6 answers
Chiara
Student
Garner, North Carolina
1
Question
Asked
343 views
Would it be difficult to start a business from ground up and if so what would you do to get a good start ?
I’m am 14 years old and I am planing on having my own business when I get older.
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6 answers
Natasha Ishkova
Sales Excellence
2
Answers
Istanbul, Turkey
Updated
Natasha’s Answer
Hello Rebecca! It's so inspiring you think about your future already now! As a straightforward answer to your question - would it be difficult to start a business? - well, if you dream about a large business making lots of money... then yes, it's definitely not a walk in the park. The great thing about it though - if the direction is of a genuine interest for you, then difficulties become your growth platform, as well as baseline for looking-back memories, story-telling and helping others. There's quite some goodness in the advice shared already. I'd add - in your age do look around for things that interest you, opportunities to connect with more people, spending time doing different things and getting a bit of discipline into your life too (it might not be easy, yet the more "routine" tasks you consciously can build into your daily-weekly-monthly schedule, the more you achieve on those). All the best to you in your steps!
Julie Mantey
Global Project Manager
15
Answers
Atlanta, Georgia
Updated
Julie’s Answer
Rebecca's answers directly above are good starting point and easy to follow. I would add to look around and see what small business or two interests you in your area and talk to the owner. Perhaps you could volunteer on a weekend or once a month as your school and life schedule permits to work there.
Lastly, you ask if a business is difficult to start from ground up: being in any business, whether starting your own or joining an existing one, is difficult. Think about if starting a business was 'easy' - wouldn't everyone be doing it? These are great questions to ask the local small businesses - ask the owner or manager for 15 minutes of their time and come prepared with some questions you have in your heart!
Lastly, you ask if a business is difficult to start from ground up: being in any business, whether starting your own or joining an existing one, is difficult. Think about if starting a business was 'easy' - wouldn't everyone be doing it? These are great questions to ask the local small businesses - ask the owner or manager for 15 minutes of their time and come prepared with some questions you have in your heart!
Farhan Ahmad
Chemical engineer
2
Answers
Chārsadda, Khyber Pakhtunkhwa, Pakistan
Updated
Farhan’s Answer
Starting a business from the ground up can be challenging, but with careful planning and execution, it's certainly possible. Here are some steps and considerations to help you get a good start:
1. Market Research: Begin by researching your target market. Understand the demand for your product or service, your competition, and your potential customers' needs and preferences.
2. Business Plan: Create a detailed business plan outlining your business concept, target market, revenue model, marketing strategy, and financial projections. A well-thought-out plan is essential for attracting investors and guiding your business.
3. Legal Structure: Decide on the legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Choose the one that best suits your goals and offers liability protection.
4. Finances: Determine your startup costs and secure the necessary funding. This could come from personal savings, loans, investors, or crowdfunding. Keep a close eye on your budget to manage expenses effectively.
5. Business Name and Registration: Choose a unique and memorable business name, and register it with the appropriate government authorities. Also, obtain any necessary licenses or permits.
6. Business Location: Decide whether you'll operate from a physical location, online, or both. Location can significantly impact your costs and customer reach.
7. Build a Team: If your business requires it, hire skilled employees or collaborators who share your vision. Surround yourself with individuals who complement your strengths.
8. Marketing and Branding: Develop a marketing strategy to promote your business. Create a strong brand identity and consider digital marketing, social media, and traditional advertising channels.
9. Product or Service Development: Ensure your product or service is of high quality and meets customer expectations. Continuous improvement is key.
10. Customer Focus: Prioritize excellent customer service and build strong relationships with your customers. Happy customers can lead to referrals and repeat business.
11. Legal and Compliance: Familiarize yourself with local, state, and federal regulations that apply to your industry. Comply with tax laws and other legal requirements.
12. Financial Management: Keep meticulous financial records and monitor your cash flow closely. Invest in accounting software or hire an accountant if needed.
13. Networking: Network with other business owners, mentors, and industry professionals. Their insights and support can be invaluable.
14. Adaptability: Be prepared to adapt to changing market conditions and customer feedback. Flexibility is crucial for long-term success.
15. Persistence: Building a successful business takes time, and there may be setbacks along the way. Stay persistent, learn from your experiences, and keep moving forward.
Starting a business from scratch can be demanding, but with dedication, planning, and a solid strategy, you can increase your chances of achieving your entrepreneurial goals.
1. Market Research: Begin by researching your target market. Understand the demand for your product or service, your competition, and your potential customers' needs and preferences.
2. Business Plan: Create a detailed business plan outlining your business concept, target market, revenue model, marketing strategy, and financial projections. A well-thought-out plan is essential for attracting investors and guiding your business.
3. Legal Structure: Decide on the legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Choose the one that best suits your goals and offers liability protection.
4. Finances: Determine your startup costs and secure the necessary funding. This could come from personal savings, loans, investors, or crowdfunding. Keep a close eye on your budget to manage expenses effectively.
5. Business Name and Registration: Choose a unique and memorable business name, and register it with the appropriate government authorities. Also, obtain any necessary licenses or permits.
6. Business Location: Decide whether you'll operate from a physical location, online, or both. Location can significantly impact your costs and customer reach.
7. Build a Team: If your business requires it, hire skilled employees or collaborators who share your vision. Surround yourself with individuals who complement your strengths.
8. Marketing and Branding: Develop a marketing strategy to promote your business. Create a strong brand identity and consider digital marketing, social media, and traditional advertising channels.
9. Product or Service Development: Ensure your product or service is of high quality and meets customer expectations. Continuous improvement is key.
10. Customer Focus: Prioritize excellent customer service and build strong relationships with your customers. Happy customers can lead to referrals and repeat business.
11. Legal and Compliance: Familiarize yourself with local, state, and federal regulations that apply to your industry. Comply with tax laws and other legal requirements.
12. Financial Management: Keep meticulous financial records and monitor your cash flow closely. Invest in accounting software or hire an accountant if needed.
13. Networking: Network with other business owners, mentors, and industry professionals. Their insights and support can be invaluable.
14. Adaptability: Be prepared to adapt to changing market conditions and customer feedback. Flexibility is crucial for long-term success.
15. Persistence: Building a successful business takes time, and there may be setbacks along the way. Stay persistent, learn from your experiences, and keep moving forward.
Starting a business from scratch can be demanding, but with dedication, planning, and a solid strategy, you can increase your chances of achieving your entrepreneurial goals.
Thank you, this is really helpful.
Tjuan
Rebecca Tang
Banking
1513
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. Have you thought about what industry you would like to start your business?
Below are my suggestions:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative/ substitute, etc
3. Attend some industry 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 possible
Hope this helps! Good Luck!
Below are my suggestions:
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative/ substitute, etc
3. Attend some industry 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 possible
Hope this helps! Good Luck!
Thank you, Rebecca for the advice.
Tjuan
Ivan Figueroa
Marketing
1
Answer
Seattle, Washington
Updated
Ivan’s Answer
How exciting! The world needs more young people like you that aspires to launch and grow their own business.
The above answers give you a good path to create a solid foundation with all the technical stuff, so I won't pile on there. But what I will say is that your first step requires intentional self-inquiry. What is that one thing that you do that you absolutely LOVE to do, what are you passionate about, what's that thing that makes you come alive? Make a list, and then think about the kind of person that would be interested in the service or product that you would like to offer or create. Then do a little online research for services or products that are similar -- maybe not exactly like yours, but similar and notice their marketing, their creative, and who their customers are. This will help you generate ideas for yourself.
As you continue to explore and research, also look for a mentor that has launched a business themselves. Preferably, it could be someone that has already launched a similar business to what you're envisioning, or it could be from a different kind of business - what's important is that they have launched a business. They will be able to guide you through the process and give you ongoing advice.
So, how do you find a mentor? Start by reaching out to small business owners that have a similar business as what you're envisioning. Email them, call, or just show up to the business and ask for the owner and let them know that you'd like to have an informational meeting. An informational meeting is where you just ask them a ton of questions about them and their business. I've found that business owner are very keen on helping young, aspiring entrepreneurs! You never know, they could become your mentor. :)
The above answers give you a good path to create a solid foundation with all the technical stuff, so I won't pile on there. But what I will say is that your first step requires intentional self-inquiry. What is that one thing that you do that you absolutely LOVE to do, what are you passionate about, what's that thing that makes you come alive? Make a list, and then think about the kind of person that would be interested in the service or product that you would like to offer or create. Then do a little online research for services or products that are similar -- maybe not exactly like yours, but similar and notice their marketing, their creative, and who their customers are. This will help you generate ideas for yourself.
As you continue to explore and research, also look for a mentor that has launched a business themselves. Preferably, it could be someone that has already launched a similar business to what you're envisioning, or it could be from a different kind of business - what's important is that they have launched a business. They will be able to guide you through the process and give you ongoing advice.
So, how do you find a mentor? Start by reaching out to small business owners that have a similar business as what you're envisioning. Email them, call, or just show up to the business and ask for the owner and let them know that you'd like to have an informational meeting. An informational meeting is where you just ask them a ton of questions about them and their business. I've found that business owner are very keen on helping young, aspiring entrepreneurs! You never know, they could become your mentor. :)
Margaret Detch
Manager
12
Answers
Mansfield, Massachusetts
Updated
Margaret’s Answer
Good day Chiara,
I see tremendous response to your question with alot of wonderful advice on starting a company. A few things I would add to previous responses
- get a part time job with a local small businesss). You will see hands on the many hats a business owner must wear and I am sure they wouldn't mind answering questions for you.
- this may seem silly but watch Shark Tank. It is a real world view (Business case) of entreprenaurs that have started to build a business and are at a cross roads to make the next step in growth. The sharks (real entreprenuers who made it big) be able to zero in on critical areas that require focus. It is just a great learning lab for you to absorb and learn at a high level tabout distribution channels, customer segments, cost of manufacturing, competition, marketing/advertising etc
- when you develop your business case, check out SCORE.org. It is free mentoring service of retired executives for entrepreneurs or even if you want to have a business idea/model reviewed
All the best,
Margaret
I see tremendous response to your question with alot of wonderful advice on starting a company. A few things I would add to previous responses
- get a part time job with a local small businesss). You will see hands on the many hats a business owner must wear and I am sure they wouldn't mind answering questions for you.
- this may seem silly but watch Shark Tank. It is a real world view (Business case) of entreprenaurs that have started to build a business and are at a cross roads to make the next step in growth. The sharks (real entreprenuers who made it big) be able to zero in on critical areas that require focus. It is just a great learning lab for you to absorb and learn at a high level tabout distribution channels, customer segments, cost of manufacturing, competition, marketing/advertising etc
- when you develop your business case, check out SCORE.org. It is free mentoring service of retired executives for entrepreneurs or even if you want to have a business idea/model reviewed
All the best,
Margaret