Topic: Some things to consider before starting a business - page 11. (Read 2227 times)
Some things to consider when starting a business is if you are really solving a problem that a lot of people can benefit from. There are too many people starting a business thinking they can make a lot of money from it. The vast majority of new business's fail because of this mentality. If you do not have a solution that is unique and helps a lot of people you will eventually end up failing.
Also considering Jack Ma's advise in seeking business partners.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.
If a business founded by several people that there is always a risk that partner will have different points of view on the development of joint business. This leads to quarrels and can significantly reduce efficiency or even lead to the collapse of the business. It seems to me that you should always develop your project independently. Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.
well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.
Having a right team is much really better compared on you are just doing it alone specially if you do plan on bigger projects but if you do aim for small ones then doing it alone isnt really bad either as long you do know on what you are doing. Hard work and proper planning would always be tied up when it comes to business.Always set up back up plans incase of unexpected things to happen.So that later on when you experience such thing you are already prepared on what you would gonna do.
well you should consider a lot of things, hard work, sleepless nights and a lot of risk. but i think the most important is to have right team around you.
The only thing that you should do before starting a business is study the business and learn the things that you may do in your business that can result for a higher profit in the future. Starting a business is good and it is not that risky unless you don't know the things that you need to do before and during your business.
There are things to be considered before starting up a business. First, we must be sure about our capital. Be sure to have a capital that is enough to buy all the things that is necessary to start. Next, choose the best location where in people will love your product because it fits their needs. Hardwork is also a factor to be considered for your business to be successful.
the most important thing to consider when starting a business are the market, your capital, and the profit that you'll receive.
Well this hepls a lot but for me the most important thing if you are trying to have a business I think is the dedication toward it, I think if you are really dedicated for there's no thing will stop from doing it, what I am trying to say is pursue whatever you really want , always tend to be consistent in every step of your business for you to be successful.
Also considering Jack Ma's advise in seeking business partners.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.
Do not make your friends your business partners, choose a right business partner and make friends with them in the long run.
Take time to read Jack Ma's interview, he's knowledgeable at business and gives some great pointers for starters.
My favorite one is to stay focused and always get inspired in everything that you do.
I have already a business and here's my call on some of your points, although its offline, but I can still chime in:
I started with no partner, except my wife. Apparently, she can a job offer after a few months of opening our business so I now carry the burden everyday. The funds was from my last pay I got from my job. We took the risk, years ago so I think I got 'lucky' and didn't go bankrupt.
There is no question that you have to really work hard in order to succeed. Thing's you thought you can't do before, but when all is in the line, you gonna do what you gonna do.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
Of course you have to take advantage of every opportunity and technology is there to at help you to reduce the cost.
Time is very important as well. You have to have the proper stocks in time and you need to check everything is their is a stock otherwise you don't know when the customer will order and how many. So manage your time wisely and always order on time. Contact your suppliers if you are think that your products will gonna sell.
My business model is simple, well its the most practical model so I think that what it makes successful.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
As I have said, I just got lucky because the market I'm in is not yet saturated although their is competition. If my supplier says that they are going to increase, I increase my price as well but its on a level that my customer can still buy it despite the competition out there.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
I started with no partner, except my wife. Apparently, she can a job offer after a few months of opening our business so I now carry the burden everyday. The funds was from my last pay I got from my job. We took the risk, years ago so I think I got 'lucky' and didn't go bankrupt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
There is no question that you have to really work hard in order to succeed. Thing's you thought you can't do before, but when all is in the line, you gonna do what you gonna do.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
Of course you have to take advantage of every opportunity and technology is there to at help you to reduce the cost.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
Time is very important as well. You have to have the proper stocks in time and you need to check everything is their is a stock otherwise you don't know when the customer will order and how many. So manage your time wisely and always order on time. Contact your suppliers if you are think that your products will gonna sell.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
My business model is simple, well its the most practical model so I think that what it makes successful.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
As I have said, I just got lucky because the market I'm in is not yet saturated although their is competition. If my supplier says that they are going to increase, I increase my price as well but its on a level that my customer can still buy it despite the competition out there.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
When putting your own business, money, skills, knowledge, need to be dedicated, those are the most important qualities that will be needed when you are planning to have your own business.
1. Have a clear and concise market making plan.
2. Limit debt as much as possible - a capitalist economy favour's top and bottom line growth.
3. Know who your shareholders are, and respect them.
4. (probably the most important rule) Work extremely hard.
5. Have fun!
2. Limit debt as much as possible - a capitalist economy favour's top and bottom line growth.
3. Know who your shareholders are, and respect them.
4. (probably the most important rule) Work extremely hard.
5. Have fun!
1. Have skills
If you only have a few skills, you can partner with someone with complementary skills.
2. Have additional plans and functions
If you are going to start a company, you must want something better to run a business. That means you will have more efforts made only from the main company.
3. Realize business growth
Perhaps you are contemplating entering the business world because you are excited about doing the main job in business. You have to be passionate about it. However, you must remember, if the business is successful, it will grow.
If you only have a few skills, you can partner with someone with complementary skills.
2. Have additional plans and functions
If you are going to start a company, you must want something better to run a business. That means you will have more efforts made only from the main company.
3. Realize business growth
Perhaps you are contemplating entering the business world because you are excited about doing the main job in business. You have to be passionate about it. However, you must remember, if the business is successful, it will grow.
#1 is not always an option for people. It does help though since the corporation is a separate entity.
#2 this will be the main pain in the start, especially if really have a small capital. Still, don't be stingy. Outsource what you can.
#3 should be. Any advantage would be useful. And you don't even have to be a tech startup. It can be even be the draw, like those restaurants where you order from touchscreens on the table and a little "train" delivers the food to you.
#4 ramen
#5 only if what you are offering is not entirely new. Keeping an eye out at would be competitors would be useful coz you wouldn't want to go all out against established businesses, at least not at the beginning.
#6 watch out for economy of scale. Larger business can offer physical products cheaper and you'd have a hard time making cheaper stuff with the same quality. Find a niche. Obviously irrelevant for products like software.
#2 this will be the main pain in the start, especially if really have a small capital. Still, don't be stingy. Outsource what you can.
#3 should be. Any advantage would be useful. And you don't even have to be a tech startup. It can be even be the draw, like those restaurants where you order from touchscreens on the table and a little "train" delivers the food to you.
#4 ramen
#5 only if what you are offering is not entirely new. Keeping an eye out at would be competitors would be useful coz you wouldn't want to go all out against established businesses, at least not at the beginning.
#6 watch out for economy of scale. Larger business can offer physical products cheaper and you'd have a hard time making cheaper stuff with the same quality. Find a niche. Obviously irrelevant for products like software.
sarcasm, it is true as it should be, but how do you put ramen for number 4. start a business with the right capital, and have a produce high quality.
Do not put all eggs in one basket, because not all business are in profit sometimes their you lose sometimes you get profit it depends on your daily sales. Be a leader of your own company,respect your employee give them a positive things in life. Inventory of goods and counting sales in daily basis.
The hardest thing is to be your own boss. Every one has a different work style, but if you want to start a business, a provider for emploings then you must know in what you are going to step in because everybody involved depends on you.
I have to agree.
Starting a business means taking responsibility for other peoples' bread and butter, making sure they can eat at the end of the month.
If you cannot manage yourself and be your own boss, good luck managing a business.
The hardest thing is to be your own boss. Every one has a different work style, but if you want to start a business, a provider for emploings then you must know in what you are going to step in because everybody involved depends on you.
I have to agree.
Starting a business means taking responsibility for other peoples' bread and butter, making sure they can eat at the end of the month.
If you cannot manage yourself and be your own boss, good luck managing a business.
The hardest thing is to be your own boss. Every one has a different work style, but if you want to start a business, a provider for emploings then you must know in what you are going to step in because everybody involved depends on you.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
All the points you stated are very important in starting a business.Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
But I think the most important point is 3. Use the latest technology. As the world is growing there is more and more demand to the new and latest technology which can make our living more easy and convenient.
Technology used in the business is will give a great chance of increasing the business and give the user a new way to think and manage things. Technology plays a very important role in this as people love new technology.
I cannot agree with you on sooo many points here!
1. Of course you have to invest your own money. Maybe not a 100% but if your goal is to make money with your business, then you need to possess it. Going only through debts is way much riskier!
2. Indeed you have to work hard. But you must also be able to take a step back in order to consider your environment and the changes that may affect your activity.
3. The latest technology is not always a great choice. Biometrics for example are seen as the latest fashion, when actually the traditional custom officers is much more reliable
4. Stick to the delay you have imposed yourself. If it is too hard, then delays are unrealistic.
5. In the same idea, you should be realistic regarding all matters.
6. As for the price, it is highly depending on the field you are operating in.
In fact, your list is quite similar to the SMART rules, used in management. Objectives should be Specific, Measurable, Achievable, Realistic, and Time-constrained!
1. Of course you have to invest your own money. Maybe not a 100% but if your goal is to make money with your business, then you need to possess it. Going only through debts is way much riskier!
2. Indeed you have to work hard. But you must also be able to take a step back in order to consider your environment and the changes that may affect your activity.
3. The latest technology is not always a great choice. Biometrics for example are seen as the latest fashion, when actually the traditional custom officers is much more reliable
4. Stick to the delay you have imposed yourself. If it is too hard, then delays are unrealistic.
5. In the same idea, you should be realistic regarding all matters.
6. As for the price, it is highly depending on the field you are operating in.
In fact, your list is quite similar to the SMART rules, used in management. Objectives should be Specific, Measurable, Achievable, Realistic, and Time-constrained!
1. Agreed. I do not like the idea of using debt to start a business. Instead, work and save some money and then use it to start.
2. In other words, you must be adaptable to constant changes in your industry.
3. Not really... in most case, new technology is better for business.
4. It is better to overestimate how long something will take then underestimate.
5. Obviously...
6. Again, obvious.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
I've learned during my economics subject that putting a business you must have SWOT anlysis. You must consider the Streghts, Weaknesses, Opportunities, and Threat. With that i know that you will be successful with your business Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as software and data storage with small companies are able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
I cannot agree with you on sooo many points here!
1. Of course you have to invest your own money. Maybe not a 100% but if your goal is to make money with your business, then you need to possess it. Going only through debts is way much riskier!
2. Indeed you have to work hard. But you must also be able to take a step back in order to consider your environment and the changes that may affect your activity.
3. The latest technology is not always a great choice. Biometrics for example are seen as the latest fashion, when actually the traditional custom officers is much more reliable
4. Stick to the delay you have imposed yourself. If it is too hard, then delays are unrealistic.
5. In the same idea, you should be realistic regarding all matters.
6. As for the price, it is highly depending on the field you are operating in.
In fact, your list is quite similar to the SMART rules, used in management. Objectives should be Specific, Measurable, Achievable, Realistic, and Time-constrained!
1. Of course you have to invest your own money. Maybe not a 100% but if your goal is to make money with your business, then you need to possess it. Going only through debts is way much riskier!
2. Indeed you have to work hard. But you must also be able to take a step back in order to consider your environment and the changes that may affect your activity.
3. The latest technology is not always a great choice. Biometrics for example are seen as the latest fashion, when actually the traditional custom officers is much more reliable
4. Stick to the delay you have imposed yourself. If it is too hard, then delays are unrealistic.
5. In the same idea, you should be realistic regarding all matters.
6. As for the price, it is highly depending on the field you are operating in.
In fact, your list is quite similar to the SMART rules, used in management. Objectives should be Specific, Measurable, Achievable, Realistic, and Time-constrained!
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