Topic: Some things to consider before starting a business - page 9. (Read 5040 times)
Always aim to buy the raw substances at cheaper rate and sale them at high price and provide pure finished products at the early years of business
Thank you for this amazing piece of article!
It was very informative and easily understandable - I will try to keep this on mind and even share it with those interested. Business is truly advantagepus yet hard to manahe unless you are knowledgeable enough.
It was very informative and easily understandable - I will try to keep this on mind and even share it with those interested. Business is truly advantagepus yet hard to manahe unless you are knowledgeable enough.
Many things like things to do before starting , picking the right and perfect business to start then the very very long preparation before opening.
Obviously, to begin a business, you have to realize what to begin. I generally stated, I say and I will state that the business person ought to have a thought. On the off chance that you can't think of a thought, at that point what sort of business is everything about? It isn't important to be a trailblazer and to design something unfathomable. You can take an officially working thought
Of course, to start a business, you need to know what to start. I always said, I say and I will say that the entrepreneur should have an idea. If you cannot even come up with an idea, then what kind of business is it all about? It is not necessary to be an innovator and to invent something unimaginable. You can take an already working idea
Many things like things to do before starting , picking the right and perfect business to start then the very very long preparation before opening.
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/
In chosing and starting business all you have to do is to have a large amount of money for starting. You need to.research more about the world of business. Other than that the places you are going to start the business is there are lots of people. Think the item that is unique and easily to buy. In business being positive is a good attitude. 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 you need to consider when you open up a bussiness is capital. Because you have to have a back up money in case your sale isn't good enough to fulfill your monthly fixed costs such as rent, salary, bills. Second, the product itself. You have to produce a good quality product. Third, good management bussiness. No matter if your products are the best in the field, if you can't manage your bussiness you will lose to your opponents.
Building a business is extremely difficult and you can see that through the statistics of startups in the first year, most of them are bankrupt or doing busines failure. But it is not that you can not succeed in building a new business, study your market needs and your strengths to get the right direction, build a solid business system and team professional leadership will help your business easily succeed. 
As for me - the amazing thing to do is to select a unique area, where you will hardly face rivals in business.
No one will want to set a business without checking the cost price a d what he or she can afford, if can put in what you can afford same is also applied in bitcoin and cryptocurrency investment.
The things you have to consider to start a business are, find the best location,have big capital,produce good quality of product and many more.
The most important thing that you need to consider when you open up a bussiness is capital. Because you have to have a back up money in case your sale isn't good enough to fulfill your monthly fixed costs such as rent, salary, bills. Second, the product itself. You have to produce a good quality product. Third, good management bussiness. No matter if your products are the best in the field, if you can't manage your bussiness you will lose to your opponents.
Thanks, myself I thinking about starting own business (selling clothes and own brand), still updating the plan with new ideas and thinking about risks, about pluses and minuses. Your post is useful for me, I even merited it, but I don't agree with "Don’t plan a business for today – Plan it for at least a year from now.", since world moving is really fast, I think it's hard and useless to try plan on a year, max 3 months.
target public, the produccts to be dealed, the position of business setup all need to be considered before setting up business
Busieness means to establish connection between the customers and producers in a peacefull and satisfying way and we should give that preference
I guess a lot of things to be prepared before starting to do business. Calculation errors can make the business we live will go bankrupt. The calculation of operational biyaya be one of the things that must be considered in starting a business that we will live. the business world is a world full of manipulation. Also check or viable the business is before startup.
Based on what I have learned before it would be best to conduct a feasibility study prior starting a new business. You need to examine as to what type of customer that you will be getting to this area and ofcourse you will need to consider the place and as to what products that you're going to offer.
I guess a lot of things to be prepared before starting to do business. Calculation errors can make the business we live will go bankrupt. The calculation of operational biyaya be one of the things that must be considered in starting a business that we will live. the business world is a world full of manipulation. Also check or viable the business is before startup.
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.
Starting a business isn't an easy thing, however it's possible to make it successful for great amount if people because it mostly depends on you, your wish, goals and that amount of energy which you ready to put in it. Defining and evaluating your goals is the most important thing in the beginning because that will be a basis for all your further work, also having a plan of development is a necessary thing too 
From my own experience I can say that if you really like an idea of running an entity, working with customers and clients, producing various goods or providing service, having different types of work and responsibilities at the same time, than it's really good choice for you. On the other hand goal to become rich fast for example in this leads to a wrong way because making any company successful takes really much time and energy.
Your other necessary keys will be having a good working team, developed network of clients and partners and knowledge and experience for your certain sphere. Start capital is an important thing too because you'll need to spend much in the beginning in your production, documentary and inventory management https://marketplace.magento.com/amasty-module-multi-warehouse-inventory.html, advertising and other necessary equipment. On the other hand it's recommended to be careful with your costs for startups for several first years, it's better to spend money carefully and develop maybe slower than to spend too much and fail really fast like it often happens with many new companies.
From my own experience I can say that if you really like an idea of running an entity, working with customers and clients, producing various goods or providing service, having different types of work and responsibilities at the same time, than it's really good choice for you. On the other hand goal to become rich fast for example in this leads to a wrong way because making any company successful takes really much time and energy.Your other necessary keys will be having a good working team, developed network of clients and partners and knowledge and experience for your certain sphere. Start capital is an important thing too because you'll need to spend much in the beginning in your production, documentary and inventory management https://marketplace.magento.com/amasty-module-multi-warehouse-inventory.html, advertising and other necessary equipment. On the other hand it's recommended to be careful with your costs for startups for several first years, it's better to spend money carefully and develop maybe slower than to spend too much and fail really fast like it often happens with many new companies.
Here are some important factors you need to consider before starting a business, it helps you to eliminate the risk and obstacles youll facing on the journey.
Great idea
Funding budget
Analysis of competitors-helps you in developing a much
more effective strategy for your business
Legal documentation
Positive attitude-most important thing that will help in
passing all the challenges and difficulties.
Know when you need help-make sure you already have an
adviser who can provide you with the best advice at the
hour you need.
Great idea
Funding budget
Analysis of competitors-helps you in developing a much
more effective strategy for your business
Legal documentation
Positive attitude-most important thing that will help in
passing all the challenges and difficulties.
Know when you need help-make sure you already have an
adviser who can provide you with the best advice at the
hour you need.
Know first your profit and find a nice location and importantly you have to save some money in case of crisis,you wont lose your business.
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