4 answers
Janiyah
Student
Maumelle, Arkansas
1
Question
Asked
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How do I start a business and get it to grow successfully?
I am a high school student.
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4 answers
Donald Knapik
VP/ Founding Member at DO iT, LLC
77
Answers
Paoli, Pennsylvania
Updated
Donald’s Answer
Dear Janiyah,
It's inspiring to see so many individuals, like yourself, considering entrepreneurship. Remember, every business begins with an idea. Businesses form the economic backbone of our society, and being a part of that can be immensely rewarding.
Every day, hundreds of businesses spring up worldwide, with investments ranging from a few dollars to colossal sums. For the budding entrepreneur, the journey can be challenging, but with the right knowledge, support, and experience, it can be somewhat easier. It requires hard work and persistence to successfully start and grow a business. Here are some practical steps and important considerations to help you embark on your entrepreneurial journey:
1. Start a "Business Journal": Begin by detailing your business idea as thoroughly as possible. This will help crystallize your thoughts and ideas. Whether you use a computer or paper doesn't matter. What's important is that you document your thoughts, revisions, and the reasons behind any changes in your thinking.
2. Include a "Mission Statement": This will serve as a guide to keep you focused. It could be a simple sentence or a detailed document that encapsulates the core values and goals of your business.
3. Evaluate your skills and resources: Do you possess the necessary communication skills, sales ability, and technical knowledge to market and sell your product or service? Do you have the financial backing to start your venture? It's essential to list the resources you need, the resources you have, and the gap between the two. Filling in these gaps will be a crucial part of your business planning.
4. Define your business: Who are your potential customers, and why would they buy your product or services? Have you researched other companies in your field? How will your business stand out from the competition?
Once you've addressed these points, you'll be ready to start drafting a formal business plan, meeting regulatory requirements, and fleshing out the details of your business concept and delivery scheme.
If your business idea is something you're passionate about and you believe it will positively impact your community and customers (and your wallet), then you're likely on the right track. Remember, all of this planning doesn't cost a thing, and you can start right now.
As for ensuring your business's success, it boils down to time, effort, and learning from your mistakes. Listen to your customers and take their feedback seriously. Here are some fundamental principles applicable to all businesses:
1. Strive for profitability - don't run your business at a loss.
2. Ensure your revenue always exceeds your expenses - know your costs.
3. Maintain a financial safety net - always have a backup plan.
4. Seek the truth - don't just assume, do your research.
5. Adapt to your market - stay updated with market changes.
6. Show compassion - remember, business is about people, community, and the environment.
I hope you find this advice helpful. I started my business later in life and ran it for many years, finding it to be a rewarding experience. I wish the same for you!
Best Regards,
Don Knapik
Look at the "Small Business Administration" website gor information on their requirements for business loans and advise in starting a business..
Talk with business owners in your community to find what challenges they worked through in starting their businesses. When you do this, consider doing some research about their company so you are knowledgable about what they do, when they started and how they contribute positively to their customers. Dress appropriately (see what their wearing) and know that if you want to be taken seriously, you'll have to act accordingly.
There probably is a business owners associtation in your community. Ask if they might allow you to participate in their events and listen closely to the type of conversations their having
Talk with your business teachers and get their thoughts on what you are thinking.
Talk with your local bank and see what the requirements for business loans are in your community.
It's inspiring to see so many individuals, like yourself, considering entrepreneurship. Remember, every business begins with an idea. Businesses form the economic backbone of our society, and being a part of that can be immensely rewarding.
Every day, hundreds of businesses spring up worldwide, with investments ranging from a few dollars to colossal sums. For the budding entrepreneur, the journey can be challenging, but with the right knowledge, support, and experience, it can be somewhat easier. It requires hard work and persistence to successfully start and grow a business. Here are some practical steps and important considerations to help you embark on your entrepreneurial journey:
1. Start a "Business Journal": Begin by detailing your business idea as thoroughly as possible. This will help crystallize your thoughts and ideas. Whether you use a computer or paper doesn't matter. What's important is that you document your thoughts, revisions, and the reasons behind any changes in your thinking.
2. Include a "Mission Statement": This will serve as a guide to keep you focused. It could be a simple sentence or a detailed document that encapsulates the core values and goals of your business.
3. Evaluate your skills and resources: Do you possess the necessary communication skills, sales ability, and technical knowledge to market and sell your product or service? Do you have the financial backing to start your venture? It's essential to list the resources you need, the resources you have, and the gap between the two. Filling in these gaps will be a crucial part of your business planning.
4. Define your business: Who are your potential customers, and why would they buy your product or services? Have you researched other companies in your field? How will your business stand out from the competition?
Once you've addressed these points, you'll be ready to start drafting a formal business plan, meeting regulatory requirements, and fleshing out the details of your business concept and delivery scheme.
If your business idea is something you're passionate about and you believe it will positively impact your community and customers (and your wallet), then you're likely on the right track. Remember, all of this planning doesn't cost a thing, and you can start right now.
As for ensuring your business's success, it boils down to time, effort, and learning from your mistakes. Listen to your customers and take their feedback seriously. Here are some fundamental principles applicable to all businesses:
1. Strive for profitability - don't run your business at a loss.
2. Ensure your revenue always exceeds your expenses - know your costs.
3. Maintain a financial safety net - always have a backup plan.
4. Seek the truth - don't just assume, do your research.
5. Adapt to your market - stay updated with market changes.
6. Show compassion - remember, business is about people, community, and the environment.
I hope you find this advice helpful. I started my business later in life and ran it for many years, finding it to be a rewarding experience. I wish the same for you!
Best Regards,
Don Knapik
Donald recommends the following next steps:
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
222
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
This workbook might give some helpful ideas and steps.
https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng
https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng
Rebecca Tang
Banking
1514
Answers
Hong Kong
Updated
Rebecca’s Answer
Hi, thank you for your question. I am glad to know that you want to be an entrepreneur. Have you thought about what business you want to start your business.
Below are my suggestions:
1. Identify the industry you want to start your business, eg something you have interest or you have strength
2. Do some analysis on the industry, eg the entry criteria, competition status, any alternative or substitute
3. Study some course related to the industry and management course
4. Work in the industry for some time to understand the business model and establish people network
5. Start the business online first if feasible
Hope this helps! Good Luck!
Below are my suggestions:
1. Identify the industry you want to start your business, eg something you have interest or you have strength
2. Do some analysis on the industry, eg the entry criteria, competition status, any alternative or substitute
3. Study some course related to the industry and management course
4. Work in the industry for some time to understand the business model and establish people network
5. Start the business online first if feasible
Hope this helps! Good Luck!
Daniel Maynes
Credit Manager
188
Answers
Dallas, Texas
Updated
Daniel’s Answer
Hi Janiyah!
I would suggest the below 3 steps to help you start your own business.
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!
Read Dream Big by Bob Goff
Read the The 4 Disciplines of Execution: Achieving Your Wildly Important Goals by Chris McChesney, Sean Covey, and Jim Huling
I would suggest the below 3 steps to help you start your own business.
1. You need to register your business with the Secretary of State (SOS). Most businesses register in the state where the business is actually located (HQ Address). At the same time you will need to decide the entity type for your business such as a LLC, Inc, LTD. Make sure you register with a state so your business can operate legally.
2. Come up with a business plan. This would include items such as operations, location, capital/funding, vision/mission statement etc. You can easily get lost in the weeds on this part. Don't get caught up in details that you can figure out later. Think big picture and ask yourself what is your business really trying to accomplish? That is always a good starting point on a business plan!
3. Lastly, come up with different business goals and set dates when you want to accomplish them. Setting a timeline will help you stay on track and know where you are in the process. It is very difficult but don't let yourself get caught up in the whirlwind of the "day to day." Meaning, set yourself and the business up with clear goals and do your best to not let the "daily fires" use up all your time. Inadvertently, you will have to attend to some of these daily fires but make sure you block off time to keep the vison of the company alive.
Out of the many business books I have read, if I could only suggest two books to you, it would be the books below. Hope these thoughts help and good luck on the journey!
Daniel recommends the following next steps: