5 answers
Suan
Student
Bowling Green, Kentucky
1
Question
Updated
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How difficult is it to really complete your goal of creating a successful business and living financially comfortable?
I have personally heard that if you're just at the right place at the right time then yes there is a chance to become really successful in the business you have created. It is also still very difficult in creating one because of sponsors and etc. Also the city you're in is also a very big component in creating a successful business.
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4 answers
Mike Doria
Strategic Communications
9
Answers
Henderson, Nevada
Updated
Mike’s Answer
Hi Suan,
You brought up two interesting pieces of information that are not typically the first thing people bring up. You mentioned sponsors and the city in which you live playing roles in the success of a small business. You can only control one of those factors -- the City you live in. Can living in a different city that is better aligned with your company or requires it boost the chances of success? Yes. But the only way you're going to know whether your business has a good chance at success is by creating a business plan, creating buyer personas, looking at funnels, social channels, market trends, and, of course, the budget for all of this. A business can be a fantastic opportunity, but it does require a lot of work. If you worked at someone else's company, you'd go to work each day, do your job, and go home. It's not quite the same when you own a business. You are responsible for human resources, billing, business development, marketing, public relations, and customer service.
What I'm getting at is -- external factors are going to play a part in all of this, sure. But you will play the most significant part. You have to be willing to get up every day and keep working until you reach a point where the business is thriving. That takes time. On a scale of 1 to 10, the difficulty in starting a company that will allow you to be financially free is an 11. It's not impossible, but it isn't easy either. Ask yourself this: If a golden opportunity presented itself to you, would you take it, or turn it down to continue working on your business?
If you picked the golden opportunity, then starting a business probably isn't in your best interest. I'm not saying this to detour you. I'm saying this because whatever business you do start is always in the customer's interest, not really yours. Make sense? I hope this helps, and I wish you the best of luck!
You brought up two interesting pieces of information that are not typically the first thing people bring up. You mentioned sponsors and the city in which you live playing roles in the success of a small business. You can only control one of those factors -- the City you live in. Can living in a different city that is better aligned with your company or requires it boost the chances of success? Yes. But the only way you're going to know whether your business has a good chance at success is by creating a business plan, creating buyer personas, looking at funnels, social channels, market trends, and, of course, the budget for all of this. A business can be a fantastic opportunity, but it does require a lot of work. If you worked at someone else's company, you'd go to work each day, do your job, and go home. It's not quite the same when you own a business. You are responsible for human resources, billing, business development, marketing, public relations, and customer service.
What I'm getting at is -- external factors are going to play a part in all of this, sure. But you will play the most significant part. You have to be willing to get up every day and keep working until you reach a point where the business is thriving. That takes time. On a scale of 1 to 10, the difficulty in starting a company that will allow you to be financially free is an 11. It's not impossible, but it isn't easy either. Ask yourself this: If a golden opportunity presented itself to you, would you take it, or turn it down to continue working on your business?
If you picked the golden opportunity, then starting a business probably isn't in your best interest. I'm not saying this to detour you. I'm saying this because whatever business you do start is always in the customer's interest, not really yours. Make sense? I hope this helps, and I wish you the best of luck!
Wong Loke Yuen
Head of Programme cum Senior Lecturer
645
Answers
Johor Bahru, Johor, Malaysia
Updated
Wong’s Answer
Hi Suan. One thing I've learned through personal experience and observing others is that while being in the right place at the right time can give you an edge, there's still a lot of work that needs to be done to turn your business into a thriving success.
Starting a business is difficult in many ways. One of the biggest challenges is money. To start a business, you need some capital, and even after launching, it can take time before you start making a steady profit. A lot of businesses rely on investors or sponsors to get things off the ground. But finding the right people to invest in your business can be hard. You have to prove your idea is good and show that you have what it takes to make it work. This means you'll need a strong business plan, a clear vision, and the ability to pitch your idea to potential backers.
Another challenge is the location of your business. The city or area you're in can really impact your success. Some places are just better suited for certain types of businesses. Being in the right place where there are customers, investors, and a strong business community can give your business a big advantage.
Achieving financial comfort through business isn't easy, but it's possible if you're willing to put in the effort, learn from your mistakes, and keep pushing forward. Good luck.
Starting a business is difficult in many ways. One of the biggest challenges is money. To start a business, you need some capital, and even after launching, it can take time before you start making a steady profit. A lot of businesses rely on investors or sponsors to get things off the ground. But finding the right people to invest in your business can be hard. You have to prove your idea is good and show that you have what it takes to make it work. This means you'll need a strong business plan, a clear vision, and the ability to pitch your idea to potential backers.
Another challenge is the location of your business. The city or area you're in can really impact your success. Some places are just better suited for certain types of businesses. Being in the right place where there are customers, investors, and a strong business community can give your business a big advantage.
Achieving financial comfort through business isn't easy, but it's possible if you're willing to put in the effort, learn from your mistakes, and keep pushing forward. Good luck.
Harry Clapeck
Manufacturing
46
Answers
Scottsdale, Arizona
Updated
Harry’s Answer
Hi Suan,
Mike has some good answers and should start your thinking. Let me add a few comments.
The right place and the right time aren't that important. You can't sell ice in Alaska, nor heaters at the equator - just common sense. If you want to be successful, it depends purely on customer needs - as Mike said. If you study any successful business, they all have one thing in common. Someone figured out what customers wanted, or needed, and found a way to deliver it to them. That removes the need for luck or living in the right city. Find what a customer needs or is missing and find a way to deliver it to them. Or, find a better product (the better mousetrap), perfect it and patent it.
Good luck Suan.
Harry
Mike has some good answers and should start your thinking. Let me add a few comments.
The right place and the right time aren't that important. You can't sell ice in Alaska, nor heaters at the equator - just common sense. If you want to be successful, it depends purely on customer needs - as Mike said. If you study any successful business, they all have one thing in common. Someone figured out what customers wanted, or needed, and found a way to deliver it to them. That removes the need for luck or living in the right city. Find what a customer needs or is missing and find a way to deliver it to them. Or, find a better product (the better mousetrap), perfect it and patent it.
Good luck Suan.
Harry
Gerald Campbell
Music Producer
6
Answers
Miami, Florida
Updated
Gerald’s Answer
It depends on what you define as difficult. Market research, problem-solving, being a self-starter, and all the skill sets associated with entrepreneurship are important. Being willing to move to a city that offers the opportunities you want is also important.
Becoming a likable, social, and friendly person can go a long way in building relationships and connections.
“Difficult” is subjective — challenging, yes — but to me, working for 3–5 years to get something started and seeing results isn’t difficult; it’s just challenging. Avoid getting too comfortable too soon. Get out, work hard, and find ways to provide value. When your business provides value, it will be valued. Reinvest, grow, take feedback seriously, and you’ll be successful.
Becoming a likable, social, and friendly person can go a long way in building relationships and connections.
“Difficult” is subjective — challenging, yes — but to me, working for 3–5 years to get something started and seeing results isn’t difficult; it’s just challenging. Avoid getting too comfortable too soon. Get out, work hard, and find ways to provide value. When your business provides value, it will be valued. Reinvest, grow, take feedback seriously, and you’ll be successful.