6 answers
Leandra
Student
Dalton, Massachusetts
1
Question
Asked
251 views
Why is starting up your own business so difficult?
what types of resources can I be in touch with to learn more? I'm a 17 year old 11th grader who has a dream of being an entrepreneur and want to know where and how to get started towards her dream.
Login to comment
6 answers
Doc Frick
Career Coach and Mentor
1369
Answers
California, CA
Updated
Doc’s Answer
There are many excellent reasons to start a business Leandra, including working for yourself, earning more money, having a flexible work schedule and expanding your skill set. However, like all worthwhile endeavors, starting and building a new business is challenging. New business owners wear many hats as they get their operations up and running, often handling sales, marketing, accounting, information technology (IT) and more. Entrepreneurs often find themselves moving from task to task, putting out fires with one hand while completing everyday tasks with the other. As experienced business owners know, handling everything for too long is bad for your mental and physical health and can take a toll on business productivity.
PRODUCT
It's really hard to attract customers for any company that is starting out especially if your a business with limiting marketing budget. This problem always plays on every entrepreneur's mind and the fact that people tend to stick with well-known brands they're familiar with makes it harder for them to sell their products. But there is one thing your new business could hold a big advantage over other brands and that is your pricing could be much cheaper than your rivals. If you can provide a high-quality product at a much cheaper rate than your rival(s), you will not only be able to attract new customers but also retain your customer who will become loyal to your business over time.
CAPITAL
Getting the money required to start a new business is no easy task. Unless you’ve saved up enough money from working at your current or previous employer, chances are you are in need of finances. Your best option in this case is to find one or multiple investors. It won’t be easy but it will definitely help you achieve your business goals faster. Having a great idea won’t be enough. You also need a well thought-out business plan and a rehearsed pitch to increase your chances of finding an investor. Just like the more experienced entrepreneurs, who already have an established network of potential investors, you’ll have to work hard and dedicate enough time and effort into creating a business that is attractive to investors.
MARKETING
Marketing, in general, can cause small businesses a number of problems. Advertising is expensive and word of mouth is slow-moving. The internet provides opportunities to find customers without breaking the bank, but many small businesses don’t do enough with their online presence. You probably know that you need a website, And your website is just one piece of your online presence. You also need to consider social media like Facebook and Twitter, and pay attention to review sites like Yelp where one dissatisfied customer can damage your reputation. Large companies have entire departments devoted to online activities, but small businesses often struggle to keep up with all the ways the Internet can help—and hurt—business.
PRODUCT
It's really hard to attract customers for any company that is starting out especially if your a business with limiting marketing budget. This problem always plays on every entrepreneur's mind and the fact that people tend to stick with well-known brands they're familiar with makes it harder for them to sell their products. But there is one thing your new business could hold a big advantage over other brands and that is your pricing could be much cheaper than your rivals. If you can provide a high-quality product at a much cheaper rate than your rival(s), you will not only be able to attract new customers but also retain your customer who will become loyal to your business over time.
CAPITAL
Getting the money required to start a new business is no easy task. Unless you’ve saved up enough money from working at your current or previous employer, chances are you are in need of finances. Your best option in this case is to find one or multiple investors. It won’t be easy but it will definitely help you achieve your business goals faster. Having a great idea won’t be enough. You also need a well thought-out business plan and a rehearsed pitch to increase your chances of finding an investor. Just like the more experienced entrepreneurs, who already have an established network of potential investors, you’ll have to work hard and dedicate enough time and effort into creating a business that is attractive to investors.
MARKETING
Marketing, in general, can cause small businesses a number of problems. Advertising is expensive and word of mouth is slow-moving. The internet provides opportunities to find customers without breaking the bank, but many small businesses don’t do enough with their online presence. You probably know that you need a website, And your website is just one piece of your online presence. You also need to consider social media like Facebook and Twitter, and pay attention to review sites like Yelp where one dissatisfied customer can damage your reputation. Large companies have entire departments devoted to online activities, but small businesses often struggle to keep up with all the ways the Internet can help—and hurt—business.
jordan tramp
Restaurant/cafe/coffee shop Manager
1
Answer
Salt Lake City, Utah
Updated
jordan’s Answer
I think there are a lot of great resources available on Youtube with interviews of people who started various companies, the interviewer asks them how they did it, etc.. This is nice because you can see examples of various business startups and see what clicks for you. One resource is UpFlip YouTube channel, I just watched a video of how Anchor Coffee started, and it was a very realistic story of how a business can be created from the ground up, without a ton of capital in the beginning, which is something I am doing now again. I started a coffee shop 7 years ago, it grew from an idea I had for many years, one day I found funding and partners that were interested in my dream/idea, and I became an equity partner, "working for my shared ownership" it took me about 5-6 years to get to where I was feeling confident and profitable, although other industries can provide better results in a shorter time, I just love coffee! My friends started painting businesses with very low capital startup, he does well, my family does real estate, which yields great results if you like sales. I am kinda an artistic person, so I look for what I love to do, and how to apply that to help the world around me, but everyone is unique. So consider what you love, and explore opportunities of what the world around you needs. I think it is important to learn leadership once you start hiring people, that was a big growth area for me, but frequently we are starting out on our own.
I think of it like this
dream/idea stage, create a plan
trial stages see if you like it on a smaller scale
then usually at some point if you have savings you can start down a path, or if you can find funding, many people work a job at the same time they start their company, and it slowly grows. Usually when you start a business it takes a while to become profitable, so plan for this.
I hope that is helpful!
I think of it like this
dream/idea stage, create a plan
trial stages see if you like it on a smaller scale
then usually at some point if you have savings you can start down a path, or if you can find funding, many people work a job at the same time they start their company, and it slowly grows. Usually when you start a business it takes a while to become profitable, so plan for this.
I hope that is helpful!
Luke Trimberger
Student
147
Answers
Champaign, Illinois
Updated
Luke’s Answer
Starting your own business can be challenging, but it's also rewarding. Here's a breakdown:
Challenges:
Funding: Securing initial capital can be tough.
Market Competition: Standing out in a crowded marketplace requires focus and strategy.
Legal & Regulatory Hurdles: Business permits, licenses, and regulations can be complex.
Time Commitment: Running a business requires long hours and dedication.
Challenges:
Funding: Securing initial capital can be tough.
Market Competition: Standing out in a crowded marketplace requires focus and strategy.
Legal & Regulatory Hurdles: Business permits, licenses, and regulations can be complex.
Time Commitment: Running a business requires long hours and dedication.
I am really grateful you took the time to answer this question.
Lela
Anthony Kofi Hene-Amoah
Project Analyst/Advisor, Career Advisor, Translator/Editor
146
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello!
Please, starting your own business, is not all that difficult. Faith and patience are necessary. There is the need to have interest, and the necessary knowledge in the business, before it is set up.
With hard work and enthusiasm, everything would be in the right perspective.
Best regards.
Please, starting your own business, is not all that difficult. Faith and patience are necessary. There is the need to have interest, and the necessary knowledge in the business, before it is set up.
With hard work and enthusiasm, everything would be in the right perspective.
Best regards.
Kristine Lodge PhD
Customer Success Manager
2
Answers
Eugene, Oregon
Updated
Kristine’s Answer
Hi Leandra,
Do you know what you want to do for your business? Do you want to create a physical product? Do you want to create content? Do you want to provide a service for a fee? Depending on what you want to do for your business, you may need to create an LLC, and understand licensing and other regulations. Your local Chamber of Commerce may offer classes for people like you who want to start a business. You can find your local chamber here: https://www.uschamber.com/co/chambers
Another resource can be law schools, if you have a university with a law school near you. When I started my business, the local university's law school assisted me through their small business clinic to provide their law school students with hands-on practice.
Good luck and welcome to being an entrepreneur!
Do you know what you want to do for your business? Do you want to create a physical product? Do you want to create content? Do you want to provide a service for a fee? Depending on what you want to do for your business, you may need to create an LLC, and understand licensing and other regulations. Your local Chamber of Commerce may offer classes for people like you who want to start a business. You can find your local chamber here: https://www.uschamber.com/co/chambers
Another resource can be law schools, if you have a university with a law school near you. When I started my business, the local university's law school assisted me through their small business clinic to provide their law school students with hands-on practice.
Good luck and welcome to being an entrepreneur!
Rebecca Tang
Banking
1546
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you would like to start the business?
Below are my suggestions :
1. Think about what industry you would like to start the business, e.g. what you have interest, your strength, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative or substitute, etc.
3. Attend courses relevant to the industry and management courses
4. Work in the industry some time to understand the industry model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Think about what industry you would like to start the business, e.g. what you have interest, your strength, etc.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative or substitute, etc.
3. Attend courses relevant to the industry and management courses
4. Work in the industry some time to understand the industry model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
May Almighty God bless you!