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How can i be a successful business owner

Im a 12th grader who is looking to start a business #business

+25 Karma if successful
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To: Friend
Subject: Career question for you

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Holly’s Answer

I am not a business owner nor entrepreneur, but I am very interested in business and listen to several podcasts around people doing their startup.

I think the lessons boiled down are:

1. Don't let your idea just be your idea. Action is necessary.
2. Be ready and open to learning from failure.
3. Have grit. Live and breathe your business.
4. Stick with your values. Don't compromise them.

I'm including a list of my favorite business podcasts.

Holly recommends the following next steps:

How I Built This: https://www.npr.org/podcasts/510313/how-i-built-this
Start Up: https://gimletmedia.com/shows/startup
Without Fail: https://gimletmedia.com/shows/without-fail
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Brad’s Answer

Donovan
Don't be afraid to take a chance but avoid debt as much as possible, especially since you are young and have limited experience, other than that find something you are passionate about and go all in. Also like this question don't be afraid to ask for advice but most importantly follow your heart. Good luck!
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Cullen’s Answer

Hey Donovan! First, make sure that you are very passionate about the business that you are starting because the time commitment for running your own business is quite substantial. Second, put your customers first in all decisions that you make. Third, hire the best people in the world that share that same passion - as it takes a strong, committed team to build and grow a business. If you are looking to start a company in the technology space, find some great books (ie: Lean Startup, etc) that can help give you a solid foundation for how/where to begin. Good luck!
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Lison H’s Answer

Always choose a line of business that you are passionate about. Chose a business that you would gladly run if money was not a priority. That way on those days that are frustrating and difficult to get through you are able to remember the reason you started and find that passion that lies deep in your heart. That's the best way in my opinion to start, keep, and succeed with any business.
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Craig’s Answer

Start of small, have integrity and good ethics
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Hassan’s Answer

Homework, homework, homework. You'll need to understand the business environment that you're going to launch your business in. Who are the competitors, what are the products, how can you differentiate yourself. Which competitors are doing well or failing and why?

Once you have an idea for a product or service then you need to decide if its feasible to start on your own or start off working for a similar business to get experience.

Get help and insights from other entrepreneurs and resources like https://smallbusiness.chron.com/start-up-small-business-1356.html or https://www.forbes.com/sites/allbusiness/2018/07/15/35-step-guide-entrepreneurs-starting-a-business/



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Anthony’s Answer

Hello Donavan, I am happy to help answer your question!

If you are looking to be successful owning a business, I would recommend reaching out and connecting with professionals who have already accomplished this. The best way to reach out would be through LinkedIn. See if you can connect with small business owners, as they will probably be more likely to respond than the CEO of a major company. If/when they do respond, let them know what you are interested in doing, and then set up some time to talk with them. During this conversation, ask questions about their experience. Find out what steps they had to complete to get started, what their day-to-day responsibilities look like, and what some of their biggest challenges have been. Really take the time to find out as much as you can from them, as this will be a great resource for you when you are starting out. They will be able to provide you with firsthand insight and experience that can help you get going. I would also recommend reading as much as you can, as many successful business owners have written books about how they were able to find their success. Reading their stories can be another great resource for you to be successful. Finally, you need to be ready to work hard, respond to failure, and be ready to take financial risks early on. If you can do these things, you should have a good opportunity to be successful in the long run!
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Simeon’s Answer

You'll want to develop a detailed business plan. Understand your costs including insurance, leasing, taxes, employees costs, advertising, etc. There are business plan softwares that you can purchase that will guide you through this process. Do a market analysis to see what the demand is for the industry you're looking to get into and if you have a unique way of breaking into the market. Talk to people from the industry to see what challenges are unique to that industry.
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Donald’s Answer

Congratulations Donavan,

By joining the business community, you'll be part of a very talented group
of individuals that keeps our Country's economy moving ahead. But remember,
success is not guaranteed, there will be challenges and you will have to work very hard.

So here are some questions you might ask yourself to prepare for your venture:

Have you defined what your business will be, who are your likely customers and
why they are likely to purchase your product or services? Have you explored
other companies in the same field? How would you differentiate your business
from theirs? Is there a market for your product or service where you live?

Do you have the core competencies to start the business? That is, the analytical
skills, financial tools, marketing strategy etc. It helps to list the resources you
need, the resources you have and the gap between the two. Filling in the gaps
with resources will be an important part of your business planning.
It might be experience, It might be more school, It might be finances.
The more comprehensive your list is, the greater the chance for success.

Do you have the financial backing to embark on your venture? If you’re living at
home and are receiving food, clothing and shelter, insurance, transportation and
a space for your venture, that’s great. If you are missing any of these resources, it
will be necessary to provide them while you are starting your business. That said,
people have started businesses on a “shoestring” but it is VERY difficult to do and
contributes to the already high stress involved with a startup.

Once you have some of these questions answered, you’ll be ready to begin a
business plan, developing all the details of your concept and delivery
scheme. Start painting a picture in your mind of what your business would be like
and write down your thoughts or build a file that you can always have to go back to.

The great part about forming a business is that it costs nothing to start the planning process.
It costs nothing to plan your future and you can start right now. And when you are making
life decisions, don't forget to ask ,"How will this impact my future business".

Start simple, start small, start now!

Good Luck,

Don Knapik

Donald recommends the following next steps:

Make a plan on how you will plan your venture. Be sure to include a schedule...what it will be....what will it look like.
Talk with business owners that you do business with, find out what their start-up experience was like.
Define what success would be for you.....if it's simply making a lot of money.....be careful on how you go forward.
If there is a small business owners association in your area, explore joining it. Some will welcome students thinking of a business career
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Bart’s Answer

Great question and one I had to learn myself. As a business owner, you need to identify your customers/prospects needs and wants. Then you also need to understand the competitive landscape and see what your competitors are charging for like services/products. From there you need to establish the "why you". Is your value proposition stronger than your competitors meaning is there more value in what you provide or how you provide versus your competitors. Then you need to share/market that value prop and be able to reiterate the value to the customer/prospect. Beyond that, you need to know the margins you're willing to stay within. This will allow you to compete and win business or know when to walk away. I have learned that there is bad business that you will need to let your competitors take...
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