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What would be the first thing you need to do to start a business?
How I’m javeonte B call me Tyty I’m her to figure out a couple new ideas and get a few of other people point of view on there carrerr goals and how they achieved those goals. #business
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Matthew’s Answer
Tyty - the first thing you need to do to start a business is to know what people need or want and what they are willing to pay for. It's simply understanding that you as the businessperson have goods or services that you are willing to sell or provide to a buyer who has a need and the money to pay you. Once you provide the good or service in exchange for the money you have a business transaction. When this occurs, I would say that you are "in business".
I own and run my own business. I am a consultant in financial services. I know that money touches just about everything in people's lives and I wanted to be helpful to them in managing their money, so I became a consultant. I went into the military first to get money top pay for college; then I worked as a banker for 15 years; then I worked in a consulting firm for 3 years; then I worked at a law firm for 3 years; then I opened my own business as a consultant. So, it took a lot of experience but it was worth it.
Keep searching and you will find your answers.
Create three lists to decide your business venture.
List A - which businesses will pay you well enough to pay your bills and to live comfortably?
List B - which businesses do things that you are good at doing?
List C - which businesses do things that you love to do?
Check to see if there are any overlaps? if not, List A is most important when you are first starting out, then B, then C.
I own and run my own business. I am a consultant in financial services. I know that money touches just about everything in people's lives and I wanted to be helpful to them in managing their money, so I became a consultant. I went into the military first to get money top pay for college; then I worked as a banker for 15 years; then I worked in a consulting firm for 3 years; then I worked at a law firm for 3 years; then I opened my own business as a consultant. So, it took a lot of experience but it was worth it.
Keep searching and you will find your answers.
Matthew recommends the following next steps:
Updated
DOTUN’s Answer
The first thing you need to do is to identify the business you want to do.
Do a market research and possibly send out questionnaires and analyse the feedback you receive.
Be sure there is a market for what you intend to do this would require a feasibility study.
Above all you must have the capital to start a business. You should be able to know the initial capital outlay required to start the business.
Do a market research and possibly send out questionnaires and analyse the feedback you receive.
Be sure there is a market for what you intend to do this would require a feasibility study.
Above all you must have the capital to start a business. You should be able to know the initial capital outlay required to start the business.
Updated
Joan’s Answer
How awesome that you're interested in starting your own business! Small businesses fuel economies the world over!
Something else to consider in starting your own business is the "softer side" - all the people skills and your own personal and professional development. One of the first things to do is preparing yourself mentally, since one of the most important qualities you need to be successful in business is resilience. Owning your own business has ups and downs, such as wins, losses, failures, competitors, complexities, and more. You will want to be ready for how you will manage through those ups and downs - not only from a business perspective but also emotionally.
Additionally, you will want to make sure you have a basic understanding of how businesses work, for example how to find customers, make sales, manage money, budget, etc. There are some online classes and free resources that you could take advantage of to learn the basics. You don't need an MBA, though! Just learning the basics will set you on a good path. It's also good if you have a little work experience yourself, so that you know what it's like to be an employee and work in a business.
With the fast rate that technology is changing, you will want to make sure that you're taking advantage of technology in the best way possible for your business.
Passion, drive, and people skills are all important complements to the business skills.
Get a little work experience yourself
Take an online course on business basics, such as Khan Academy
Build up your own resilience and prepare yourself emotionally for the ups and downs of owning a business
Something else to consider in starting your own business is the "softer side" - all the people skills and your own personal and professional development. One of the first things to do is preparing yourself mentally, since one of the most important qualities you need to be successful in business is resilience. Owning your own business has ups and downs, such as wins, losses, failures, competitors, complexities, and more. You will want to be ready for how you will manage through those ups and downs - not only from a business perspective but also emotionally.
Additionally, you will want to make sure you have a basic understanding of how businesses work, for example how to find customers, make sales, manage money, budget, etc. There are some online classes and free resources that you could take advantage of to learn the basics. You don't need an MBA, though! Just learning the basics will set you on a good path. It's also good if you have a little work experience yourself, so that you know what it's like to be an employee and work in a business.
With the fast rate that technology is changing, you will want to make sure that you're taking advantage of technology in the best way possible for your business.
Passion, drive, and people skills are all important complements to the business skills.
Joan recommends the following next steps:
Joan - Great answer. I always forget about the resiliency part but you are so right on. I quickly learned when I first started out as a business owner that 'you can't eat receivables'. CHEERS!
Matthew Eby
Updated
Munazza’s Answer
Hi, I think it would be to find an idea/solution that would sell and researching the market to know if it already exists or not. Other way round would be to research through market and find a gap and then brainstorm a solution that would fill that gap.
Updated
Biju’s Answer
Hello Javeonte,
Most important is to follow your passion. Identify things that you like to do and areas that you like to explore. Make sure atleast 60-70%% of what you decide to do as a business involves things that you are passionate about. Get help for the rest. Spend time to learn the missing pieces in your skillset.
Second, before you start anything, come up with a simple business plan that includes the what, how, when.
What - As much details as you can on what all you want to do in a priority order.
How - Things about funding sources, initial seed money, skillset required, equipment required etc.
When - When are you ready to start, what's the ramp up plan, what are the criteria by which you will exit the business.
Start slow but be focused. Track the plan and measure progress. Have goals setup and updated on a quarterly basis.
Most important is to follow your passion. Identify things that you like to do and areas that you like to explore. Make sure atleast 60-70%% of what you decide to do as a business involves things that you are passionate about. Get help for the rest. Spend time to learn the missing pieces in your skillset.
Second, before you start anything, come up with a simple business plan that includes the what, how, when.
What - As much details as you can on what all you want to do in a priority order.
How - Things about funding sources, initial seed money, skillset required, equipment required etc.
When - When are you ready to start, what's the ramp up plan, what are the criteria by which you will exit the business.
Start slow but be focused. Track the plan and measure progress. Have goals setup and updated on a quarterly basis.