Topic: Some things to consider before starting a business - page 4. (Read 5040 times)
Good insights, what i suggest most is do a research, study the business well and pray a lot, so that you will be more joyful when you know that your business comes from the LorD.
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.
t must be planned first to start any business. It should be a good concern about it, it should also have the background and the need. Businesses must succeed in doing so. The business must also acquire the knowledge of business. Information should be obtained from each article on business. You must first be wise to start your business. Also look for dealers. Notice how businesses are successful.
Before starting a business, the most important thing to consider is "where to find the customers?". The customer is the foundation of any business' success.
The second thing is "what makes you better than your competitors?"
The choice of the right business to invest your money and then having a complete knowledge regarding all the possible things related to that business is the most important thing to do and that you have to be sure that you are not missing anything. Other than that, you also have to know about all of your competitors and that you need to be more productive to get lead over them. The second thing is "what makes you better than your competitors?"
That is true. There are alot of things to consider before even thinking about the capital you are willing to put in. I saw many people who had to learn all these the hard way and they lost tons of money to earn the success they have. I think the best way to look at it is an awful lot of planning and careful execution and a right amount of risk to be successful in a business.
There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
I agree with you. Besides we have big resources of money, dreams and the potential to be successful, of course we need to calculate the details before investing in a business, set planning marketing how to can gain the targeted customer so that can get profit return after are also one of most important. even though in the end everything depends on luck itself.evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
Handling a business is not as easy as that, you need to be physically and mentally fit in all aspect so that you have a power to work for it. A big capital and a nice location .
There are a lot of things to consider, you should consider the cost of operation, the profitability, the
evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
I agree with you. Besides we have big resources of money, dreams and the potential to be successful, of course we need to calculate the details before investing in a business, set planning marketing how to can gain the targeted customer so that can get profit return after are also one of most important. even though in the end everything depends on luck itself. evergreeness of the business(ability to generate money in all kinds of situation) and also you should consider marketing as this goes a long way
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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
Having one's own particular business can be the greatest dream anyone can get into to the extent accomplishing money related opportunity is concerned. What's more, we require more business people who will go for broke in understanding their dreams...these are the general population who are contributing huge to the nation's economy and can begin a progressively outstretching influence in light of the fact that there is an once in a lifetime opportunity they can be employing individuals as well. 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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
Notwithstanding, getting into an effective business isn't that simple that is we must be readied while we are making a few dangers. Dangers must be alleviated so the effect is diminish while the business potential for development is expanded. I generally have a major and profound regard for individuals who are daring people yet recognizes what they are doing.
Before starting a business, the most important thing to consider is "where to find the customers?". The customer is the foundation of any business' success.
The second thing is "what makes you better than your competitors?"
The second thing is "what makes you better than your competitors?"
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.
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.In my own opinion, before you start a business, you need a capital. You must calculate the capital base on the business that you're going to start. And you need to set plans and think about its future, how will it end up or how will it be successful, because setting or thinking things before you start gives you a better foresight on what will happen in your business in the future. And also you need to think what business to start, it should be unique from things that exist right now, so it will be attractive to people, the more it attracts, the bigger the demand.
i think capital is not the first diurutan in starting a business. but indeed the capital can support the success of the business run. i think the inner knowledge of a project and strategy is the main partWell 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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
It really help me before i start i business because i have a plan to have a food business.Thankyou for this link. 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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
first, you need to come up with an unique idea
second, you must have extra money or raise sufficient fund
third, you can insist on such a hard and long-lasting process, and never give up.
second, you must have extra money or raise sufficient fund
third, you can insist on such a hard and long-lasting process, and never give 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.
The things that you need to considers before you start a business are,you have enough capital for your business, then the place where you can put, and the cheaper and different business in your place.
wawawawa.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. thank you
A lot of valuable points about the general mindset of a soon-to-be entrepreneur. When I find some spare time, I'll try to draft a list of some additional practical tips.
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.
First thing to think before opening a business is to think what are the best thing to sell in order to have a long term business and make it wider. Should have the idea of what people actually needs daily.
Thank you for the beautiful article because of the background before i exciting to start a business but i take a risk because first will have experience the risk and may possible lost your business but this is learned about your self so i follow this rule.
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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
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
https://i.imgur.com/GI4Ui2E.png
picture source :https://wealthygorilla.com/23-wise-warren-buffett-quotes-on-success/
That's true and indeed. I'm thinking what business should I choose. But one thing to remember when starting a business., Location is totally matters and also managing. Funds needs to be ready and always add to what expected. Always open for opportunities and feedback. That will do.
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