Essentials to starting A business - page 3.

Silberman

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Quote from: siniminomorocomunisakito on April 12, 2023, 12:47:28 PM

Quote from: teosanru on April 12, 2023, 12:37:38 PM

I would say there are two more things that'll be required here. One obviously is the spirit to do the business. Because if it's just for earning money then eventually you'll get bored of trying again and again and end up losing interest in it. Second is your definition of success of this business idea. Honestly these days we all know to scale up you need funds and for funds you need dillution of equity, so the decision is how much? Are you planning to eventually sell your business to a VC? Or you are planning to go public by your own. Basically at what point you'll be considering it a success. This is important if you want to be happy.

It is true that this is a challenging but rewarding journey that requires a combination of passion, drive, and strategic decision making and when seeking funding and considering equity dilution, which can have an impact on the ultimate goal and definition of business success. Hence, the question arises, how do entrepreneurs navigate this balance and achieve financial success and personal satisfaction?

That is a very difficult balance to get it and for what I can see many people fail on that step, they are so concentrated on getting to live the life they want that they dedicate a great deal of their efforts to increase the amount of money they earn disregarding everything else, like their family or even their health, then one day they open their eyes and realize decades have passed already and while they got more money to spend they failed at living the life they want for themselves and their families.

AnonBitCoiner

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

All of the things which you mentioned are really beneficial for those who wants to have a successful business. Actually planning before doing something is necessary because if you don't have any idea that how you will manage it and what will be your fortune by doing such business then it's not an easy thing to get the desired result. Putting money is not easy in some business without planning and knowledge because there is a greater risk associated with it.

Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

While talking about the teams so I think that if a person is doing an online business then there is no need of having an employ or helper but in the case of investment you have to gather information related to coin but it also don't have any need of employ so you can easily get the idea from YouTube and groups.

siniminomorocomunisakito

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Quote from: teosanru on April 12, 2023, 12:37:38 PM

I would say there are two more things that'll be required here. One obviously is the spirit to do the business. Because if it's just for earning money then eventually you'll get bored of trying again and again and end up losing interest in it. Second is your definition of success of this business idea. Honestly these days we all know to scale up you need funds and for funds you need dillution of equity, so the decision is how much? Are you planning to eventually sell your business to a VC? Or you are planning to go public by your own. Basically at what point you'll be considering it a success. This is important if you want to be happy.

It is true that this is a challenging but rewarding journey that requires a combination of passion, drive, and strategic decision making and when seeking funding and considering equity dilution, which can have an impact on the ultimate goal and definition of business success. Hence, the question arises, how do entrepreneurs navigate this balance and achieve financial success and personal satisfaction?

teosanru

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I would say there are two more things that'll be required here. One obviously is the spirit to do the business. Because if it's just for earning money then eventually you'll get bored of trying again and again and end up losing interest in it. Second is your definition of success of this business idea. Honestly these days we all know to scale up you need funds and for funds you need dillution of equity, so the decision is how much? Are you planning to eventually sell your business to a VC? Or you are planning to go public by your own. Basically at what point you'll be considering it a success. This is important if you want to be happy.

virasisog

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Quote from: bettercrypto on April 12, 2023, 10:58:27 AM

What @franky1 said is right that you should know your niche first, because if you don't know what your niche is, what will probably happen to you is that you will just be like others who will change the business you will do because you will not succeed.

But if you can see in which business people will enjoy you, that's where you should focus, because there are usually people who build a business because they are just jealous, or because they just want to, or because they just saw from other acquaintances that the business was successful, but they don't want to. say that's what will happen to you.

It is necessary that our business is somehow related to our interests so we'll know how to run it by applying our strengths. Knowing our target market is also an important thing.
Our location, target costumers and our product should be closely related for our business to succeed.

A proper marketing strategy won't be a problem if we have an effective team that could empower effective advertisements both online and offline.

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When involving in a new business you as a person need to have the business idea first the business terrain is another thing to consider in our society nigeria today were there is no cultural risk I think it is the best place to carry out your business as an entrepreneur or an investor most people do believe that business does not require experience or any qualifications but it's a lie i think everything in life requires experience lack of knowledge has brought us back in past when going into business but today it all gone by. Government policy is something that a good business man or woman needs to understand in other to maintain a long term business or to grow your business risk taken is also important most people today do not have a good business strategy which has been affecting them every entreprise has it own way of operations and it is good to understand them and most of all before starting a business ensure there is enough staring capital

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

...

All the tips you have given are all valid tips, but there are still a few off the book tips that were discovered from practical experience.

- Some of the most successful business people in a business are people that have had some sort of experience in business before , maybe like a business they tried and it failed but they learned from or people that have learned from other people's experience, maybe from watching closely as a staff or from reading about many businesses and business people. In all, some kind of experience is necessary.

- Ask yourself if you are the type that want to be in business for the long term. This may sound funny, but some people have started businesses that became a burden to them after they got a job elsewhere, maybe the company of their dreams. Before you start a business, try to know if you intend to stay committed to its progress for life before you begin to make plans.

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What @franky1 said is right that you should know your niche first, because if you don't know what your niche is, what will probably happen to you is that you will just be like others who will change the business you will do because you will not succeed.

But if you can see in which business people will enjoy you, that's where you should focus, because there are usually people who build a business because they are just jealous, or because they just want to, or because they just saw from other acquaintances that the business was successful, but they don't want to. say that's what will happen to you.

Smartprofit

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

In my opinion, you are considering an ideal situation where you have all the resources, knowledge, skills to create your business.

However, in practice, you may not have the resources, the knowledge, or the skills.

Either way, the most important thing is to get started. As you begin to act, you will begin to ask the right questions. And when you start asking the right questions, you will start getting answers. There are only two ways to reach the goal.

The first is to receive detailed instructions on how to achieve this goal. For example, you can purchase a franchise.

The second way is to act by trial and error, focusing on the feedback system.

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Quote from: CageMabok on April 12, 2023, 09:55:08 AM

Quote from: Joshapat on April 12, 2023, 12:01:27 AM

I think the most important thing in business is to have the courage to start and don't think too much if you fail or lose, in 2 or 3 months I will also create a new business, namely the production of children's clothes, I have prepared several sewing machines and the marketing strategy is to combine offline and online marketing.

The business that you are running by combining these two marketing strategies is absolutely not wrong as long as you are able to do it very well. But when someone starts to lose or fail with the business he has run, he needs to put wiser thoughts in when he wants to open a new business so that the bad experiences that have befallen him in previous businesses will no longer be repeated in new businesses.

So every business thing must always have thought from the start because it is also impossible to run a business without thinking anything which will not make the business more advanced. For example, when you start thinking about opening a children's clothing production business with the two marketing strategies that you apply, you also have to think about it before you run it.

in running a business, there must be a lot to consider, especially a business that spends a lot of capital, of course, with such a big risk that is carried on, it makes someone touched to think very carefully before running it.
I think almost everyone who starts a business is ready with all the risks they face, which means they have learned a lot.

everyone has different strategies and preparations for starting a business, knowledge, relationships, knowledge about the business to be run and many other things must be learned.
but what you shouldn't be is doubtful or afraid because even though starting a business has a lot of risks, it's really worth it with all the lessons or experience you will get to be better in the future.

isaac_clarke22

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Quote from: el kaka22 on April 11, 2023, 02:58:03 PM

~

No wonder a lot of startup businesses look for full-stack developer. There were still some really great clients from a startup company that I worked with in creating their website as a freelancer but lowballers/cheap clients here really common in the field of web dev. Aside from those you mentioned, you'll still need the developer to maintain the website.

A full-stack could possibly do all of those you mentioned except for the marketing part, but it won't be that of a quality for sure especially if you're looking to get your website running quickly.

CageMabok

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Quote from: Joshapat on April 12, 2023, 12:01:27 AM

I think the most important thing in business is to have the courage to start and don't think too much if you fail or lose, in 2 or 3 months I will also create a new business, namely the production of children's clothes, I have prepared several sewing machines and the marketing strategy is to combine offline and online marketing.

The business that you are running by combining these two marketing strategies is absolutely not wrong as long as you are able to do it very well. But when someone starts to lose or fail with the business he has run, he needs to put wiser thoughts in when he wants to open a new business so that the bad experiences that have befallen him in previous businesses will no longer be repeated in new businesses.

So every business thing must always have thought from the start because it is also impossible to run a business without thinking anything which will not make the business more advanced. For example, when you start thinking about opening a children's clothing production business with the two marketing strategies that you apply, you also have to think about it before you run it.

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Quote from: slapper on April 12, 2023, 02:22:56 AM

Quote from: imamusma on April 11, 2023, 09:59:02 AM

Quote from: Smack That Ace on April 11, 2023, 09:38:39 AM

I'm not saying they're useless, and as I said, experience is what we need most. I believe that anyone who starts a business has thorough preparation and a near-perfect plan. But we lack experience, and experience we can only learn by ourselves and can't get from others because each person will have different circumstances, no one is the same. The same formula, but when you apply it, you may succeed, but that doesn't mean others will succeed. Like many people apply the success formulas shared by billionaires, but I have not seen anyone as successful as them.

The idea of starting business is great idea, but this business idea must suit the abilities and experience of each individual. I don't think it's good to start business without experience, let alone start new business idea that is basically the opposite of their abilities.

There are many cases where businessmen fail to develop and bankrupt because they do not have expertise in the business they are running, that is mistake that any businessman should avoid. I tend to agree that if one starts business within his or her skill set, it is more likely to achieve success in the end. I get this advice from other successful businessman, but not all ideas that differ from their expertise are doomed to failure.

Another secret? Team up with partners or comrades who fill in the gaps in your skillset. Working hand-in-hand, we can ride each other's coattails to mind-blowing success we'd never reach solo.

I support that when starting a business, we should have teammates because no one is perfect in all aspects, and working with teammates will help fill each other's shortcomings, but it should not be too crowded.
Another thing is that it is not easy to find like-minded people who are willing to share and yield to each other in work. I have worked in small teams and achieved some success, but when the profits are too great, human greed arises, and we consider money first. People will no longer stick together and support each other, instead, there will be a power struggle that will eventually disintegrate everything.

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

All of the ideas above are true, it depends on us whether we want to do it or not, most people are too afraid of losing money or don't know where to start, and I think the easiest thing right now is to keep trying, if in 3 months we still fail then we can replace it with a new business. In other words, don't be afraid of risks because people who dare to take risks are the ones who will be successful.

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Quote from: imamusma on April 11, 2023, 09:59:02 AM

Quote from: Smack That Ace on April 11, 2023, 09:38:39 AM

I'm not saying they're useless, and as I said, experience is what we need most. I believe that anyone who starts a business has thorough preparation and a near-perfect plan. But we lack experience, and experience we can only learn by ourselves and can't get from others because each person will have different circumstances, no one is the same. The same formula, but when you apply it, you may succeed, but that doesn't mean others will succeed. Like many people apply the success formulas shared by billionaires, but I have not seen anyone as successful as them.

The idea of starting business is great idea, but this business idea must suit the abilities and experience of each individual. I don't think it's good to start business without experience, let alone start new business idea that is basically the opposite of their abilities.

There are many cases where businessmen fail to develop and bankrupt because they do not have expertise in the business they are running, that is mistake that any businessman should avoid. I tend to agree that if one starts business within his or her skill set, it is more likely to achieve success in the end. I get this advice from other successful businessman, but not all ideas that differ from their expertise are doomed to failure.

Indeed! Venturing into unfamiliar biz territory is like playing with fire, and disaster might be lurking around the corner. But let's face it, folks, snagging the big prize often involves taking daring, measured leaps and leaving our comfort zones behind.

So, how do we juggle these clashing ideas? One trick is starting teeny-tiny and dipping our toes before going all-in with a brand-new venture. Smart, right? It's all about beefing up our abilities, learning the ropes, and keeping risks and losses at bay.

Another secret? Team up with partners or comrades who fill in the gaps in your skillset. Working hand-in-hand, we can ride each other's coattails to mind-blowing success we'd never reach solo.

Joshapat

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I think the most important thing in business is to have the courage to start and don't think too much if you fail or lose, in 2 or 3 months I will also create a new business, namely the production of children's clothes, I have prepared several sewing machines and the marketing strategy is to combine offline and online marketing.

Baoo

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You have stated some interesting points OP. Plus, it is important to make some researches on your business field before start working it. And remember that you have a plenty of competitors, so what makes your project superior? It is basically the added value and uniqueness. Furthermore, you have to give a value to digital marketing without it, you will not be seen even when your project is solid. Your main goal is to build attention in order to attract clients, sponsors, partners and investors depending on your needs. A lot of entrepreneurs don’t succeed due to they think being professional and good at their work are what they need a but the sad truth is they don’t know anything about digital marketing. The more you are seen, the more attention you get , the more success you achieve. That’s too simple.

Lanatsa

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

Clear business idea and Plans + having that marketing is something that you should really be needing in focus but just like the rest been saying that overall these qualities and factors is really that mainly needed

when running or trying out to build a business.Somewhat it could give out that kind of assurance that you are taking or stepping on the right path and making out actions which is something
a must thing to be done by potential business owners out there. Its a standard thing and just like been said that missing up one thing out of this lists
could really be a hindrance towards business success.

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

I agree with some of the ideas that you offer, but what concerns us right now for business people is limited or inadequate funds when they want to run a business, so that the business that is being run always stops by itself. but for ideas and ideas it seems almost everyone has them.

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Quote from: Iadegbola34 on April 09, 2023, 05:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

This is very helpful and must be learned before starting a business, most businesses that are not planned end up in losses. There are processes that must be followed for the business to be built to be progressive by applying the stated that there's a chances to grow the desired business.

Topic: Essentials to starting A business - page 3. (Read 776 times)