Topic: Essentials to starting A business - page 5. (Read 797 times)

All of the elements could be included in the second element of the quotation, "A comprehensive business plan". It is not possible to start any business without a clear vision of the goals. The business plan is the means through which the project promoter can study the suitability of his capabilities with the reality of the market, how much time he will need, and how much he will earn. According to the business plan, it will be easy to develop a roadmap in which all the steps that need to be taken are identified.
Not all entrepreneurs have the skills to create a business plan, which is why there are companies that provide services. It is important for every entrepreneur to study and approve the business plan even if he does not know how to make it himself.

i see it as a 4 phase process

1. find a problem/create the niche
2. roll with it as a side job/hustle/hobby to see market reactions
3, listen to trial feedback/critique. tweak/tune the idea to meet needs better
4. formalise/expand it by starting a business

This is going to sound like really bad advice but sometimes all you have to do is START. You don’t need to have everything planned in the beginning, if you wait for all the elements to be in place you may never start that business and when you do, you will be extremely disappointed and discouraged when things don’t work as planned. Everyone thinks they have the perfect business idea until they start, it’s not easy to be an entrepreneur and having everything on OP’s list does not guarantee success in business.

I think these two can be merged as one and it means that you truly understand the business that you're setting up. What's wrong with the businessmen that I saw that's trying to build something, they're starting from scratches and have no idea of what they're going in. I mean, that's not a problem to them but they need to have at least know what they're doing and they won't start from scratches if it's just about the business idea or concept that they're starting to put.

Another wrong strategy that I've seen with those that have startups, they're quick in launching their VCs knowing that they're just starting and haven't proved anything yet. Yes, as in with zero results and yet they're very optimistic with the idea and business that they've set up. It's not wrong to be that positive in the business or startup that you're making but come on, investors want realistic results first and what you've achieved and why you want to expand. There should be the foundation already and the business is already in operation. I just saw a group of startup people that are doing like that, no results but seeking investors to fund them. That's why I admire more those startup owners that pulls money out of their own pocket and even uses their other assets for collateral.

This is a must, another thing that I've noticed. Those that are starting, they're like making a trial and error. If the business booms, that's the time they'll register and have permits but if it fails, that cost them no money from taking permits. But whether it will fail or not, businesses should be registered.

There are countries that have this good connection to their friends and relatives that they support when someone started a business, they're all there to buy your stuff and that just shows how supportive they are. However, not all countries do have this culture of supporting each other, they're even jealous or not feeling they're required to support you.

It's where most budget is going but don't lessen the quality because that's gonna lose the brand if you settle mostly for marketing but not strengthening and increasing quality of products/services you offer.

This is the result of marketing.

Don't cut them on a budget or else, they'll won't give you the quality work so give them what they deserve even if you're on a budget.

I agree with what you stated to start a business, there are several elements needed, such as a clear business idea,
clear vision, good business plan, sufficient capital, team, necessary skills and knowledge. However, as you said, there is no guarantee that meeting these elements will lead to success.

Many factors can affect business success, including market competition, economic conditions, changing trends and policies, and others. Therefore, it is important for business owners to prepare for challenges and failures, and improve our business strategies and tactics to take advantage of opportunities and overcome problems.

Despite that hard work, persistence and persistence are essential to achieve success in any business or career. However, it is also important to learn from failures and mistakes, and always seek ways to improve and improve. The key is to have strong motivation and passion, as well as the ability to adapt to changes and take advantage of opportunities as they arise.

That's a very good and right idea to start a business and is the main thing that really has to be done and prepared, but I think it's too perfect for some people who want to have a business with the drawbacks of the points you mentioned, I think with only having capital and core business ideas we can do it and we can fulfill other points slowly or businessmen can say it one by one or step by step to get to a healthy business, the courage to start too I think is an important point in terms of starting business because the physical factors are complete but there is no courage I think it will be a chaotic thing in the end and only on paper or wishful thinking of having a business.

All of the points you've listed for a business to be successful are all valid points that any business needs to thrive in the twenty-first century. I'd like to emphasize this online presence even more. In the twenty-first century, I've seen many businesses become household names and thrive as a result of the online presence they've established for themselves. It does not imply that you are doing it, but you can employ or hire those who are skilled in that field to help your business gain the recognition and targeted audience it requires to succeed. If you have one, a good digital marketer is ideal for this.



Insurance is critical for any business, no matter how small or large, that is vulnerable to natural disasters. Making insurance mandatory for all business startups will help reduce the trauma associated with such incidents of property loss due to unexpected disasters.

In addition to several important aspects to start building a business. But the reality that we see, money is a source of certainty that we must have to start, now many people have difficulty raising money to build a business and sometimes it's not as easy as we talk. Economic conditions make many people trapped in a state of financial difficulty, so there are not many opportunities that can be taken.

Having little capital to start a business, I think it will be difficult to grow, the reality is that few people are able to develop a business with the support of small capital, unless you are engaged in a home business or on a smaller scale and the business description you mentioned in the post I don't think it's included in a home business which is much smaller in scale, so not many people are able to run the business in their current financial condition.

This is indeed the first and biggest part of it and also the most important part of it.
If you originate an epileptic idea, your business will also be epileptic. It is better you spend more of your time originating and refining your idea.
Your business idea is among what franky1 explained as niche. You need to have a clear understanding of your core essence and map out the area of less competition.
When this is achieved, the business will be as nice as the idea on paper.

Yep i think its complete. For marketing you can use digital marketing. Advertising your bussines through social media is really good right now. Channel like tiktok is one of the best because most people download and use that app.

No post could've put that point better than you succinctly did there.

Most people just want to be in business for the sake of getting that business person tag. That's all, nothing else. They don't care if there's nothing different from the several businesses already existing. Several years ago when the GSM thing found its footing in my country, everyone who had small cash invested in setting up kiosks and stalls to run it. On every street then one could count at least three of such stalls doing that. It became so rampart that those in that business could hardly make money from it before it finally collapsed. Now, the craze has shifted to POS. There's no cut out plan to be different apart from following the crowd.

I think what the OP said is complete enough to be followed by people who want to start a business. because it is better for us to always make thorough preparations even though these preparations will take a longer time. it's better than us rushing to build a business without proper preparation which ends in failure. One point that can be added is that it is important to have a strong mentality in building a business. because I know that building a business will also drain our mentality. because business is an unsafe zone, so we must always adapt at all times to adjust to market and economic conditions around us. we must always be ready to face various obstacles. and it is also necessary for us to make a backup plan and also reserve capital.

All are necessary indeed but know the things that should be prioritized; capital and concept. You need first to distinguish what kind of business would you be engaging yourself with; remember that it is easy to start a business but it would be hard to stay still 'coz if things won't be managed properly, expect a huge loss or bankruptcy. Capital on the other hand is self-explanatory. These things might be simply but believe me, these two are the core idea in a business; team, marketing strategy and the likes will only follow. Also, sometimes in a business practicality and simplicity rules. Just look at those concepts which aimed to offer something "new" to people ending up with nothing. There are times a business does not need to be revolutionary, it may come to an existing idea only; not always needing you to be complex about it.

there are many niches.
the first trick. is find the problem

most people complain that there are not any/many bitcoin services in their region.. this is not a problem its the trigger of a solution

if you cant buy pizza using bitcoin in your town.. there is your opportunity. offer financing(exchange) service to a pizza place to start accepting bitcoin. or open your own pizza place that offers bitcoin

years ago i done this. i started simple. knowing that the retailer was legit and trusted in community and bitcoin usage was going to start slow. i simply gave them a "bartab" upfront of a reasonable amount of cash and a QR code. if anyone asked if they accept btc they simple show the QR code . the customer pays that address and the retailer simply takes the cash from the tab and puts it into their cash register. the retailer knows they got paid and served a happy customer.. there was no drawback as the retailer knew they would not lose out on money or customers. thus they easily accepted the trial

then when it got popular you set them up with formal exchange or set up a better contract with the vendor to service them more officially

if you know about the technicals but see there is not much discussion in your region. you can set up coffee mornings/meetups and if it gets popular seminars/conferences.

people like novelty items like metal collectables. you can see if there is a medal/trophy/coin engraver locally who can create bitcoin metal coins. which you can then sell
hats, t-shirts, etc

local tutoring for academics wanting to study crypto

.. so first step is to find the problem locals want a solution and become that provider

there are lots of side hustles
ive seen businesses complain about the price of printer ink. so someone came up with buying ink refills and sell them cheaper than branded(but profitable for the guy).

even things like businesses not having good catering in their employee kitchen area or old people that cant cook for themselves. . simple things like reselling food.

there are many niches. just need to find them and usually you find them in the most mundane places

simply:
find a problem. become the solution

None of what I listed is fail-proof for a business endeavour. They're only just a suggestion but you will agree with me that having a plan is better than having no plans as one is closer to failed business than the other and it's not the former.

Those are the elements needed to start a business, but even if you have enough of those factors, there is no guarantee that you will succeed, if success comes so easily, no one will fail. defeat at all. Life is colorful and everyone will encounter different situations, so the same formula will have winners and losers. For me, if you want to succeed, you just have to work, work, work hard, if you fail, keep getting up and never give up until you succeed.

And the second key is "doing it" which is very difficult for some people to start their business because there are many doubts and others that push psychologically to be afraid of failure, things like that are difficult to avoid even if we already have ideas and support - other support such as planning and concepts that have been prepared for business trips that have been prepared.
Talking about starting a business is not only about profits and about getting rich, but there is a lot that we will have to learn and consider because there will be many people or workers who depend on us for their family life and there is much more that needs to be thought about and considered, from afar we are don't have to think about it from the start because it will be very hard, the thing we have to do for the first time we want to start a business is to do it even with a flawed preparation, we will know the mistakes and opportunities that we might not have predicted before, if we want better then evaluate every mistake and fix it slowly if it is difficult.

I see many problems raised here, but to be a little honest because I see a lot of startups appear and they also apply the theoretical formulas of experience of their predecessors, but not everyone gets success labour. Any new industry or entry into the competition I believe it is always necessary to start researching, I like to start with the basics before talking about the broader knowledge. But what the OP mentioned to me is very reasonable, but I also understand that the application is not easy, even myself or the organization will have problems in the process of operation or development. In addition, successful business also needs progress and innovation, the ability to learn and adapt to new trends in business and the market.

A team is all you need to get a clear business idea, this consists of good business plans, and better marketing strategy, and all of your points combined, minus the funding part, many new startup projects need funding, and I believe unable to raise a fund is the main difficulty that many ideas are not brought to light till today, every business must have the funding idea in mind before embarking on the journey, this is what will make things easier, lots of money needs to be spend on advertisement alone apart from other things.

A proper planning and vision can not work out with the proper funding.

Yeah, nobody who's wants to establish a business that doesn't have a proper agenda, the agenda of business woman or man is to ensure that it's business is flourishing, but the factors that hinders business not to accelerate or accumulate as expected, is when you are unable to figure out a good site, secondly lacks of management when the business is in progress, I think that should be a major factor while business does not prosper. Any moving business suppose at least have a backup plan's, so I believe the back up is what that can keep business to be substantial or sustainable.