Topic: Some things to consider before starting a business - page 14. (Read 2227 times)
before starting a business you need to studieng the business and learn the things that you may do in your business, and before starting a business you need a strong mind for the sake of your business,
Things to consider too are: Location because with less people, expect a day with no costumer. Business that an owner is good at like selling in demand stuff( food, water, service), although you have many competitors, if yours are the best then costumers will come back again and again
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.
Indeed, without a proper homework you can never start any business whether it is to set up a multinational company or a local general store. Businesses need hard work in every aspect and it is pretty obvious that you need to follow some business modals before starting any business that covers all details. 
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.
#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.
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.
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
Well enough your analysis, I just want to add one only. Mental. Because before starting a business we must have a strong mental unyielding because in a business like being on the battlefield. Those who have a good strategy and mental businessman who won. 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. 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
Your analysis is very good, it seems this is complete to be a consideration when we invest money. actually a lot of things that we must prepare when investing our money including the risk of analysis. 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. 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
1. Not necessarily. Greater risk, greater reward.
2. Obviously. This is the number one factor to success in any business.
3. No-brainer. Look at what happened to Blockbuster. In 1 decade they lost everything to Netflix.
4. Time is of the essence. It is the most important thing we have. If you do not respect your time, and think about starting a business, you better think twice.
5. Nothing hurts a business more than overestimating goals. It is better to slightly underestimate and over-achieve than always overestimate what can be done and constantly under-achieve.
6. I was thinking of this the other day. I always used to compete on price, and wonder why my competition could sell at higher prices... usually WAY higher. And the other day I was in a supermarket that sold the same thing as Walmart but 10% more expensive and wondered why do people shop here? But there I was...
the most important thing to consider when starting a business are the market, your capital, and the profit that you'll receive.
#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.
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
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