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How to survive the first year of starting a business.?

I am a junior in Highschool attending SouthLyon East. I have a interest in business but am not sure which major to go into in college. I really like building and working a business, i have had 2 one making net 10k in sales.

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Kaman’s Answer

Reviewing everyone's answers I think all have great insights and advice. The one thing I will add (as a former young entrepreneur myself, had my first business when I was 13) is to not be afraid to challenge yourself and step out of your comfort zone. Furthermore, it's ok to fail and experience rejection, as long as you are able to learn from the experience and recover/apply your learnings for future endeavors. I personally had 4 businesses that I've started but have not gone the way I would like, until one that I was able to find the right partners and team to sustain consistent business and growth. With that said, one more advice: find people that you can trust and grow with in your company. Best of luck!
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Rebecca’s Answer

Thank you for your question. I am glad to hear that you would like to become an entrepreneur and you have interest in building. Have your thought about what industry you would like to start your business?
Below are my suggestions :
1. Think about what industry you have interest or you have strength? If you like building, do you have interest in civil engineer, construction, architecture design, interior design, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative or substitute, etc.
3. Attend the industry relevant courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online at the beginning if possible
6. Prepare a long term business plan and breakdown into short term milestones. Review the progress regularly and make adjustment if necessary
Hope this helps! Good Luck!
May Almighty God bless you!
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James Constantine’s Answer

Hello Nicholas,

Absolutely, I'm more than willing to guide you with some practical advice on how to successfully navigate the first year of launching your business! Here are some crucial points to concentrate on:

Establish a Detailed Business Blueprint

Before you embark on your entrepreneurial journey, it's crucial to establish a detailed business blueprint. This should encompass your business objectives, intended audience, competitive landscape, promotional tactics, and financial forecasts. A robust blueprint will assist you in maintaining focus and making educated decisions as you traverse the highs and lows of entrepreneurship.

Assemble a Robust Team

As a lone entrepreneur, the allure of handling everything on your own can be strong. However, assembling a robust team can aid in expanding your business and preventing exhaustion. Think about recruiting employees or freelancers who possess skills that complement yours to assist with tasks such as marketing, sales, and operations. Additionally, cultivating a network of mentors and advisors can offer priceless insights and advice as you tackle the hurdles of entrepreneurship.

Remain Flexible and Adaptable

Launching a business often requires shifting and modifying your plans as you gain more understanding of your clientele and market. It's crucial to remain flexible and adaptable, and be prepared to revise your strategy when necessary. This may involve altering your product or service offerings, targeting a different audience, or modifying your pricing strategy.

Prioritize Customer Acquisition and Retention

In the initial stages of your business, attracting and retaining customers are vital to your success. Prioritize forging strong bonds with your customers and delivering exceptional customer service. This can assist in establishing a loyal customer base and augmenting your revenue through repeat business and referrals.

Monitor Your Cash Flow

Cash flow is one of the most significant challenges for fledgling businesses. It's crucial to meticulously manage your finances and ensure that you have sufficient cash reserves to meet your expenses. This may involve formulating a budget, closely tracking your expenses, and exploring financing alternatives such as loans or grants.

Maintain Legal Compliance

Embarking on a business venture involves navigating a complex legal maze, including regulations related to taxes, employment,… (stopped)

BLESSINGS!
James Constantine Frangos.
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Gary’s Answer

Hello Nicholas,

Big cheers to you for embarking on your exciting entrepreneurial journey! It's always smart to have a safety net while you're chasing your dreams. However, it's also worth noting that college isn't the only route to success for everyone. There are indeed colleges that offer specialized paths for budding entrepreneurs. For instance, Babson College stands out as a place that provides specific support for those looking to start their own business. With a rich history of successful alumni and a vast network, it could be a great place to explore!
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Rafael’s Answer

To survive your first year of starting a business, it's important to have a solid business plan, research your market and competition, build a support network of mentors and fellow entrepreneurs, manage your finances wisely, keep learning and stay updated, be adaptable and open to feedback, and most importantly, stay motivated and persistent. When it comes to choosing a college major, consider fields like entrepreneurship, business administration, marketing, or finance, and gain practical experience through internships and courses to explore your interests further. Remember, starting a business requires hard work and determination, but with passion and a willingness to learn!
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Pratiksha’s Answer

Congratulations on your success thus far! You sound like you'd enjoy majoring in business management, economics, political science or some other relevant liberal arts degree based on your interests. Regardless of what major you pursue, I highly suggest taking some courses in finance, accounting, negotiations, supply chain, and content marketing in college. As the CEO of your own company, you will need to have enough knowledge of these areas to be successful. Also, any coursework that involves learning how to manage teams and build relationships are an absolutely essential part of growing in your career!
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Katherine’s Answer

Check out these three resources:

Ken Coleman's book From Paycheck to Purpose

Dave Ramsey's book EntreLeadership

This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
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Fanny’s Answer

Hi Nicolas,
Congratulations on your successful businesses.
To be a successful business owner, you will need perseverance, hard work, and resilience. You will also need to have clarity about what your business adds to the world (what is the need you are solving), and what you could achieve through it (what is your potential revenue).
And don't be afraid of building relationships to support your business and your own path as a business owner. It will be good for you to have mentors (possibly other business owners or leaders), and professionals (like accountants and lenders) who could help along your journey.

Best of luck!
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Wendy’s Answer

Sounds like you already have the fire and drive as an entrepreneur netting your first $10k, congrats! Next on the list is to continue to learn about your industry, What is the demand/longevity of your product(s)? Is the business scalable? Cost of operations? All in all a business strategy with key timelines goals will help provide line of scope of your business. Educate and learn about competition and surround yourself with mentors and peers that have that entrepreneurial passion, and lastly keep innovating.
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Casey’s Answer

Congratulations on your first 2 businesses! That is very impressive for anyone, especially someone in highschool! Many colleges offer an entrepreneur major, which is great to get a broad range of information especially relating to starting your own business. If there are specific areas of your business that have gotten you more excited than others, it might be worth it to explore majors related to go deeper into those, or at least consider a minor in one of those areas! Management, Economics, Marketing, Supply Chain and Finance are all great specialty areas to understand with owning a business.

Best of luck to you!
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See Ling’s Answer

Great job on your entrepreneurial journey!

If your enterprise demands certain skills, it's definitely a worthy pursuit to expand your knowledge, particularly if you're passionate about it. I often find that delving into more technical or specialized areas can be challenging once you're immersed in the professional world.

Courses in entrepreneurship provide a comprehensive view of business operations. Managing cash flow, in particular, is a crucial component of business ownership. So, keep going and keep growing!
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Vanessa E.’s Answer

Surviving the first year of starting a business is a commendable goal, especially with your entrepreneurial spirit already shining through at such a young age. Here are some strategic tips to navigate this exciting, albeit challenging, phase:

Develop a detailed business plan that outlines your vision, target market, unique value proposition, marketing strategy, and financial projections. This plan will be your roadmap and can help you stay focused and organized.

Keep a close eye on your cash flow. Understanding where every dollar is coming from and going is crucial. Budget wisely, minimize unnecessary expenses, and always have a financial buffer for unexpected situations.

The business world is ever-evolving, so staying informed about your industry, market trends, and business best practices is essential. This learning can come from books, online courses, mentors, and even from your own mistakes.

Surround yourself with mentors, advisers, and peers who can provide guidance, support, and feedback. Networking can also open up opportunities for partnerships, sales, and growth.

Your early customers can become loyal advocates for your brand. Listen to their feedback, address their needs, and exceed their expectations whenever possible. Happy customers can lead to referrals and repeat business.

Be ready to change direction if something isn’t working. Flexibility can be one of your greatest assets. Sometimes, the initial plan needs to be adjusted based on market feedback or new opportunities.

The stress of starting a business can be super overwhelming. Ensure you're balancing work with rest, hobbies, and time with loved ones. Your well-being is crucial to maintaining the stamina needed for entrepreneurial success.

Regarding your interest in business and uncertainty about which major to choose in college, consider majors that offer a broad understanding of business fundamentals such as Business Administration, Entrepreneurship, Marketing, or Finance. These can provide a solid foundation for running and understanding different aspects of a business.

Given your early success and interest, engaging in extracurricular activities related to business, such as DECA or a school business club, and seeking internships or mentorship opportunities in local businesses can be invaluable. These experiences not only enhance your resume but also give you a practical understanding of business operations and management.

Remember, the journey of entrepreneurship is a marathon, not a sprint. Each challenge is a learning opportunity that prepares you for future success. Keep pushing forward, stay curious, and maintain your passion for building and working within businesses. Your early start and achievements are promising indicators of your potential.
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Michaela’s Answer

Surviving the first year of business and walking away profitable a huge milestone. Congrats on your first of many successes.

A book I recommend is Profit First by Mike Michalowicz. This will help you on the financial side of things for surviving your first year.

Surving the first year of starting a business requires careful planning, resilience, and adaptability. Here are some tips to help you navigate the challenges of the first year:

1. **Set Realistic Expectations**: Understand that the first year of starting a business is likely to be challenging. Set realistic expectations for growth, revenue, and profitability, and be prepared to face setbacks and obstacles along the way.

2. **Develop a Solid Business Plan**: Create a comprehensive business plan that outlines your business concept, target market, competitive analysis, marketing strategy, sales projections, and financial forecasts. Your business plan will serve as a roadmap for guiding your decisions and actions in the first year and beyond.

3. **Focus on Cash Flow**: Cash flow is critical to the survival of any business, especially in the first year. Monitor your cash flow closely, manage expenses effectively, and ensure you have enough working capital to cover your operating costs and unforeseen expenses.

4. **Stay Lean and Agile**: Keep your overhead costs low and operate as leanly as possible during the first year. Focus on generating revenue and acquiring customers, and be willing to adapt your business model based on feedback and market conditions.

5. **Build a Strong Support Network**: Surround yourself with mentors, advisors, and peers who can offer guidance, support, and encouragement as you navigate the challenges of starting a business. Seek out networking opportunities, join entrepreneurship programs or organizations, and leverage online resources and communities for support.

6. **Stay Customer-Centric**: Prioritize your customers' needs and satisfaction above all else. Listen to customer feedback, address their concerns promptly, and continuously strive to improve your products or services to meet their expectations.

7. **Embrace Failure and Learn from Mistakes**: Accept that failure is a natural part of the entrepreneurial journey and view setbacks as opportunities for growth and learning. Be resilient in the face of challenges, adapt quickly to changing circumstances, and use failures as valuable lessons to inform your future decisions and actions.

8. **Stay Focused and Persistent**: Stay focused on your long-term vision and goals, even when faced with short-term setbacks or obstacles. Be persistent in pursuing your objectives, remain committed to your business idea, and keep pushing forward, one step at a time.

9. **Celebrate Milestones and Achievements**: Take time to acknowledge and celebrate your achievements and milestones along the way, no matter how small. Recognize your progress, celebrate your successes, and use them as motivation to keep moving forward.

10. **Seek Continuous Improvement**: Continuously evaluate your business performance, identify areas for improvement, and seek opportunities for innovation and growth. Stay agile and adaptable, be willing to pivot or adjust your strategy as needed, and always strive for continuous improvement and excellence.
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