5 answers
jaclim
Student
Lynn, Massachusetts
1
Question
5 answers
Daniel Indish
Process Improvements, Lean Six Sigma, Continuous Improvement, Operational Excellence, Manufacturing, Quality, Industrial Engineering
13
Answers
Providence, Rhode Island
Updated
Daniel’s Answer
Jaclim –
When starting a business, you should ask two basic question –
“What do I have, or can do, that other people will pay me money?”
“Do I have confidence in myself to succeed when others think I might fail?”
Then, you should do a deep examination of yourself and determine answers to these 5 questions:
Q1. What skills, abilities and resources do I have?
Q2. What can I do with these skills, abilities and resources that I would like to do?
Q3. What are some problems or opportunities that others have that I can address as solutions with these skills, abilities and resources? NOTE: This is the most critical step.
Q4. Can I get someone to assist me where I don’t have skills, abilities and resources?
Q5. Will my solutions be more valuable to my Customers than the pain or cost of their problems and my costs?
That’s called a WIN-WIN situation when I can make some money and the Customer gets a valuable service.
Satisfied Customers will tell others and your business will expand.
Let’s take a current world situation. People need to have food delivered to them because of the coronavirus.
Let’s answer the 5 Questions from your viewpoint. “A1” refers to Question, “Q1”, above.
A1. I have a bicycle, I can ride within a mile or two from my house and I have time off from school. There’s a Sandwich Shop near my house.
A2. I can deliver sandwiches with my bike.
A3. Some of my neighbors are stuck in their house, are hungry, and can’t get a sandwich. I could deliver sandwiches, chips and drinks for $5 an order, for example.
A4. I can get the owner of the Sandwich Shop to give me paper menus to show my neighbors. I can get a list of Neighbors who might want to get sandwiches. I can give the paper menu to the Neighbors so they can order their sandwiches. I can get a basket from my Mom to carry sandwiches.
A5. My Neighbors (Customers) will probably pay $1 more for a sandwich delivery. I could pick up several sandwich orders and deliver them all up and down my street. I might also get tips. If I could deliver 10 sandwiches in 1 hour, I could make $10 for the hour, plus tips, maybe $15 for the hour.
Congratulations! You’ve started a business! Your business could evolve to you making you’re your own sandwiches. If you can provide sandwiches, chips and drinks for $3, you can make $2 more on each sandwich.
A6. “Jaclim’s Sandwich Delivery Business” could someday become a Sandwich Shop, Food Truck, or a restaurant.
If you address a Customer’s problems and provide value, you can have a business and make money. Once you learn the basic principles, you can build bigger businesses.
A similar kind of example could be used for delivering newspapers, shoveling, snow, raking leaves, or mowing lawns. I did these things as a kid to get money.
Other examples might include babysitting, doggy day care, dog walking, running a craft class for kids, making and selling cookies or lemonade, running a YouTube program, selling stuff on Amazon, etc.
It all depends on using your skills, abilities and resources to provide a service you would like to do.
Here’s another example. A teen-ager, “Jaclim” realized that some of his friends might want expensive athletic shoes, but not be able to afford them. Jaclim also realized that teen-agers that purchased expensive athletic shoes might soon get bored with the old shoes, toss them and purchase new ones.
Jaclim determined that:
A1. He was creative, so he collected the old athletic shoes.
A2. With a little soap, water, and polish, he could make the athletic shoes “like new”. Or, Jaclim could paint designs on the shoes and create original “one-of-a-kind” shoes. He could also recycle old shoes that were not recoverable by sending them to the manufacturer for shredding and re-made into material for basketball courts.
A3. Other teen-agers wanted discounted expensive athletic shoes or original artwork and would pay Jaclim for the work. Some teen-agers wanted Jaclim to paint their brand-new shoes.
A4. Jaclim starts selling his shoes on Etsy, Pinterest, and Amazon. His Mom and Dad helped sell his shoes to friends at the yoga or gym club. Local TV news station does a segment on “Jaclim’s Designer Shoes”.
A5. Jaclim uses his profits to buy new shoes and resell them because they are painted or rare.
Check out B Street Shoes (https://bstreetshoes.com/) for hand painted shoes that can sell for $300-$900 on the internet.
Or read about teen-ager Benjamin Kickz who bought rare shoes and resold them new on the internet.
Here’s another story on how to start a shoe re-selling business. The advice is good for any business.
https://sixfiguresneakerhead.com/the-journey-to-over-10000-per-month-reselling-sneakers
It’s important to keep good records. You need to account for all your time (which has a value or cost) and expenses (including taxes eventually) and compare that to your Profit. Profit always needs to be more than the value of your time and expenses.
Hope this helps. Good Luck!
Ask 8-10 people you respect to answer the following questions and fill in the blanks. You are really good at ________________. I appreciate your abilities to _______________. This will help you to identify areas where you could go into business.
When starting a business, you should ask two basic question –
“What do I have, or can do, that other people will pay me money?”
“Do I have confidence in myself to succeed when others think I might fail?”
Then, you should do a deep examination of yourself and determine answers to these 5 questions:
Q1. What skills, abilities and resources do I have?
Q2. What can I do with these skills, abilities and resources that I would like to do?
Q3. What are some problems or opportunities that others have that I can address as solutions with these skills, abilities and resources? NOTE: This is the most critical step.
Q4. Can I get someone to assist me where I don’t have skills, abilities and resources?
Q5. Will my solutions be more valuable to my Customers than the pain or cost of their problems and my costs?
That’s called a WIN-WIN situation when I can make some money and the Customer gets a valuable service.
Satisfied Customers will tell others and your business will expand.
Let’s take a current world situation. People need to have food delivered to them because of the coronavirus.
Let’s answer the 5 Questions from your viewpoint. “A1” refers to Question, “Q1”, above.
A1. I have a bicycle, I can ride within a mile or two from my house and I have time off from school. There’s a Sandwich Shop near my house.
A2. I can deliver sandwiches with my bike.
A3. Some of my neighbors are stuck in their house, are hungry, and can’t get a sandwich. I could deliver sandwiches, chips and drinks for $5 an order, for example.
A4. I can get the owner of the Sandwich Shop to give me paper menus to show my neighbors. I can get a list of Neighbors who might want to get sandwiches. I can give the paper menu to the Neighbors so they can order their sandwiches. I can get a basket from my Mom to carry sandwiches.
A5. My Neighbors (Customers) will probably pay $1 more for a sandwich delivery. I could pick up several sandwich orders and deliver them all up and down my street. I might also get tips. If I could deliver 10 sandwiches in 1 hour, I could make $10 for the hour, plus tips, maybe $15 for the hour.
Congratulations! You’ve started a business! Your business could evolve to you making you’re your own sandwiches. If you can provide sandwiches, chips and drinks for $3, you can make $2 more on each sandwich.
A6. “Jaclim’s Sandwich Delivery Business” could someday become a Sandwich Shop, Food Truck, or a restaurant.
If you address a Customer’s problems and provide value, you can have a business and make money. Once you learn the basic principles, you can build bigger businesses.
A similar kind of example could be used for delivering newspapers, shoveling, snow, raking leaves, or mowing lawns. I did these things as a kid to get money.
Other examples might include babysitting, doggy day care, dog walking, running a craft class for kids, making and selling cookies or lemonade, running a YouTube program, selling stuff on Amazon, etc.
It all depends on using your skills, abilities and resources to provide a service you would like to do.
Here’s another example. A teen-ager, “Jaclim” realized that some of his friends might want expensive athletic shoes, but not be able to afford them. Jaclim also realized that teen-agers that purchased expensive athletic shoes might soon get bored with the old shoes, toss them and purchase new ones.
Jaclim determined that:
A1. He was creative, so he collected the old athletic shoes.
A2. With a little soap, water, and polish, he could make the athletic shoes “like new”. Or, Jaclim could paint designs on the shoes and create original “one-of-a-kind” shoes. He could also recycle old shoes that were not recoverable by sending them to the manufacturer for shredding and re-made into material for basketball courts.
A3. Other teen-agers wanted discounted expensive athletic shoes or original artwork and would pay Jaclim for the work. Some teen-agers wanted Jaclim to paint their brand-new shoes.
A4. Jaclim starts selling his shoes on Etsy, Pinterest, and Amazon. His Mom and Dad helped sell his shoes to friends at the yoga or gym club. Local TV news station does a segment on “Jaclim’s Designer Shoes”.
A5. Jaclim uses his profits to buy new shoes and resell them because they are painted or rare.
Check out B Street Shoes (https://bstreetshoes.com/) for hand painted shoes that can sell for $300-$900 on the internet.
Or read about teen-ager Benjamin Kickz who bought rare shoes and resold them new on the internet.
Here’s another story on how to start a shoe re-selling business. The advice is good for any business.
https://sixfiguresneakerhead.com/the-journey-to-over-10000-per-month-reselling-sneakers
It’s important to keep good records. You need to account for all your time (which has a value or cost) and expenses (including taxes eventually) and compare that to your Profit. Profit always needs to be more than the value of your time and expenses.
Hope this helps. Good Luck!
Daniel recommends the following next steps:
Sandesh Ballikar
Enterprise Architect
13
Answers
Ashburn, Virginia
Updated
Sandesh’s Answer
1. Strategy
a. Identify your niche: What is it that you have to offer different than what's being already offered by your competitors
b. Assess your competition. Assess your target market. Create a business plan.
c. Register your company as LLC to start with. Find your board of advisors (just people whom you trust and who can advise you to make right decisions. Have 2 to 3 and agree on meeting fee. It can even be free lunch per meeting)
2. Finance
a. Pitch the plan and attract investors. If capital requirements are small, self sponsor but remember to keep your losses minimal.
b. Close the deal, make the capital draws
3. Capability
a. Develop your product/Service
b. Identify the target customer. Promote your product/service via website, social media like facebook, Instagram etc. (Some times your need to give out your product/service for free limited trial)
c. Execute on production, marketing, accounting, human resource, business management
a. Identify your niche: What is it that you have to offer different than what's being already offered by your competitors
b. Assess your competition. Assess your target market. Create a business plan.
c. Register your company as LLC to start with. Find your board of advisors (just people whom you trust and who can advise you to make right decisions. Have 2 to 3 and agree on meeting fee. It can even be free lunch per meeting)
2. Finance
a. Pitch the plan and attract investors. If capital requirements are small, self sponsor but remember to keep your losses minimal.
b. Close the deal, make the capital draws
3. Capability
a. Develop your product/Service
b. Identify the target customer. Promote your product/service via website, social media like facebook, Instagram etc. (Some times your need to give out your product/service for free limited trial)
c. Execute on production, marketing, accounting, human resource, business management
Sam Alexander, PMP
Career Coaching & Management
8
Answers
Arlington, Virginia
Updated
Sam’s Answer
There are lots of answers to this, and lots of help online you can find, so if you truly want to, you've got a lot to pull from.
I was told once the answer is "to just start" but, that's oversimplifying.
Define what your product is; what you'll sell, what services you'll provide, who your competition is and how your product is superior.
> If you don't have a target, you can't set your sights.
What's the current market environment for your product? Who else sells it and what are the details around them? What's the potential price point, what would your costs look like? Do you have the skills required, can you get them or should you buy them?
> You need to clearly understand what your business will look like in the marketplace in order to navigate the path through it.
What's your business plan look like? Immediate goals, long-term goals, how you can meet them and some higher level objectives to meet those goals. What's your plan to market your product? What are your revenue and profit goals?
> Fail to plan, plan to fail. Make sure you clearly see the map laid out in front of you so you can chart your path.
What do you need to do to realize your objectives? List out your specific tasks and requirements. This is where the rubber meets the road and you develop a list of explicit actions required to get done that will take you step by step to your goals.
> Having a list and checking it off will keep you motivated and moving forward towards your goals!
START! If you keep thinking and refining things, you'll never get out of the bocks. You can start an LLC without much effort, just look up what's required in your state. You can start talking to friends and family, former colleagues and more to refine your ideas but, start writing things down.
You can do this. Use every resource you can find and .. good luck!
-Sam
Define your product (and your brand).
Perform market research on potential competitors and, opportunities.
Write out your plan - what your want to achieve and, how you will do it.
From your plan, develop specific actions you need to take to meet your goals.
Start executing!!
I was told once the answer is "to just start" but, that's oversimplifying.
Define what your product is; what you'll sell, what services you'll provide, who your competition is and how your product is superior.
> If you don't have a target, you can't set your sights.
What's the current market environment for your product? Who else sells it and what are the details around them? What's the potential price point, what would your costs look like? Do you have the skills required, can you get them or should you buy them?
> You need to clearly understand what your business will look like in the marketplace in order to navigate the path through it.
What's your business plan look like? Immediate goals, long-term goals, how you can meet them and some higher level objectives to meet those goals. What's your plan to market your product? What are your revenue and profit goals?
> Fail to plan, plan to fail. Make sure you clearly see the map laid out in front of you so you can chart your path.
What do you need to do to realize your objectives? List out your specific tasks and requirements. This is where the rubber meets the road and you develop a list of explicit actions required to get done that will take you step by step to your goals.
> Having a list and checking it off will keep you motivated and moving forward towards your goals!
START! If you keep thinking and refining things, you'll never get out of the bocks. You can start an LLC without much effort, just look up what's required in your state. You can start talking to friends and family, former colleagues and more to refine your ideas but, start writing things down.
You can do this. Use every resource you can find and .. good luck!
-Sam
Sam recommends the following next steps:
Michael Eadeh
Investor
21
Answers
Raleigh, North Carolina
Updated
Michael’s Answer
Hi Jaclim,
It looks like you’ve got some good answers already. So I’ll just try to add a little bit as well. Starting a business is not hard and it’s not easy. Obviously first you have to be realistic in what your wanting to achieve, and your skill set. If you’re good with computers maybe you could start designing websites! If you like being outside. You could start a landscaping business.
Also do you have any money saved up to start the business? If not you need to do your research and determine what your costs to get started will be. Most businesses are about service. You want to provide a service that people will always need. It doesn’t always have to be about goods sold,etc!
For instance you could start a handyman service if you like repairing things. Whatever business you choose to do.There will always be lots of competition. So being prepared and professional is a must. It’s about showing up on time and providing the service in a timely manner. In today’s world many people are unreliable! That’s why doing the little things matters and will lead to success no matter what you choose to do!
Lastly don’t let people tell you you can’t do something. Tell yourself you can do anything you put your mind to, then you will! Good luck out there!
It looks like you’ve got some good answers already. So I’ll just try to add a little bit as well. Starting a business is not hard and it’s not easy. Obviously first you have to be realistic in what your wanting to achieve, and your skill set. If you’re good with computers maybe you could start designing websites! If you like being outside. You could start a landscaping business.
Also do you have any money saved up to start the business? If not you need to do your research and determine what your costs to get started will be. Most businesses are about service. You want to provide a service that people will always need. It doesn’t always have to be about goods sold,etc!
For instance you could start a handyman service if you like repairing things. Whatever business you choose to do.There will always be lots of competition. So being prepared and professional is a must. It’s about showing up on time and providing the service in a timely manner. In today’s world many people are unreliable! That’s why doing the little things matters and will lead to success no matter what you choose to do!
Lastly don’t let people tell you you can’t do something. Tell yourself you can do anything you put your mind to, then you will! Good luck out there!
Charlotte Pitt
Sales
5
Answers
London, England, United Kingdom
Updated
Charlotte’s Answer
Define exactly what it is that your business will do; what is the product, who is the target audience, what is the unique selling point.
Once you have a strong idea about what it is you are going to sell, find out about the existing market. Who is the competition, how are they performing, what is the buoyancy of the market, how do they target their customers.
Write a plan- how will you fund the business? Do you need a loan, what are the basic materials that your business can't start without. Will this require investment, if so, who from?
Approach entrepreneurs in the field and ask for advice, start attending business seminars and workshops.
Once you have a strong idea about what it is you are going to sell, find out about the existing market. Who is the competition, how are they performing, what is the buoyancy of the market, how do they target their customers.
Write a plan- how will you fund the business? Do you need a loan, what are the basic materials that your business can't start without. Will this require investment, if so, who from?
Approach entrepreneurs in the field and ask for advice, start attending business seminars and workshops.
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