5 answers
Bridget
Student
1
Question
4 answers
Theophilus Mensah
Discovery Intern @Deloitte |2x Founder | TMCF Scholar | Business + CIS @ GSU | Harvard ALP 25’
71
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hello Bridget!
I have answered this same question for 2 or 3 times here and I always love to share my experience. This is how I started mine. I started my skincare and haircare at the age of 16 so let me share my experiences with you. Here’s a practical guide based on what’s worked for me so far.
1. Start with a Purpose and Vision
First of all, Identify a problem and think about how you will solve it. That's business. Every successful business begins with a clear purpose. Think about what you want to achieve and how your business will make a difference. When I started, my vision was more than just selling products; it was about helping people feel confident in themselves. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. I used platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
Consistency is key! All the best!
I have answered this same question for 2 or 3 times here and I always love to share my experience. This is how I started mine. I started my skincare and haircare at the age of 16 so let me share my experiences with you. Here’s a practical guide based on what’s worked for me so far.
1. Start with a Purpose and Vision
First of all, Identify a problem and think about how you will solve it. That's business. Every successful business begins with a clear purpose. Think about what you want to achieve and how your business will make a difference. When I started, my vision was more than just selling products; it was about helping people feel confident in themselves. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. I used platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
Consistency is key! All the best!
Nada Lopes
IT Software
123
Answers
Sydney, New South Wales, Australia
Updated
Nada’s Answer
It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
Rebecca Tang
Banking
2435
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 want to start your business?
Below are my suggestions:
1. Think about what industry you have interest or strength
2. Do some analysis on the industry, eg competition status, entry criteria, any alternative or substitute, etc
3. Take industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the industry online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about what industry you have interest or strength
2. Do some analysis on the industry, eg competition status, entry criteria, any alternative or substitute, etc
3. Take industry related courses and management courses
4. Work in the industry some time to understand the business model and establish people network
5. Start the industry online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
Biplab Panda
Engagement Director
117
Answers
Atlanta, Georgia
Updated
Biplab’s Answer
Hi Bridget,
Without knowing what kind of business you'd like to start, it's difficult to give very specific advice.
However, in general, you'll want to make sure you have a good understanding of what is the service or product you are intending to sell, research whether you are able to provide this at a price point that will be competitive in the market, and have some prerequisite knowledge of business administration, corporate finance, accounting, project management, and sales skills, for example.
Hope this helps as a start, and good luck!
Without knowing what kind of business you'd like to start, it's difficult to give very specific advice.
However, in general, you'll want to make sure you have a good understanding of what is the service or product you are intending to sell, research whether you are able to provide this at a price point that will be competitive in the market, and have some prerequisite knowledge of business administration, corporate finance, accounting, project management, and sales skills, for example.
Hope this helps as a start, and good luck!
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