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

[Alpha Marine]

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,

How exactly did this idea get to be so grand? Who told you everybody needs to own a business? Why have you people made it seem like there is no body that is okay with being an employee and receiving salaries? How do you people think anybody who is a salary earner is poor? I honestly need to know how the "motivational speakers" and podcasters did it because it's a normal thing now to assume everybody needs to have a business.

Has it ever occurred to you guys that some people just want to pursue a career? Has it ever occurred to you that there are so many, I mean so many employees and salary earners that make more money than business owners?

Do you know that only about 8 to 12% of the world's population is actively running a business right now? If you add business owners and every other self-employed person together, they make up less than 40% of the global workforce. That means you havea strong majority of over 60% who are employees. So are you saying all of them are not "complete men and women"?

Do a business if that is what you want, but don't make it seem like it is mandatory for everybody to have a business. Or make it seem like anybody who isnt doinga business doesn't know what he/she is doing.

[Karanglowei]

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

find a lucrative field. Thats it. Or, Find an area that people are in demand of or have a problem with.. You just gotta be creative about how you solve those problems, how are you gonna profit out of solving those problems. Lets see an exxample, during covid people were in lockdown and was stuck at home. The economy was very down back then, what people did was they usually went to the internet, the ones who profitted so much back then were the streamers and the youtuber who were pumping content to the people who were bored or distressed because of isolation. Just see a trend in the market and do your own research on it, how can you make things different? What skills do you have? Do you have an advantage because of it? These are one of the many things you're going to ask, as business relies on problem solving ALOT.

[TSen]

Firstly we must consider the capital then calculate the profit earn per week or month before starting, with the right orderly manner starting a business will be possible.

Dying economy means not just a simple economy. I mean there can also be a crisis or an issue like for example the war that is happening now. So if there is a war, some business like oils or gas stations are badly affected. When I browse the social media, I can see that many of them are closing. So there is more than the capital that we need here.

In a dying economy business is not only an alternative as seen investment

It was investment is the ones that is alternative because it is long-term and it was business is the one that is treated as the main source because profits here are given daily usually.

it’s advisable to have multi jobs to either take care of different needs without stressing too much

Money can indeed relieve stress but it was the act that is done to make money can be stressful, especially if you are doing a couple/a lot of them.

[Crypto Library]

If I were to give specific reasons why your friend's business is not doing well, then I would definitely have to mention these two things: one is that he may not have set up his business in the right location and at the same time, he had less knowledge about that sector before starting his business.

Moreover, I do not see any specific reason here because all the areas in which he started his business fall under the daily demandable items of people. That means we have to understand that in business, it is not just the demand for an item that makes it profitable to do business with that item. Rather, we need to initially know what the demand is around the location where we are going to start the business and of course we need to set a roadmap for management and then start the business, otherwise it will not be possible to get a good out of the business due to such mismanagement.

[Jody.Drummer]

If I were to give specific reasons why your friend's business is not doing well, then I would definitely have to mention these two things: one is that he may not have set up his business in the right location and at the same time, he had less knowledge about that sector before starting his business.

Moreover, I do not see any specific reason here because all the areas in which he started his business fall under the daily demandable items of people. That means we have to understand that in business, it is not just the demand for an item that makes it profitable to do business with that item. Rather, we need to initially know what the demand is around the location where we are going to start the business and of course we need to set a roadmap for management and then start the business, otherwise it will not be possible to get a good out of the business due to such mismanagement.

Starting a business is no easy feat because you have to pay close attention to many details, with the goal of avoiding risks—and that can only be achieved if you approach it with great care. Some people start a business without properly preparing everything—whether it’s marketing, the product, or even management, including finances. Many people who are already employed think it’s better to start a business than to work as an employee, but in reality, starting a business comes with its own challenges. If certain aspects are overlooked or inadequately prepared, they become problems that many people simply cannot avoid.

[Strongkored]

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

Do business in a type that you understand, don't copy what other people do, and don't think about making quick profits or wanting to enjoy the results immediately because it takes a process.
When you want to enjoy the results immediately, you might make the wrong decisions and it is better to keep rolling the profit until your business is stable. However, it cannot be denied that in a difficult economy only businesses with strong capital survive, the rest are unable to endure.

[Crypto Library]

Starting a business is no easy feat because you have to pay close attention to many details, with the goal of avoiding risks—and that can only be achieved if you approach it with great care. Some people start a business without properly preparing everything—whether it’s marketing, the product, or even management, including finances. Many people who are already employed think it’s better to start a business than to work as an employee, but in reality, starting a business comes with its own challenges. If certain aspects are overlooked or inadequately prepared, they become problems that many people simply cannot avoid.

Actually here I will say that in our world different types of hype prevail at different times and if we talk about the current times then the topic of business is more viral on social media and for this most of the people try to give business instead of working as employees. I will not say this is anything bad I will definitely see it as a good initiative but I will tell those who do not have minimum knowledge in the name of business to stay away from business otherwise they will initially face the challenges of the previous ones they left their job.

[Akbarkoe]

Actually here I will say that in our world different types of hype prevail at different times and if we talk about the current times then the topic of business is more viral on social media and for this most of the people try to give business instead of working as employees. I will not say this is anything bad I will definitely see it as a good initiative but I will tell those who do not have minimum knowledge in the name of business to stay away from business otherwise they will initially face the challenges of the previous ones they left their job.

That kind of thing can be learned, if you don't understand business doesn't mean we have to stay away from it, but we have to learn it because the science of business is very useful in many fields including in the world of investment, if you understand the type of business then you will be very likely to have a conclusion in assessing a company, the fundamentals of doing business are all the same, the only difference is the type of business and operational practice.
Business knowledge is very, very useful, even if you don't want / can practice it for yourself you can become a business consultant, it can also reap income from it for you, especially if you already understand seasons and trends.

[Crypto Library]

That kind of thing can be learned, if you don't understand business doesn't mean we have to stay away from it, but we have to learn it because the science of business is very useful in many fields including in the world of investment, if you understand the type of business then you will be very likely to have a conclusion in assessing a company, the fundamentals of doing business are all the same, the only difference is the type of business and operational practice.
Business knowledge is very, very useful, even if you don't want / can practice it for yourself you can become a business consultant, it can also reap income from it for you, especially if you already understand seasons and trends.

I will agree with you and at the same time I will also say that all businesses start from zero. At the beginning, the amount of success or experience of a successful businessman is always less. He gradually expands his experience and business by exploring and at some point becomes successful. In this case, we have seen many successful businessmen fail from the beginning of their business but later they recovered from it and became successful.

But what I want to say here is that even if we have the attitude of doing business, we should not leave the back pillar at once. For example, if someone does a job, he can continue his business along with it and at some point when he starts getting success from the business, he can completely do his full-time business in it.

[RockBell]

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

Do business in a type that you understand, don't copy what other people do, and don't think about making quick profits or wanting to enjoy the results immediately because it takes a process.
When you want to enjoy the results immediately, you might make the wrong decisions and it is better to keep rolling the profit until your business is stable. However, it cannot be denied that in a difficult economy only businesses with strong capital survive, the rest are unable to endure.

This is were a lot of people are missing it they don't confide in there on idea and it is better to try than not try at all and this is part were taking risk is not really something that is bad, and when you want to start a business then you need to be prepared before you start anything it is always mandatory for you to to do your background check and see if your idea will actually sell because that is the only way things can work because information actually goes a long way and that is why any how you want to get it, should be among one of your priority because all businesses depends on it and that is how you will be able to know how to establish and from there you know the strategy to deploy and the functionality on the economy.

[Jody.Drummer]

Starting a business is no easy feat because you have to pay close attention to many details, with the goal of avoiding risks—and that can only be achieved if you approach it with great care. Some people start a business without properly preparing everything—whether it’s marketing, the product, or even management, including finances. Many people who are already employed think it’s better to start a business than to work as an employee, but in reality, starting a business comes with its own challenges. If certain aspects are overlooked or inadequately prepared, they become problems that many people simply cannot avoid.

Actually here I will say that in our world different types of hype prevail at different times and if we talk about the current times then the topic of business is more viral on social media and for this most of the people try to give business instead of working as employees. I will not say this is anything bad I will definitely see it as a good initiative but I will tell those who do not have minimum knowledge in the name of business to stay away from business otherwise they will initially face the challenges of the previous ones they left their job.

You’re right these days, quite a few people are starting their own businesses, and most of them dare to do so because they can leverage social media for marketing. Plus, their reach is much broader when they market their business or products. But it’s not surprising that some are just caught up in FOMO, simply following trends, so they start a business without a well-thought-out plan. I agree with you, and if any of my relatives were to do this, I would support them. But if they don’t have a solid understanding of the business they’re starting, I’d advise them to learn more first or look for a different business they’re more familiar with.

[HelliumZ]

Not all businesses succeed in a recessionary economy. Some businesses fail simply because of poor planning and product. However, not all organizations are successful in all places, for example, products should be selected based on the needs of people. A stationery shop in front of a school or college will definitely be successful. A salon shop near a petrol pump will definitely be successful, a laundry shop will definitely be successful, and a supermall business will definitely be successful. A restaurant near a bus stand will definitely be successful.

[Cheema02]

Starting a business is no easy feat because you have to pay close attention to many details, with the goal of avoiding risks—and that can only be achieved if you approach it with great care. Some people start a business without properly preparing everything—whether it’s marketing, the product, or even management, including finances. Many people who are already employed think it’s better to start a business than to work as an employee, but in reality, starting a business comes with its own challenges. If certain aspects are overlooked or inadequately prepared, they become problems that many people simply cannot avoid.

Many individuals thaughts that to start a business is just a fun and a easy stuff but in real world its actually a very difficult work to do it. to start a business proper planning and management and have a proper research in the business of market. sometime people fastly jump into business without having proper knowledge about business and market strategies so this step is the main door of thier failure. If we look our boss it seems strongly attractive and Tom achieve this sound attraction a lot of hard work required. If we see job its a very simple just doing work and take pay monthly and have not risk of loss any way but bussines all and all depends on your decisions. Your wrong decisions push back and through your business in serious problem. So to start a business a wise man firstly take proper research on bussiness and its cash flow pattern and analyze the risk and challenges that may be seemed during the business and then after research he built a strong structure of his business and then start it.

[Akbarkoe]

I will agree with you and at the same time I will also say that all businesses start from zero. At the beginning, the amount of success or experience of a successful businessman is always less. He gradually expands his experience and business by exploring and at some point becomes successful. In this case, we have seen many successful businessmen fail from the beginning of their business but later they recovered from it and became successful.

But what I want to say here is that even if we have the attitude of doing business, we should not leave the back pillar at once. For example, if someone does a job, he can continue his business along with it and at some point when he starts getting success from the business, he can completely do his full-time business in it.

Of course, knowledge increases as experience is the basic key that a person needs to have in business or any field, everything we start from not knowing anything and reaching this position makes us understand how far we go later depending on the amount and amount of knowledge we get from the business experience itself.

The backbone of income for life support should not be released, I totally agree with you if you talk about this because doing business is not easy and will not succeed quickly if we look at the nominal process but not for those who get the luck of their business exploding, but let's focus on the average businessman who has to build his work for a long time, doing business in the early stages should be a sideline if we still need a source of income to pay for life.

[SquallLeonhart]

Online is the way to go if you ask me, because that's global. If you could start a business where you could get paid all over the world, credit card or paypal or if you want to accept crypto as well or better yet offer all of them at the same time. That would be the best one, selling a digital product, could be anything, hell you could be just making money from ads, but I would prefer subscriptions.

Imagine having a monthly recurring revenue where you end up with thousands of subscriptions on your website, that would be the ideal way in our world. Lots of people started their own AI website for example, and they got thousands of people signing up and paying 10-20 bucks a month, just so they can use the AI, without building it on their local PC.

[Crypto Library]

Of course, knowledge increases as experience is the basic key that a person needs to have in business or any field, everything we start from not knowing anything and reaching this position makes us understand how far we go later depending on the amount and amount of knowledge we get from the business experience itself.

The backbone of income for life support should not be released, I totally agree with you if you talk about this because doing business is not easy and will not succeed quickly if we look at the nominal process but not for those who get the luck of their business exploding, but let's focus on the average businessman who has to build his work for a long time, doing business in the early stages should be a sideline if we still need a source of income to pay for life.

Actually, I have seen some bad experiences among my relatives in doing business where one of my relatives was doing a very good corporate job and his salary was also very good but he suddenly thought of doing business and he left his job and started a farming type business in his village but because he started the business without proper knowledge he suffered losses and it was not possible for him to recover that loss and later he had to completely abandon that business and on the other hand later he did not get a good job and wanted to work in foreign countries as an expatriate laborer.

Here basically he took a lot of risk in the beginning and that is why he is currently having to go through a lot of struggle. If he had started the business in the initial stage along with doing a job, I think he would have been able to recover at some point due to having a job.