Some things to consider before starting a business - page 13.

Asmonist

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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

These are helpful ideas. I'm planning to have my own business soon. I believe in doing business it requires a lot of perseverance and dedication. Its like your own self that you want to flourish and sustain. As of now I'm still working on my profession and everyday is always a time for me to learn and grow that I may able to apply it soon in my future business. I want to have a business that is something so significant to me or something personalized business that I can relate or loved to do. I guess its also one of the main thing to consider. Something that I love to do. The passion in doing business.

Ahiaba

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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

Some of your point are something one need to take into consederation before you start a business although not all your point are necessary at begening of a business.
First thing to consider is capital followed by your knowledge about the business, location for the business as to whether is close to the buyers or market and raw material, feasibility on whether the business is worth doing or not and the lastly point is good marketing strategies of the business.

AmXProX

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Important things that you needs to consider when starting a business.
1. Capital - need to have a capital to start the business and even a reserve for the buffer just in case.
2. Market - you need to have a good market for a successful business.

Vannie12

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There are lot of things you need to consider when you are starting a business some of these are your plans on how these business will become successful but we all know that in business you need to face all the challenges, in this, it can measure you strength and weaknesses as a businessman/businesswoman. Secondly, the materials you need to use. You can't even start a business without the materials. Third is time, a successful business has a working hard businessman/businesswoman whom value most of their time, spend their time in precious things that can improve or even enhance their business. And most especially is the money, you should be wise in handling or managing because we all know that money is important thing in business. You need to invest a lot of money for the success of it.

miltonpogi

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It depends on what business you are staring for, but in general to start a good and progressive business here are the things to consider, first ask yourself if your business plan will become progressive in the long run, second sight all the information that needed in your business plan, for example, you are planning to start a restaurant, in this case you need to considered the location and the menu, but most important to considered in the business is the hard and smart work and positive thinking to face all the hindrances of your business.

pearlmen

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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

Everything you listed there are things that are not only faulty but also impracticable taking the first one for example if you have a business you yourself don't invest in, how exactly do you expect others to invest in you that would entirely a gamble. Any right thinking investor, would want to see if this individual even believed in this project but if that cannot be established, what is now the drive to run with? People don't invest in dreams but actions practicable and running already.

jekjekman

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

1. Do not invest your own money
2. Work hard
3. Use the latest technology
4. Respect the time
5. Realistic
6. Sell excess, not price

1. Unless you have a good business in mind that would entice investors to fund your business you are good with this.
2. Working hard is not the only thing that you need to do, I would suggest working smart. Efficiency over effectiveness.
3. Of course latest technology is a must especially if the business needs it.
4. People now a days really value their time and a business who values the same has a higher chance to succeed.
5. This is a must for you to get number 1
6. Depends on your market and your marketing strategy. may also consider the type of business you have.

jeanpadel14

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Things to consider before starting a business first the money you invest..you need to be sure that your business will return your investment and second is the place where you put your business..

Tamilson

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Quote from: DaddyMonsi on October 27, 2017, 11:48:22 AM

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

I am 50/50 on this one, why would I seek partners if I see there's a big risk? It is like inviting someone to suffer the losses too in case shit hits the fan. Another is investors also think about their money so before they let go their money and invest on your business they will weigh in and see how big is the risk.

Yeah I would agree to this, for me having a business partner is just another future problem. Yeah it may help you somehow if things turned out unfavorably and you two are just a beginner in this field. The two of you will just sink together. It's better to be independent in a business so you can't blame each other. It's not that you're a negative thinker but you're just thinking ahead of the circumstances.

Fasunathan

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Things you need to consider before starting a business is the capital, the location of the building that you are planning to built your business, the customers, the number workers, and etc.

khaled0111

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You stated many rules here but i disagree with some of them. First, you said that you have to start your business without investing your own money and rely on partners contributions which is not possible for all those trying to start a new business because when it comes to money no one will trust you to invest his money.
The other point is the one about working hard, maybe at the beginning of your project you have to do all the work by your self, but you have to think about the time when you start making good income and enjoying your time as well.

949miner

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You will always have to work hard if you want to make your own bussiness, but you are saying that you should never use your own money, maybe you are right, but it is not possible to get it without a loan or a gifted money.
what money should i use then? it is not possible mate. otherwise, i would just keep that money for me and that is it. But you are right with all of those points, and you forgot to say that the imagination is the most important thing that you will need to have if you are going to run a new bussiness.

Umar001

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Some things you need to consider before start up are business are,
1)Business plan and propsal, you need to have a plans of a business you wanted to do,. It was say, 'he who fail to plan, plan to fail,. There's need for you to have a clear type of business you want to do.
2) market environment,, also you need to consider market environment of your products and services.
3) Evaluation, you need to evaluate your type of your business if it s viable or not. Consualt expertise if need be.
4) capital, capital is one of the major factor you need to consider before start up a business. E, g Equity or loan, how much capital intensive involved.
5) competition, lastly who are my competitor's, my target customer etc. All this factor need to be consider before start up are business.

mrcash02

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

In other words: If something goes wrong with the business burn other's money and preserve yourself from a loss... I would avoid this kind of partner at all costs...

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

I think more important than hard work is strategy and management. If you know how to manage it well you will find the smartest way to do business and will avoid a lot of desnecessary hard work.

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

It's always good to be updated about the lastest news to know the technologies and the best methods to do business, however over physical business it doesn't have much effect. But it's an important advice anyway.

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

Don't know exactly what it means.

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

To do this we can look through the internet searching for successful examples and if possible, some hints too. If there is someone reliable, it's good to ask this person about more details and to clear the doubts about the subject.

Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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

It depends your target public. There are people who prefers quantity instead of quality, others prefer quality. Focus on the right public. If you want to sell quality explain your product is more expensive telling the positive differentials compared to the competitors.

DaddyMonsi

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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.

I am 50/50 on this one, why would I seek partners if I see there's a big risk? It is like inviting someone to suffer the losses too in case shit hits the fan. Another is investors also think about their money so before they let go their money and invest on your business they will weigh in and see how big is the risk.

Maricel2017

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Quote from: Sled on September 16, 2017, 09:04:03 AM

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.

In starting business you need to consider many aspects you should know the pros and
d cons of your business you want to start. Plan it very well and study. Putting a business is very hard you should take risk.

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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

1. It's hard to look for business partners who would allow you to use their money especially you dont have contributions. Yes business is quite risky if you dont try, you wont succeed either.

2. The harder the responsibility the more you succees so I agree.

3. Yeah. Use all means. But it depends on what business you really want to have. But it is really appropriate if you use technology with you business for easy promotion.

I guess you have to consider fiest if that business you want is feasible. Its hard to start a business without assurance of the result.

jekjekman

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What do you mean by starting a business? with bitcoin? because this is a bitcoin's economic section so if you are telling it in the real world's business then you are posting in a wrong section because doing and making a business through online is slightly different comparing in real life. Just like you don't need a good location in your business in making such websites instead you need a good developers and programmers in doing so.

But above anything else what you have been said was all applicable in both businesses online and offline. Just be more specific on what you are pertaining to.

okissabam

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Quote from: Sabar90 on September 10, 2017, 12:58:38 PM

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'll put this in mind since I am hoping and considering to start a business really soon or maybe early next year. This is actually a great advice for those starting up a business. Of course I have to do my own research too before really trying it out in the field and the location too must be thoroughly thought about because it also matters.

Yuhee

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Quote from: Kamote_1102 on September 18, 2017, 03:36:00 PM

There are a lot of things to consider before starting a business.

#1 what kind of Business- You need to make sure that you have some knowledge about the Business that you want to put up.
#2 Location- Of course consider the location.
#3 Capital- you should have a capital and reserve some money. because there are ups and downs in starting a Business, so you should be ready for it.

This probably would be added to because now adays people would make businesses by having loans. And not all businesses would go as planned. Most would just go into waste because of many factors. Most in my place have canteens or small time market place where there is really a wide competition. It would be better to have some business that is connected to being a supplier rather than just idling in place because it is hard to find costumers if you stay in one place. Internet businesses are too mainstream and you have to pay to advertise your own site.

Topic: Some things to consider before starting a business - page 13. (Read 2213 times)