11 answers
Ben
Student
Holland, Ohio
2
Questions
Asked
718 views
How can I create a successful business?
I am a 16 year old looking to start a business when im older. I'm wondering what can I do to prepare now for my future. What can I do to study, what can I read, etc.
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11 answers
Rebecca Tang
Banking
1875
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:
L Think about what industry you have interest or strength
2. Do some analysis on the industry eg entry criteria, competition status, any alternative or substitute, etc
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:
L Think about what industry you have interest or strength
2. Do some analysis on the industry eg entry criteria, competition status, any alternative or substitute, etc
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!
Thomas Grau
Product Manager
4
Answers
Charlotte, North Carolina
Updated
Thomas’s Answer
Hi Ben, it's great to read you're interested in starting a business! Business owners do need a wide range of skills and knowledge to be successful over time. Introduction to business would be a good start as well as observing new businesses in your community. So many new businesses have started with a great product that addresses an unmet need; getting an Uber from an app on your phone is relativity new! Other successful businesses have improved upon an existing product and iPhones are a great example.
In general, a business needs to make more money (sales), than they spend (cost of sales and operations) to be profitable. While there's so many established businesses, there's always new ones...now that you're curious, I'd look around for new businesses opening up. Might hear about a new grand opening on the radio or see a new opening in your community.
Businesses are about serving people with similar interests, for example a Farmer's market brings together the folks producing the goods, and the customers that want to buy those goods. There's many other examples you can probably observe in your community.
Financial skills are a must and there's many online resources that can help as well as marketing (this means having a product that people want to buy, pricing it competitively, letting people know you and having the mechanisms to sell your product). Research topics around the Marketplace concept, to see the wide variety of approaches to bring buyers and sellers together.
Some questions to ask a business owner; how did you start your business, what's working successfully, what would they change?
Good luck!
In general, a business needs to make more money (sales), than they spend (cost of sales and operations) to be profitable. While there's so many established businesses, there's always new ones...now that you're curious, I'd look around for new businesses opening up. Might hear about a new grand opening on the radio or see a new opening in your community.
Businesses are about serving people with similar interests, for example a Farmer's market brings together the folks producing the goods, and the customers that want to buy those goods. There's many other examples you can probably observe in your community.
Financial skills are a must and there's many online resources that can help as well as marketing (this means having a product that people want to buy, pricing it competitively, letting people know you and having the mechanisms to sell your product). Research topics around the Marketplace concept, to see the wide variety of approaches to bring buyers and sellers together.
Some questions to ask a business owner; how did you start your business, what's working successfully, what would they change?
Good luck!
Joe Ambat
Sales Development
2
Answers
Chicago, Illinois
Updated
Joe’s Answer
Thanks for your question, Ben!
Starting a company can be tough, but it can certainly be a lot easier with a certain set of skills.
1) self-awareness: Know your strengths, know your weaknesses. How do your strengths help your business idea? What can be done to address your weaknesses?
2) NETWORK NETWORK NETWORK: You can have the next Billion Dollar idea in your back pocket, but it will go precisely nowhere without a strong network. Talk to leaders in the industry you're hoping to break into. Get to know what they did to go from 0 to where they are now. Build relationships with people you trust (family, friends, teachers, etc.)
3) Get comfortable being uncomfortable. You'll have to be vulnerable and talk to people about money, talent, etc. They may reject you, they may hand you some pills that will be really hard to swallow, but these are all opportunities for you to LEARN and GROW.
4) Platforms like Youtube, Twitter, LinkedIn, etc. are going to be excellent free resources. They will help you understand your audiences.
5) Don't give up. Having a dream does not entitle you to anything. But it should absolutely fuel your ambition. Tweak you ideas, keep absorbing knowledge, and get your idea off the ground! The regret of not trying will always outweigh the the temporary discomfort of failure.
Get a LinkedIn Account and start following leaders you admire, as well as their companies.
Start InMailing/Emailing people ask them for a few minutes to chat.
Starting a company can be tough, but it can certainly be a lot easier with a certain set of skills.
1) self-awareness: Know your strengths, know your weaknesses. How do your strengths help your business idea? What can be done to address your weaknesses?
2) NETWORK NETWORK NETWORK: You can have the next Billion Dollar idea in your back pocket, but it will go precisely nowhere without a strong network. Talk to leaders in the industry you're hoping to break into. Get to know what they did to go from 0 to where they are now. Build relationships with people you trust (family, friends, teachers, etc.)
3) Get comfortable being uncomfortable. You'll have to be vulnerable and talk to people about money, talent, etc. They may reject you, they may hand you some pills that will be really hard to swallow, but these are all opportunities for you to LEARN and GROW.
4) Platforms like Youtube, Twitter, LinkedIn, etc. are going to be excellent free resources. They will help you understand your audiences.
5) Don't give up. Having a dream does not entitle you to anything. But it should absolutely fuel your ambition. Tweak you ideas, keep absorbing knowledge, and get your idea off the ground! The regret of not trying will always outweigh the the temporary discomfort of failure.
Joe recommends the following next steps:
Kevin P Hust, MBA
Risk Administration and Army Officer
201
Answers
Dallas, Texas
Updated
Kevin P’s Answer
Hi Ben, so before I go into anything I’d like to point out that you doing this research before just jumping into anything is a huge step! So congrats to you!
For the business, running one is unfortunately less about the craft of the subject and more the mundane business tasks. Here is how I mean this, let’s take a dentist for example. Fixing teeth is only about 50%, if not less, of what a dentist who owns his or her practice does. He or she must know about payroll, taxes, attracting new patients, etc. so there is a lot that goes into it.
I’d recommend trying either something you already know to make this easier or going into a franchise. But that can be REALLY expensive! Like really expensive. But if you love something or have a hobby, see if that can be monetized.
Next, I’d recommend reading up on successful founder/CEOs. It’s not so much being able to copy what they did but rather motivation and some tips. People that come to mind, Warren Buffett, Jeff Bezos, Richard Brunson. There are many more. Some more interesting than others.
But give it a try and please do your research before pulling the trigger on any of this!
For the business, running one is unfortunately less about the craft of the subject and more the mundane business tasks. Here is how I mean this, let’s take a dentist for example. Fixing teeth is only about 50%, if not less, of what a dentist who owns his or her practice does. He or she must know about payroll, taxes, attracting new patients, etc. so there is a lot that goes into it.
I’d recommend trying either something you already know to make this easier or going into a franchise. But that can be REALLY expensive! Like really expensive. But if you love something or have a hobby, see if that can be monetized.
Next, I’d recommend reading up on successful founder/CEOs. It’s not so much being able to copy what they did but rather motivation and some tips. People that come to mind, Warren Buffett, Jeff Bezos, Richard Brunson. There are many more. Some more interesting than others.
But give it a try and please do your research before pulling the trigger on any of this!
Harry Clapeck
Manufacturing
28
Answers
Scottsdale, Arizona
Updated
Harry’s Answer
Hi Ben, You have a great opportunity ahead of you and much of the advice is very sound. I would just offer a few additional ones here.
Know your shortcomings. Too many business owners think they know it all. The most successful ones know when to admit it is best to call in the "pros". You might know some basic costs, but not about taxes. That phone call to a specialist (IE: tax planner) could save you frustration and reduce taxes.
Know your market well. You might think you have a great product but if nobody else wants/needs/likes it, You won't sell item 1.
Know your competition. Is your product just a "me too" one? What makes yours different from others? Is it priced well? Can it command a premium price? You only have to sell one hamburger for $1,000,000 and retire, but finding that 1 customer will be a challenge.
Know finances, IE: costs, both short term and long term. What's the cost of making your product/service vs the cost of running the company.
Lastly, remember it is important to pay yourself. If you start out saying you will take a salary later after you get started, you may start pricing yourself too low and never get to raise your price. Or if you do, you might lose too many customers.
Lastly, remember customer service. It takes only one unhappy customer to do a lot of damage quickly, but many satisfied customers to grow the business slowly
Good luck, Ben.
Know your shortcomings. Too many business owners think they know it all. The most successful ones know when to admit it is best to call in the "pros". You might know some basic costs, but not about taxes. That phone call to a specialist (IE: tax planner) could save you frustration and reduce taxes.
Know your market well. You might think you have a great product but if nobody else wants/needs/likes it, You won't sell item 1.
Know your competition. Is your product just a "me too" one? What makes yours different from others? Is it priced well? Can it command a premium price? You only have to sell one hamburger for $1,000,000 and retire, but finding that 1 customer will be a challenge.
Know finances, IE: costs, both short term and long term. What's the cost of making your product/service vs the cost of running the company.
Lastly, remember it is important to pay yourself. If you start out saying you will take a salary later after you get started, you may start pricing yourself too low and never get to raise your price. Or if you do, you might lose too many customers.
Lastly, remember customer service. It takes only one unhappy customer to do a lot of damage quickly, but many satisfied customers to grow the business slowly
Good luck, Ben.
Adaobi Ogheneovo B.SC Acct, MPA , IBM
CLIENT MANAGER
65
Answers
Saint John, New Brunswick, Canada
Updated
Adaobi’s Answer
Creating a successful business involves several key steps:
1. **Identify a Viable Business Idea**: Ensure there's a market need for your product or service.
2. **Create a Business Plan**: Outline your business goals, strategies, and financial projections.
3. **Understand Your Market**: Research your competitors and target audience.
4. **Build a Strong Team**: Hire skilled and motivated individuals.
5. **Focus on Customer Satisfaction**: Provide excellent customer service to build loyalty.
6. **Manage Finances Wisely**: Keep track of your expenses and revenues.
7. **Market Effectively**: Use various marketing strategies to reach your audience.
8. **Adapt and Innovate**: Stay flexible and open to new ideas and changes in the market.
1. **Identify a Viable Business Idea**: Ensure there's a market need for your product or service.
2. **Create a Business Plan**: Outline your business goals, strategies, and financial projections.
3. **Understand Your Market**: Research your competitors and target audience.
4. **Build a Strong Team**: Hire skilled and motivated individuals.
5. **Focus on Customer Satisfaction**: Provide excellent customer service to build loyalty.
6. **Manage Finances Wisely**: Keep track of your expenses and revenues.
7. **Market Effectively**: Use various marketing strategies to reach your audience.
8. **Adapt and Innovate**: Stay flexible and open to new ideas and changes in the market.
Chinyere Okafor
Educationist and Counseling Psychologist
620
Answers
Port Harcourt, Rivers, Nigeria
Updated
Chinyere’s Answer
Hello Ben,
Great to hear that you're already thinking about entrepreneurship at such a young age! Starting a business is an exciting journey, and preparing early can give you a strong foundation. Here are some steps you can take now to prepare for future success:
1. Gain Knowledge in Business
- Read books: Some great books for understanding business basics are:
- Rich Dad Poor Dad by Robert Kiyosaki (personal finance and entrepreneurship)
- The Lean Startup by Eric Ries (how to launch successful businesses)
- Zero to One by Peter Thiel (how to create something new and innovative)
- Atomic Habits by James Clear (building habits for success)
- Business blogs and podcasts: Follow resources like "Entrepreneur", "Harvard Business Review", and podcasts like "How I Built This".
2. Learn Financial Literacy
Understanding how money works is key. Here’s what to study:
- Basics of saving, investing, and budgeting.
- Personal finance tools: Apps like Mint or YNAB can help you practice managing money.
- Online courses: Platforms like Coursera or Udemy offer courses on financial literacy and business fundamentals.
3. Practice Entrepreneurship Early
- Start small ventures: Even small projects like selling items online or creating a blog can teach valuable lessons.
- Develop skills: Freelancing or offering services like tutoring, design, or tech support can build your business acumen.
4. Learn Marketing & Sales
- Understand how businesses attract and retain customers. Consider reading "This Is Marketing" by Seth Godin.
- Learn about digital marketing: Explore social media marketing, SEO, and branding through free resources or classes.
5. Network
- Join clubs or organizations focused on business (e.g., DECA or FBLA).
- Attend events, conferences, or local business meetups to learn and connect with mentors.
6. Improve Critical Thinking and Problem Solving
- Focus on improving your problem-solving skills through puzzles, strategy games, or critical thinking exercises.
- Take courses in entrepreneurship, leadership, and management in school or online.
7. Explore Industries You’re Passionate About
- Whether you’re into tech, fashion, baking, or another field, start studying trends in those industries.
- Consider internships or shadowing professionals in those fields to gain firsthand experience.
Remember: Starting a business is a journey, not a destination. It's important to be patient, persistent, and willing to learn from your mistakes. By taking these steps now, you're setting yourself up for success in the future.
Best wishes!
Great to hear that you're already thinking about entrepreneurship at such a young age! Starting a business is an exciting journey, and preparing early can give you a strong foundation. Here are some steps you can take now to prepare for future success:
1. Gain Knowledge in Business
- Read books: Some great books for understanding business basics are:
- Rich Dad Poor Dad by Robert Kiyosaki (personal finance and entrepreneurship)
- The Lean Startup by Eric Ries (how to launch successful businesses)
- Zero to One by Peter Thiel (how to create something new and innovative)
- Atomic Habits by James Clear (building habits for success)
- Business blogs and podcasts: Follow resources like "Entrepreneur", "Harvard Business Review", and podcasts like "How I Built This".
2. Learn Financial Literacy
Understanding how money works is key. Here’s what to study:
- Basics of saving, investing, and budgeting.
- Personal finance tools: Apps like Mint or YNAB can help you practice managing money.
- Online courses: Platforms like Coursera or Udemy offer courses on financial literacy and business fundamentals.
3. Practice Entrepreneurship Early
- Start small ventures: Even small projects like selling items online or creating a blog can teach valuable lessons.
- Develop skills: Freelancing or offering services like tutoring, design, or tech support can build your business acumen.
4. Learn Marketing & Sales
- Understand how businesses attract and retain customers. Consider reading "This Is Marketing" by Seth Godin.
- Learn about digital marketing: Explore social media marketing, SEO, and branding through free resources or classes.
5. Network
- Join clubs or organizations focused on business (e.g., DECA or FBLA).
- Attend events, conferences, or local business meetups to learn and connect with mentors.
6. Improve Critical Thinking and Problem Solving
- Focus on improving your problem-solving skills through puzzles, strategy games, or critical thinking exercises.
- Take courses in entrepreneurship, leadership, and management in school or online.
7. Explore Industries You’re Passionate About
- Whether you’re into tech, fashion, baking, or another field, start studying trends in those industries.
- Consider internships or shadowing professionals in those fields to gain firsthand experience.
Remember: Starting a business is a journey, not a destination. It's important to be patient, persistent, and willing to learn from your mistakes. By taking these steps now, you're setting yourself up for success in the future.
Best wishes!
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Please, note the following, concerning how you can create a successful business :-
1. Identify the type of business.
2. Show interest in the business.
3. Study/Learn towards the business.
4. Knowing the location of the business.
5. Knowing how to get the required capital to start with the business.
6. Diligence and determination.
Best regards.
1. Identify the type of business.
2. Show interest in the business.
3. Study/Learn towards the business.
4. Knowing the location of the business.
5. Knowing how to get the required capital to start with the business.
6. Diligence and determination.
Best regards.
Giovanni Crispino
Sales
3
Answers
Dublin, County Dublin
Updated
Giovanni’s Answer
To create a successful business, start with something you're passionate about since especially you will have time to make it better and better.
As in many other fields you will have to think about a a problem people or business have - do your research, read a lot and then interviews!! - and and figure out how your business can solve it.
Start small—test your idea with friends or family. Use social media to promote what you’re doing, and keep learning as you go.
Stay patient and focused, and don’t give up if things don’t work right away. And actually I always believed that our mistakes will shape our success better than anything else!! Never regret anything
As in many other fields you will have to think about a a problem people or business have - do your research, read a lot and then interviews!! - and and figure out how your business can solve it.
Start small—test your idea with friends or family. Use social media to promote what you’re doing, and keep learning as you go.
Stay patient and focused, and don’t give up if things don’t work right away. And actually I always believed that our mistakes will shape our success better than anything else!! Never regret anything
Great advice!
Aidan O'Toole
Aidan O'Toole
Sales
5
Answers
Dublin, County Dublin
Updated
Aidan’s Answer
After a decade of pouring my heart and soul into my business, I successfully sold it. Interestingly, the final product was a far cry from what I had initially envisioned. So, here's a friendly piece of advice for those on a similar journey: hard work truly does pay off! Don't get stuck in a rut, repeating the same strategies and expecting different results. Instead, keep your ears open for wisdom from industry leaders and be flexible enough to adapt to the ever-changing market demands. Persistence is key. And hey, don't forget to pay attention to the valuable insights shared below!
Learn from your failures within your business, as their will be a lot! But do not let this deter you from your goals.
Learn from your failures within your business, as their will be a lot! But do not let this deter you from your goals.
Kelly Jones
3
Answers
Updated
Kelly’s Answer
Discover a pursuit that truly ignites your passion and brings you joy. Seek depth and purpose in your actions, as this will fuel your enthusiasm over time. Remember, finding a meaningful purpose is the key to sustaining your motivation in the long run.