Topic: Some things to consider before starting a business - page 2. (Read 5040 times)
this is great! i was supposed to do a research as there will be a new company that my friend wants to put up.. your information is a good guide to start with. thanks!
I think this is very useful for investing in ICO. Usually the launch of ICO project is also the beginning of entrepreneurship. You can judge the quality of ICO through these experiences. But I am not suggesting to invest in ICO.
Well theres so many things will be consider to start a business because if your not prepared in many things it may cause of unsuccessful business. Like in crypto before they do a project and do everything that needs in the project because they want the project will be successful.
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?
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
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/
some of these suggestions are very complete and useful. building a business is certainly not easy, the most difficult is starting a business, especially if our desire to do business is not strong. many businesses fail because of inaccurate plans and estimates, so don't rush into opening a business, everything must be well thought out. 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.
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/
Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Many things must be considered before starting a business, the most important is the business that wants to run whether in accordance with the ability or not, meaning that besides the product, marketing certainly involves capital. Is capital of cash or capital credit. Everything must be calculated so as not to stop halfway.As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Many things must be considered before starting a business, the most important is the business that wants to run whether in accordance with the ability or not, meaning that besides the product, marketing certainly involves capital. Is capital of cash or capital credit. Everything must be calculated so as not to stop halfway.As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Business will succeed more if we have the skills and we love what we are doing.
Me, I'm just a simple guy who are willing to take risk, I believe my skills is in crypto and though it's not traditional type of business, I'm still here to risk my money.
Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Many things must be considered before starting a business, the most important is the business that wants to run whether in accordance with the ability or not, meaning that besides the product, marketing certainly involves capital. Is capital of cash or capital credit. Everything must be calculated so as not to stop halfway.As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Business will succeed more if we have the skills and we love what we are doing.
Me, I'm just a simple guy who are willing to take risk, I believe my skills is in crypto and though it's not traditional type of business, I'm still here to risk my money.
Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Many things must be considered before starting a business, the most important is the business that wants to run whether in accordance with the ability or not, meaning that besides the product, marketing certainly involves capital. Is capital of cash or capital credit. Everything must be calculated so as not to stop halfway.As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
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?
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
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/
There are so many things to consider on starting a business in order to be succesful. Like for example , the environment that you are living. If the place where you want to make a business is near the school then you need to make a business for students so you can make huge profit. Make sure that it matches the environment. Its not easy to make a business , there are some things you need to know. You also need to study how it works , and how you control your money. Take risk and work hard. 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.
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/
The most important thing that one to consider when putting up business is capital. Well some would say that even if there is low capital if one who do the business is well discipline it will be able to grow the business and yes they are right but in my way if i have to put up a business i should need a huge capital to work things out completely doing business.
In my opinion, capital does not have a big impact on starting a business, but an opportunity because without a business opportunity it will not run smoothly. The profits earned will be hampered. Whatever the initial capital to do business without opportunities is the same, meaningless.
I think this would be very informative to those who wants to venture to prepare things. Business needs a very wise decision!
Having your own business is good a good start to have a good life but there are many things you need to consider before you start a business.
Of course it needs a capital, without it how could your business start and specially your aware that there are times that there are looses so you need to learn first what business you are planning to open.
Of course it needs a capital, without it how could your business start and specially your aware that there are times that there are looses so you need to learn first what business you are planning to open.
Thats true there are tons of things that you need to consider before opening you business, it is difficult thing.
As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Many things must be considered before starting a business, the most important is the business that wants to run whether in accordance with the ability or not, meaning that besides the product, marketing certainly involves capital. Is capital of cash or capital credit. Everything must be calculated so as not to stop halfway. As for me the most difficult part is not planing or money. The biggest problem is taxes and to make your business legal, thats the thing, where you always will have problems.
Before starting a business do a detailed research about the environment, ensure your service or product is in demand where you are locating your sales or service point, do not start a business in order to take advantage of people, create a niche that separate you from your competitors in order to get a share from the market.
It is very easy to say that you are going to create something that your competitors do not have and make money that way, but in fact that is really complicated because your competitors are going to watch everything that you do and if you have a good idea they are going to copy your idea immediately, so not only you need good ideas and good products and services, you need the ability to market them before they are copied. 
I have started a food joint and one thing i realized is that it is very important to consider your human resources and treat it with the topmost priority. Getting a loyal and hard working employees is very difficult to come by.
Also, in our world of fast growing technology and decentralization, it is very smart to integrate cryptocurrency into every business to facilitate the mode of payment and also generate more income as the market goes up.
Always start with low amount and never trust to unknowns person. I read a lots of article about starting business but i never satisfy with them. Working hard is the key.Also, in our world of fast growing technology and decentralization, it is very smart to integrate cryptocurrency into every business to facilitate the mode of payment and also generate more income as the market goes up.
This is a veru ideal set up for businesses in any economic platform. But then again, we didn't live in an ideal set up. The government will take a huge bite out of your business and big companies will match what you have but cheaper and more accessible because you're a small business and you don't buy in bulk like the huge companies.
Before starting a business it would be nice to really know the knowledge of doing business first. Not only that, we also need to know exactly how the current market conditions are. You can do business by knowing in advance what people are interested in at the moment, because it certainly also affects your business. Maybe your experience in working is also very influential for your business going forward.
Before starting a business do a detailed research about the environment, ensure your service or product is in demand where you are locating your sales or service point, do not start a business in order to take advantage of people, create a niche that separate you from your competitors in order to get a share from the market.
I have started a food joint and one thing i realized is that it is very important to consider your human resources and treat it with the topmost priority. Getting a loyal and hard working employees is very difficult to come by.
Also, in our world of fast growing technology and decentralization, it is very smart to integrate cryptocurrency into every business to facilitate the mode of payment and also generate more income as the market goes up.
Getting the right people at the right positions is probably one of the hardest things to do as the boss and owner of a business, a lot of people prefer to choose friends or people that they know to occupy those positions but you do not know if they are actually capable of managing the responsibility, so many businesses fail because they put the wrong people at the wrong positions. Also, in our world of fast growing technology and decentralization, it is very smart to integrate cryptocurrency into every business to facilitate the mode of payment and also generate more income as the market goes up.
Before starting a business the first thing to consider is what line of business you're going to take. Your business should offer the daily needs of people. With this idea, its a sure thing that you won't loss on your business.
I agree with this. Yes, I think that too. There is q big possibility of gaining and not losing if your business is in demand by all people. Like for instance the prime commodities, clothing and others.Jump to: