Topic: Building a prosperous business - page 4. (Read 1035 times)

Quote from: khiholangkang on July 28, 2023, 09:38:52 AM

You only cover the other business or investment you have from your other source when that other is profitable. Of course, you'll have to support it with your other source that's been prosperous as well. But if you're going to support it with another bankrupt or losing investment or business then that doesn't make sense to support the business that you're establishing.

I understand why we don't agree in this case because you may be position oriented the person already has an investment amount that can cover he needs, and I think the position of the person you are referring to has a lot of funds in his investment which gives him income, then opens a new business with results from the investment, the thought is certainly worthy of the case you describe friends, and the people I mean are those who have hard jobs who want to open a new business for him to build from scratch.

I don't think that there's disagreement. It varies from person to person about his support to the other venture that he's doing. While it's true that not all investors and businessmen have a way to support the other one that they're doing. But that's a typical thing to do to at least make that new business of theirs survive.

Quote from: uneng on July 28, 2023, 02:23:16 PM

You have to make profit from any business that you open. But if you're starting out with that new business of yours, much better not to expect a lot from it because you're still trying to take some tests and taste of the business that you've just built. Most likely that it's not going to do well.

I think it will make the development of a business that already has even a little income, it will be slow if you still have work that takes up your time, it will break your focus, but this depends on the business you actually take.

If there's a little profit then that means there's progress right, it is going to be a slow road to take for them but as soon as they're seeing the momentum and believing in the business they establish. It only means that they're on the right path. And whatever your business are, making a profit is just going to be the last because if you've got a passion and mission through that business, it should be the priority. That's what I mostly hear from businessmen.

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It's true. There is a big difference between businesses which are directly ran by the owners or managers from businesses which are ran by employees, especially on the restaurants' industry. Customers who are used to attend to the place instantly notice the difference on the quality and taste of the food prepared, what is really negative for the restaurant's reputation on long term, as customers will lose their trust on the service offered, especially when taking people they want to impress to eat there or during special events.

It has already happened to me when my family hosted relatives and went out to eat expecting the restaurant to offer delicious food, as it was used to do, but it was a fiasco and I immediately noticed the manager/owner wasn't there, rather only employees were operating the restaurant. Result: we aren't going to come back there again soon...

The problem here is how competent the hired person managing the business is. There is even such a position as crisis manager. It is clear that people who have previously demonstrated their competence are hired for such a position. Therefore, it cannot be said that a hired manager is unequivocally bad.

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Quote from: Minecache on July 28, 2023, 11:45:12 AM

I don't make the same mistake as you because I'm the direct manager of my restaurant, but I see your mistakes a lot of people are making and they still don't seem to realize like you. Letting someone else manage the business for us is a serious mistake because as you said, they go to work just for a monthly salary, they don't care about the business's existence, so the business goes bankrupt just a matter of course.

Honestly, running a successful business is not easy and when we fail, we can only realize the mistakes we have made. There are many reasons leading to the bankruptcy of a business, so it is never too much to absorb new things and listen to people's suggestions.

It's true. There is a big difference between businesses which are directly ran by the owners or managers from businesses which are ran by employees, especially on the restaurants' industry. Customers who are used to attend to the place instantly notice the difference on the quality and taste of the food prepared, what is really negative for the restaurant's reputation on long term, as customers will lose their trust on the service offered, especially when taking people they want to impress to eat there or during special events.

It has already happened to me when my family hosted relatives and went out to eat expecting the restaurant to offer delicious food, as it was used to do, but it was a fiasco and I immediately noticed the manager/owner wasn't there, rather only employees were operating the restaurant. Result: we aren't going to come back there again soon...

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Quote from: serjent05 on July 27, 2023, 06:30:29 PM

Quote from: Minecache on July 27, 2023, 10:34:54 AM

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

I am sorry to hear your story but it looks like food industry is not for you or probably you missed something important. I also tired to set-up a business and I also failed since I don't managed the business personally and let my friend take it over. One thing I learned on this experience is that rarely people will be concerned on the business if they are not theirs. Most of them will just enjoy the salary and don't care if the business will get bankrupt or not.

So it is best to be hands with the business, learn and educate oneself about the left and right of the business and study the trend and competition while implementing financial management. It is quite a hard task but if we get familiar with it, it will be easier as time pass by.

I don't make the same mistake as you because I'm the direct manager of my restaurant, but I see your mistakes a lot of people are making and they still don't seem to realize like you. Letting someone else manage the business for us is a serious mistake because as you said, they go to work just for a monthly salary, they don't care about the business's existence, so the business goes bankrupt just a matter of course.

Honestly, running a successful business is not easy and when we fail, we can only realize the mistakes we have made. There are many reasons leading to the bankruptcy of a business, so it is never too much to absorb new things and listen to people's suggestions.

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Quote from: khiholangkang on July 27, 2023, 11:34:19 AM

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

You only cover the other business or investment you have from your other source when that other is profitable. Of course, you'll have to support it with your other source that's been prosperous as well. But if you're going to support it with another bankrupt or losing investment or business then that doesn't make sense to support the business that you're establishing.

I understand why we don't agree in this case because you may be position oriented the person already has an investment amount that can cover he needs, and I think the position of the person you are referring to has a lot of funds in his investment which gives him income, then opens a new business with results from the investment, the thought is certainly worthy of the case you describe friends, and the people I mean are those who have hard jobs who want to open a new business for him to build from scratch.

Quote from: khiholangkang on July 27, 2023, 11:34:19 AM

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

You have to make profit from any business that you open. But if you're starting out with that new business of yours, much better not to expect a lot from it because you're still trying to take some tests and taste of the business that you've just built. Most likely that it's not going to do well.

I think it will make the development of a business that already has even a little income, it will be slow if you still have work that takes up your time, it will break your focus, but this depends on the business you actually take.

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Quote from: odunybiz on July 17, 2023, 06:52:21 PM

Learning is a continuous process. No one knows everything. If you think I'm an amateur, all well and good but all I know is I have been using these tips for my agro- business and it has been working well for me. Although is a small farm but I plan to grow big one day.

Quite a long article you just gathered your sources from, I am curious though OP on how specifically these apply to your "small farm" business. The real reason you're building business is purely to create money/profit unless you are a non-profit organization which rely on things like donations.

There were some of coffee shops in here that serves great, but even though they're "passionate about their business ideas", they still didn't make it. There ain't even Starbucks around here that surely will crush those small businesses. Sometimes it will kinda suck for everyone to just build business and it's not for everyone to be honest.

Network also comes into play. Someone's gotta put your business into your audiences to try it out.

Quote from: harapan on July 28, 2023, 01:59:28 AM

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

I can imagine that this might be a disadvantage to some food stalls out there since they usually just sell or make a specific food with just a little variation. Some shawarma business out here just closed down due to people being sick of the same taste over and over.

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If you want to build a business yourself, you must think a lot about that business. I thought that I decided to go into business in that case, we will never be successful in business. Generally, there are many business sectors in the world, from these many business sectors, we have to choose any business sector according to our convenience. You usually try to do related business which you understand well. You have to build your own business with your own qualifications. Seeing that someone else has succeeded in another business, I also started that business, but there is no guarantee that I will be successful. So you can't try to build a business company by looking at someone, you should always rely on yourself and build a business company related to the subject that you know more about.

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Quote from: harapan on July 28, 2023, 01:59:28 AM

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

Quote from: jaberwock on July 26, 2023, 04:12:39 PM

As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore.

This is true, not because the start ups and small businesses don't need loans or don't apply for loans but because the banks and other financial institutions give loan to people they believe will be able to pay back with interest within the agreed period. They're in the business of making profit and some times they feel it's not worth it to take unnecessary risk on unestablished businesses.

This also goes for investors. They normally will only invest to a business that either already made a name for itself or they know will do so and make it big in the industry. As much as supporting small businesses is a great way to do, investors and lenders are in the business to make profits and therefore it is expected and understandable as to why they put most of their attention to big businesses instead.

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Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

Quote from: jaberwock on July 26, 2023, 04:12:39 PM

As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore.

This is true, not because the start ups and small businesses don't need loans or don't apply for loans but because the banks and other financial institutions give loan to people they believe will be able to pay back with interest within the agreed period. They're in the business of making profit and some times they feel it's not worth it to take unnecessary risk on unestablished businesses.

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Everything stated can be said to be very effective in doing business whether the investment is small or big capital. This steps can help a lot in business management because they are ways to avoid losses or mistakes in building a business. Many entrepreneurs don't pay attention to the simple methods mentioned by OP so most of them end up losing money or business bankrupt. If it is applied correctly, it will surely have good results for them and those who intend to do business.

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Quote from: Minecache on July 27, 2023, 10:34:54 AM

Quote from: Wapfika on July 27, 2023, 01:26:38 PM

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

I am sorry to hear your story but it looks like food industry is not for you or probably you missed something important. I also tired to set-up a business and I also failed since I don't managed the business personally and let my friend take it over. One thing I learned on this experience is that rarely people will be concerned on the business if they are not theirs. Most of them will just enjoy the salary and don't care if the business will get bankrupt or not.

So it is best to be hands with the business, learn and educate oneself about the left and right of the business and study the trend and competition while implementing financial management. It is quite a hard task but if we get familiar with it, it will be easier as time pass by.

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Quote from: Minecache on July 27, 2023, 10:34:54 AM

Quote from: letteredhub on July 27, 2023, 10:21:47 AM

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

It’s hard if you don’t have enough management skills to run your own business. Maybe you didn’t do feasibility study on your location that result to your failure. This is sometimes the mistake of many failed business owners, They become excited on running their own business without considering how feasible their business is.

Business is like trading. You need to choose the perfect coin before you start pouring money on it. It’s really hard but once you have a better study, You can be successful.

When running a business then of course it would really be just common sense that you would really be needing to follow up those common ideas and recommendations which we know that they are really that indeed pretty basic but applying it out on the time that you are the ones who had been handling your business then it would really be a huge challenge.We know that each business doesnt really end up on being successful or being positive on which it would really be varying or depending on some factors if we do speak about those things which is something that would be a deciding factor whether you would succeed or not and some mix of luck.
Somewhat you cant really be able to find yourself on knowing the outcome unless you do try.This is why into those people who had been deciding on running a business then its good to have that aggressive approach
when it comes to marketing, although it wont really be an assurance for you to have that good outcome but at least you have tried on what are the things that supposed to be done when running a business.
You cant really just make yourself that idle or passive on this way.

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Quote from: odunybiz on July 16, 2023, 08:41:50 PM

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people..

When you claim to start a business without been curious about real service delivery about the area of business you want to venture in then it's natural with time you will fade away as you face the competitive business environment having no uniqueness about your service.

A real life example is about a store across the street opposite the very building I live in. Several peoples have rented this very shop for different business purposes but either pack out within 6 months or a year after just renting. Oh business isn't moving as I expected were some of the complains that follow.

The real problem behind all these complaints could be that they just decided to jump into a particular business cause they found out someone somewhere is making so much profit from, it's not a business they had passion for, but just for the profit chase and a little challenge with profit they disappear. Same is happening to so many businesses out there.

Picture a bot that doesn't know anything about the cryptocurrency market trying to make trades. Trading on price fluctuations is all it knows how to do. It's like shooting in the dark if you don't know anything about the market, the news, or the technology behind the coins you're investing in. The same logic applies to business, right? Now picture the same bot improving over time as it takes in feedback and adjusts to new circumstances. That is to say, changing with time. Retailers here in the UK: Capable of the Same? adjusted what they're selling, took feedback into account, and shifted their approach? Putting enthusiasm to one side, wouldn't you agree that business success is largely a matter of tenacity and flexibility? The owners of the store across the street may still be in business today if they had been more flexible and less focused on making a quick buck.

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Quote from: Minecache on July 27, 2023, 10:34:54 AM

Quote from: khiholangkang on July 27, 2023, 11:34:19 AM

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

It’s hard if you don’t have enough management skills to run your own business. Maybe you didn’t do feasibility study on your location that result to your failure. This is sometimes the mistake of many failed business owners, They become excited on running their own business without considering how feasible their business is.

Business is like trading. You need to choose the perfect coin before you start pouring money on it. It’s really hard but once you have a better study, You can be successful.

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Quote from: khiholangkang on July 27, 2023, 11:34:19 AM

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

You only cover the other business or investment you have from your other source when that other is profitable. Of course, you'll have to support it with your other source that's been prosperous as well. But if you're going to support it with another bankrupt or losing investment or business then that doesn't make sense to support the business that you're establishing.

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

You have to make profit from any business that you open. But if you're starting out with that new business of yours, much better not to expect a lot from it because you're still trying to take some tests and taste of the business that you've just built. Most likely that it's not going to do well.

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Quote from: EluguHcman on July 27, 2023, 07:00:07 AM

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

And it's not going to become prosperous at its beginning. Establishing it is going to take a lot of time and tests and trials. Defining it prosperous will based on how the results will be and how it's going to be stable.

Of course it will not be easy and will not prosper at first, to achieve a prosperous business requires a relatively very long time, prosperity can be interpreted as getting active profits every month and can be said to be running well and stable at its peak, but before that it will definitely there are many problems and failed plans and there will be lots of evaluations in the first two years of being in business.

Quote from: EluguHcman on July 27, 2023, 07:00:07 AM

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

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