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how can we start a small business?

#business #entrepreneur #management #finance

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Harold’s Answer

The most important thig is choose what Yu would like to do. Next you must have capital. Be prepared to work long hours.
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Kevin’s Answer

The first step is to identify what problem you're trying to solve? Is there a market need that's not being met, and valuating the potential returns from satisfying this need can help you gauge whether this business idea makes sense. Who are your customers? How much would they prioritize this need?

Then, you can begin matching necessary skillsets to fulfill this market need.

More importantly, why do you want to start your own business? Once you go down this route, your new business can be all consuming, so make sure to reflect on your personal motivation to get into this rather than joining a big corporation. Many people romanticize it but don't understand what the experience is actually like.
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Rebecca’s Answer

I am glad that you are interested to be an entrepreneur and start will small scale first. However, have you thought about what business you are interested on or you have the capability to do it?
Below are a few suggested points :
1. Identify the business / industry you are interested
2. Acquire the skills and knowledge you on the business
3. Try to identify any opportunities to work in that industry first to understand the business model (if possible)
4. Start the business online (if possible) to limit the cost
5. After the business grows to certain size, you can consider to setup a 'real' business if you prefer. Or, you can keep to run the business online
Hope this helps! Good Luck!
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Amanda’s Answer

Hi Nicola - great question!

The first thing to decide is what type of small business are you considering. This could be a service or product (or both). You also need to consider your target market and do research to see if there are other similar business. Understanding the demographic and market will help determine a successful path. You will often need assistance with funding as well. Many local banks and credit unions offer loans for small business, however you will generally need to provide a business case to justify the loan and possibly show opportunities for assets as collateral in the event you are unable to payback the loan. You also may need to look at establishment to run your business out of. While many successful businesses have started in garages and basements depending on your small business that may not be suitable.

Best of luck in all of your entrepreneurship adventures!
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Nada’s Answer

Hi Nicola,

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!
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