13 answers
emma
Student
Hardwick, Vermont
1
Question
Asked
950 views
what is the best thing to learn if you want to run your own bussiness?
I'm a highschool student in Vermont
13 answers
Rebecca Tang
Banking
1814
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you want to start your business?
Below are my suggestions:
1. Think about what industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute
3. Attend industry related 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 first if possible
Hope this helps! Good luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about what industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute
3. Attend industry related 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 first if possible
Hope this helps! Good luck!
May Almighty God bless you!
David Loring
Attorney and project management
11
Answers
Seattle, Washington
Updated
David’s Answer
HI Emma. Great question. I'm not sure there really is "an" answer. Though the "answer" to your question may be in the question itself.
You asked what is the best thing you should learn to run your own business. The answer in your question is to "learn".
I was a little surprised, pleasantly, to read what others had written to you because it looks to me as if the responses have a theme running
through them.
As I see it, my response to your question is that there is likely no particular thing to learn, but to learn. Learn as much as you can about everything you can. And, this doesn't mean that you have to become an expert about everything. That's impossible. But if you can learn, read, absorb, watch, listen and simply begin by becoming aware of how much there is out there to be aware of, your odds of succeeding in business will improve.
As one of your responders wrote above, learn about finance, learn about business structure, etc. Another responder suggested you acquire knowledge about a wide range of subjects, etc. And, what I distill from their responses is not necessarily that you learn something super specific, but rather the broad importance of learning.
There are so many things that contribute to doing well in business, or in life, in general. Learn about people and how what you do or say may affect others around you. Learn about discipline and hard work because if you plan on running your own business you'll have more than enough work to do and you need to be disciplined about doing it. Learn about the general field that your business falls into and how that field of business or work relates to other types of businesses and where and how it fits into the larger order of the world around you. Learn about the technical requirements that you will have responsibility for in your business; taxes, record keeping, legal aids and/or restrictions, employee availability, etc. And, maybe most important, learn about yourself. What are your likes and dislikes? What are your strengths and weaknesses? If you choose to work in any given field, working in a field that shares focus with your strengths should make success more likely because we always do better when we're doing the things that we enjoy doing. And, finding out what you don't like doing is important because then you should be looking for others who will help you accomplish doing those things that they do well and that you may not like to do.
So, learn. Learn as much as you can about everything you can and just store it away, to be pulled out and used when that little light comes on that says, "Oh, I remember reading, hearing or seeing something about that. I need to research that some more and learn more about it."
Good luck and have some fun. There's always enough work and rarely enough enjoyment doing it. It doesn't feel quite so much like work if you really enjoy what you're doing.
You asked what is the best thing you should learn to run your own business. The answer in your question is to "learn".
I was a little surprised, pleasantly, to read what others had written to you because it looks to me as if the responses have a theme running
through them.
As I see it, my response to your question is that there is likely no particular thing to learn, but to learn. Learn as much as you can about everything you can. And, this doesn't mean that you have to become an expert about everything. That's impossible. But if you can learn, read, absorb, watch, listen and simply begin by becoming aware of how much there is out there to be aware of, your odds of succeeding in business will improve.
As one of your responders wrote above, learn about finance, learn about business structure, etc. Another responder suggested you acquire knowledge about a wide range of subjects, etc. And, what I distill from their responses is not necessarily that you learn something super specific, but rather the broad importance of learning.
There are so many things that contribute to doing well in business, or in life, in general. Learn about people and how what you do or say may affect others around you. Learn about discipline and hard work because if you plan on running your own business you'll have more than enough work to do and you need to be disciplined about doing it. Learn about the general field that your business falls into and how that field of business or work relates to other types of businesses and where and how it fits into the larger order of the world around you. Learn about the technical requirements that you will have responsibility for in your business; taxes, record keeping, legal aids and/or restrictions, employee availability, etc. And, maybe most important, learn about yourself. What are your likes and dislikes? What are your strengths and weaknesses? If you choose to work in any given field, working in a field that shares focus with your strengths should make success more likely because we always do better when we're doing the things that we enjoy doing. And, finding out what you don't like doing is important because then you should be looking for others who will help you accomplish doing those things that they do well and that you may not like to do.
So, learn. Learn as much as you can about everything you can and just store it away, to be pulled out and used when that little light comes on that says, "Oh, I remember reading, hearing or seeing something about that. I need to research that some more and learn more about it."
Good luck and have some fun. There's always enough work and rarely enough enjoyment doing it. It doesn't feel quite so much like work if you really enjoy what you're doing.
Edward Cogswell
Freelance Artist
15
Answers
Portland, Maine
Updated
Edward’s Answer
Hi, I recommend you make a solid business plan, and set your goals. Next using all the “GOOD “ information available in school, college, tech. Platforms, etc. Knowledge is power. Plan your work, work your plan! You need to also figure out all the logistics involved with running your own company/ business. You’ll have to figure out everything from insurance, to marketing, costs ( profit/loss margins) employees, shipping, development, licensing, permits, accounting….etc,etc. The great thing about choosing a career, and running your own company is that it is one of the most rewarding things you can do in your lifetime. Good luck!
Romain CHARVET
2
Answers
Paris, Île-de-France, France
Updated
Romain’s Answer
Hi Emma,
The beginning is mostly about mindset.
You should focus on solving problems at scale.
1. Find an issue
2. Solve with a service or a product
3. Mesure if a lot of persons/companies are having this issue
4. Define a price for your solution
5. Define costs
6. Verify your profitability
Hope it helps
The beginning is mostly about mindset.
You should focus on solving problems at scale.
1. Find an issue
2. Solve with a service or a product
3. Mesure if a lot of persons/companies are having this issue
4. Define a price for your solution
5. Define costs
6. Verify your profitability
Hope it helps
Lynn Hutchison
Director Strategic Integrated Planning
24
Answers
Dacula, Georgia
Updated
Lynn’s Answer
The most important piece in my opinion is to have a solid business plan. This plan is going to vary greatly based on the type of small business you desire to own. For example, if you start an ice cream shop, your business plan will weigh heavily on location, equipment, start-up costs, staffing, etc. Contrarily if you are opening a home-based travel agency as a sole proprietor, your business plan will weigh heavily on marketing and finding clients, required trainings, growing your knowledge in an area you want to focus on, etc. Either way, having a solid business plan will provide the guiderails for launching that business. Keep in mind that some businesses may have large startup costs but also may have immediate revenue stream (think storefront where people driving by and seeing the business will drive traffic to the store) where other businesses may have lower start up costs but will require a robust marketing plan to get the word out and realize clients and a delay before revenue is realized (think painter or real estate agent).
Joining local networking groups is an excellent way to meet like-minded entrepreneurs and also get the word out on your business so include that in your business plan.
Also buying a franchise may be a quick route to establishing a business if you have the upfront capital available to you. They are business in a box where everything is predefined, but they also require a royalty split with the parent company.
Regardless of the area you pursue, I would encourage you to meet with small business owners in that area and get insights. Ask them hard questions like:
- How long did it take you to start seeing profits?
- If you were starting over, would you go into this business again?
- What has been your biggest obstacle to success?
I wish you the best in your future endeavors!
Joining local networking groups is an excellent way to meet like-minded entrepreneurs and also get the word out on your business so include that in your business plan.
Also buying a franchise may be a quick route to establishing a business if you have the upfront capital available to you. They are business in a box where everything is predefined, but they also require a royalty split with the parent company.
Regardless of the area you pursue, I would encourage you to meet with small business owners in that area and get insights. Ask them hard questions like:
- How long did it take you to start seeing profits?
- If you were starting over, would you go into this business again?
- What has been your biggest obstacle to success?
I wish you the best in your future endeavors!
Mirko Spinelli
Manager
2
Answers
Dublin, County Dublin
Updated
Mirko’s Answer
Hello Emma,
Here's what I believe is crucial for you:
- Formulating and Implementing Business Strategy: This involves crafting a strategic plan for your business and putting it into action.
- Developing a Business Model: It's essential to grasp how to design and confirm a business model. The Business Model Canvas is a useful tool for this purpose.
- Writing a Business Plan: Equip yourself with the skills to draft a business plan that encapsulates your vision, objectives, intended audience, and financial forecasts.
- Setting and Achieving Goals: It's important to learn how to establish quantifiable business targets using the SMART framework and implement them effectively.
I hope this serves as a helpful starting point for your journey.
Here's what I believe is crucial for you:
- Formulating and Implementing Business Strategy: This involves crafting a strategic plan for your business and putting it into action.
- Developing a Business Model: It's essential to grasp how to design and confirm a business model. The Business Model Canvas is a useful tool for this purpose.
- Writing a Business Plan: Equip yourself with the skills to draft a business plan that encapsulates your vision, objectives, intended audience, and financial forecasts.
- Setting and Achieving Goals: It's important to learn how to establish quantifiable business targets using the SMART framework and implement them effectively.
I hope this serves as a helpful starting point for your journey.
Zachary Aboushanab
Account Executive
3
Answers
Dublin, County Dublin
Updated
Zachary’s Answer
Hi Emma!
While I haven't started my own business yet, I do come from a family of entrepreneurs & have studied it as my minor during my IBM bachelors.
My advice would be outside of course content, the best path to development would be to get hands on experience. For me that has been developing my career within companies & managing my family's business. In both instances I try to take advantage of the most abundant resource, the people, who have years & years of experience and best practice to help you develop your own views.
Creating a business (plan) on paper is a relatively easy process. Successfully executing the business in practice is the real challenge.
While I haven't started my own business yet, I do come from a family of entrepreneurs & have studied it as my minor during my IBM bachelors.
My advice would be outside of course content, the best path to development would be to get hands on experience. For me that has been developing my career within companies & managing my family's business. In both instances I try to take advantage of the most abundant resource, the people, who have years & years of experience and best practice to help you develop your own views.
Creating a business (plan) on paper is a relatively easy process. Successfully executing the business in practice is the real challenge.
Joshua Valletta
Technical Support Supervisor
1
Answer
Syracuse, New York
Updated
Joshua’s Answer
Many people will advise you to have a robust plan, but how do you create one? Start by seeking out local small business groups. Many of these groups offer assistance with business planning or even mentorship programs to guide you on your journey.
Your plan should be thorough, including information about similar products or services available in the market where you aim to establish your business. Much of this research can be done before you even begin drafting your business plan, but you'll likely need to gather more data even after you've started. Remember, knowledge is power. The more you understand your market and competitors, the better positioned you'll be to make informed decisions, increasing your chances of success.
Personal determination is crucial for success, but it's equally important to make wise decisions and adjust your strategy when necessary. Don't view this as giving up. Instead, see it as tailoring your approach to overcome any hurdles you encounter on your path to success.
Understand that failure is not the end, but rather a learning opportunity. The lessons you learn from your failures can be invaluable in shaping your business strategy, as well as any future ventures.
To conclude, never hesitate to ask questions, stay curious, remain determined, and don't be afraid to seek help. This advice, which essentially echoes the points made at the beginning, is key to your success.
https://www.sba.gov/
Your plan should be thorough, including information about similar products or services available in the market where you aim to establish your business. Much of this research can be done before you even begin drafting your business plan, but you'll likely need to gather more data even after you've started. Remember, knowledge is power. The more you understand your market and competitors, the better positioned you'll be to make informed decisions, increasing your chances of success.
Personal determination is crucial for success, but it's equally important to make wise decisions and adjust your strategy when necessary. Don't view this as giving up. Instead, see it as tailoring your approach to overcome any hurdles you encounter on your path to success.
Understand that failure is not the end, but rather a learning opportunity. The lessons you learn from your failures can be invaluable in shaping your business strategy, as well as any future ventures.
To conclude, never hesitate to ask questions, stay curious, remain determined, and don't be afraid to seek help. This advice, which essentially echoes the points made at the beginning, is key to your success.
Joshua recommends the following next steps:
Eric Rance
Tech support
1
Answer
Houston, Texas
Updated
Eric’s Answer
Hello there! Here are some friendly tips to kick-start your journey into research and learning:
Financial management: Get a grip on managing your money matters, which includes accounting, budgeting, and fundraising.
Business structure: Discover the best way to structure your business. This can affect your taxes, legal obligations, and personal liability.
Business name: Dive into the process of picking a business name that mirrors your brand and is unique.
Business registration: Understand the steps to register your business with both federal and state governments.
Tax IDs: Get to know how to obtain your federal and state tax IDs.
Business degrees: Think about earning a degree in fields like business administration, economics, or accounting. This can help you learn about business strategies, data analysis, leadership skills, and more.
Online classes: Think about enrolling in online classes to grasp the basics of business.
Blogs: Think about reading blogs to gain knowledge and inspiration on subjects like marketing, sales, service, and more.
Research: Think about doing some research on small businesses to understand your competition and customers better.
Financial management: Get a grip on managing your money matters, which includes accounting, budgeting, and fundraising.
Business structure: Discover the best way to structure your business. This can affect your taxes, legal obligations, and personal liability.
Business name: Dive into the process of picking a business name that mirrors your brand and is unique.
Business registration: Understand the steps to register your business with both federal and state governments.
Tax IDs: Get to know how to obtain your federal and state tax IDs.
Business degrees: Think about earning a degree in fields like business administration, economics, or accounting. This can help you learn about business strategies, data analysis, leadership skills, and more.
Online classes: Think about enrolling in online classes to grasp the basics of business.
Blogs: Think about reading blogs to gain knowledge and inspiration on subjects like marketing, sales, service, and more.
Research: Think about doing some research on small businesses to understand your competition and customers better.
Scott Fisher
Painter
9
Answers
Bloomington, Illinois
Updated
Scott’s Answer
Ask for advice from people in your area that own successful businesses in your area.
You could call tell them your situation and ask to have a short meeting with them . Be respectful of their time but I think most people would be happy to help you!
You could call tell them your situation and ask to have a short meeting with them . Be respectful of their time but I think most people would be happy to help you!
David S
Portfolio Manager
3
Answers
Dallas, Texas
Updated
David’s Answer
I would strongly recommend that you aim to acquire knowledge in a wide range of subjects and fields. This will enable you to effectively collaborate with experts in those areas. Although there's no foolproof formula for success, honing practical skills in diverse disciplines such as sales and marketing, finance and accounting, people management, product development, and legal matters will assist you in making well-informed decisions. A crucial aspect of entrepreneurial success is acknowledging your knowledge gaps and dedicating yourself to lifelong learning.
Vinod Kone
Engineering Management
8
Answers
Austin, Texas
Updated
Vinod’s Answer
As a business owner, it's essential to embrace the values of ownership, discipline, customer first and a growth mindset. Moreover, when you have people working for you, it's crucial to strike a balance between the needs of your company, your employees, and your customers. Most importantly, remember that both success and failures are part and parcel of the business journey. Don't let them weigh you down excessively. Instead, see them as valuable lessons to learn and grow from.
Roi Shomer
Sales
1
Answer
Dublin, County Dublin
Updated
Roi’s Answer
Hi Emma,
I would start with dedicated consulting about the area that you're after; for example, is it retail/food/education etc
Another thing that you may do is
1. Map out your marker
2. Are there any direct/indirect competitors,
3. what capital/loan do you need to take to start?
4.Is your business target Business or Consumers, are you able to run it online or brick and mortar (which requires more investment).
Answering those questions would give a good sense where to start and what would be your initial steps
Good luck!
Roi
I would start with dedicated consulting about the area that you're after; for example, is it retail/food/education etc
Another thing that you may do is
1. Map out your marker
2. Are there any direct/indirect competitors,
3. what capital/loan do you need to take to start?
4.Is your business target Business or Consumers, are you able to run it online or brick and mortar (which requires more investment).
Answering those questions would give a good sense where to start and what would be your initial steps
Good luck!
Roi
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