4 answers
nicola
Student
Dolphin Coast, KwaZulu-Natal, South Africa
8
Questions
Asked
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how can we start a small business?
#business #entrepreneur #management #finance
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4 answers
Amanda LaMontagne
Enrollment
22
Answers
Livonia, Michigan
Updated
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!
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!
Rebecca Tang
Banking
1793
Answers
Hong Kong
Updated
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!
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!
Kevin Low
4
Answers
Castro Valley, California
Updated
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.
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.
Harold Evans
Dedicated Operations Manager
43
Answers
Colorado Springs, Colorado
Updated
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.