

[Stablexcoin]

I forgot another factor that plays a significant role in business, and that's mentality, as you mentioned. Thank you for reminding me.

In business, I believe mentality also plays a significant role. For some people who start a business and experience problems or failure, the option they take is to quit completely. Perhaps this is partly due to their lack of a strong competitive mentality.

Everyone can run a business, but not everybody can succeed in owning a business. Business ideas can be nurtured, not everyone is naturally good at managing a business, people, as such can't last long even if they kick start.

Mentality comes with knowledge, how to tackle problems, the experiences, and how to set your business among other competitors by adding new features that make it stand out over others.

[bisdak40]

I would choose to start a business but I also want to work for others at first so that I can gain experience on how things work on a company like on how the handle things, customer, workers, and especially on how they market their product. I also agree to the factors that you have mentioned since these are the things to look into when starting a business I know that business is not for everyone but if we have what it takes and the attitude I know that we can make it succeed

[Hypnosis00]

Though I voted for "starting your own business", but we can't deny the fact how hard it is to start on your own. Not to mention, all the other factors you need to consider outside of the one you have already mentioned in the OP.
The most possible thing that could happen when you're planning to start your own business, is to work for others first, not only because you need to save funds, but to learn how to run it as well. Equipping yourself with the most basic stuff about business, is equipping yourself to recover from unforeseen failures in this field.
I believe not everyone is meant to run in their own business, some can't just find their rhythm on how to make the business sustainable and stay relevant, and they may end up working for the others their whole life. That's understandable because that's how the world keep its balance.

Not everyone is given the privilege to start their own business. I think majority really aimed that thing, unfortunately starting a business is not easy as it is, even looking for a capital is already a big struggle, add to it are the pressures and challenges on how to make your business works and thrive in the market for a longer time. So its not surprising why majority are still stuck in their daily job while trying to save sufficient funds, and while continuously earning a living to overcome those daily financial risks and challenges.

[SOKO-DEKE]

All factors mentioned need to be considered but I feel number two is the most important factor to consider. The reason is that if we are not financially okay, it will be very hard to be able to start a business. Many people have business ideas, but capital has been their main problem. So, before considering any factor in business, we need to have capital, because it is capital that will determine the kind of business someone can do. Capital is the most important factor to be considered. Someone can plan and do proper research about what kind of business he wants to do, but it can go wrong if there is no capital before planning.

[Cityhunter34]

Aside from the factors above, are there any other factors that should be considered before starting a business?
Let us know what you think.

consider if the business that you are about to start is a business that you would have interest in tomorrow as you will after starting it today that is to say that you should consider your interest. often time people spend a lot of money and resources to start up a business, they lose interest in it after a couple of months and that affects their drive to put an effort into marketing and wanting to make sales.

Before starting any business, make sure you have an interest in it.

Sometimes we often think that business is easy way to get rich quick, yes it is true but you need to put other things in consideration before starting the business. Though, I have seen many people who started business just because they see their neighbor getting profit from it forgetting that they started from somewhere, there's no way you can jump into business you no nothing about and expect from profit from it that is not possible at all because you must definitely plan for it very well before you would be able to achieve our goal.

[348Judah]

The cost of running a business and the management procedures that could help the business keep moving forward, many have started but couldn't continue any longer, because they couldn't manage to understand the basic requirements for doing a business, until they started before realizing that its more demanding than they knew of before starting, which is part of the reason some couldn't continue, because the experience to manage and sustain a business to keep running isn't there.

[icebar]

Aside from the factors above, are there any other factors that should be considered before starting a business?
Let us know what you think.

consider if the business that you are about to start is a business that you would have interest in tomorrow as you will after starting it today that is to say that you should consider your interest. often time people spend a lot of money and resources to start up a business, they lose interest in it after a couple of months and that affects their drive to put an effort into marketing and wanting to make sales.

Before starting any business, make sure you have an interest in it.

Sometimes we often think that business is easy way to get rich quick, yes it is true but you need to put other things in consideration before starting the business. Though, I have seen many people who started business just because they see their neighbor getting profit from it forgetting that they started from somewhere, there's no way you can jump into business you no nothing about and expect from profit from it that is not possible at all because you must definitely plan for it very well before you would be able to achieve our goal.

Yes, if you start a business without planning or gaining experience just by looking at the profits of others, then you will not be able to survive in that business for long. If someone starts a business without experience or knowledge, then he will do it with great risk, which at some point he will have to face great losses. Before starting a business, you need to have skills in several areas, especially having an idea about the business he will do, the products and services he will provide, market research, advertising and promotion, and improving yourself from a human perspective. It should be remembered that setting up a business is not difficult but establishing that business is certainly quite difficult. That is why you should take various initiatives by planning before starting a business.

[abhiseshakana]

So, before considering any factor in business, we need to have capital, because it is capital that will determine the kind of business someone can do. Capital is the most important factor to be considered. Someone can plan and do proper research about what kind of business he wants to do, but it can go wrong if there is no capital before planning.

I don't know the situation in your country, but in my personal experience, capital isn't the main issue in starting a business. If you have marketable skills, are willing to start a small business (with minimal capital), and are willing to sacrifice time and effort to do it yourself without the help of employees. Everybody need to change your mindset to be able to start theirown business quickly.

My 10-year-old daughter started a business selling Japanese food (mochi with various fillings) with just $10 worth of cooking utensils, recipes from YouTube, and ingredients. Within a year and a half, she had accumulated over $10,000 in savings, rented a small kiosk, and employed three employees. She once asked me for capital to buy ingredients wholesale to save money and avoid having to shop every day after school. At that time, I asked her to collect unused items from the warehouse to sell to a junk dealer. I remember she earned $15 from unused plastic items and about $140 from metal items. Her motivation for starting a business was so she wouldn't have to wait long to buy somethings he liked.

From that experience, she also collected and sorted his production waste. Interestingly,s he created aesthetic wallets and bags from UHT milk packaging and whipped cream, which she sold to his friends. She also used some of his business profits to take online courses she enjoyed, such as cooking, Japanese, and anime drawing.

So, if anyone says that capital is the main factor in starting a business, in my experience, that's not true.

[HONDACD125]

The cost of running a business and the management procedures that could help the business keep moving forward, many have started but couldn't continue any longer, because they couldn't manage to understand the basic requirements for doing a business, until they started before realizing that its more demanding than they knew of before starting, which is part of the reason some couldn't continue, because the experience to manage and sustain a business to keep running isn't there.

And that's basically a big mistake, not doing your homework, and not doing enough research about the business and its costs before getting into it. You can't decide to start a business and not do the basic things that will help you start the business properly without any problems. People who take things easy when starting a business usually end up ruining their business and then lose their investment, and I don't understand why people do this, when you are spending money on something, you should at least put in your 100% so that your money doesn't get wasted.

If running businesses was this easy then everyone in the world would have become businessmen instead of doing jobs, and it's not always about the money, because so many people spend so much money to start businesses, but they don't succeed, and it's because they lack discipline and management skills. So, you also need proper management skills to run a business efficiently, because without that, you won't even know what you should do, and without knowing that, your business won't stand firmly.

[yudi09]

The first option to choose if you see the second option in the pool above. Choosing the first option, which is to start your own business, has serious challenges, such as the financial issues you mentioned as the second point after planning. Regarding finances, this is a serious challenge for business people, even though a business can be started without necessarily requiring a large amount of capital.

Choosing to work for someone else forever is not the essence of who we are as human beings, especially as men. It is still possible to work for someone else first and then start your own business once you are ready. This makes more sense.

[Accardo]

Before moving into any business market size should be the first factor to consider, it helps to figure out your stand in the market, how long it require to hit the top, and the work load needed to reach such a height. Industries that are still in their first few digits of billion dollars are great for innovation and investment. With demand being on the increase, the Industry would add more billions every year or two, which helps to spread wealth amongst practitioners, investors and entrepreneurs who add value to the industry.