Some things to consider before starting a business - page 3.

kristineirene

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Quote from: Jose Mourinho on September 16, 2017, 02:49:03 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.

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.

One things to always remember treat the employees like you're own family.Because for having a business is not a easy job there is a lot of things that you need to be considered but you need to start it to have enough funds and patience

crypto90

jr. member

Activity: 92

Merit: 1

Most of it is true. But the last one isn't really true. It depends on the business and the niche. Also before you start it you'll need to put it all "on paper" make a business plan and do some real financial projection, I honestly recomand that you use real and even pessimistic numbers for the financial projection, be as objective as you can or better yet hire an expert to do it for you and cut the profit numbers he gives you to half to be as pessimistic as you can and see if it is still worth it and what can you do to optimize your profit. There are a lot of financial analysts out there that can really help. Some even over the internet and some aren't that expensive. It does require some work and data gathering (the ones I did took more then you can imagine for small projects). All in all you need to be carefull and be careful especially if you can't aford loosing

Daniel91

legendary

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I started real business a whle ago so here is my experience.
First, you must have concrete idea or vision about product or service which can help your clients.
Next step is to check out legal aspect. where to register company, what kind of company etc.
After that, you have to find right people and build good team.
Financing is very important and finally marketing.

Soots

sr. member

Activity: 1050

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Quote from: Question123 on June 15, 2018, 06:18:22 AM

Many people did not have plan or can't apply this characteritics before starting business or anything. Thse characteristics is very useful when you have business or invesment to any ptoject. You can apply this characteristic you can become successful or you will reach your target profit. Better to have also unique startegy to earn more money that you know will works for your business.

I think it should be right timing in the same time and place with the enough funds to be needed. Business is what we all aim for a lifetime source of income. We need to consider the good time and the place weere we want to start our business. Most importantly is know the business you want to have. Ask advice from different people to have some ideas remember many heads are better than one. Lastly checked your funds if its enough to go for business without hassle and can finance the whole project you want to start.

i_iz_vins

newbie

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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 have learned when I was high school that if you want to start a business or become and entrepreneur, you should remember the acronym SMART. Stands for specific, measurable, attainable, realistic and time bound. Before starting a business, you should refer to that acronym and that can become as basis if you are ready to start your new business.

yousbabtle

jr. member

Activity: 75

Merit: 2

Quote from: maydna on June 09, 2018, 07:07:40 AM

Quote from: Xtez on June 09, 2018, 04:22:37 AM

You need to be aware of:
1. Your market (Target Audience)
2. Correct advertising
3. It will take alot of time. Do not expect instant results
4. Do not give up on your ideas
(IF YOU ARE WORKING WITH OTHERS)
5. Know your team INSIDE OUT.

you are correct. besides that, we need to know who is our competitor and how we can give more good services to our customer so our customer will move to our business and buy some product in our store. we need to have a plan and strategy to make our business grow from time to time so we can expand our business to a new level and reach more customer in the future. maybe it will be difficult for the first time, but I think if we keep trying, then we can get success like the others.

Regular business is different than bitcoin investment. There are more obstacles in regular business, while bitcoin is very easy way of making good money. There are no extra expenses in bitcoin investment because of Decentralization. If you have extra money and can survive without that money then I think that bitcoin investment is the best option.

adpinbr

sr. member

Activity: 1078

Merit: 254

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

You should also add the importance of the location of the business. Know your competitors and your neighbourhood so in that way you know what's their most need and want. You shoulf study people well (this is a form of marketing strategy where you also have to specify your target audience or consumers.

Tigorss

member

Activity: 308

Merit: 10

Quote from: NewBet on September 16, 2017, 02:05:15 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.

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...

thank you for having complemented each other to help the beginner how to do business and what to consider hopefully this can be useful.

Question123

sr. member

Activity: 1624

Merit: 267

Many people did not have plan or can't apply this characteritics before starting business or anything. Thse characteristics is very useful when you have business or invesment to any ptoject. You can apply this characteristic you can become successful or you will reach your target profit. Better to have also unique startegy to earn more money that you know will works for your business.

arinalwa

newbie

Activity: 76

Merit: 0

Quote from: maydna on June 09, 2018, 07:07:40 AM

Quote from: Xtez on June 09, 2018, 04:22:37 AM

You need to be aware of:
1. Your market (Target Audience)
2. Correct advertising
3. It will take alot of time. Do not expect instant results
4. Do not give up on your ideas
(IF YOU ARE WORKING WITH OTHERS)
5. Know your team INSIDE OUT.

you are correct. besides that, we need to know who is our competitor and how we can give more good services to our customer so our customer will move to our business and buy some product in our store. we need to have a plan and strategy to make our business grow from time to time so we can expand our business to a new level and reach more customer in the future. maybe it will be difficult for the first time, but I think if we keep trying, then we can get success like the others.

The first thing before starting a regular business is environmental scanning. It is about the situation and conditions of people trend and the right place for starting business. KYC, advertisement, patience, strong commitment etc. are after that. No doubt that the things you mentioned here are mandatory for business, but all these things are of no work in cryptocurrency investment except few things.

maydna

hero member

Activity: 2912

Merit: 556

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: Xtez on June 09, 2018, 04:22:37 AM

You need to be aware of:
1. Your market (Target Audience)
2. Correct advertising
3. It will take alot of time. Do not expect instant results
4. Do not give up on your ideas
(IF YOU ARE WORKING WITH OTHERS)
5. Know your team INSIDE OUT.

you are correct. besides that, we need to know who is our competitor and how we can give more good services to our customer so our customer will move to our business and buy some product in our store. we need to have a plan and strategy to make our business grow from time to time so we can expand our business to a new level and reach more customer in the future. maybe it will be difficult for the first time, but I think if we keep trying, then we can get success like the others.

Xtez

member

Activity: 155

Merit: 13

Arabic Translation. Pm me

You need to be aware of:
1. Your market (Target Audience)
2. Correct advertising
3. It will take alot of time. Do not expect instant results
4. Do not give up on your ideas
(IF YOU ARE WORKING WITH OTHERS)
5. Know your team INSIDE OUT.

Umar001

member

Activity: 308

Merit: 14

They are keys things you need to know before you start up any business virtue, (1) business ideas, You must know the type of business to do, or invest in, and knowledge about things, (2) ready to take risks, the high the risk the high the return, (3) risk only your own capital, not someone else capital,( 4) be sure of what you are doing be bold and have a confident.

Rosilito

sr. member

Activity: 658

Merit: 274

Wish for the rain? Then deal with the mud too.

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

Indeed, all of would really imply. Once one of the factors doesn't met it would be tough for a business to run. In addition, when you are running a business always set a mind of an entrepreneur, business man always want the profit even though the product itself doesn't have a quality while an entrepreneur depends upon the product's quality and its individual contribution to society once it became succeed I guarantee that it will be for lifeline and won't be forgotten easily.

avtonomro

newbie

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I do not agree with the first point. I will never take the risk with someone else money as it will limit my decisions.

BitcoinMarketer39

full member

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ADABsSsSsSsSSSsS

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.

The concept of your business is the most important thing in your company because in this way, the investors will be going to choose if they think that they will get something back on your services so planning is very important in starting a business.

bitcoin31

hero member

Activity: 1834

Merit: 523

That's very helpful to ud who want to get more information and knowledge about how to become a successful. But before invest ans make a decision make a research about the coin or any business you want and you plan and back up incase you failed you have support and you have high chance to recover.

apolonio

full member

Activity: 224

Merit: 100

The most important to consider is the MONEY or the capital that is needed to build up your own business. And the other factor to consider is the place where to place it and the product that is in demand in that place. Then the plan in the long run for your business.

bearexin

full member

Activity: 1162

Merit: 168

Quote from: anavir on June 07, 2018, 01:41:45 PM

Before starting a business you have to know first your expertise.It is important that you know will and how to handle your business.Next is location ,it should be easy to locate.And of course, capital.

Having a sound knowledge about the business in which you are planning to invest your money is the most important and the foremost task to do as this is something which will give you a clear picture of the type of business and then based on which, you will then be able to make some better decisions and strategies in the future. do not jump into nay such business which doesn’t seem interesting to you.

Topaz72

member

Activity: 322

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Quote from: meatballsset on June 07, 2018, 01:14:06 PM

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

We need money or capital to start any business as if we will not have anything to invest then how will we start it, after that we need to find best market to invest so I think nothing can be better than bitcoin right now, so after that we will need a lot of patience to hold it and let the market grow as if we will not let it grow we will not earn good profit.

Topic: Some things to consider before starting a business - page 3. (Read 2213 times)