3 answers
Wedhar Satya
Student
Bantul, Special Region of Yogyakarta, Indonesia
1
Question
Updated
331 views
How to improve connection to gain insight on business field?
I really want to know how to start a business and how to manage the risk from each sector.
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3 answers
Ivy Egwuenu, MBA, PMP, CSM
Senior Project Manager
6
Answers
Dallas, Texas
Updated
Ivy’s Answer
Hi Wedhar,
Begin by checking out YouTube videos and podcasts about starting a business. Look for mentors on social media platforms like LinkedIn and follow those who have already taken the path you want to follow. You can do this!
Begin by checking out YouTube videos and podcasts about starting a business. Look for mentors on social media platforms like LinkedIn and follow those who have already taken the path you want to follow. You can do this!
Marty Meyer
General Manager
91
Answers
Los Angeles, California
Updated
Marty’s Answer
Starting a business brings up many issues- what's the business? What does the business need to start operating? How is it being funded? Is there money for operating expenses?
Start with a business plan - There are templates for business plans that you can follow - have a look at this one:
Business Plan Template
1. Executive Summary
A one-page snapshot of the business.
Business name:
Location:
Business concept (what you do in one sentence):
Problem you solve:
Target market:
Product/service overview:
Competitive advantage:
Business model (how you make money):
Traction (if any):
Financial highlights:
Funding needed (if applicable):
Vision statement:
2. Company Overview
Who you are and why you exist.
Legal structure:
Ownership:
Founding story:
Mission statement:
Short-term goals (12–24 months):
Long-term objectives (3–5 years):
3. Market Opportunity
Industry Overview
Industry description:
Market size:
Growth trends:
Key drivers:
Target Customer
Primary customer profile:
Secondary segments:
Customer needs:
Buying behavior:
Market Gap
What’s missing in the market:
Why now:
4. Product or Service
Description:
Key features:
Customer benefits:
Unique value proposition:
Development stage:
Intellectual property (if any):
Future roadmap:
5. Competitive Landscape
Direct Competitors
Competitor Strengths Weaknesses
Indirect Alternatives
Substitute solutions customers use today:
Differentiation
Why customers choose you:
Barriers to entry:
6. Business Model
Revenue streams:
Pricing strategy:
Sales channels:
Customer acquisition strategy:
Customer retention strategy:
Partnerships:
7. Go-To-Market Strategy
Marketing
Brand positioning:
Messaging:
Marketing channels:
Launch strategy:
Sales
Sales process:
Sales funnel:
Sales tools & systems:
8. Operations Plan
Key processes:
Facilities/location:
Technology stack:
Equipment:
Suppliers/vendors:
Regulatory considerations:
Scalability plan:
9. Management & Organization
Founder(s):
Leadership team:
Key roles to hire:
Advisors/board:
Organizational structure:
10. Financial Plan
Startup Costs
One-time setup expenses:
Revenue Projections (3–5 years)
Year 1:
Year 2:
Year 3:
Expense Projections
Fixed costs:
Variable costs:
Profitability Timeline
Break-even point:
Cash Flow Summary
11. Risk Analysis
Market risks:
Operational risks:
Financial risks:
Regulatory risks:
Mitigation strategies:
12. Milestones & Timeline
Milestone Target Date
MVP Launch
First 100 Customers
Break-even
Expansion Phase
13. Appendix (Optional)
Resumes
Product visuals
Market research
Legal documents
Financial spreadsheets
Start with a business plan - There are templates for business plans that you can follow - have a look at this one:
Business Plan Template
1. Executive Summary
A one-page snapshot of the business.
Business name:
Location:
Business concept (what you do in one sentence):
Problem you solve:
Target market:
Product/service overview:
Competitive advantage:
Business model (how you make money):
Traction (if any):
Financial highlights:
Funding needed (if applicable):
Vision statement:
2. Company Overview
Who you are and why you exist.
Legal structure:
Ownership:
Founding story:
Mission statement:
Short-term goals (12–24 months):
Long-term objectives (3–5 years):
3. Market Opportunity
Industry Overview
Industry description:
Market size:
Growth trends:
Key drivers:
Target Customer
Primary customer profile:
Secondary segments:
Customer needs:
Buying behavior:
Market Gap
What’s missing in the market:
Why now:
4. Product or Service
Description:
Key features:
Customer benefits:
Unique value proposition:
Development stage:
Intellectual property (if any):
Future roadmap:
5. Competitive Landscape
Direct Competitors
Competitor Strengths Weaknesses
Indirect Alternatives
Substitute solutions customers use today:
Differentiation
Why customers choose you:
Barriers to entry:
6. Business Model
Revenue streams:
Pricing strategy:
Sales channels:
Customer acquisition strategy:
Customer retention strategy:
Partnerships:
7. Go-To-Market Strategy
Marketing
Brand positioning:
Messaging:
Marketing channels:
Launch strategy:
Sales
Sales process:
Sales funnel:
Sales tools & systems:
8. Operations Plan
Key processes:
Facilities/location:
Technology stack:
Equipment:
Suppliers/vendors:
Regulatory considerations:
Scalability plan:
9. Management & Organization
Founder(s):
Leadership team:
Key roles to hire:
Advisors/board:
Organizational structure:
10. Financial Plan
Startup Costs
One-time setup expenses:
Revenue Projections (3–5 years)
Year 1:
Year 2:
Year 3:
Expense Projections
Fixed costs:
Variable costs:
Profitability Timeline
Break-even point:
Cash Flow Summary
11. Risk Analysis
Market risks:
Operational risks:
Financial risks:
Regulatory risks:
Mitigation strategies:
12. Milestones & Timeline
Milestone Target Date
MVP Launch
First 100 Customers
Break-even
Expansion Phase
13. Appendix (Optional)
Resumes
Product visuals
Market research
Legal documents
Financial spreadsheets
Zandy Yeukai Marekera
Front of House Manager
15
Answers
Victoria Falls, Matabeleland North Province
Updated
Zandy Yeukai’s Answer
Hi Wadha😄,
Interesting question there. Improving your connections is actually a great way to learn more about business. Start by talking to people who already work in business, such as local business owners, teachers, or mentors. Ask them questions about how they started and, challenges they faced and how they overcome them.
You can also read business books, watch interviews with entrepreneurs, and join school clubs related to business. The more you learn from others’ experiences, the better you will understand different industries and the risks involved.
Building relationships and staying curious will help you gain valuable insight into the business world.
Interesting question there. Improving your connections is actually a great way to learn more about business. Start by talking to people who already work in business, such as local business owners, teachers, or mentors. Ask them questions about how they started and, challenges they faced and how they overcome them.
You can also read business books, watch interviews with entrepreneurs, and join school clubs related to business. The more you learn from others’ experiences, the better you will understand different industries and the risks involved.
Building relationships and staying curious will help you gain valuable insight into the business world.