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What do we have to do to start a business.
#entrepreneur #business #management #design
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8 answers
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JORGE’s Answer
There are basically 6 steps into business ideation
1. Value Proposition: What challenge or need your service or product could solve? / How can you add value or develop a enhance solution / product that exists today?
2. Market Assessment / mapping: Consumer, competition, distribution channels and potential partners in your market
3. Business Model & Marketing; How do you monetize your business idea and what is the cost of launching and running the business
4. Pricing and business plan: This is a go-to-market strategy
5. Financial Projections: 3 year P&L, Balance Sheet and Cash Flow analysis to decide the breakeven point and potential return on investment
6. Team: Why you are the right person to run this business or make this idea a solution in the marketplace
For more details check this site: https://www.practicalbusinessskills.com/
1. Value Proposition: What challenge or need your service or product could solve? / How can you add value or develop a enhance solution / product that exists today?
2. Market Assessment / mapping: Consumer, competition, distribution channels and potential partners in your market
3. Business Model & Marketing; How do you monetize your business idea and what is the cost of launching and running the business
4. Pricing and business plan: This is a go-to-market strategy
5. Financial Projections: 3 year P&L, Balance Sheet and Cash Flow analysis to decide the breakeven point and potential return on investment
6. Team: Why you are the right person to run this business or make this idea a solution in the marketplace
For more details check this site: https://www.practicalbusinessskills.com/
Updated
Melissa’s Answer
Starting a business can be fun but also a challenge. There are many ways to do this, but I'd recommend the following:
1. Get your thoughts together. What are your areas of expertise?
2. Create your business plan. This will help guide all future decisions. Determine what sets you apart.
3. Work out the financial details. Do you have investment support? Potential co-founders? Employees? Set a timeline to achieve each goal (e.g. 2 weeks to convince a team, 3 months to raise the funds). Look into small business grants, crowdfunding, small investor groups, venture capital investors, etc.
4. Establish the environment. Think about the building and the team, how you want to work.
5. Legal. Select your business name and have it approved. Register your business name and website (make sure both are available). Also consider hiring a legal team to handle your business dealings. If your business will provide designs to others, make sure you're protected from copyright infringement as well as ensuring they can determine if your designs are ok to use (lawsuits happen on logo designs each year).
6. Consider more finances. Set up your business account. Do you need a small business card? How will you pay employees?
7. Market yourself. Get on social media, have friends share, use free services like Yelp to help provide credibility.
8. Start gaining clients and expanding your business.
If you're struggling with any part of these, don't be afraid to reach out for help. Ask an experienced financial advisor or investor what they would look for in your business model. Ask friends/family what they think.
1. Get your thoughts together. What are your areas of expertise?
2. Create your business plan. This will help guide all future decisions. Determine what sets you apart.
3. Work out the financial details. Do you have investment support? Potential co-founders? Employees? Set a timeline to achieve each goal (e.g. 2 weeks to convince a team, 3 months to raise the funds). Look into small business grants, crowdfunding, small investor groups, venture capital investors, etc.
4. Establish the environment. Think about the building and the team, how you want to work.
5. Legal. Select your business name and have it approved. Register your business name and website (make sure both are available). Also consider hiring a legal team to handle your business dealings. If your business will provide designs to others, make sure you're protected from copyright infringement as well as ensuring they can determine if your designs are ok to use (lawsuits happen on logo designs each year).
6. Consider more finances. Set up your business account. Do you need a small business card? How will you pay employees?
7. Market yourself. Get on social media, have friends share, use free services like Yelp to help provide credibility.
8. Start gaining clients and expanding your business.
If you're struggling with any part of these, don't be afraid to reach out for help. Ask an experienced financial advisor or investor what they would look for in your business model. Ask friends/family what they think.
Updated
Carl’s Answer
The first step is to identify the problem that you want solve. Speak to people that might have tried to resolve the same problems. Find friends and families willing to provide the resources to start.
Updated
Lucie’s Answer
Hello Devin,
Starting a business asks for a lot of determination! And each business has a different path to completion.
A few steps i would take:
#1 Planning
My advise would be to start by planning. Put your thoughts into paper, spreadsheet, etc. Laying your ideas would help you for the next phase.
#2 Research
Once you know what you want your business to be, have a concept of your business, research the market, numbers, competition, etc.
#3 Business Plan
The very crucial step of starting a business is to make an objective business plan. Be realistic, and do not leave out details. The better prepared you are the most your project will be. Think about the 4 Ps: Pricing, Position, Product, Placement; it helps to situate your product and business.
Many other steps to follow depending on the scale of the business you want to create but this would be my recommendations to help you start.
Hope this helps,
Cheers
Starting a business asks for a lot of determination! And each business has a different path to completion.
A few steps i would take:
#1 Planning
My advise would be to start by planning. Put your thoughts into paper, spreadsheet, etc. Laying your ideas would help you for the next phase.
#2 Research
Once you know what you want your business to be, have a concept of your business, research the market, numbers, competition, etc.
#3 Business Plan
The very crucial step of starting a business is to make an objective business plan. Be realistic, and do not leave out details. The better prepared you are the most your project will be. Think about the 4 Ps: Pricing, Position, Product, Placement; it helps to situate your product and business.
Many other steps to follow depending on the scale of the business you want to create but this would be my recommendations to help you start.
Hope this helps,
Cheers
Updated
GABE’s Answer
The worst words thought or spoken when thinking about creating a business is "If you build it, they will come."
Before you go into business:
Think about the problem you are trying to solve. (Is there enough people needing this problem solved?)
Why is your business needed/wanted?
What will you do differently, that other businesses are failing to do right now?
If you can answer these questions, and there is still a need for your business, then go for it.
Before you go into business:
Think about the problem you are trying to solve. (Is there enough people needing this problem solved?)
Why is your business needed/wanted?
What will you do differently, that other businesses are failing to do right now?
If you can answer these questions, and there is still a need for your business, then go for it.
Updated
Nada’s Answer
Hello Devin,
It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
Updated
Kristina’s Answer
There are many steps involved in starting a business! I suggest checking out this online resource that is designed to help you every step of the way, from getting started to building and growing: https://www.practicalbusinessskills.com/. Best of luck!
Updated
Gonzalo’s Answer
Hi Devin - I would recommend informing yourself via reading the following 5 highly recommended entrepreneurship books: https://www.entrepreneur.com/slideshow/299927.