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How do you start your own business?

i am asking this question because i am a junior that i am interested in majoring in business and creating my own business. i want to start a restaurant or a banquet hall for parties. #business #entrepreneurship #restauranteur

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Sonya’s Answer

I always always stress to anyone interested in starting a business to research the industry, work in the industry to be sure that this is really the career path that you want to pursue.


I would suggest that you take some business management courses if you are not already enrolled in school or a lot of school are offering an entreprenuer cirriculum that might be good for you to look into.


Definitely know your competitors and what they offer. Contact your local Small Business Development and/or SCORE chapters.

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Steve’s Answer

Let's break this down into parts: defining the business and designing the product. Starting a business is really fairly straightforward, at least in the USA. You'll want to incorporate with a lawyer to protect your personal assets from lawsuits. You'll set up a bank account and a credit card so you can send and take money. I'm sure there are many resources for the minimum set of things you need for the business.


The more challenging aspects of starting a business are 1) defining the kind of customers you're trying to delight; 2) designing a product that delights them; and 3) delighting them in a way no one else does (in other words, know the alternatives and competitors).


Bars and restaurants are notorious for opening and closing. They offer a me-too product with a me-too experience. They under-emphasize the importance of convenience to the customer and over-emphasize the convenience (and fun) for the owner.


So with any endeavor you have to ask: What do my customers want that they cannot get elsewhere?


Any business plan would include the following:
BUSINESS: What assets can I leverage?
MARKET: What kind of customers do I serve?
PRODUCT: What unique experience can I provide to these customers?
PROMOTION: How will they know about my product?
SELLING: Once they're interested, how do I sell to them? How do I configure the deliverables? How do I take their money?
SERVICE: What is involved in serving this customer?
OPERATIONS: What is involved in delivering the product?
FINANCIAL: What will my offering cost me to deliver? How much can I charge the customer? When will I make a profit so I can do this full time?


The fundamental question is always: what problems do my customers have that I can solve better than anyone else?

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