5 answers
Cassey
Student
Bronxville, New York
1
Question
Asked
281 views
What should I do to get into business?
I want to be rich and make a lot of money so that I can make a lasting impact on my community and family. I want to make connections with powerful people and be good at my job.
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5 answers
Rebecca Tang
Banking
1512
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be an entrepreneur. I noticed that you would like to get rich and make a lot of money. However, will this make you happy? Money can buy a lot of things but it may not make you happy.
Below are my suggestions :
1. Think about the industries you have interest or strength.
2. Do some analyze on the industry, e.g. Market Competition, Entry Criteria, Any substitute / alternatives, etc. ?
3. Study the relevant courses and management courses
4. Work in the industry some time to understand the operation model
5. Attend the industry seminar to establish people network
6. Start the business online at the beginning if feasible
Hope this helps! Good Luck!
Below are my suggestions :
1. Think about the industries you have interest or strength.
2. Do some analyze on the industry, e.g. Market Competition, Entry Criteria, Any substitute / alternatives, etc. ?
3. Study the relevant courses and management courses
4. Work in the industry some time to understand the operation model
5. Attend the industry seminar to establish people network
6. Start the business online at the beginning if feasible
Hope this helps! Good Luck!
Phyllis Aguilar
Administrative Professional
9
Answers
Land O' Lakes, Florida
Updated
Phyllis’s Answer
Hi Cassey,
I like that you want to become rich so you can make a lasting impact on your community and family. Making that lasting impact is great motivation & a very mature reason for wanting to make a lot of money! Keeping up with your studies and having good grades will be your first tools toward your goal. Knowledge really is power and, the more you learn, the more open you'll be to what kind of business opportunity you can pursue. Perhaps a part time job after school, if your course load allows for it, can start you off with what it takes to "hustle". Just about any job will open you up to the discipline of being an employee. If you're lucky enough to know what field of work you'd like to go into, try to get a job, or maybe a volunteer opportunity there. What's important to remember is that starting off at the bottom and working your way up will teach you so much about business. It will also teach you what you're willing to put up with and when you eventually become someone's boss, you will have the experience behind you to remember that no matter how rich you get, treating all of your employees with respect will earn you the respect you deserve.
Your desire to make connections with powerful people says you have a strong growth mindset, and I have a feeling you are already well on your way to being a great business leader with that attitude. By keeping up with that mindset, starting off by working or volunteering part time and learning all you can will help you move up and eventually, you will be a force to be reckoned with!
All of the best to you,
Phyllis
I like that you want to become rich so you can make a lasting impact on your community and family. Making that lasting impact is great motivation & a very mature reason for wanting to make a lot of money! Keeping up with your studies and having good grades will be your first tools toward your goal. Knowledge really is power and, the more you learn, the more open you'll be to what kind of business opportunity you can pursue. Perhaps a part time job after school, if your course load allows for it, can start you off with what it takes to "hustle". Just about any job will open you up to the discipline of being an employee. If you're lucky enough to know what field of work you'd like to go into, try to get a job, or maybe a volunteer opportunity there. What's important to remember is that starting off at the bottom and working your way up will teach you so much about business. It will also teach you what you're willing to put up with and when you eventually become someone's boss, you will have the experience behind you to remember that no matter how rich you get, treating all of your employees with respect will earn you the respect you deserve.
Your desire to make connections with powerful people says you have a strong growth mindset, and I have a feeling you are already well on your way to being a great business leader with that attitude. By keeping up with that mindset, starting off by working or volunteering part time and learning all you can will help you move up and eventually, you will be a force to be reckoned with!
All of the best to you,
Phyllis
Amritpaul Toor
Business Owner
5
Answers
Bristol, Georgia
Updated
Amritpaul’s Answer
inancial projections, and operational plan. A well-thought-out business plan will guide your actions and attract potential investors or lenders.
Choose a Business Structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has different legal and tax implications, so seek professional advice to make the right choice.
Register Your Business: Register your business name and obtain any necessary licenses or permits required by your local, state, or national government.
Set Up Financial Accounts: Open a separate business bank account to keep your personal and business finances separate. This will help with accounting, tax reporting, and financial management.
Secure Funding: Determine how much capital you need to start and operate your business. Explore funding options such as personal savings, loans, grants, or seeking investors.
Build a Strong Team: If your business requires employees, recruit and hire individuals who are passionate about your business and possess the skills needed to support your vision.
Develop a Marketing Strategy: Create a marketing plan to promote your business and reach your target audience. Utilize digital marketing, social media, content marketing, and other advertising channels to increase brand visibility.
Establish Vendor Relationships: Build relationships with suppliers and vendors to ensure a steady supply of products or materials for your business.
Focus on Customer Service: Deliver exceptional customer service to build customer loyalty and positive word-of-mouth referrals.
Monitor Finances and Performance: Regularly review your financial statements and business performance to make informed decisions and identify areas for improvement.
Stay Compliant: Stay informed about tax obligations, legal requirements, and industry regulations to ensure compliance with laws.
Remember that starting a business requires dedication, hard work, and perseverance. Be prepared to face challenges and adapt to changing circumstances. Seek advice and mentorship from experienced entrepreneurs or business professionals, and be open to learning from your experiences. With determination and a well-executed plan, you can set your business on a path to success.
Choose a Business Structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has different legal and tax implications, so seek professional advice to make the right choice.
Register Your Business: Register your business name and obtain any necessary licenses or permits required by your local, state, or national government.
Set Up Financial Accounts: Open a separate business bank account to keep your personal and business finances separate. This will help with accounting, tax reporting, and financial management.
Secure Funding: Determine how much capital you need to start and operate your business. Explore funding options such as personal savings, loans, grants, or seeking investors.
Build a Strong Team: If your business requires employees, recruit and hire individuals who are passionate about your business and possess the skills needed to support your vision.
Develop a Marketing Strategy: Create a marketing plan to promote your business and reach your target audience. Utilize digital marketing, social media, content marketing, and other advertising channels to increase brand visibility.
Establish Vendor Relationships: Build relationships with suppliers and vendors to ensure a steady supply of products or materials for your business.
Focus on Customer Service: Deliver exceptional customer service to build customer loyalty and positive word-of-mouth referrals.
Monitor Finances and Performance: Regularly review your financial statements and business performance to make informed decisions and identify areas for improvement.
Stay Compliant: Stay informed about tax obligations, legal requirements, and industry regulations to ensure compliance with laws.
Remember that starting a business requires dedication, hard work, and perseverance. Be prepared to face challenges and adapt to changing circumstances. Seek advice and mentorship from experienced entrepreneurs or business professionals, and be open to learning from your experiences. With determination and a well-executed plan, you can set your business on a path to success.
Jeff Barnett
Owner, marketing, sales, IT
8
Answers
Pearland, Texas
Updated
Jeff’s Answer
I have done all of these things but never would have thought to set them as goals early in life. Mainly I just kept my eyes open for opportunities and developed a strong work ethic by treating each place I worked at as if I owned it. I think it is good to have this desire, but I would ask what you are willing to do to get it. I worked myself into the hospital once, I was bankrupt once, but when things took off in my 30's I was an overnight success. :-)
Shahneela Vengus
HR Manager
30
Answers
Karachi, Sindh, Pakistan
Updated
Shahneela’s Answer
Boost your career as a recent entrepreneurial finance graduate by actively networking with other entrepreneurs in your area. Here's how you can make valuable connections:
1. Entrepreneurial Events: Make a point to attend local networking events, conferences, and workshops centered around entrepreneurship. These are great platforms to meet individuals who share your interests.
2. Business Incubators and Accelerators: Get involved with local business incubators and accelerators. This will allow you to work alongside other startups and entrepreneurs.
3. Chamber of Commerce: Be active in your local Chamber of Commerce. This will give you access to networking events and connections with seasoned business owners.
4. LinkedIn: Utilize LinkedIn to locate and connect with entrepreneurs in your area. Participate in group discussions and join relevant groups to broaden your network.
5. Local Meetup Groups: Seek out local meetup groups that focus on entrepreneurship, finance, or related fields. These informal gatherings are perfect for networking.
6. Alumni Associations: Use your school's alumni network to connect with fellow graduates who are entrepreneurs or involved in finance.
7. Online Forums: Engage in online forums or discussion boards that focus on entrepreneurship. Share your insights and build connections.
8. Professional Associations: Become a member of professional organizations related to finance and entrepreneurship. These organizations often host local events and provide networking opportunities.
9. Mentorship Programs: Find mentorship programs that match you with seasoned entrepreneurs who can offer guidance and connections.
10. Local Business Mixers: Be present at local business mixers, happy hours, and networking nights. These events are often organized by chambers, startup incubators, or co-working spaces.
Remember, networking is reciprocal. It's not just about what you can get, but also about what you can offer to the entrepreneurial community. By building genuine relationships and contributing to others' projects, you can create meaningful connections and opportunities.
1. Entrepreneurial Events: Make a point to attend local networking events, conferences, and workshops centered around entrepreneurship. These are great platforms to meet individuals who share your interests.
2. Business Incubators and Accelerators: Get involved with local business incubators and accelerators. This will allow you to work alongside other startups and entrepreneurs.
3. Chamber of Commerce: Be active in your local Chamber of Commerce. This will give you access to networking events and connections with seasoned business owners.
4. LinkedIn: Utilize LinkedIn to locate and connect with entrepreneurs in your area. Participate in group discussions and join relevant groups to broaden your network.
5. Local Meetup Groups: Seek out local meetup groups that focus on entrepreneurship, finance, or related fields. These informal gatherings are perfect for networking.
6. Alumni Associations: Use your school's alumni network to connect with fellow graduates who are entrepreneurs or involved in finance.
7. Online Forums: Engage in online forums or discussion boards that focus on entrepreneurship. Share your insights and build connections.
8. Professional Associations: Become a member of professional organizations related to finance and entrepreneurship. These organizations often host local events and provide networking opportunities.
9. Mentorship Programs: Find mentorship programs that match you with seasoned entrepreneurs who can offer guidance and connections.
10. Local Business Mixers: Be present at local business mixers, happy hours, and networking nights. These events are often organized by chambers, startup incubators, or co-working spaces.
Remember, networking is reciprocal. It's not just about what you can get, but also about what you can offer to the entrepreneurial community. By building genuine relationships and contributing to others' projects, you can create meaningful connections and opportunities.