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Re: Before starting a business

Postby cinderella » 16 Jan 2019, 06:36

When you start a business, you need to wear a lot of hats. You need to do the planning and execution of all your plans. Sometimes having a partner who can fill up the gap may be a good option.

This is also one of the reasons why others are contented on being an employee. A business-minded person does not always work based on his/her passion but those who have a mindset of knowing what others need and thinking of ways to provide such needs.
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Re: Before starting a business

Postby Kei » 16 Jan 2019, 06:59

Exactly. There will always be aspects you hate. That's why you learn to manage it in the first place. In essence, before you start a business, you need to do your feasibility studies.
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Re: Before starting a business

Postby Chameli » 16 Jan 2019, 08:22

The first requirement is to have enough funds at your hands. If you lack funds when you are running your business, your business is doomed. Secondly, you need an idea that can work for you. Thirdly you need skilled people around you.
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Re: Before starting a business

Postby skysnap » 16 Jan 2019, 09:01

cinderella wrote:When you start a business, you need to wear a lot of hats. You need to do the planning and execution of all your plans. Sometimes having a partner who can fill up the gap may be a good option.


I agree one has to wear hat of worker, accountant, owner who delegates and many other hats. That's for sure.
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Re: Before starting a business

Postby fergus1234 » 16 Jan 2019, 17:48

Kei wrote:That is why you need to understand your strength as well as the business. She could have still maintained her job while paying others to do the things she hates. Win win situation.
Also I think she should have started on small scale even if she have lots of money. Starting small will make you learn the ropes around it.
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Re: Before starting a business

Postby skysnap » 11 Mar 2019, 07:52

Kei wrote:Exactly. There will always be aspects you hate. That's why you learn to manage it in the first place. In essence, before you start a business, you need to do your feasibility studies.


I think the aspects we hate needs to be outsourced. And the thing about handling all of those things is that you have to adjust in the due process.
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Re: Before starting a business

Postby johnywalker » 11 Mar 2019, 08:42

Whether you are doing online business or offline business, business cannot be run single handed. You need partners or employers to run and manage business.
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Re: Before starting a business

Postby tusziget » 12 Mar 2019, 04:20

Every business requires experience and financial investment.It is good to join a business which is already thriving, so you can be sure that it is something that will yield profit to you.
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Re: Before starting a business

Postby Kei » 12 Mar 2019, 04:56

tusziget wrote:Every business requires experience and financial investment.It is good to join a business which is already thriving, so you can be sure that it is something that will yield profit to you.

It isn't entirely a bad idea to start up with a new idea. After all, all those thriving business started from somewhere. It is okay to make mistakes here and there but learning all the way. That's how you build experience.
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Re: Before starting a business

Postby ahmedo24 » 12 Mar 2019, 06:13

Nice one @kei, every thriving business today was once started and risked to success by someone before others run the business, what matters most is the passion, determination, knowledge, risk management and financial strength
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Re: Before starting a business

Postby fergus1234 » 04 May 2019, 15:15

We cannot be a one man band nor a Jack of all trades. I think in making a business you need some partners to handle your weaknesses.
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Re: Before starting a business

Postby ahmedo24 » 06 May 2019, 06:50

That is if you will be able to manage the differences that might exists between you and your partners.
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Re: Before starting a business

Postby A K Rao » 06 May 2019, 08:47

One should be very clear in his/her mind that passion is different thing and business is different thing! Passion is accomplished to satisfy ourselves but the business is done to earn money! So before starting a business we must study the market first and depending upon the factors we must decide which business suits us and how we can run it successfully once we start it! So in no way compassion must enter the business activities!
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Re: Before starting a business

Postby ceci » 06 May 2019, 09:09

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.
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Re: Before starting a business

Postby KyushuKris » 06 May 2019, 10:36

good topic starter. From my experience, which involves having many clients some of whom are more successful than others, the ones that are doing really well are incredibly hard workers, but there's also careful market research, surrounding themselves with good people, and a lot of luck undeniably .
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