5 answers
john
Student
35 Ml, RJ
1
Question
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When is it right to go into buisness?
I like business class,economics class.Money is a really important thing and it makes my school run and be able o function on a daily basis and pays for the utilities etc.
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5 answers
david kirk
Retired Computing Manager
472
Answers
Syracuse, New York
Updated
david’s Answer
That is a complex question, with many variables and I cannot answer them all. A key prerequisite is having sufficient funding, That is, a new business will probably not show a profit for at least a year, so you need sufficient funds to live on, plus sufficient funds to support the business for at least that long. Getting funding from outside sources can be helpful. Beyond funding, some other considerations:
- verify that a market exists. Just because someone else is successful in that market does not mean there is expansion room
- will you need support and contractual agreements from suppliers if you will be in retail?
- If you will be in retail or restaurant, you will need employees, and that means you need competent legal and tax advice.
- will the business need a license?
- have you done research on the costs, including rental, insurance, advertising?
The above are just starters to consider. As you pursue this, I am sure that the list will expand. Good luck in your pursuits.
- verify that a market exists. Just because someone else is successful in that market does not mean there is expansion room
- will you need support and contractual agreements from suppliers if you will be in retail?
- If you will be in retail or restaurant, you will need employees, and that means you need competent legal and tax advice.
- will the business need a license?
- have you done research on the costs, including rental, insurance, advertising?
The above are just starters to consider. As you pursue this, I am sure that the list will expand. Good luck in your pursuits.
Praveen B.S
14
Answers
Updated
Praveen’s Answer
Choosing the perfect moment to kickstart your own business is a big decision that hinges on several elements, such as your personal readiness, the state of the market, your financial standing, and the potential success of your business proposal. Here are some friendly tips to help you figure out if it's the perfect time to get your business off the ground:
1. Crystal Clear Business Idea: Make sure your business idea is well-thought-out and you fully comprehend your target audience, your rivals, and what makes your business stand out.
2. Demand in the Market: Do your homework on the market to gauge the need for your product or service. Keep an eye out for any gaps or opportunities that your business could fill.
3. Financial Health: Take a good look at your finances to see if you have the means to start and maintain your business. Think about initial costs, running expenses, and potential earnings.
4. Comfort with Risk: Get to grips with the risks that come with being an entrepreneur and check how comfortable you are with uncertainty. Launching a business often comes with financial, emotional, and personal risks.
5. Your Skills and Experience: Reflect on your skills, experience, and expertise that are relevant to the business you're planning to start. Identify any areas where you might need to learn more or improve your skills.
6. Building a Network and Support System: Create a network of mentors, advisors, and supporters who can offer advice, feedback, and help as you start and expand your business.
7. Legal and Regulatory Factors: Get to know the legal and regulatory rules for starting a business in your field and location. Make sure you're following all the laws related to business registration, permits, licenses, and taxes.
8. Timing: Check out external factors like the economy, industry trends, and market saturation to see if it's a good time to jump into the market.
9. Passion and Dedication: Launching a business needs commitment, persistence, and a real love for what you do. Make sure you're ready for the challenges and responsibilities that come with being an entrepreneur.
10. Personal Readiness: Think about your personal situation, lifestyle choices, and long-term goals to see if being an entrepreneur fits with your values and dreams.
In the end, there's no one-size-fits-all answer to when it's the right time to start a business. It's crucial to thoroughly evaluate your readiness, check the state of the market, and balance the risks and rewards before deciding to start a business.
1. Crystal Clear Business Idea: Make sure your business idea is well-thought-out and you fully comprehend your target audience, your rivals, and what makes your business stand out.
2. Demand in the Market: Do your homework on the market to gauge the need for your product or service. Keep an eye out for any gaps or opportunities that your business could fill.
3. Financial Health: Take a good look at your finances to see if you have the means to start and maintain your business. Think about initial costs, running expenses, and potential earnings.
4. Comfort with Risk: Get to grips with the risks that come with being an entrepreneur and check how comfortable you are with uncertainty. Launching a business often comes with financial, emotional, and personal risks.
5. Your Skills and Experience: Reflect on your skills, experience, and expertise that are relevant to the business you're planning to start. Identify any areas where you might need to learn more or improve your skills.
6. Building a Network and Support System: Create a network of mentors, advisors, and supporters who can offer advice, feedback, and help as you start and expand your business.
7. Legal and Regulatory Factors: Get to know the legal and regulatory rules for starting a business in your field and location. Make sure you're following all the laws related to business registration, permits, licenses, and taxes.
8. Timing: Check out external factors like the economy, industry trends, and market saturation to see if it's a good time to jump into the market.
9. Passion and Dedication: Launching a business needs commitment, persistence, and a real love for what you do. Make sure you're ready for the challenges and responsibilities that come with being an entrepreneur.
10. Personal Readiness: Think about your personal situation, lifestyle choices, and long-term goals to see if being an entrepreneur fits with your values and dreams.
In the end, there's no one-size-fits-all answer to when it's the right time to start a business. It's crucial to thoroughly evaluate your readiness, check the state of the market, and balance the risks and rewards before deciding to start a business.
Brittney Betts
Junior Accountant
27
Answers
Pinellas Park, Florida
Updated
Brittney’s Answer
Hi John,
This is an amazing and ambitious question! There are plenty of ways to transform your small business into the empire you are dreaming of.
I would start by saying it is never too early to start planning. Start creating an image of what you would like your dream company to look like, how you would like it to function, and what will be most important to keeping the business true to what you imagined. If you plan on taking college courses, many of them will help you learn how to market and finance your own business. You will also be able to network with other business majors and potentially start building your team early. As soon as you have the resources to invest you start your business, go for it!
This is an amazing and ambitious question! There are plenty of ways to transform your small business into the empire you are dreaming of.
I would start by saying it is never too early to start planning. Start creating an image of what you would like your dream company to look like, how you would like it to function, and what will be most important to keeping the business true to what you imagined. If you plan on taking college courses, many of them will help you learn how to market and finance your own business. You will also be able to network with other business majors and potentially start building your team early. As soon as you have the resources to invest you start your business, go for it!
christina provatopoulou
Sales Operations & Sales Excellence
2
Answers
Athens, Greece
Updated
christina’s Answer
Great question with no straight answer - it definitely has to do with what drives you first. In my case, I decided to get into business right after Bachelor degree. I wanted to work and see what drives me before I decide on my MSc direction and interestingly enough, getting into business, I realized I finally was not up for what I was initially thinking I wanted to continue studying. Over the years in corporate environments, I kept changing my preferences on what I should focus my studies on moving from MBA to HR to pure finance. Funny thing, the same thing happened with my job: studying economics and starting a career in accounting, then moving to finance as an analyst, then sales operations and at this point business & sales operations with an aspiration of getting a chief of staff position. All in all, there is no straight line or answer when it's coming to your career. My advice is try several different staff in the field that you like and see what suits you. If you have the option to work while studying or take a break from studies to practice in a working environment, this would most certainly be beneficial.
Anthony Kofi Hene-Amoah
Project Analyst/Advisor, Career Advisor, Translator/Editor
145
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello,
Please, note the following, concerning when to start a business :-
1. When you know the type of business.
2. When you have a good knowledge about the business.
3. When you have the necessary finances/capital.
4. When marketing condition relating to the business, is favourable.
5. Consideration of the location of the business.
Best regards.
Please, note the following, concerning when to start a business :-
1. When you know the type of business.
2. When you have a good knowledge about the business.
3. When you have the necessary finances/capital.
4. When marketing condition relating to the business, is favourable.
5. Consideration of the location of the business.
Best regards.