Some things to consider before starting a business - page 10.

krishnaverma

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Quote from: choychoy on March 23, 2018, 09:23:06 AM

You need knowledge and money before doing a business.

Knowledge part is correct but one should till not waste a lot of time on this. You just just start small and you will acquire all the experience and knowledge in the process. Regarding that money part, it is one of the the biggest misconceptions related to doing business. I was listening to a very popular public speaker (who own a successful company) and he gave multiple examples of how you can start a business with almost no money.

torch2121

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For me make a feasibility study. Right location on for your business. Then quality is everything always maintain the quality of the product because that's what they always came back to your business. Always humble to customer, always treat your customer right. Do right, act right and every thing follows. Just a thought.

Razick

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You need to consider start up capital which has to cover all expenses, there is also the issue of the location, what product you are selling and prices for which you products will be sold. You will also have to figured out the target audience your products are aimed at and make sure the products is properly marketed to them. There is even more but this is just the start.

Best Dreams

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Quote from: nurbay on March 23, 2018, 01:48:06 AM

Quote from: Satry on March 22, 2018, 09:16:25 PM

Quote from: pubmongrelT on March 09, 2018, 10:38:11 PM

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businessman

Before we start a business you need experience and have knowledge. We need to conduct some research and once you’ve started your business, the daily reality of running it can be overwhelming. You don’t always know what to expect. We need to consider the important things first make sure you have money, focus on people and their needs. Your biggest priority will be recruiting and retaining high-quality talent to your team.

I love your answer and I think your answer is very accurate. Our priority to start a business is to be able to recruit and retain high-quality talents for our business team. Because if you already have it, it is definitely our business will run as expected and we will succeed in the future.

No doubt that having knowledge is wisdom in starting a business and the other most important thing we need to start our won business is the time, if you are well trained to maintain your time and your business accurately then you can get profit, at this time we cannot say anything but for me to start business the only things that are important are the time to invest, capital to invest and the patience to hold your investment and after that your success will be guaranteed you will earn high amount of profit in very small time if you will manage everything with care and on right time.

Tapyaks72

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Quote from: Bugsbey on March 23, 2018, 09:06:19 AM

Quote from: theunbeatable on August 16, 2017, 04:32:20 PM

Well I just want to share some information regarding on how to start a business because as we can see, we are all want to have a stable business and we want to be a very good entrepreneur someday because if we're just working and working to earn money then if we can't work anymore we won't be able to sustain our needs anymore. I think this is worth reading especially those who are planning to build an ICO or a project. I've got this from my professor on college :

NOTE-REFERENCES : Webster’s College Dictionary (Random House/McGraw Hill)
What is an Entrepreneur?
Entrepreneur: A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.
Initiative: Readiness and ability in initiating action.
Risk: The hazard or chance of loss.

NOTE-REFERENCES : The Portable MBA in Entrepreneurship, 2nd Ed.; William D. Bygrave, Editor. John Wiley and Sons Publishers, 1997.
What Does it Take to Be Successful?

“In entrepreneurship, luck is where preparation and opportunity meet.”

“The idea is not what is important. In entrepreneurship; ideas are a dime a dozen. Developing the idea, implementing it, and building a successful business are the important things.”

“Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.”

Somehow, someday… you are going to have to earn POSITIVE CASH FLOW. You need more than a revenue model (but you do need that). You need a VALUE model.

Market share is great, but you can’t pay bills with it.

You can do some financially stupid things to build market share.

Where Do You Start?
Think about WHO is going to want your product/service, what they will PAY for it, what you will NEED to carry it off, and how you will MAKE MONEY someday. That is, make a PLAN.

Success depends on
positive cash flow, growth,
and value creation.

Owners and investors who forget that tend to get “naturally deselected.”

The Importance of Value Creation

A successful business is one that delivers value to its customers and creates value for its owners.

Value is delivered to your customers when you do something for them
Better
Cheaper
Faster
Cooler
Different
However, it is likely that none of these will work for long, so continuous improvement and innovation are essential.

Value is created for the owners when:
-You do more with their money than they could do with it themselves
-You invest in productive activities that earn rates of return greater than their risk-adjusted costs of capital.
-The present value of future cash flows exceeds the startup costs.

Value is created by:
-Exploiting proprietary physical resources
-Possessing proprietary knowledge or expertise
-Creating a new or improved product, process, or service
-Staying ahead of the competition through constant improvement and innovation

Planning for Success

-Don’t plan a business for today – Plan it for at least a year from now.
-Moore’s Law: Computing power will roughly double every 18 months.
-Bandwidth will continue to increase for most users almost ad infinitum.
-People will live longer and maintain active lifestyles far after retirement.
-Energy sources and consumption patterns will change drastically.
-The world will continue to be a very dangerous place.

How To Not Get Funded

-Have a half-baked idea
-Have a meatless business plan
-Can’t articulate your value proposition
-Can’t identify your market potential
-Can’t justify your sales projections
-Can’t show your investors an exit
-Can’t show your investors a reasonable expectation of a reasonable return on investment
-Don’t think about risk
-Take no risk yourself
-Don’t take time to do your homework
-Try to fund a “lifestyle” venture

Funding Your Venture

-The hardest funding to raise is the first funding. You are probably on your own.
-Later funding gets progressively easier depending on the results you can show to investors and what you need to fund.
-BANKS are probably not going to help.
-The best funding is INTERNAL funding (reinvested earnings).
-PRIVATE EQUITY is the current buzzword for the major capital source for business ventures.
Closing thoughts

picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/

Thank you for this informative post about starting a business. I really wanted to read or research about how to start a business and the right attitude towards business. I think having a right attitude is very important in starting business.

I really appreciate people who much effort to do a post that is really informative, sometimes in all we want is to be stable financially and most of us want to be an entrepreneur but in just a planning stages we are afraid of the risk because of that we don't succeed, and Im already enlightened that those who don't afraid risk most likely be successful.

choychoy

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ADAB-First crypto exchange Islamic Crypto exchange

You need knowledge and money before doing a business.

Bugsbey

newbie

Activity: 182

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Quote from: theunbeatable on August 16, 2017, 04:32:20 PM

Well I just want to share some information regarding on how to start a business because as we can see, we are all want to have a stable business and we want to be a very good entrepreneur someday because if we're just working and working to earn money then if we can't work anymore we won't be able to sustain our needs anymore. I think this is worth reading especially those who are planning to build an ICO or a project. I've got this from my professor on college :

NOTE-REFERENCES : Webster’s College Dictionary (Random House/McGraw Hill)
What is an Entrepreneur?
Entrepreneur: A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.
Initiative: Readiness and ability in initiating action.
Risk: The hazard or chance of loss.

NOTE-REFERENCES : The Portable MBA in Entrepreneurship, 2nd Ed.; William D. Bygrave, Editor. John Wiley and Sons Publishers, 1997.
What Does it Take to Be Successful?

“In entrepreneurship, luck is where preparation and opportunity meet.”

“The idea is not what is important. In entrepreneurship; ideas are a dime a dozen. Developing the idea, implementing it, and building a successful business are the important things.”

“Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.”

Somehow, someday… you are going to have to earn POSITIVE CASH FLOW. You need more than a revenue model (but you do need that). You need a VALUE model.

Market share is great, but you can’t pay bills with it.

You can do some financially stupid things to build market share.

Where Do You Start?
Think about WHO is going to want your product/service, what they will PAY for it, what you will NEED to carry it off, and how you will MAKE MONEY someday. That is, make a PLAN.

Success depends on
positive cash flow, growth,
and value creation.

Owners and investors who forget that tend to get “naturally deselected.”

The Importance of Value Creation

A successful business is one that delivers value to its customers and creates value for its owners.

Value is delivered to your customers when you do something for them
Better
Cheaper
Faster
Cooler
Different
However, it is likely that none of these will work for long, so continuous improvement and innovation are essential.

Value is created for the owners when:
-You do more with their money than they could do with it themselves
-You invest in productive activities that earn rates of return greater than their risk-adjusted costs of capital.
-The present value of future cash flows exceeds the startup costs.

Value is created by:
-Exploiting proprietary physical resources
-Possessing proprietary knowledge or expertise
-Creating a new or improved product, process, or service
-Staying ahead of the competition through constant improvement and innovation

Planning for Success

-Don’t plan a business for today – Plan it for at least a year from now.
-Moore’s Law: Computing power will roughly double every 18 months.
-Bandwidth will continue to increase for most users almost ad infinitum.
-People will live longer and maintain active lifestyles far after retirement.
-Energy sources and consumption patterns will change drastically.
-The world will continue to be a very dangerous place.

How To Not Get Funded

-Have a half-baked idea
-Have a meatless business plan
-Can’t articulate your value proposition
-Can’t identify your market potential
-Can’t justify your sales projections
-Can’t show your investors an exit
-Can’t show your investors a reasonable expectation of a reasonable return on investment
-Don’t think about risk
-Take no risk yourself
-Don’t take time to do your homework
-Try to fund a “lifestyle” venture

Funding Your Venture

-The hardest funding to raise is the first funding. You are probably on your own.
-Later funding gets progressively easier depending on the results you can show to investors and what you need to fund.
-BANKS are probably not going to help.
-The best funding is INTERNAL funding (reinvested earnings).
-PRIVATE EQUITY is the current buzzword for the major capital source for business ventures.
Closing thoughts
http://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/

Thank you for this informative post about starting a business. I really wanted to read or research about how to start a business and the right attitude towards business. I think having a right attitude is very important in starting business.

Tactical Genius

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Leading Cryptocurrency and Blockchain Company

that was a great and quite comprehensive but compressed read.I have been thinking about the basic principles needed to be successful as an entrepreneur and basically the write up summed up a lot of them. I should also quickly add that losses should not deter a person from halting his business but the appropriate research and analysis of why he he or she consistently made losses could help one get back on track.The never quit mindset is also very important in enterpreneurship.

robbietobby

member

Activity: 294

Merit: 11

I would like to consider this blog post first: https://www.huffingtonpost.com/diane-gottsman/five-ways-to-succeed-in-b_b_8140682.html

I would love reading blog that would motivate me in starting business and ALL about introducing money to develop my financial IQ. I would slightly take off music in my brain and consider some tips in starting some business:
1. Play to your strengths - planning is crucial. I believe in the saying "If you fail to plan, you plan to fail."
2. Make the effort to show up - it also means strut your stuff at the end of the day. Showcase your talent as talents are belssings from above.
3. Dive into the uncomfortable - Not everyday is a good day, make sure you have a good attitude in the midts of the bad day.
4. Ask for what you want - The best attitude is not afraid of asking what you don't know.
5. Do not get discouraged - Being discourage is like pushing opportunities away.

Business SUCCEED!

pelipurlara

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Activity: 364

Merit: 10

Quote from: pubmongrelT on March 09, 2018, 10:38:11 PM

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businesman

We can make a lot of profit but we also have to have a lot of knowledge to be successful. I can say that capital and knowledge are essential before starting a business. If you have big capital but do not have a good strategy then it will be useless

Sled

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Activity: 1680

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Bitcoin- in bullish time

Quote from: Satry on March 22, 2018, 09:16:25 PM

Quote from: pubmongrelT on March 09, 2018, 10:38:11 PM

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businesman

Before we start a business you need experience and have knowledge. We need to conduct some research and once you’ve started your business, the daily reality of running it can be overwhelming. You don’t always know what to expect. We need to consider the important things first make sure you have money, focus on people and their needs. Your biggest priority will be recruiting and retaining high-quality talent to your team.

That is the most important thing before you start a business, you need to have knowledge and if you don't have experience yet then that is alright since you have knowledge and you know what are the things that you need to do. Starting a business does not take time in building because it takes time from yourself on how you are going to be prepared.

nurbay

newbie

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Quote from: Satry on March 22, 2018, 09:16:25 PM

Quote from: pubmongrelT on March 09, 2018, 10:38:11 PM

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businessman

Before we start a business you need experience and have knowledge. We need to conduct some research and once you’ve started your business, the daily reality of running it can be overwhelming. You don’t always know what to expect. We need to consider the important things first make sure you have money, focus on people and their needs. Your biggest priority will be recruiting and retaining high-quality talent to your team.

I love your answer and I think your answer is very accurate. Our priority to start a business is to be able to recruit and retain high-quality talents for our business team. Because if you already have it, it is definitely our business will run as expected and we will succeed in the future.

Lion34

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This actually encapsulate the "A-Z" of business secret for a starter. However I think one of the keys to growing business is remain open to new ideas in the line of business chosen.

Zahrowil Qolbi

newbie

Activity: 140

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Thank you very much! I have read many articles on how to start a business because I really want to start one business. I have a less stable job for that I want to own my own business. This is very informative article.

Dejech19

member

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Merit: 10

Quote from: meshow1 on March 10, 2018, 10:13:16 AM

Quote from: SushiMonster on August 16, 2017, 09:56:17 PM

Thank you! I've been reading a lot of articles about how to start a business because I really want to start one.
I have a stable job but I want to have my own business as well.
This is very informative.

Of course you should plan before you get a business because when you plan you will get a beautiful business though you can build it in your own perspective.

Hi, I will share something if your planing to have a business. Things to consider are first what business you want to start, second where are you planning to put up your business,third prospect clients, four know the needs and want of the society, fifth your capital, sixth evaluate if you really gaining if the said project will be successful,seventh know your positive profit.Having a business is not easy you must consider many things. Specially ask you self it you are mentally, emotionally, and financial stable before you engaged your self in a business.

Satry

full member

Activity: 190

Merit: 106

Quote from: pubmongrelT on March 09, 2018, 10:38:11 PM

I don't think we need too much knowledge about it, we should have common sense and presence of mind to become a successful businesman

Before we start a business you need experience and have knowledge. We need to conduct some research and once you’ve started your business, the daily reality of running it can be overwhelming. You don’t always know what to expect. We need to consider the important things first make sure you have money, focus on people and their needs. Your biggest priority will be recruiting and retaining high-quality talent to your team.

hacekd

member

Activity: 294

Merit: 12

Quote from: basyang on August 16, 2017, 10:48:57 PM

Quote from: SushiMonster on August 16, 2017, 09:56:17 PM

Thank you! I've been reading a lot of articles about how to start a business because I really want to start one.
I have a stable job but I want to have my own business as well.
This is very informative.

Its good to you to think to have a new business even though you have a stable job, just consider somethings before you build a business as like as do some research to want demand business today or make a your hobby a business, if you love to baked then start a bakeshop or online shop. Nowadays, Online shop is more convenient business. I'm looking forward to the success of your business.

In general, there are 5 things we should consider before opening a business or starting a business that is:

Product.
Management system.
Market Analysis / Consumer.
Marketing strategy.
Financial analysis.

neliawesome

jr. member

Activity: 210

Merit: 1

Before starting a business there should be planning.Plan first before you immediately run a business.Do some research what kind of business that will surely click and make some studies.Make sure that you have enough money to run a business and lastly work hard so that your business will have a great result.

vinz7229

full member

Activity: 308

Merit: 128

Quote from: carlisle1 on March 10, 2018, 10:29:44 AM

Im running my own business too.but before i conduct and start to operate,i make sure that i know the product well.i know the place,i have my target costumer and i have my own strategy to attract the costumer.i have a simple managing technique but i have a long researching before then.thats why now im almost successfully inverything

i agree, putting up your own business is not just a game that if your loss your interest you will stop right away, before you start your own business you need to consider everything such as, looking for a perfect place to put up your business, set your mission and vission, make a survey about your product that you want to introduce in the market, and most of all you need to put up a unique product so that it will really patronize by your future customers.

sordinihandbag

newbie

Activity: 28

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which busieness are you talking about? Btc business? then sorry I am a newbie in this case

Topic: Some things to consider before starting a business - page 10. (Read 5025 times)