[Alexandoy]

Before starting a business, think 2 questions: does it viable or profitable? Second, how long you can survive without profit?
As we all know, it won't bring profit for initial stage.

The standard here regarding capital is to have the budget for 4 months of operation to cover the overhead. That means you have 4 months to prove your skills in earning otherwise you can close shop after that period.

[tusziget]

In opening a business, a shop or something similar, it is good that you can sell it, if it doesn't work out for you.So, this way you can cover some of the costs.

[ahmedo24]

If the business is well planned and the marketing tools are in place at least after four months reasonable progress must have been made.

[A K Rao]

This is why we have division of labor so each task should be overtaken by each person that will aids specialization. So if one needs progress then division of labor should be applied.

So true! But that is applicable for big businesses...but in case of small business, I strongly feel that passion should be kept aside in the business! One must have the clear vision about the business to be run and the profits to be reaped taking the existing facts into consideration!

[ahmedo24]

You also have a good point @AK rao but passion can not set aside or left behind because every business small or big has it challenges and it is passion that will always be the driving factor to enable you overcome the challenge.

[Alexandoy]

You also have a good point @AK rao but passion can not set aside or left behind because every business small or big has it challenges and it is passion that will always be the driving factor to enable you overcome the challenge.

I agree with the passion as the driving force because it wouldn't matter if there is profit or not in the business as long as you can fulfill your passion.

[tusziget]

Passion may be a keyword in having success with a business, because passion will drive you to find means and ways to bring profit from your business.

[Vehlijanta]

I like to look at all the important points before putting a feet in a business even if it delays the work.

[Netherrealmer]

Passion may be a keyword in having success with a business, because passion will drive you to find means and ways to bring profit from your business.

And your passion should be flexible. Let's say you have passion for baking, Well if you have a bakery business you have to have passion in budgeting,maintenance and other aspects as well.

[ahmedo24]

Passion towards a business enable you to succeed regardless the challenges cos your passion will enable you to overcome them.

[skysnap]

Passion towards a business enable you to succeed regardless the challenges cos your passion will enable you to overcome them.

No. Passion which is validated. Lets say you like barbie doll and you have passion to collect but it does not earn you money, which is non validated negative cashflow passion, which cant be a business.

[Joseph83]

Passion towards a business enable you to succeed regardless the challenges cos your passion will enable you to overcome them.

I agree with you . we need also to check the feasibility of a business before going to it first. This is why drawing a feasibility plan is Paramount.

No. Passion which is validated. Lets say you like barbie doll and you have passion to collect but it does not earn you money, which is non validated negative cashflow passion, which cant be a business.

[Angie10]

Running a business is no kid's play and requires so much work! I think some of the most important things to do before setting up a business are doing market research/SWOT analysis as well as to ensure you have the skill to put out a quality product that people are crying out for and will become loyal to because it's so good..

[cinderella]

I have to review this video when I got home. I believe that when we start a business, there are aspects that we need to consider like, are we putting up something that will answer a problem? Or we only want to put up a certain business because we can see that others are successful with this kind of activity?

[ahmedo24]

To a very reasonable most businesses set up solves problem, the most come problem it solve is stress of moving to access some products.