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What is one piece of advice you would give your younger self about starting a business?

I want to start a business, but I have no starting point whatsoever. To those experienced in any kinds of businesses, help is greatly appreciated. Thanks.

business entrepreneur entrepreneurship business-development business-owner
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Terrell’s Answer

Work as long as you can on someone else's dime. Stack your coins, and don't look back once you walk away.
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Brayden’s Answer

Hey Ryan! Embarking on this journey can indeed be challenging and exhausting (I've been there myself)! But don't worry, you've got this! Begin by conducting a thorough research on your competitors and understanding your market dynamics. Next, proceed to register your business and secure the necessary licenses. Crafting a solid business plan and establishing a robust structure is equally important. And of course, don't overlook the crucial step of applying for business insurance!!!

When you soar high and make a big name, don't forget your old pal Brayden!
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Rojay’s Answer

I would say get your ideas/product in front of your potential customers as soon as possible. Especially before spending a large sum of money.

Try your best to build a solution to a problem that a specific group of people have. Not building a product....then trying to find a problem that you product can solve.

find a problem -> think of a solution -> talk to potential customers to see if this is the correct solution -> see if they are willing to pay for that solution -> iterate based on customers feedback -> continue building the solution.

good resource -> https://www.youtube.com/@ycombinator
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Katherine’s Answer

The two best resources I know of for helping to start a business are Dave Ramsey's book EntreLeadership, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
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Jacqueline’s Answer

Be willing to take risks and view challenges as opportunities versus road blocks. Approach tasks as opportunities, whether it be learning or growth.
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Debbie’s Answer

It is ok to start more than once just don’t give up.
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Matt’s Answer

Don't be afraid to get started. Put in the effort and invest in yourself. Remember, there's no such thing as failure - every step is a chance to learn and grow!
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Ryan’s Answer

Research your local laws and get financial advice from an actual CPA or financial advisor, not from random people on the internet. Regarding the business plan, make sure you have a solid one and have a product that is marketable and in-demand. Know your overhead, which will likely be high for at least the first year, and keep very close track of your profits, especially if you're a U.S. resident. Your CPA can give you a lot of specifics there so that you don't make costly mistakes regarding taxes.
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