Topic: Some things to consider before starting a business - page 17. (Read 5040 times)

All of this requirements or considerations should be in your feasibility study. Know the location of your business and then study what are the things that they need or if there is a problem you need to solve in the community and then start from there. If you develop a product or service, make sure that you have a market on that product or service and affordable as well to your chosen market. Quality is over quantity because if you have quality products/services then people will come back to you since they will like it so quantity will follow. A business needs fuel or capital and you can get it from your family or friends at first if you are just starting. Just start small and eventually it will get bigger if you are successful.

What's important in a business is the operation system. If you do not have it then there would be a possibility that it will fail cause you will not know what to do in case of unprecedented events happening and you can have someone manage your business if you have already an existing system to follow. You should have the passion or interest in your business because in case you will have difficulties at first, you will not surrender because you like what you are doing.

this is the actual things that's needed to consider and be think deeply, knowing your business and allow yourself to explore and enjoy with your deep knowledge regarding to that certain market success will follow for those who's keen to achieved, thanks Mate and OP for allowing us to learn and have
some basis before planning of which business that we will take along the way.

The following things to consider before starting your business:
1.Location-must be accessible to most buyers
2.Kind of business-it could be demand by the community
3.Capital-is your capital could be enough to support the business you have planning to make
And the most important thing is you know how to run your business, work for it and less expenses if possible to be able
to gain more profit.

They ultimate commodities that define the success of business are customers. No matter how big company you have and how beautiful packing you are making for your products, if they are of no use for customers, all is vain. Before starting a business you must understand your target audience and their psyche.  

For some businessman they consider the needs of customers unlike any other businesses that always thinks about their gains or income. It is pretty innovative to conduct surveys at the crowd and to what people mostly like, because in some point we cannot ignore the so called market competition that has always been in the economy, so before you should start business you need to be a little wiser.

This is actually a good read and very informative especially for those who wants to start a business. Honestly I also wanted to put up a business of my own but I'm trying to read some articles and information about starting a business. You can't just wake up one day and say I'll withdraw money from the bank to start a business today, of course it needs to be premeditated at first.

Starting a business or becoming a certified entrepreneur is a big dream come true for many. There are many employees right now who are part of the rat race that are already tired of the stress, the long commute, the office politics and of course tired of their bosses and they want to one day be their own boss and be at the front seat.

Of course, getting into a business can be easier but the hardest thing is making the business thrive and flourish -- this is where we have to apply the entrepreneurial skills learned or just natural into the situation. One must be prepared for such a venture and one must be adept and be agile for any possible problems that can come anytime. Only around 1 in 5 start-ups would survive in a 5-year period and this is discouraging in the first place if one is not really prepared for the whole thing.

That's why I've shared some words that I've got from my professors lecture. Well its not really what that can bring you up but this can bring you a glimpse and a thought of what will you do in order to start some business or a really valuable asset. Businesses ain't good to us nowadays because everyone want to start one and only few became really successful. It's still up to us on how we will make the climb.

     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.

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.

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/