5 answers
Wyatt
Student
Crete, Nebraska
1
Question
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business startup
What are the first steps to start a business from scratch.
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5 answers
Teresa Brzozowski
Workplace Experience
36
Answers
Toronto, Ontario, Canada
Updated
Teresa’s Answer
Hi Wyatt,
Starting a business from scratch requires a vision, a plan and a clarity about the value you are offering or the problem you are solving for customers. It will be helpful to surround yourself with advisors or mentors who have successfully set up a business and to learn from their experiences (and mistakes). In the early days of a business, start small and test out your business premises. You will need to validate your business values against what potential customers tell you. Listening to feedback from prospects and customers about what they like and dislike about your offering is key to evolving your business to something customers want to buy. Often those who start their own business have courage to perservere even when they are getting negative feedback. They take this negative feedback to heart, and figure out how to turn it into a positive to drive value in what they are offering. They are willing to take risks to test out new ways of presenting their offering, testing pricing, product/service positioning and selling to different target customers until they have the right mix that is compelling enough to get people to buy your product or service. Good luck on your journey!
Starting a business from scratch requires a vision, a plan and a clarity about the value you are offering or the problem you are solving for customers. It will be helpful to surround yourself with advisors or mentors who have successfully set up a business and to learn from their experiences (and mistakes). In the early days of a business, start small and test out your business premises. You will need to validate your business values against what potential customers tell you. Listening to feedback from prospects and customers about what they like and dislike about your offering is key to evolving your business to something customers want to buy. Often those who start their own business have courage to perservere even when they are getting negative feedback. They take this negative feedback to heart, and figure out how to turn it into a positive to drive value in what they are offering. They are willing to take risks to test out new ways of presenting their offering, testing pricing, product/service positioning and selling to different target customers until they have the right mix that is compelling enough to get people to buy your product or service. Good luck on your journey!
Sasha Royal
Solution Engineer
5
Answers
New York, New York
Updated
Sasha’s Answer
1. Have a defined business plan
2. Narrow your target market
3. Raise capital from outside investors or front the cash yourself
4. Hire others if you need
Your vision will change over and over again throughout the lifetime of the business. Do not expect your initial trajectory to stay the same and this common. You don't need to have all the nuances sorted out from day 1 just stay focused on the overall mission of the business.
I'd advocate for a cofounder to help carry the workload.
2. Narrow your target market
3. Raise capital from outside investors or front the cash yourself
4. Hire others if you need
Your vision will change over and over again throughout the lifetime of the business. Do not expect your initial trajectory to stay the same and this common. You don't need to have all the nuances sorted out from day 1 just stay focused on the overall mission of the business.
I'd advocate for a cofounder to help carry the workload.
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello!
Please, note the following concerning business startup :-
1. Consider the type or kind of business.
2. Consider the goal and objectives.
3. Your INTEREST and KNOWLEDGE in the business.
4. The needed capital/finances.
5. Favourable marketing conditions.
Best regards in your vision.
Please, note the following concerning business startup :-
1. Consider the type or kind of business.
2. Consider the goal and objectives.
3. Your INTEREST and KNOWLEDGE in the business.
4. The needed capital/finances.
5. Favourable marketing conditions.
Best regards in your vision.
Daniel Maynes
Credit Manager
187
Answers
Dallas, Texas
Updated
Daniel’s Answer
This is a great question Wyatt! A couple of helpful steps below:
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest one to you, it would be the book below. Hope these thoughts help and good luck on the journey!
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest one to you, it would be the book below. Hope these thoughts help and good luck on the journey!
Daniel recommends the following next steps:
Nada Lopes
IT Software
123
Answers
Sydney, New South Wales, Australia
Updated
Nada’s Answer
Hi Wyatt,
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!