Factors to consider before starting a business!!

[Jatiluhung]

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.

This is actually the most important point after all the preparations in starting and running the business itself. Because we often see businesses that ultimately lose out to the competition and decide to quit a particular field simply because they lost out to the competition. Even in other types of businesses, competition will always exist. So, in this case, mentality is indeed an important thing that must be strengthened by everyone who is going to or is currently running a business.
If we get used to being the ones who lose in competition, then when we enter any field in business, we will be prone to repeating the same thing again, which is giving up easily because we are accustomed to a weak mentality. Determination, persistence, and creativity are truly required to be maximized in business. Or in other words, one must be completely committed to doing it.

[Raflesia]

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.

The most important part is the privillege. Although what you said is true when motivation and perseverance in business development will be a very good thing for the stage of business sustainability, it cannot be denied that for now privileges are important.

When we are passionate and diligent about doing business even though the development will still be there but it will not be compared to those who have privillege even those who are not in business can make their business progress as long as their privillege is strong as a backing behind.
The current system is very broken everywhere as well as in gambling so I think for now privillege is the most important part of the business we do regardless of the business and whatever the scale.

[YUriy1991]

Everyone has their own path to success, whether through business, investment, trading, or other means.
I personally really want to start a business, whether alone or with family members, but before starting a business, we must consider several factors that could potentially determine our business's future. Previously, I had worked for someone else, and little by little I tried to gain knowledge about the field I wanted, so I had the desire to start a business when I was resting after work.

Here are some factors to consider according to my research.

1. Planning or Research.

- Business idea or interest.
This includes our ideas, expertise, and market or environmental trends. Consider a business that aligns with the needs of the environment.

- Market & competitor research.
Understand the target market, competitors, and trends.

- Business plan.
The business objectives must be clear, and the marketing strategy must be well-developed.

- Location.
For businesses that require opening a store, we must consider a strategic location that aligns with the business. For example, a grocery store, a strategic location is within the community.

2. Finance and Capital.

- Capital Amount.
Determine the initial capital for operational costs. Borrow from a bank if you're sure or if necessary (not mandatory).

- Financial Management.
We must be able to manage business finances well, strictly and meticulously monitor expenses and income, especially if employing others.

3. Marketing and Technology.

- Marketing Strategy.
Not everyone can market well, sometimes people hire others to market their products. However, it's a good idea to try marketing yourself, especially now that social media is effective for marketing, as long as you can create engaging marketing campaigns, such as following trends.

- Technology.
Use digital platforms if necessary, such as for online transactions or online sales.

4. Mindset and Development.

- Focus.
Be consistent with one business from the start until it's truly running well, such as generating consistent profits every month.

- Learning.
Learn from mistakes, or continue to seek new ideas for your current business to stay sustainable and attract attention.

- Customer service.
Providing the best service to retain customers so they trust and feel comfortable with our products.

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

In modern economic theory, the factors you mentioned are indeed the primary determinants of business success. However, I believe that an internal factor originating from humans is also very important, namely honesty. Honesty is crucial. Clients will greatly appreciate the honesty and commitment offered in every product sold. Consumers will be highly attracted to the products being marketed because they already trust the commitment given based on honesty. I believe that honesty is the most important asset in today's modern business era. Despite rapid technological advancements, honesty remains a key factor in business.

[junder]

Everyone has their own path to success, whether through business, investment, trading, or other means.
I personally really want to start a business, whether alone or with family members, but before starting a business, we must consider several factors that could potentially determine our business's future. Previously, I had worked for someone else, and little by little I tried to gain knowledge about the field I wanted, so I had the desire to start a business when I was resting after work.

Here are some factors to consider according to my research.

1. Planning or Research.

- Business idea or interest.
This includes our ideas, expertise, and market or environmental trends. Consider a business that aligns with the needs of the environment.

- Market & competitor research.
Understand the target market, competitors, and trends.

- Business plan.
The business objectives must be clear, and the marketing strategy must be well-developed.

- Location.
For businesses that require opening a store, we must consider a strategic location that aligns with the business. For example, a grocery store, a strategic location is within the community.

2. Finance and Capital.

- Capital Amount.
Determine the initial capital for operational costs. Borrow from a bank if you're sure or if necessary (not mandatory).

- Financial Management.
We must be able to manage business finances well, strictly and meticulously monitor expenses and income, especially if employing others.

3. Marketing and Technology.

- Marketing Strategy.
Not everyone can market well, sometimes people hire others to market their products. However, it's a good idea to try marketing yourself, especially now that social media is effective for marketing, as long as you can create engaging marketing campaigns, such as following trends.

- Technology.
Use digital platforms if necessary, such as for online transactions or online sales.

4. Mindset and Development.

- Focus.
Be consistent with one business from the start until it's truly running well, such as generating consistent profits every month.

- Learning.
Learn from mistakes, or continue to seek new ideas for your current business to stay sustainable and attract attention.

- Customer service.
Providing the best service to retain customers so they trust and feel comfortable with our products.

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

Of the two questions, the most common answer was starting your own business, while working for someone else was a non-starter. It's clear that starting a business is a dream for many people, but there are many factors to consider. Starting a business isn't just about fulfilling your desire to own one, it requires thorough preparation, as the goal is success.

The factors you've mentioned are good, but your mentality also needs to be considered. I don't think starting by working for someone else first is a bad idea. Even starting a business and continuing your current job is fine, but it requires extra effort, and juggling both is difficult.

[348Judah]

Market feasibility and survey, these are very important to consider if we are starting a business, because they determine how the business goes and what we stand to get from it, we can't start a new venture and never take time to go for market feasibility studies, which enables to know the prospect of what we are trying to introduce in respect to the region or location we are considering for, there are other factors we may consider more suitable under the feasibility studies, talking about access to road, network, water light and other basic things we couldn't have started a business without.

[Marvelockg]

Market feasibility and survey, these are very important to consider if we are starting a business, because they determine how the business goes and what we stand to get from it, we can't start a new venture and never take time to go for market feasibility studies.

Sure. Sometimes, you might have the best of idea  as a business person but fail woefully in terms of execution due to lack of proper feasibility study. That your business idea is good doesn't mean that it will go smoothly at the stage of implementation if you don't do due deligence when it comes to checking how well it can work work and thrive in the area you intend establishing it.

As you consider starting a business, the location of the business comes first and every other planing you do afterwards should be things that aligns well with the location the business is to be situated. Business fails a lot due to poor choice of location also.

[Bluedrem]

Before starting a business, you need to consider the demand for the products you want to do business with in that area. In that case, I want to tell you a story - an investor who is constantly working on innovation in his business and setting up new business establishments, one day he went to a remote area where people live in great misery and do not even know the shoes they wear. Considering these circumstances, the investor thought of setting up a shoe factory there, then the people around him said that there is no need to do this, how will those who do not know shoes buy it. The investor said that I do not understand what you mean, there are no shoes here, so they do not wear shoes, that is, if I can inform his people here about shoes, then they will all wear shoes and since there is no other shoe factory here, our shoes will be the most popular.
What do we understand from this? What I understand is that maybe your product is not appreciated in the business you are doing and the region you are doing business in, but you need to make your product known in that region and create demand by explaining the need for that product.

[Franctoshi]

Here are some factors to consider according to my research.

1. Planning or Research.

- Market & competitor research.
Understand the target market, competitors, and trends.

- Location.
For businesses that require opening a store, we must consider a strategic location that aligns with the business. For example, a grocery store, a strategic location is within the community.

2. Finance and Capital.

Market research is indeed very important for you to start up any business of your choice. You need to understand the type of business you're about to kickstart. You can achieve this by making inquiries through people who are already in the business with years of experience. Ask them about the difficulties and challenges they've faced during the running of the business and how they're able to tackle them. Doing this will give you pre-knowledge of what you're likely to face before and during the process of running your business.

[iv4n]

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

You listed some very important factors, but the way you presented them suggests that everything is already solved and we can simply move on to "other factors". But are "planning & research, finance & capital, marketing & technology, and marketing & technology" really that easy to achieve & put in place in practice?

These aren't things you just wake up one morning, and you decide: Let's give it a go. Each of these factors can take a lot of time, experience, learning, and probably many mistakes before you really learn how things work. And before all that, there is a question: Is there anything you can offer? What is your skill? Maybe when you answer these questions, you can start thinking about the factors OP listed.

[jaberwock]

EVERYONE said starting your own business, and yet we do not see that in life, why is that? Capital isn't the only reason, I have seen people start their business and then fail, I am one of those people too.

This means, while it is true that I am against people like Elon to have 750 billion worth, while there are homeless people out there starving, that also doesn't mean what he did was easy. Sure he had a rich dad, but the world is filled with people who have rich dads and didn't accomplish half of what he did. So while I hate him, I do think I would not be able to start a successful business myself.

[Maslate]

Market feasibility and survey, these are very important to consider if we are starting a business, because they determine how the business goes and what we stand to get from it, we can't start a new venture and never take time to go for market feasibility studies, which enables to know the prospect of what we are trying to introduce in respect to the region or location we are considering for, there are other factors we may consider more suitable under the feasibility studies, talking about access to road, network, water light and other basic things we couldn't have started a business without.

Market feasibility enables the business owner effectively roll out his plans and actions to make his business gain highest rate of success. There are some businesses who have never emphasized market feasibility, so they easily gone out from the market and stop the operation. This is why having a clear plans and actions are part of market feasibility, and how you will effectively manage to stick on them will determine the success or failure of the business you have started.

[Floxynice]

To every person here who is planning to run his or her own business,  never you assume that a particular business is lucrative because you saw someone in that line of business looking rich and wealthy.  There are so many risks involved in running a successful business you don't know about.There are strategies relevant to that line of business which you need to know about but may not know by looking at the business from afar.

The importance of research to any business cannot be underestimated. Instead of risking a risking a huge amount of money blindly, it is better to sacrifice few weeks or months to learn and study the business before pumping money into it.

[Rengga Jati]

I think it's pretty obvious that we don't want to work or be a slave in the corporate world. So it's better to really start your own business and be a entrepreneur. But it's not going to be easy as you have laid down factors that we need to consider.

We can't stressed it enough, but for me the intangibles are the mindset. You really need to see yourself as already a successful business. Yeah, it might sound like something that is not right, but with a positive mindset and then you see yourself in 5 years down the line being one of the best and making money money and your business becoming huge. I have seen this from those who have started from nothing but they have one goal in mind and motivated to reach in whatever way they can. So as they say, "dream big".

Exactly, it won't be as easy as the motivational speaker said.
Well, there are many people who ultimately decide to quit their high-paying jobs because they hope to succeed on their own. They feel that starting their own business will be more flexible and allow them to work for themselves.

However, some mindset mistakes are common among them when they do this:
- Not having a good financial situation and wanting to quit their jobs to start a business
- Thinking that starting a business is that easy
- Not doing research
- Simply being carried away by the hype of starting a business without proper preparation

And this is what often causes us to fail at starting a business, lose money, and possibly even end up in debt. Therefore, if you decide to start a business, you really need to do thorough preparation before deciding to quit your job.

At least what the OP said in this thread is a very good thing for us.

[Cookdata]

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.

The type of business you do will determine if you are going to have enough time to spend with your family or not. There are 9-5 jobs that are even better than starting a personal business, there are some business that will suck up your energy and your time, you will be left with nothing but yourself. Just to add, new start up have a lot of challenges, it's more easy for you to start a business and fail than for you to work with another person and fail at their service.

However, if you can scale through the challenges of start up, you have beat every odd of business in life. You get to decide when to go to work and how you want to do your thing. The days you are not feeling well, you can take your time and resume when you want, get paid when you want and how you want. Every successful business person want a business that will help them cure their financial responsibilities and be free from all dependency.

[Josefjix]

Determine the initial capital for operational costs. Borrow from a bank if you're sure or if necessary (not mandatory)

Please, dont get any loan from the bank for your startup business, it will certainly ruin you and tarnish your image and reputation over time, if you are ready for a business and had known the basic ideas as well as the technical knowhow about the business, try as much as possible to gather investors that truly believe in you while investing their money not a loan from bank.

I know what i am saying because bank do not spare when business doesnt go as plan, these investors i mentioned may come from family or very close friends who may be part of the business if possible, the urge for them to disregard your business plan may never arise so long as they are part of the business, it will end in success over time.

Bank may need to take your precious property as collateral if business goes south, its best to get capital from group of friends, investors, joint ventures, private sales crowd funding NOT bank.

[Nothingtodo]

It goes without saying that it is better to have your own business than to work for someone else forever. You worked for someone else's organization as a salaryman, but it was not your organization. Rather, you received your salary 12 times in 12 months, which is limited to this. But if you establish your own organization according to your own thoughts and plans and work there, then your position will definitely be better than that of a salaried employee. Before opening a business, you must take suggestions from an experienced person, do research, time study and work study, and have good leadership.

[BITCOIN4X]

Determine the initial capital for operational costs. Borrow from a bank if you're sure or if necessary (not mandatory)

Please, dont get any loan from the bank for your startup business, it will certainly ruin you and tarnish your image and reputation over time, if you are ready for a business and had known the basic ideas as well as the technical knowhow about the business, try as much as possible to gather investors that truly believe in you while investing their money not a loan from bank.

I know what i am saying because bank do not spare when business doesnt go as plan, these investors i mentioned may come from family or very close friends who may be part of the business if possible, the urge for them to disregard your business plan may never arise so long as they are part of the business, it will end in success over time.

Bank may need to take your precious property as collateral if business goes south, its best to get capital from group of friends, investors, joint ventures, private sales crowd funding NOT bank.

I agree with your view, it's better to avoid bank loans when starting a business. It's much better to start with a small amount of capital. Even if you've thoroughly analyzed and mapped the market competition, the reality is often very different. Banks won't tolerate it, they'll demand your loan when it's due. Meanwhile, if your business stalls for one reason or another, you're still obligated to pay off the debt. Simply put, it's better to borrow from family or close friends and work out some sort of profit-sharing agreement.

[Adiljutt156]

It goes without saying that it is better to have your own business than to work for someone else forever. You worked for someone else's organization as a salaryman, but it was not your organization. Rather, you received your salary 12 times in 12 months, which is limited to this. But if you establish your own organization according to your own thoughts and plans and work there, then your position will definitely be better than that of a salaried employee. Before opening a business, you must take suggestions from an experienced person, do research, time study and work study, and have good leadership.

When you are planning to start your own business before you should research about the need of people and it you will research then you will get positive and negative points and you will be able to get profit from that . I saw many people who started their own business and they think that business is easy and they will run this business because there is high demand in the market because but they lose their money in that investment. You should review the competition in the and if there is high competition in the market then you should stay away from that . You should learn skills first and then you should start your own business and you should monitor the other businesses who are running for the years and what is their achievement and smyiy should get motivated from that and if you think that they are less successful than you think then you should not invest in that business and always search the answers of your questions about life and business.

[RockBell]

Market feasibility and survey, these are very important to consider if we are starting a business, because they determine how the business goes and what we stand to get from it, we can't start a new venture and never take time to go for market feasibility studies, which enables to know the prospect of what we are trying to introduce in respect to the region or location we are considering for, there are other factors we may consider more suitable under the feasibility studies, talking about access to road, network, water light and other basic things we couldn't have started a business without.

Market feasibility enables the business owner effectively roll out his plans and actions to make his business gain highest rate of success. There are some businesses who have never emphasized market feasibility, so they easily gone out from the market and stop the operation. This is why having a clear plans and actions are part of market feasibility, and how you will effectively manage to stick on them will determine the success or failure of the business you have started.

Before anyone starts a business, they need to be prepared for everything feasibility study and an environmental assessment for a physical business, so this is what you do aside from having the capital, because most people think having the capital is what they need. They need to do their own research about all these things because we can not rule out some things. After all, from the look of things, business is beyond starting it involves management and upkeep and many other things, because if you don't do all this, then the businesspersons might end up crashing because you don't even have an idea about most of the findings of whether it will survive all. And that is why has a business person, you need to make the magic happen for a lot of reasons.

[Iamgoat]

This is actually the most important point after all the preparations in starting and running the business itself. Because we often see businesses that ultimately lose out to the competition and decide to quit a particular field simply because they lost out to the competition. Even in other types of businesses, competition will always exist. So, in this case, mentality is indeed an important thing that must be strengthened by everyone who is going to or is currently running a business.
If we get used to being the ones who lose in competition, then when we enter any field in business, we will be prone to repeating the same thing again, which is giving up easily because we are accustomed to a weak mentality. Determination, persistence, and creativity are truly required to be maximized in business. Or in other words, one must be completely committed to doing it.

I know they all work together, starting from the first decision which is your idea creation or ideation, to your conceptualization, to your proper planning and strategy, to your mindset to achieve your goals however difficult and long it may take you, to your execution and to the consistency in the execution of the plan all points out all mentioned above. If you do not have the mindset or create it to achieve your goals, you may end up not achieving any goals whatsoever and might just keep going back and forth. To avoid going back and forth you need to set a better mindset or mentality towards achieving your goals and you need to carry your business in your head as if it is the best thing ever to happen to the world and if you sell products, have the mentality and mindset your product is the best the world can ever have in your time and keep working hard to improve them att any giving opportunity.