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What should be done to start a successful and reliable small business?

What should be done to start up a successful and reliable small business?

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Subject: Career question for you

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Bob’s Answer

Rebecca and Dave offer sound advice. But first, you need to decide what problems are you attempting to solve? After all, any service, software or hardware product you may offer for folks to buy, requires a problem future customers need to be solved. And, your solution must offer a better, more efficient service/product at a prudent price point, that will entice the customers to purchase it.
So, I would suggest as you go about your day to think creatively about problems and solutions you might consider offerring.
Speak with entrepreneurs and ask how they selected the problems they wanted to solve for customers. Ask, why their solution is significantly better than other offerings.
Read science magazines and look for new products or services. Attend business trade shows, while in or close to your town, and look at the smaller, entrepreneurial displays-speak with the folks at those booths. Take courses in universities that focus upon entrepreneurship. When we first developed cell phone applications, I had a team of folks come to a meeting, open their briefcases and take out their various paper calendars, their pagers, their cell phones, their address books , their photos, and then work on ideas to put all of the functions in one device. You are now using that device which has, over time, solved many problems.

Bob recommends the following next steps:

Think about problems you may be able to solve. Talk to the folks with those problems.
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Rebecca’s Answer

Thank you for question. I am glad to hear that you want to be entrepreneur. Have you thought about what industry you would like to start your business.
Below are my suggestions:
1. Think about what industry you have interest or your have strength
2. Do some analysis on the industry eg the entry criteria, the competition status, any substitute or alternative, etc
3. Take relevant courses and management courses
4. Work in the industry for some time to understand the operating model and establish people network
5. Start the business online first if feasible
Hope this helps! Good Luck!
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David’s Answer

I agree with Rebecca. It is often best to receive formal education about business or, let's say, engineering. But almost any type of major in college can be helpful if you are determined to start your own business. Keep in mind that working for a company has many advantages, such as relatively inexpensive health insurance, 401k savings, access to tools and equipment, as well as mentors within the company. I had worked for more than 24 years before starting a small side business.
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