4 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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4 answers
Teresa Brzozowski
Workplace Experience
28
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
174
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: