What are the best strategy to Open a business in this our dying economy?

[AVE5]

In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

I don't think I'll let you go away on this, you're the primary cause because you didn't give him investment tips on what to consider and acquire as knowledge/experience and affordable funds to take the risk. You were just emphasising of him to open a business and invest.
I'm sure he rushed into it without even consulting you just because he felt investing is as easy as the profits flows and gives you some joy with the increase of income flows.

Quite a pity of your friend and I'm also sure he'll be regretting and blaming you for his own very mistakes by now he's watching the business fall or probably not going as expected.
I'll suggest you higher a reputable and qualified in that course to manager the company for him otherwise he might lost it all or he can consider to sell it off and secure some amount because he can't afford to begin learn the business while he's inexperience and the same time he's in charge of the management and supervision. Of course with his disqualification of the business he'll also employ dump heads.

[FirmWars]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,

Hope you are aware that it's not every individual as you said that is doing business? I don't know if you are saying it based on how it is in your country or you are saying it because you assumed that that's how it is worldwide. If you think it's so worldwide, it's not so, business is for entrepreneurs and it's not everyone that is an entrepreneur, it's not also everyone that is doing business, some people have other side jobs that is generating income for them and they are using it to support their daily needs. To say that anybody without a business in the world is not a complete man or woman is absolutely a misconception which you need to correct unless you are just talking about your own country.
 

At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Many factors can cause a business to fold, is you friend an entrepreneur? What education did he acquire about starting and running a water company? My opinion or question is, what business education does he have? It's not everyone that can run a business unless you have a knowledge of that business.

[BIT-BENDER]

it’s a bit weird that your friend has opened what i think are lucrative businesses like oil gas industry and even water factories those are necessities and aren’t just ‘trends’ so i don’t understand why it has failed maybe it has more to do with his business management style

Failure doesn't have to do with anything, you can fail even with the best management style and the best strategy, failure doesn't mean your plan and skills are bad.
It is time for you to stop sprinting away from failure because there is business power in failure, you want to be successful that you are ashamed to fail and when you fear failure you don't begin the business.

[sunsilk]

In my own perspective I think the cause of it is,Lack of management

What if another reason is that he's totally have no idea of the business that he has entered? Many businessmen have been failing with their chosen field and business because they've just heard that it's profitable.

But, they lack of understanding the concept of the business that they enter. Imagine that it's a water factory which produces a basic necessity of people.

It shouldn't fail but maybe because he's started out, it's part of the process and he'd learn from the mistakes he's made.

[JoyMarsha]

One mistake some people make in life is to enter into a business where they have less knowledge, simply because others are doing it. Everyone on earth must not do the same thing, to run a business for their daily consumption to be enough for them. There are other things one could do, aside from running a business to meet their daily consumption needs that are not enough for them.

Someone can think of a freelancing job as offering skills to people. Selling products online is one of them. House agent, tutoring people, and delivering services to add to their jobs, instead of having a business not good at

[leonair]

Discover on a specific human daily needs and try to find a strategic location for the business to operate in, this is very important because we have to understand the nature of what we do and where to make it sell fast, while the administrative and management aspect is also very important, lastly, we have to also take into consideration the route to advertise for it and the budget we also have on meeting to this target.

If you target the basic needs of people and choose products and do business, you can grow your business the fastest. The reason for this is that people will fulfill their basic needs in any way. And especially in this area, you have to do business where there is a lot of density. And currently, online-based business is the best because here you can do business by targeting a specific location and targeting the people of the entire country. And the sales volume here is also large.

[Umulala-alala]

We human are not satisfied even after several jobs and businesses we won't still be okey with it.
Before starting any business we are supposed to some little knowledge about the business, your friend never had any water factory experience he was supposed to ask those that are into the business so they can him some guild lines regarding the business and when he was also employing people to work for him he never hired those who has the experience about the business, business is consistency environment and also who people around needs some much.

[Fiatless]

Many factors can cause a business to fold, is you friend an entrepreneur? What education did he acquire about starting and running a water company? My opinion or question is, what business education does he have? It's not everyone that can run a business unless you have a knowledge of that business.

There is a popular tribe in my country that is good at business. They are involved in all sectors of business and they are also the most successful. Some of them don't have any educational degree or qualifications. Their main form of business education is apprenticeship. Young entrepreneurs would be assigned to successful business owners. They will learn the business by staying under these experienceed entrepreneurs until they have mastered the trade.

Experience is usually a sound means of learning and an apprenticeship is an avenue to gain firsthand and practical knowledge.

[crwth]

It would depend on where you are, because there are different ways to open a business, but in general, I think you listed the most crucial parts.

Having said that there is no specific strategy but making sure that you are aligned with your local laws and then when you are okay with that you then check how to properly start a business in accordance to what industry you're going to cater because you need to have specific set of tools for a specific type of industry so it would be hard to determine the best strategy.

Personally, if I were to open a business, I would copy what other businesses have done and then improve from there.

[Jatiluhung]

At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Here, I also have a neighbor who runs a similar business related to mineral water or drinking water, which he delivers to every household that needs a mineral water supplier to their home every 3 to 7 days. My neighbor here is very successful with this business, but that is because there were no competitors in this business at the beginning. Then, after a few months, several similar businesses emerged. However, none of them lasted long because they couldn't compete with the first business owner, who already had almost all the customers subscribed to his water supply. The point is that sometimes a business must adapt to the needs of the people around the business location. It must also take into account the capabilities and purchasing power of the location. That way, the business can run more smoothly and continue.
However, it is quite strange to talk about water in this country. Here, the price of bottled water can be as high as the price of petroleum. In fact, people here have their own water sources from their own wells. But I am sometimes surprised that they always need bottled water, which is more practical but, in my opinion, too expensive. However, I compared it with prices in some neighboring countries, such as Singapore. It turns out that it is the same there, even though fuel is slightly more expensive there.

[FirmWars]

Many factors can cause a business to fold, is you friend an entrepreneur? What education did he acquire about starting and running a water company? My opinion or question is, what business education does he have? It's not everyone that can run a business unless you have a knowledge of that business.

There is a popular tribe in my country that is good at business. They are involved in all sectors of business and they are also the most successful. Some of them don't have any educational degree or qualifications. Their main form of business education is apprenticeship. Young entrepreneurs would be assigned to successful business owners. They will learn the business by staying under these experienceed entrepreneurs until they have mastered the trade.

Experience is usually a sound means of learning and an apprenticeship is an avenue to gain firsthand and practical knowledge.

Apprenticeship might not be like the formal education where we study for 2 or 5 years to gain that degree we want but apprenticeship is also a method of educating someone about something they don't know, it doesn't happen in one day but can also take months or years of being with your master and learning his lines of business. Without apprenticeship education, university education and other form of education, can a person just become master of a business on their own?

[Synchronice]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Water factory is a very expensive and serious business. I would say that your friend is very rich if he is able to start that business but starting it without any kind of knowledge about water factory, is not a smart idea because it's not your basic bakery business, it requires more complex thinking. Your friend had to take courses in water treatment and food safety, learn how water factories work and how educated people are in water-related businesses in his water factory's or near locations. Business also needs some time. What's increasing his operational costs? Is this because the marketing sucks and he can't sell as expected or is it because the competitors offer better price/quality? Or is it because he has employed lots of people?

[pearlmen]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

When it comes to establishing a business, most times, the success is not dependent on the knowledge of the founder or entrepreneur. The person you are referring to I am sure to a large extent would have done some research before coming to a conclusion on the direction to go. By and large, water is an essential commodity that should surely make returns but unfortunately for your friend the opposite is what is being witnessed. Depending on the location and environment, the best type of business to establish should be service delivery because with that, you do not have to quit your daily job and you can scale gradually but for a water plant, a lot of factors have to move the right way for it to be successful and getting one factor right does not guarantee success.

[Stalker22]

~
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Lets cut the crap.  the problem is not just the "wrong location" or "bad management" - the problem is that both you and your friend are economically illiterate.

You say that a person cannot be considered "whole" until they have started a business on their own? That is foolish, to say the least.  The majority of people will do much better in their careers as a person of value rather than as an unsuccessful business owner, and your friend is an excellent case in point.  He worked for a profitable oil and gas company and you suggested to him to invest all of his hard-earned money into a water company which has a horrible profit margin and is extremely difficult to manage, and he had no clue what he was doing. How can you consider that valid advice?

I suggest you tell your friend to cut his losses and sell the equipment before he goes completely bankrupt.  He is not a "businessman"; he is someone with an expensive, failing hobby.

[Furious 7]

In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

This is why I always say that although business can be done by anyone, not everyone will succeed in business even if they try.
Even though it sounds visionary to keep trying to do business and take risks, when the situation is not too possible such as when we do not have the basics or skills about business, do not have good planning then it will be a thing that leads to losses to the business that is done.

I quite like your colleague when he has a very good initiation by daring to try but in the end such things must also be accompanied by good mentality planning because starting a business will not always be a success when he first tries even the failure ratio can be much greater when we are without any preparation in the business done.

[Fortify]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Well it doesn't sound like your friend all very intelligent, first he works for a business that doesn't pay him - oil and gas is a very lucrative business so he could probably have tried to get another similar job if one company was messing him about. Then he presumably takes funds from his savings to open a business he knows nothing about, but then is surprised when it fails. The economy is not dying, it is constantly reinventing itself and reallocating resources to where they are best utilized. Old industries eventually die out and get replaced with (hopefully better) new things. Some jobs last through centuries, like barbers, while others like buggy whip manufacturers will go out of business forever eventually, because they are no longer required. Try to be more positive, as you have a very negative take on business.

[Perfectbaby]

You must not venture into business because you heard that they are making money from that same business. Business is looking at that particular region what is lacking and what humans wants immediately that could solve their then they don't mind paying for it hugely. Most people do not know the area to start up their business and pint of interest where they could meet to people demands that is why many people venture into business and they couldn't make it through the business.
Business is all about patient and if you don't have a patient you can't succeed, and main while, business today takes about 3-6 years to begin to understand how that business works that is why when some people venture into business today and they quit it next year or so you should know that they don't know the secret of the business.

[shield132]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

I think that it depends on the country where you live. In my country, supermarkets, bakeries, drives and shawarma work extremely well, so well that I have never heard someone regretting opening any of them. By the way, water factory is a very serious business. It's a very corrupted business in my country but it generates millions of dollars in revenue for them. There are only a few water companies here because these businesses are owned by elite, powerful people, who will not let you to enter this business, even if you have the capital. If you try and go against their will, you won't end up well.

[AbuBhakar]

You must not venture into business because you heard that they are making money from that same business. Business is looking at that particular region what is lacking and what humans wants immediately that could solve their then they don't mind paying for it hugely. Most people do not know the area to start up their business and pint of interest where they could meet to people demands that is why many people venture into business and they couldn't make it through the business.
Business is all about patient and if you don't have a patient you can't succeed, and main while, business today takes about 3-6 years to begin to understand how that business works that is why when some people venture into business today and they quit it next year or so you should know that they don't know the secret of the business.

It's true that not all businesses can be entered into. That's why many people make mistakes when doing business, because they are not prepared, they don't have enough knowledge about the business they are building, so in the end, they lose more than they earn. If you are going to do business, make sure that you have a personal background in it. It's difficult to start a business with no knowledge. If you have the opportunity, attend seminars or any lessons that you can study first before you start a business, right from the start, because you will immediately see if the business is worth it if you study it first. And always remember that usually the first business often loses, so don't spend all your money on the first business, spend just enough. Even if it loses, you will still have something to use for the next businesses that you will build again.

[jcojci]

Lack of research if what your friend face. As a person who don't know about water factory business, he needs to learning and research before deciding. Build a business is not easy even if we are a businessman and started a business before. We needs to research about the business itself, how big the competition with others.

The best strategy to open a business is research and set the goals, prepare the capital, searching for the locations, hire the employees, and others. If you can't do alone, you can ask for join venture but this is not easy because you need to discuss to others to do something related to the business.