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View Full Version : You just need Capital and Knowledge



fredkawig
01-16-2014, 10:00 PM
Running a business is easy if you have the right amount of money, a good grasp of what to do in your business and patience. Most entrepreneurs and business owners fail to realize is that the first few years of a business normally produces liabilities rather than income. So you should be patient in starting your business. If you receive income in the first year when you've established your business, good for you, it means that your business has touched on a niche and is interesting to consumers. Depending on the business that you are going to undertake, the capital you need will differ. You may need as low as 2000$ dollars or lower to about 50,000$. Maintaining a business isn't very easy and usually takes up your time, so you must be patient and you must work hard in order for your business to prosper.

owesem75
01-17-2014, 08:11 AM
I am sure you have a business plan prior to starting the business - but in addition to this, you should also have the correct BUSINESS STRATEGY to propel your business. If starting a business will produce liabilities in the first few years of operation, many would be scared to start one. Although I am not saying that is always the case, I really believe that a good business strategy will produce good results and a successful business - especially when you are really passionate and love what you are doing.

oregano
01-27-2014, 02:54 AM
Yes, it's all easy if you know how!! Joking aside, you're both basically right - you need to understand how your business area works, know your market, have a realistic business plan and strategy, and also access to capital (which will vary enormously depending on your industry and strategy).

In addition, though, you need to be aware of external risks and how to manage them (could be exchange rate risks, interest rates, the focus of your market shifting - maybe because of what your competition is doing, changing government regulations, import/export issues, technological advances that make your product or service outdated, natural disasters etc.). And then there are internal risks such as staff you hire, and what if you get sick - how will you run the business then?

So, it's good be realistic and know that there are actually a lot of different factors you need to take into account when you start a business, and that there are always surprises and bumps along the way. You can only do your best, though, and arming yourself with knowledge and awareness, as well as good planning and strategy, will put you ahead of most other businesses!

janineaa
02-28-2014, 10:01 AM
Apart from everything already said in this thread, an entrepreneur needs to have determination. Whatever happens, you are not allowed to give up and just let go of the investment. You must treat it like you baby and nurture it until it grows and becomes stable. If failure comes, that's just one setback, so try not to be discouraged. If being am entrepreneur is really what you love, then it's best to keep going.

JoshuaGreen
04-17-2014, 12:17 PM
I agree, to be an entrepreneur you need to be determined and a risk taker as well.
Have you seen that the Italian pasta brand Barilla is sponsoring a project for business ideas in sustainability and nutrition?
Check it out http://www.barillagood4.com/en/
I think it's interesting. They give you some money to start and tutoring... that's a nice opportunity. Any ideas to share?

MahaKarthi
01-30-2015, 02:03 AM
Valuable words to follow! Starting a business with better knowledge will be easy but maintaining it is the difficult task to follow. Hope this points help someone to get a better knowledge on handling a business.

lachlan091
07-04-2019, 05:10 AM
A goal oriented and risk taker could get started with such plan. It's not always about the success but the long term success. Being an entrepreneur refers not to expect profit right after initiating the business. It requires your time patience and unique way to retain business reputation.

Maria83
07-13-2020, 10:17 AM
It's not that simple, you need a lot more skills.

speeduser
02-04-2021, 01:43 PM
Capital and knowledge is a pretty good combination. It is lethal to businesses and it is a must-have if you ask me. - Phillip Elden (http://aboutphillipelden.com/)