8 answers
Eduardo
Student
Yuma, Arizona
1
Question
Updated
477 views
How can I start a business
I would like to start a business when I grow up and I wanted to when I was a little kid and I will not stop until I achieve my goal. And I will like to learn what experience I need to start a business.
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8 answers
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
Hey Eduardo,
The best two resources I know of for building a business are:
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
and Dave Ramsey's book EntreLeadership
You might also like Ken Coleman's book From Paycheck to Purpose.
The best two resources I know of for building a business are:
This workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng)
and Dave Ramsey's book EntreLeadership
You might also like Ken Coleman's book From Paycheck to Purpose.
Rajesh Kumar Subbiah
Manager
39
Answers
Florham Park, New Jersey
Updated
Rajesh Kumar’s Answer
Starting a business is a commendable and achievable goal, but it requires careful planning, dedication, and continuous learning. Here’s a step-by-step guide to help you prepare for and eventually start your own business:
Step 1: Self-Assessment and Skill Development
Self-Assessment:
Passion and Interests: Identify what you’re passionate about and how it can translate into a business idea. Passion keeps you motivated during challenging times.
Strengths and Weaknesses: Understand your strengths and areas for improvement. This will help you leverage your skills and seek help in areas where you need support.
Skill Development:
Education: While formal education isn’t always necessary, a degree in business administration, finance, marketing, or a field related to your business idea can be beneficial.
Online Courses: Platforms like Coursera, edX, LinkedIn Learning, and Udemy offer courses in entrepreneurship, business management, marketing, and more.
Books: Read books on entrepreneurship and business. Some recommendations include:
"The Lean Startup" by Eric Ries
"How to Win Friends and Influence People" by Dale Carnegie
"Rich Dad Poor Dad" by Robert Kiyosaki
Step 2: Gain Practical Experience
Work Experience:
Internships and Jobs: Work in industries or roles related to your business idea. This can provide valuable insights and practical experience.
Volunteering: Volunteer for organizations or events that align with your interests. This helps build your network and skills.
Networking:
Mentorship: Find mentors who are experienced entrepreneurs or business professionals. They can provide guidance, advice, and support.
Networking Events: Attend industry conferences, seminars, and networking events to meet potential partners, investors, and customers.
Step 3: Develop a Business Idea and Plan
Identify a Business Idea:
Market Research: Conduct thorough market research to identify gaps, needs, and opportunities. Understand your target audience and their pain points.
Value Proposition: Define what makes your product or service unique and why customers would choose it over competitors.
Create a Business Plan:
Executive Summary: A brief overview of your business idea, goals, and vision.
Market Analysis: Detailed analysis of your industry, target market, and competition.
Organization and Management: Outline your business structure, ownership, and management team.
Products or Services: Describe your products or services and their benefits.
Marketing and Sales Strategy: Plan how you will attract and retain customers.
Financial Projections: Financial forecasts, including income statements, cash flow statements, and balance sheets.
Funding Requirements: Determine how much capital you need and potential sources of funding.
Step 4: Secure Funding
Funding Options:
Personal Savings: Use your own savings to fund your business.
Friends and Family: Seek financial support from friends and family.
Loans: Apply for business loans from banks or financial institutions.
Investors: Look for angel investors or venture capitalists who are willing to invest in your business.
Crowdfunding: Use platforms like Kickstarter or Indiegogo to raise funds from the public.
Step 5: Launch and Grow Your Business
Legal and Administrative Steps:
Business Structure: Choose a legal structure for your business (e.g., sole proprietorship, partnership, corporation).
Registration: Register your business name and obtain necessary licenses and permits.
Bank Account: Open a business bank account to manage your finances.
Operations:
Location: Choose a suitable location for your business (physical or online).
Suppliers and Vendors: Identify and establish relationships with suppliers and vendors.
Technology: Set up the necessary technology and systems to run your business efficiently.
Marketing and Sales:
Branding: Create a strong brand identity, including a logo, website, and social media presence.
Marketing Plan: Implement your marketing strategies to attract and retain customers.
Sales Strategy: Develop a sales strategy to generate revenue and grow your customer base.
Continuous Improvement:
Feedback: Continuously seek feedback from customers, employees, and mentors to improve your products, services, and operations.
Adaptation: Stay flexible and be willing to adapt to changing market conditions and customer needs.
Learning: Keep learning and stay updated with industry trends, new technologies, and best practices.
Conclusion
Starting a business is a journey that requires thorough preparation, continuous learning, and adaptability. By following these steps and staying committed to your goal, you can successfully start and grow your own business. Remember, perseverance and a willingness to learn from both successes and failures are key to achieving your entrepreneurial dreams. Good luck!
Step 1: Self-Assessment and Skill Development
Self-Assessment:
Passion and Interests: Identify what you’re passionate about and how it can translate into a business idea. Passion keeps you motivated during challenging times.
Strengths and Weaknesses: Understand your strengths and areas for improvement. This will help you leverage your skills and seek help in areas where you need support.
Skill Development:
Education: While formal education isn’t always necessary, a degree in business administration, finance, marketing, or a field related to your business idea can be beneficial.
Online Courses: Platforms like Coursera, edX, LinkedIn Learning, and Udemy offer courses in entrepreneurship, business management, marketing, and more.
Books: Read books on entrepreneurship and business. Some recommendations include:
"The Lean Startup" by Eric Ries
"How to Win Friends and Influence People" by Dale Carnegie
"Rich Dad Poor Dad" by Robert Kiyosaki
Step 2: Gain Practical Experience
Work Experience:
Internships and Jobs: Work in industries or roles related to your business idea. This can provide valuable insights and practical experience.
Volunteering: Volunteer for organizations or events that align with your interests. This helps build your network and skills.
Networking:
Mentorship: Find mentors who are experienced entrepreneurs or business professionals. They can provide guidance, advice, and support.
Networking Events: Attend industry conferences, seminars, and networking events to meet potential partners, investors, and customers.
Step 3: Develop a Business Idea and Plan
Identify a Business Idea:
Market Research: Conduct thorough market research to identify gaps, needs, and opportunities. Understand your target audience and their pain points.
Value Proposition: Define what makes your product or service unique and why customers would choose it over competitors.
Create a Business Plan:
Executive Summary: A brief overview of your business idea, goals, and vision.
Market Analysis: Detailed analysis of your industry, target market, and competition.
Organization and Management: Outline your business structure, ownership, and management team.
Products or Services: Describe your products or services and their benefits.
Marketing and Sales Strategy: Plan how you will attract and retain customers.
Financial Projections: Financial forecasts, including income statements, cash flow statements, and balance sheets.
Funding Requirements: Determine how much capital you need and potential sources of funding.
Step 4: Secure Funding
Funding Options:
Personal Savings: Use your own savings to fund your business.
Friends and Family: Seek financial support from friends and family.
Loans: Apply for business loans from banks or financial institutions.
Investors: Look for angel investors or venture capitalists who are willing to invest in your business.
Crowdfunding: Use platforms like Kickstarter or Indiegogo to raise funds from the public.
Step 5: Launch and Grow Your Business
Legal and Administrative Steps:
Business Structure: Choose a legal structure for your business (e.g., sole proprietorship, partnership, corporation).
Registration: Register your business name and obtain necessary licenses and permits.
Bank Account: Open a business bank account to manage your finances.
Operations:
Location: Choose a suitable location for your business (physical or online).
Suppliers and Vendors: Identify and establish relationships with suppliers and vendors.
Technology: Set up the necessary technology and systems to run your business efficiently.
Marketing and Sales:
Branding: Create a strong brand identity, including a logo, website, and social media presence.
Marketing Plan: Implement your marketing strategies to attract and retain customers.
Sales Strategy: Develop a sales strategy to generate revenue and grow your customer base.
Continuous Improvement:
Feedback: Continuously seek feedback from customers, employees, and mentors to improve your products, services, and operations.
Adaptation: Stay flexible and be willing to adapt to changing market conditions and customer needs.
Learning: Keep learning and stay updated with industry trends, new technologies, and best practices.
Conclusion
Starting a business is a journey that requires thorough preparation, continuous learning, and adaptability. By following these steps and staying committed to your goal, you can successfully start and grow your own business. Remember, perseverance and a willingness to learn from both successes and failures are key to achieving your entrepreneurial dreams. Good luck!
Daniel Howard
Master plumber
5
Answers
Austin, Texas
Updated
Daniel’s Answer
The best advice I can think of is start reading, grow your knowledge. Between the library and internet there's a lot of free content for you. Keep that drive you possess alive! And when it comes to in person advice, remember to only take advice from someone living the life you want. There's plenty of people that will step on your dream, but there just people that won't be in your way to the top! I wish you the best and believe you can do anything you want in life! Take care!
Adaobi Ogheneovo B.SC Acct, MPA , IBM
CLIENT MANAGER
65
Answers
Saint John, New Brunswick, Canada
Updated
Adaobi’s Answer
Starting a business involves several key steps:
1. Idea and Research: Identify a business idea and conduct market research to understand your target audience and competition.
2. Business Plan: Write a business plan outlining your goals, strategies, and financial projections.
3. Legal Structure: Choose a legal structure (e.g., sole proprietorship, partnership, corporation) and register your business.
4. Funding: Secure funding through savings, loans, or investors.
5. **Location and Setup**: Choose a business location and set up your operations, including any necessary equipment and technology.
6. Marketing: Develop a marketing strategy to attract customers.
7. Launch: Officially launch your business and start selling your product or service.
1. Idea and Research: Identify a business idea and conduct market research to understand your target audience and competition.
2. Business Plan: Write a business plan outlining your goals, strategies, and financial projections.
3. Legal Structure: Choose a legal structure (e.g., sole proprietorship, partnership, corporation) and register your business.
4. Funding: Secure funding through savings, loans, or investors.
5. **Location and Setup**: Choose a business location and set up your operations, including any necessary equipment and technology.
6. Marketing: Develop a marketing strategy to attract customers.
7. Launch: Officially launch your business and start selling your product or service.
Katrina Olson
Marketing, Advertising, Communications, Writing, Business
1
Answer
Urbana, Illinois
Updated
Katrina’s Answer
No matter your age, you can gain valuable experience in running a business. Think about simple businesses like dog walking, house sitting, babysitting, or lawn mowing. If you're the creative type, you can create and sell products like crafts, jewelry, or custom handmade signs. My own daughter started a dog-walking and dog-sitting business when she was just 8 years old. She created a flyer and approached our dog-owning neighbors. Later on, our whole family started a fun business hosting horse parties for kids. Remember, there's no time like the present to become a business owner!
Richard Shaw
1
Answer
Dublin, County Dublin
Updated
Richard’s Answer
To kickstart your business, it's essential to identify a unique opportunity, a market void, or an area where you believe you can outshine the current market leader.
It's crucial to swiftly determine your potential profitability and the sustainability of the income from your business.
Next, you'll need to figure out whether you can cover the initial costs of your business. If not, consider exploring partnerships or other ways to lift your company off the ground. Remember, every great business started somewhere. Yours could be next!
It's crucial to swiftly determine your potential profitability and the sustainability of the income from your business.
Next, you'll need to figure out whether you can cover the initial costs of your business. If not, consider exploring partnerships or other ways to lift your company off the ground. Remember, every great business started somewhere. Yours could be next!
Biplab Panda
Engagement Director
70
Answers
Atlanta, Georgia
Updated
Biplab’s Answer
Build experience and expertise in the area in which you want to start a business. Research the market and ensure that you are building a product or solution that your customers actually want and where there is a clear need that isn't already being filled by your larger or more established competitors.
Building a business with partners who you can trust and can complement your skill areas and cover for your weaknesses will be more manageable than trying to do this all by yourself.
Nevertheless, as a business owner you will be expected to know Sales, Finance, aspects of Accounting, and of course your product!
Building a business with partners who you can trust and can complement your skill areas and cover for your weaknesses will be more manageable than trying to do this all by yourself.
Nevertheless, as a business owner you will be expected to know Sales, Finance, aspects of Accounting, and of course your product!
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, relating to how to start a business :-
1. Identify the type of business.
2. Consider the goal of the business.
3. The need to have the requisite knowledge of the business.
4. The location of the business. Is it suitable or otherwise?
5. Availability of favourable marketing conditions.
6. Availability of favourable government policies.
7. The required capital to start the business.
8. Hardworking and Determination.
Best regards.
Please, note the following, relating to how to start a business :-
1. Identify the type of business.
2. Consider the goal of the business.
3. The need to have the requisite knowledge of the business.
4. The location of the business. Is it suitable or otherwise?
5. Availability of favourable marketing conditions.
6. Availability of favourable government policies.
7. The required capital to start the business.
8. Hardworking and Determination.
Best regards.