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

[pawanjain]

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 don't agree with your statement that anybody without a business is not a complete man. Why do you say so ?
If everyone starts doing business on their own, whom would you employ ? There won't be anyone doing a job then.
Everyone has to do a job at some point and if they are earning well then there's nothing wrong with that.
You can't really judge them saying they are not a man/woman. I see so many successful people who are filthy rich but do a job.
There are many high paying jobs in the world and there are many failed businesses in the world. We can't undermine both.

[Cryptoprincess101]

It's not about opening a business do you have the ideas on how to manage a business? Some people just thinks that business is about buying goods then stock it and start selling but that's not it. Business also requires studies that is the reason why some persons do courses on business administration and management. That notwithstanding, there is no guarantee that you can be successful in a business because what you expected before you start up a business may not be what you will be seeing when you finally put it up together because the patronage may not be coming especially within the early stages of the business so before starting a business, it is necessary that you have some amount that you have kept aside to manage with while waiting for the business to get a balance but if you don't have any money left with you after starting up a business you can become frustrated because any little money you make, you will use it to settle some personal and necessary needs when that amount is supposed to be kept for running the business especially to restock goods when you have ran out of stocks.

[Mhizlove]

From my own view, business isn't something that is been rush into without proper planning or having the understanding on what exactly you are about to do, what matters most is you having the understanding and also planning on the business type you want to do. The issue on this your friend's case is not about him investing, but how he invest. Going into business without proper Understanding, no research, no management or good location can consume your money quickly.

What I can say, like an advice I will give is that before going into a business, make sure you learn more about it, study the Market in form of market survey, ask questions on how the particular business you want to go into is, and lastly start on a small scale like gradually. When it comes to employment of workers do employ the right people, the ones you know you can trust and also your location matters too. You see business can also be of help to those who earn salaries but if it's done without good planning it will turn out to be problem instead of helping you

[Cheema02]

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.

Your point is really valid and its true that humans never statiafied with there doing jobs or own business. The reason behind is that is the lack of preparation not the lack of opportunity. When we start a business we should be gain a lot of knowledge about it but unfortunately we don't research and just start the business and its the basic reason of failure and interest in new business. Many owners done the same mistake during hiring instead of experience they prefer random guy because they gave him low sallery but this step weakend the foundation of business. Every bussiness success is depends on consistency of product quality and right environment and skilled people investment and ideas not alone behind success. The learning point is that before starting a business we should have accurate knowledge about our business then we make proper plan and hire skillful staff.

[el kaka22]

Online ones, no matter how many times it has been tried, you can try once more. You can try to have an online business for a dozen times, fail a dozen times, and go up and try again. One of the main reasons is because it's cheap, you can have just a thousand dollars and start any business you want, you want to sell digital calendars on easy? Can be done.

You want to have an AI business where it tells you fortune cookie stuff? Can be done. You want to start an affiliate marketing business? Can be done. You want to start html5 game website where you only host games that can be played on the browser? Can be done. There is infinite amount of business ideas, and they are all very cheap and can be tried and eventually one may work.

[Makus]

if you are trying to go into any business the first thing to do is to study yoir environment, use the strategy of low supply high demand to your advantage, sell something that is in short supply, meaning what you offer should be something that is needed and not in wide circulation. Take out time to know what people need and what's lacking in your environment. A lot of people start up what others have going on already and complian about their business not growing, your strategy shouldn't be about competition it should about solving problems.

[Die_empty]

if you are trying to go into any business the first thing to do is to study yoir environment, use the strategy of low supply high demand to your advantage, sell something that is in short supply, meaning what you offer should be something that is needed and not in wide circulation. Take out time to know what people need and what's lacking in your environment. A lot of people start up what others have going on already and complian about their business not growing, your strategy shouldn't be about competition it should about solving problems.

I have seen people crumble financially because of starting big. Some entrepreneurs want to open a very big business because they are targeting huge profits. They don't know that learning from experience is essential. Business wowners would make mistakes and it will be better when the business is small. This is why I always advice entreprenuers to start small and gradually grow the business. Instead of using so much money to invest in a big super store, you could start will a small shop and observe how the business will go.   

[AmaGold70]

Don't be a saddist in your business place because everyone already has a lot going on for them and they want to see a smiley face attend to them whenever they want to purchase something from your store, if you don't know how to smile and interact with your customers then you have no reason to open a business. Opening a business is a good hustle but don't do it just because you see people doing it and making sells frequently as one of the best strategies in business is being cheerful and knowing the right things your audience or customers want, everyone can open a business but not everyone is capable of building it to success.

[uneng]

The problem was that your friend started a business he had no clue about. He should have informed himself before making the investment. When we aim starting a business, the first thing we have to consider is to collect initial data about potential competitors, if there is demand in the local market, how the business work and can be operated, amount to be invested, if the location is proper for the activity you have in mind (especially when extracting natural resources from the soil), transportation, and more.

And when it's a technical area, a course is needed in order to learn how to work on it in an efficient way. That is the best strategy to be employed.

[Royal Cap]

if you are trying to go into any business the first thing to do is to study yoir environment, use the strategy of low supply high demand to your advantage, sell something that is in short supply, meaning what you offer should be something that is needed and not in wide circulation. Take out time to know what people need and what's lacking in your environment. A lot of people start up what others have going on already and complian about their business not growing, your strategy shouldn't be about competition it should about solving problems.

In my opinion a business will not survive just because of low supply and high demand. Many times, people are not ready for something new and then even good ideas fail, So in addition to understanding the market, it is important to understand the mentality of people. I think the most important thing in business is to build trust. No matter the product, people first see how trustworthy you are, Problem solving is certainly important but it has to be done in a way that people understand that you are there for them not just to sell.

[Hamza2424]

What are your thoughts on this, your opinion and advice are welcome

Lack of research and management is a basic mistake but one should not invest their all funds in a business that they never did they must do it at a small scale and increase it with results but your friend made a mistake maybe he was so hopeful because he trusted wrong guys but anyone should be careful.

They sometimes influences by others unknowing how much money they have and not telling you but telling you the hard and risky part like how they invested all, and won the bet like they did not had other funds in other forms maybe not in liquid but they had.

[Dreadboost]

Not everyone have good education about investment, but on the other hand they have some busines Ideas that they feel has good potential..

Apart from knowledge aspect, most individuals feel that business has more potential than that of investment

As a result of these beliefs most people go for business, it all depends on your perspective, and sometimes you can not change what they belief, so what really affects them is poor management of their business is not that they should have chosen something else,

What so ever you do do it well and harder, as long as others prospered in that field you also has the potential to prosper if only you work hard.

[Taricoins]

if you are trying to go into any business the first thing to do is to study yoir environment, use the strategy of low supply high demand to your advantage, sell something that is in short supply, meaning what you offer should be something that is needed and not in wide circulation. Take out time to know what people need and what's lacking in your environment. A lot of people start up what others have going on already and complian about their business not growing, your strategy shouldn't be about competition it should about solving problems.

In my opinion a business will not survive just because of low supply and high demand. Many times, people are not ready for something new and then even good ideas fail, So in addition to understanding the market, it is important to understand the mentality of people. I think the most important thing in business is to build trust. No matter the product, people first see how trustworthy you are, Problem solving is certainly important but it has to be done in a way that people understand that you are there for them not just to sell.

The most important is to be a problem solver because that's what everyone is after and if you develop such activeness then it will be very hard for you business to fold. If you have past that stage then you can now think of how to actually build the trust with your already made customers so that they can make references and referrals and this will build you an empire.

[Webutxo]

The problem was that your friend started a business he had no clue about. He should have informed himself before making the investment. When we aim starting a business, the first thing we have to consider is to collect initial data about potential competitors, if there is demand in the local market, how the business work and can be operated, amount to be invested, if the location is proper for the activity you have in mind (especially when extracting natural resources from the soil), transportation, and more.

And when it's a technical area, a course is needed in order to learn how to work on it in an efficient way. That is the best strategy to be employed.

It's strange how people moves and make investment they don't understand. He must have thought the business will not be hard since water business has group of people that will help you establish. Yours is to pay them and they build one for you and when they are done, they walk away, you are left with your business, everything after isn't their business anymore. This is why you never trust people that gives you business advise when they will not be there to finance it with you.

However, I believe that this is just another business that everyone face challenges, you can't build a business without anyone. It's left for OP to tell his friend to look for the problem and see where the mismanagement is coming and take necessary step to improve them, the result might not be quick as possible but if they trust the process, it will gradually bounce back and do well but there must be input from them otherwise it will remain like that for long time.

[BlackBaron]

What are your thoughts on this, your opinion and advice are welcome

Lack of research and management is a basic mistake but one should not invest their all funds in a business that they never did they must do it at a small scale and increase it with results but your friend made a mistake maybe he was so hopeful because he trusted wrong guys but anyone should be careful.

They sometimes influences by others unknowing how much money they have and not telling you but telling you the hard and risky part like how they invested all, and won the bet like they did not had other funds in other forms maybe not in liquid but they had.

Using all the money to build a business is a big mistake, at least we have spare money to prepare if our business does not go well. For example we have $1000 to start a business, well we should have $1000 in another pocket. Building a business is not something easy, even the risk of going bankrupt is great.

Unless we already have previous experience or we enlarge our business by adding more capital.  And also we must have a plan with what we will do, both when our business is successful or bankrupt.

[Stepstowealth]

What are your thoughts on this, your opinion and advice are welcome

Lack of research and management is a basic mistake but one should not invest their all funds in a business that they never did they must do it at a small scale and increase it with results but your friend made a mistake maybe he was so hopeful because he trusted wrong guys but anyone should be careful.

They sometimes influences by others unknowing how much money they have and not telling you but telling you the hard and risky part like how they invested all, and won the bet like they did not had other funds in other forms maybe not in liquid but they had.

Using all the money to build a business is a big mistake, at least we have spare money to prepare if our business does not go well. For example we have $1000 to start a business, well we should have $1000 in another pocket. Building a business is not something easy, even the risk of going bankrupt is great.

When you start up a using some percentage of the money you have and not all, you are able to operate and build the business from a comfortable position and not under pressure, I feel that is the best way to build a business in an economy that puts people under pressure. If you're starting up a business with your entire savings in this economy you will be under the pressure to meet up because your bills will not wait for you, or wait for your business to start bringing in profits. so if you have to plan to be able to start up a business also plan to be able to maintain your lifestyle by having some money left for sorting your bills.