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What are some good tips for starting a business?

I am wanting to start a business, and I am wanting to know what to learn that is gonna lead me to more success in the field. #business

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Rebecca’s Answer

I am glad to hear that you would like to be an entrepreneur to run your own business. Have you thought about what industry you would like to start your business on?
I would suggest the approach below :
1. Identity the industries you have interest on. It can be something related to your hobbies, favourite subjects, etc.
2. Analyze the industries, e.g. the market condition, demand and supply, competition status, etc. Shortlist one or two industry you would like pursue.
3. Choose the relevant major in the college and find out the entry criteria
4. Explore any intern or part time opportunities to work in the industry. It would be beneficial for you to understand the operation model and establish the network.
5. After your graduation, you can work in the industry in for a short period time. This is for you to accumulate the fund for the start up and experience the real life situation of the industry. If possible, you can start the industry online first.
Hope this helps! Good Luck!
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Max’s Answer

Hi Ethan,

I would recommend to think about a problem that certain people (or businesses) are experiencing that has not been resolved yet. If a large group of people (or businesses) experience the same problem, you can try to find a solution that helps this group to resolve their problem which you could turn into a product that you could sell.

Identifying and resolving a real problem is critical when you are looking to start a business.

Thanks!

Max
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Yetunde’s Answer

Hi Ethan,

The first and foremost thing to note is running a business requires your "all" in ensuring that you succeed and sometimes businesses become acquired and or fold up and so its important to take an account of your progress at every stage to be able to ascertain if you're doing anything or everything right or wrong.

1. Understand what need or painpoint you are looking to solve for and in what industry or market would this be
2. Do a feasibility study that involves proposed customers/target market or audience, competition, funding source (personal or loan - how capital intensive is your intended business going to be), staff strength (would you be starting off as a sole proprietor or employing a few people and some more along the line)
3. What's your 2-5year plan going to be, a risk mitigation plan should also be put in place
4. There should be a clear cut line between how much involvement you want from family and friends
5. Always! Always!! document and draw up contracts - have a legal backing
6. Be the major shareholder, for situations where you want to take on new investors and never give anyone more equity than necessary in proportion to their commitment and involvement

I would advice joining an already established business or taking an internship to learn the ropes before starting yours for the sake of experience and being able to cut short avoidable errors/mistakes and get enough capital.

All the best and God bless you!
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Anthony’s Answer

Please, note the following
concerning starting a business :-
1. Identification of type of
business.
2. Consider the goal/goals of the
business.
3. Consideration of the INTEREST
and KNOWLEDGE you have in
the business.
4. Consideration of the
EXPERIENCE and ABILITY you
have to perform to achieve
your objectives.
5. The need for finances/capital.
6. The need for hard work,
faithfulness and transparency
in all your activities.

Best wishes to you.
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