7 answers
Simon
Student
Mableton, Georgia
1
Question
Asked
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How do you start a great business and overcome the challenges in the beginning while still keeping your head up?
How do i start a clothing brand from scratch?
Ways to make money as a teen online?
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7 answers
Joe Stringa
CEO / Operating Partner
17
Answers
Jackson, Mississippi
Updated
Joe’s Answer
Becoming an entrepreneur involves a combination of mindset, skills, knowledge, and action. Here are some steps to help you embark on your journey as an entrepreneur:
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
Identify Your Passion and Purpose: Start by identifying your interests, passions, and strengths. Consider what you love to do and what problems or needs you are passionate about solving. Your business idea should align with your values and personal mission.
Research and Validate Your Idea: Conduct market research to assess the demand for your product or service. Identify your target audience, understand their needs and preferences, and assess the competition. Validate your idea by gathering feedback from potential customers and testing your product or service in the market.
Develop a Business Plan: Create a detailed business plan outlining your business concept, target market, value proposition, marketing strategy, operational plan, and financial projections. A well-thought-out business plan will serve as a roadmap for your entrepreneurial journey and help you secure funding if needed.
Acquire Necessary Skills and Knowledge: Develop the skills and knowledge necessary to succeed as an entrepreneur. This may include skills such as leadership, communication, negotiation, marketing, financial management, and problem-solving. Consider taking courses, attending workshops, or seeking mentorship to enhance your skills and expertise.
Secure Funding: Determine how you will finance your business venture. Explore options such as self-funding, bootstrapping, crowdfunding, loans, or seeking investment from venture capitalists or angel investors. Develop a financial plan and budget to ensure you have the necessary funds to launch and grow your business.
Build Your Network: Networking is essential for success as an entrepreneur. Build relationships with other entrepreneurs, industry professionals, mentors, and potential customers. Attend networking events, join industry associations, and participate in online communities to expand your network and gain valuable insights and support.
Take Action: Finally, take action and launch your business. Start small, test your ideas, and iterate based on feedback and results. Embrace challenges and setbacks as opportunities for growth and learning. Stay persistent, adaptable, and resilient as you navigate the ups and downs of entrepreneurship.
By following these steps and staying committed to your vision, you can become a successful entrepreneur and turn your business idea into reality. Remember that entrepreneurship is a journey, and success often requires patience, perseverance, and continuous learning.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
Three good resources for how to think about life and success while you're working on a business venture plus learning the details involved in running one are Ken Coleman's book From Paycheck to Purpose, 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).
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be entrepreneur in fashion industry.
Below are my suggestions ;
1. Take some fashion related courses, e.g. fashion design courses
2. Explore any internship opportunities working in some fashion house
3. Attend some management courses as well
4. After you graduation, work in the fashion industry some time to save some monies for the start up funding. On the other hand, it is an opportunity for you to understand the operating model and people network
5. Start the brand online first
Hope this helps! Good Luck!
Below are my suggestions ;
1. Take some fashion related courses, e.g. fashion design courses
2. Explore any internship opportunities working in some fashion house
3. Attend some management courses as well
4. After you graduation, work in the fashion industry some time to save some monies for the start up funding. On the other hand, it is an opportunity for you to understand the operating model and people network
5. Start the brand online first
Hope this helps! Good Luck!
Martina Dove
Senior UX researcher
16
Answers
Bellevue, Washington
Updated
Martina’s Answer
Know your competition - and what are their margins - how they manufacture, advertise etc. Speak to ask many founders of similar ventures as you can and get tips on how they succeeded and what they did.
Understand business and never forget that customers are what makes the business. Being able to address their problems swiftly will minimize the negative sentiment early. Harness the power of the social proof - incentivize customers to recommend and talk about your product.
All the best in your venture
Understand business and never forget that customers are what makes the business. Being able to address their problems swiftly will minimize the negative sentiment early. Harness the power of the social proof - incentivize customers to recommend and talk about your product.
All the best in your venture
No Risk
1
Answer
New York, New York
Updated
No’s Answer
Creating a successful business and navigating through early challenges requires a combination of strategic planning, resilience, and a positive mindset. Here are some key steps to help you build a great business and overcome initial difficulties while maintaining your confidence:
Clear Vision and Strategy:
Define a clear vision for your business and set specific, achievable goals.
Develop a robust business plan outlining your objectives, target market, and competitive advantage.
Adaptability and Flexibility:
Stay adaptable and be willing to adjust your strategies based on market feedback and changing circumstances.
Embrace a flexible mindset to navigate unforeseen challenges effectively.
Build a Strong Team:
Surround yourself with a skilled and motivated team.
Foster a positive and collaborative work culture to enhance productivity and creativity.
Financial Management:
Manage your finances prudently, keeping a close eye on cash flow and budgeting.
Look for cost-effective solutions without compromising on quality.
Customer Focus:
Prioritize customer satisfaction and actively seek feedback.
Use customer insights to improve your products or services continually.
Resilience and Perseverance:
Understand that setbacks are a natural part of business growth.
Stay resilient, learn from failures, and use them as opportunities for improvement.
Effective Communication:
Establish clear and open communication channels within your team.
Clearly communicate your brand's value proposition to customers.
Continuous Learning:
Stay informed about industry trends and advancements.
Invest in your personal and professional development to stay ahead.
Networking:
Build a strong network within your industry.
Leverage relationships for advice, partnerships, and potential collaborations.
Celebrate Small Wins:
Acknowledge and celebrate achievements, even the small ones.
Positive reinforcement boosts morale and motivation.
Remember, success is a journey, and perseverance is key.
Clear Vision and Strategy:
Define a clear vision for your business and set specific, achievable goals.
Develop a robust business plan outlining your objectives, target market, and competitive advantage.
Adaptability and Flexibility:
Stay adaptable and be willing to adjust your strategies based on market feedback and changing circumstances.
Embrace a flexible mindset to navigate unforeseen challenges effectively.
Build a Strong Team:
Surround yourself with a skilled and motivated team.
Foster a positive and collaborative work culture to enhance productivity and creativity.
Financial Management:
Manage your finances prudently, keeping a close eye on cash flow and budgeting.
Look for cost-effective solutions without compromising on quality.
Customer Focus:
Prioritize customer satisfaction and actively seek feedback.
Use customer insights to improve your products or services continually.
Resilience and Perseverance:
Understand that setbacks are a natural part of business growth.
Stay resilient, learn from failures, and use them as opportunities for improvement.
Effective Communication:
Establish clear and open communication channels within your team.
Clearly communicate your brand's value proposition to customers.
Continuous Learning:
Stay informed about industry trends and advancements.
Invest in your personal and professional development to stay ahead.
Networking:
Build a strong network within your industry.
Leverage relationships for advice, partnerships, and potential collaborations.
Celebrate Small Wins:
Acknowledge and celebrate achievements, even the small ones.
Positive reinforcement boosts morale and motivation.
Remember, success is a journey, and perseverance is key.
david kirk
Retired Computing Manager
478
Answers
Syracuse, New York
Updated
david’s Answer
You have already received some encouraging feedback, so I will focus on your question explicitly. To overcome the challenges, you need to first define what they are and how you plan to manage them. Here are some possibilities, but not a complete list.
- You will be collecting taxes for the sale, and if done online, you will be collecting taxes for multiple states and that requires in-depth planning on tax reporting to all states and outstanding record keeping. Failing to do this properly could create problems for your business.
- you will need legal assistance, especially since you will be selling clothing. You will need product liability insurance, business insurance, and (if you have a business location) also property insurance. You may want a trademark for your clothing line. Don't take the legal issues lightly.
- You need a thorough grasp of the administrative costs: website administration, shipping costs, advertising costs, raw materials costs, inventory cost.
- Cashflow will be an immediate challenge, as you will need a large investment prior to selling the first item. This issue of preparing items to sell and waiting for payment will be an ongoing management issue.
- You need a return policy that you can manage.
- Plan on not showing a profit for at least six months, depending on how quickly your items sell. This relates back to my cashflow comments.
The above list may seem daunting, but I offer them now, as you will face them eventually. Having awareness now and a plan will prevent any problems. I wish you the best.
- You will be collecting taxes for the sale, and if done online, you will be collecting taxes for multiple states and that requires in-depth planning on tax reporting to all states and outstanding record keeping. Failing to do this properly could create problems for your business.
- you will need legal assistance, especially since you will be selling clothing. You will need product liability insurance, business insurance, and (if you have a business location) also property insurance. You may want a trademark for your clothing line. Don't take the legal issues lightly.
- You need a thorough grasp of the administrative costs: website administration, shipping costs, advertising costs, raw materials costs, inventory cost.
- Cashflow will be an immediate challenge, as you will need a large investment prior to selling the first item. This issue of preparing items to sell and waiting for payment will be an ongoing management issue.
- You need a return policy that you can manage.
- Plan on not showing a profit for at least six months, depending on how quickly your items sell. This relates back to my cashflow comments.
The above list may seem daunting, but I offer them now, as you will face them eventually. Having awareness now and a plan will prevent any problems. I wish you the best.
tajudeen alabi
Plumbing supervisor
4
Answers
Lagos, Nigeria
Updated
tajudeen’s Answer
Firstly you have to start Apprenticeship or intern under an organisation related to the aspiring business
After this training you will start your media advert through many social media of your choice
Lastly you have to make sure that the quality of your products is Stand out .
Moreover your customer relations must stand out also
Thanks
After this training you will start your media advert through many social media of your choice
Lastly you have to make sure that the quality of your products is Stand out .
Moreover your customer relations must stand out also
Thanks