Topic: Building a prosperous business - page 6. (Read 1102 times)

Well, yeah, money is always involved in the maintenance of a healthy business. For instance, some people set up businesses, and they think that it's only that idea that they have managed to gather and set up that can guide them through the lifetime of the business, but no, the fact that you are not the only one doing such business means that one should always be prepared and open to learning more about how to manage the business effectively and win more customers. Some people who have very successful companies today are usually Investing in themselves in terms of paying for some business and economics courses both online and offline, and they are usually busy taking those courses as long as it's something that will help them become more knowledgeable on how to handle every aspect of their business. Some so-called entrepreneurs don't know how to manage a good customer relationship; some don't also care about customer satisfaction; and some don't know how to tackle competitors. In a situation where one doesn't know all of that, one will have to pay to learn.

Lol OP right here gathering second-hand obvious and basic tasteless information about starting your business when they never even thought of setting up one. It's these kinds of posts that irks me cause I know they are at some levels useful, but at the same time you know it's insincere and baseless when their whole thing is to actually actuate what they are talking about and use the experience as a response. Oh well, that's life in bitcointalk for you.

In any case, and this one's not exactly from mine but from my aunt's varied attempts at setting his own meat shop in our neighborhood. During the height of the pandemic, they chose to set up a business using loans they took from our government-backed insurance company and from there, they started their own business. You would think this is some form of success story but it's not, cause just a few short months in the loans bit them back in the ass and they weren't able to turn a profit, let alone a return on the capital which lead them to stop with the business altogether. Quite sad if you'll ask me but at the same time this is a spitting evidence that there's caveats to taking up a loan for that business idea you have.

And thats the reality that we do have on this world on which to those who do have brilliant ideas but having no funds to start with will really be ending up on having that idle mode on which there's no way that you would be able to progress or make those ideas in fruition if you are really that not making any step forwards like taking up some loan to build that business or idea you do have.Yes, its a risky thing to be done but for you to be able to make yourself that progress then you should really be needing up that kind of step which is something that would be depending on a certain individual,
not all would really be risk takers and would really be just playing on the safer side but ending up on having no progress into their lives when it comes to financial.

It is really just a matter of choice on which you would really be taking, some would really be that mindful and some wouldnt really be just minding about those stuffs and contented on what
they do currently have now.

Unfortunately, a person who has ideas has no money to start a business, and a person who has money has few ideas about how to use that money competently. Therefore, borrowed funds are still a way out of the situation - but for this you need to have a clear business plan, as well as understand the essence of the business.

If your product does not find a niche, it will be difficult for it to prosper. The customer is the reason for the business. Having them is one thing, sustaining and satisfying them is another.
Every business owner should have a good knowledge of Customer Relationship Management (CRM). It will make a huge difference in your business.

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OP, I opened the link you attached and discovered that you didn't do much work than lift and rearrange an already written article.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

I think whether it's dropshipping or selling online or opening a business offline I think it's a free variable, in building a prosperous business and increasing business expansion or valuation when you don't have a lot of money, of course borrowing/getting investment is the best choice in this situation, but before that you need to calculate the circulation of money first, because to see opportunities you need to see the flow of money, whether the business is big or small, if you see a bigger opportunity when adding capital from borrowing, of course that is the conclusion that must be taken to make a business you will be better in the future with the hope of being more prosperous.

If you only rely on the money you have, that doesn't mean you can't, but it will take quite a long time in any business aspect.

Building a successful business certainly requires a lot to learn and of course action is very important, a good roadmap without the right action will not produce anything. What the OP said is good, but without strong determination and belief, the business will not work as it should. then from the need for stages in building a business and building a brand in the business. I am not experienced in business but my brother owns a business and I learned a lot about business with him. The knowledge that I got is as follows when building a business:

stage 1 :
1. Market survey
2. Look for supply agents if product-based, Look for organizational relationships if service-based.
3. Prepare Capital (products), Prepare mentality and skills (services)
4. Build relationships if retail marketing, Land, or places that are easily accessible if services or wholesale.

stage 2 :
1. Bookkeeping/manual/computerization.
2. Management of stock, sales, and profits.
3. Monitoring.

stage 3:
1. Increase the market.
2. Market development.
3. Sales development.

stage 4:
1. Competitor self-defense.
2. Prizes.
3. Dividend yield and profit.
4. Join the new market model.

Stage 5: DIGITAL MARKETING.

That's only if you start a brick and mortar business, like one that is either a shop or an office, because that's how it works. But when we are talking about a situation like online business, then you are not going to need much, I could probably start the first VIP under 100 dollars if you know what you want to do. A friend of mine started a dropshipping business, I know it's a cliche, for just 200 dollars, and they handled every time from start to finish within that much money.

All in all I think if you live in 2023, you shouldn't look to start a shop right away, not as a business idea, sure if you personally want that then that's fine, aim should be starting a cafe, aim shouldn't be becoming rich, if that's your aim then online is better.

As for me, from my experience, I can't deny that it is difficult to manage a business, because you will really spend time, physical effort, and when it comes to capital, even if the investment is small, if you know how to circulate money in the business, you will definitely be able to grow it. .

And the most difficult thing is that establishing a customer page is actually not easy, and once you can establish the customer and maintain the quality service and quality of the goods of the business, for sure the regular customers will come to your business first.

These just like your first point and these are very wrong or maybe weird thing to say. POS is never about Bank or people making deposit and withdrawal, it's initially made to fasten the restaurant and retail payment proccess. And the SOLAR SYSTEM is as we know it, it's already exist even before humanity.
Tho your point after that was valid and kinda make sense nothing weird, but with those two point I mentioned above I don't think you quiet understand what you are writing here.

Most people I know that built a very successful business had 3 things in common and those three things will always be the case no matter who you look into, doesn't matter if its the richest person you know, or if its just a grocery shop around the corner. First of all they were ready to take a risk, a lot of people looking for investors for their idea because they are afraid of taking a loan, go to a bank and get the highest amount of money you can, if you can't then you shouldn't even try to start a business, that would be important part, and if you can that's your capital, start something that fits that budget. Secondly they were really hard working, and I do not mean like a regular amount of hard work, its not like studying for a quiz, I mean literally working 18 hours a day but not just sitting in front of a PC, actually doing work non stop. Lastly, having people who can fill the places that you can't, this is not a must for some business ideas, but its good to have. If you can't do every part of a job, having someone else do it for you is great.

Op is working on the words that often says "be creative or make a constructive post" I didn't even expect this from op bases on the fact he would have only posted the conclusion of the article and then create a room for questions maybe the link would had made people to constantly click on it for them to read the full details of what that content is conveying.

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However, I am replying this post based on your conclusion since the conclusion is a summary of what the body of content is saying; At some point we often understand that we must venture into business with the mindset of maybe your friend is running such a business making serious profits and you think is something you too can also handle. Let me speak it louder and clearly there is what we called a dreamed business and dreamed job, these things are what people don't usually understand and get it right that is why today many business has folder up because of the taste for money.

Like I said
A dream job is something you have been wishing to start up not because it's lucrative or they pays higher than any other sectors today but you found it pleasing and willing, suitable to operate in that field because it's somehow a kind of task or job you like right from your kid days so you had it in mind to start operating in that same field when you might have finished your educations. This kind of job you don't find it stressful, rather you are always happy doing it not because the pay is huge enough for you.

Same as the dreamed business, though I won't spend much time explaining it as it's just same as what I have explained above.
Dream business is a business you've always been seeing yourself establishing and at some point you feels whatever that made you ventured into it you find yourself like the world richest man having it in mind that it's an in-depth love, whatever that made you venture into it there's every possibilities that you will Excel because you aren't going into such business because of money but it because the passion you or they had for it. At first there must be passion then comes problems solving. Because you can't render a solution without having to love (Zeal) for such business which would likely made you to fold up because there's no love. For a successful business to stand passion and problems solving is the utmost priority.

Creating a business is not a simple thing but I believe we should not complicate things too much if we are planning to set up a small store.  Just knowing that we have enough funds to open the store is enough.  Besides creating such business is not intended to solve the national or global crisis.  It is just intended to solve the neighborhood's access to some food and beverages.

I agree that if we have our stable job, it is unwise to quit it just to focus on this small venture but if our business has grown enough that it even gives us a steady 2x or more of our job pay, then I think it is time to think of a change of career and focused on our growing business.

If you are thinking of starting your own business, it is advisable to work as a manager, make connections and attract clients. Then you can start your business. Starting a business from scratch is virtually impossible today because of the huge competition in any field of activity

With reagrds to quitting your job; it would be fine as long as you can sustain your daily expenses using your savings. You may create a period perhaps 12 months of your monthly salary should be the amount of your savings before you do so. One reason or advantage of quitting your job is to be able to focus to your business. No successful business have been taken lightly especially on its early stage. You need to build it foundation which is why you need to exert 100% of your effort into it. Sometimes it would work having a job and a business at the same time but expect that you would be spending more given that you'd be hiring someone to do it for yoy, or simply choose to embraace burnout by pushing too much of your daily energy;you decide.

Yes exactly if you are establishing a businesses then try to continue your job too because business can be handled as a part time job and there are also online business which does not need to go for work but you can continue it at a same time when you are doing your actual job.

Sometimes businesses does not allow passive income therefore if you unfortunately leave that business then you will already have job that will give you passive income. At the same time you will find another business which will be suitable for you or you will work to eliminate the things responsible for your failure in business.

Agree, starting a business, try not to take loans because this is not good for future business. Very many of us want to start a business but we always think about how to get big capital. looking for big capital to rent a place, looking for big capital to buy equipment. I think the most important thing is that we have to change the mindset like that, we don't need to have big capital, but how do we use small capital to be able to make a profit? Because with the small capital that we have, we will focus on what we have to be able to get profits little by little. Because for me it is not the biggest capital to build a prosperous business. Of course, it must also be accompanied by the points conveyed by Op.

If we can profit from very small capital, then our business can grow over time, and capital can be rotated again and again. Because the important capital is profit.

Agreed, when it comes to theory, everything is very easy, but when it comes to practice, it's not necessarily easy.

Building a business is something that will make our descendants get many benefits, if we have a long term business vision then we must build it with honesty, unfortunately most people only focus on profit so the business cannot last long.

The original author did great work but you did a jargon copy and paste, the author has passed his message, you should have read the article deeply and passed what you understand about the context of the article and not paste every text on the forum, with that it will help summarize original contents without plagiarism even when I see that you included the link not intending to be the original publisher but explaining it on your own terms would've made it engaging than the original content, that been said.

All business have their challenges regardless of how you give tips to make them successful, you will certainly come across some difficulty but experience and competency is what helps to bridge those wall, you may even give good tips here and you may find out that it will not be similar to real-life sense because of environmental differences, the type of economy and the government that rule where your business is operating, good points you highlighted though.