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What do you need to start a business?

Discussion in 'Starting Your Business' started by Vinaya.Ghimire, Mar 15, 2016.

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  1. Vinaya.Ghimire

    Vinaya.Ghimire Member

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    It is easy to say you want to do business, however, it is really difficult to make the business work for you. As a businessman you need various kinds of skills. For example:
    Management
    Planning
    Marketing
    Decision making
    Risk taking

    As a business man you must be willing to take risk, further more, you must also know how much risk you should take.
     
  2. Nancy

    Nancy Member

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    I think you also need a great idea and passion for that idea. And I would say 'businessperson' :D We are not all men here!

    I would also add that you can learn and acquire skills as you go. I would hate to see someone feel like they couldn't start a business because they lack skills! The best way to learn is through real life applications.
     
    Pauline Greening and CoolSpot like this.
  3. Prinston Hicks

    Prinston Hicks Member

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    Excellent point! Starting off in business a lot of the time is intimidating because we compare ourselves to the success of others. We often forget that all the skills the great titans of business learned they had to learn along the way. If you just read the books about a lot of the top business names like Warren Buffet, Steve Jobs, etc. (the usual suspects) you will see the circumstances made them create solutions and develop skills.
     
  4. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @Vinaya.Ghimire , Business always works in an opposite emotion. You have to make 'difficult' a best friend for things to become eazy. Else you will find every one doing what you are doing...

    Think about it. .....
     
  5. stark_intern

    stark_intern Member

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    You need an idea, resources, talent, and luck.
    • Idea - doesn't have to be particularly groundbreaking, but it does have to make a clear difference.
    • Resources - basically money/talent to make the idea happen
    • Luck - raw talent alone gets you far, but it's simply not enough. You can praise Bill Gates, Elon Musk, The Zuck, or whatever industry titan strikes your fancy for their business acumen--but chances are they might not have the same level of success if they had the bad luck of being born in Mogadishu or some other lawless war zone.
     
  6. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    Can we call LUCK as OPPORTUNITY ? just a thought...
     
  7. stark_intern

    stark_intern Member

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  8. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @stark_intern .

    Luck is this 'various opportunity' which sits in this thing called "'n' number Life Trains" going at various speed. Each person depending on the 'hunger for doing' choose the train station and the bogie. Some choose the fastest which off course gives more value then the rest. Which we may call 'He / she had good luck'.

    So 'good luck' or 'being lucky' is the perception others brand it to the result, through the "choices" we make when we get at that point of time during our own 'Life Train Station' in a 'small time' frame.
     
  9. T J Tutor

    T J Tutor Member

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    Luck? It's not a true value. Not real and not unreal. It's been said that luck is the result of preparedness meeting opportunity.
     
    Last edited: Jul 19, 2016
    VirtualGlobalPhone likes this.
  10. stark_intern

    stark_intern Member

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    Solid point, and I definitely agree with you to a certain point, but I'll have to expand on what TJ Tutor said:

    VirtualGlobalPhone -- correct me if I'm wrong, but the way you phrased your answer implies that there is an element of choice in meeting luck. For what it's worth, I agree with you to some level, yet we must also accept that by it's very capricious nature, luck is still by and large a roll of the dice. Maybe 30% choice and 70% dumb luck.

    Example: you take this class to pick up a new skill, and meet someone who has the capital and wants to start a business with the exact skill set you have.

    The element of choice in this case is the fact you invested in those prior skills that made you prepared for this opportunity. You made a choice on what skill to cultivate in the past, and what skill you wanted to gain in that classroom.

    The capricious element, perhaps, is the sheer dumb luck involved in being in the place where your chosen skillset happened to be in demand: taking that particular class, at that particular college, sitting in that particular chair, and talking to that particular person.

    Basically what I'm saying--if I'm saying anything--is that this part of luck is tantamount to consecutively rolling the right numbers on a dice you had no idea you were even throwing. What do you all think?
     
  11. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @stark_intern , I want you to consider that "Choice" is not part of the "dice" and re look the whole.

    Simply put 'Choice' is simply accepting what you decided or what you got, on that moment without giving any importance. And 'luck' is a award or praise once gives to the result of what you do with your 'choice'.
     
    T J Tutor likes this.
  12. Ewa

    Ewa Member

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    You need to actively take action. When something comes to mind to do with your business - grasp it, note it down, and take an action. One action will lead you to another. You need to act fast when it comes to your own decision making, as your motivation span will be short!
     
  13. BioHack

    BioHack Member

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    What do i need for business?

    CAPITAL
     
  14. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @BioHack ; Capital is just a dust in the pile of requirement to start a business. Many here made so far without CAPITAL.
     
  15. Caitlin Rogers

    Caitlin Rogers Member

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    I think, one of the first thing you must have when you are starting a business all you really have to do is STEP UP, and DON'T BE AFRAID WITH WHAT TOMORROW BRINGS.
     
  16. Josephine Stuart

    Josephine Stuart MVP Member

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    This is such an open-ended question; I love it. However, like Nancy said, let's say "business owner" or "entrepreneur" -- business ownership isn't only a male field of interest anymore, and "businessperson" sounds more like a cubicle position, anyway.

    Back to the question: business ownership has many facets and requires a ton of resources. You need a great idea that you'll stick with even when things get tough. You need capital, even if it's just $25 to buy a domain name and host your new website. You need a plan, even if it's pretty basic. You need a place to market your product or service. You need commitment, the willingness to take a risk, perseverance, optimism, a realistic sense of what you're able to achieve during a given period of time. You may need a business partner or an assistant. You may need a mentor. You'll probably need a computer and an Internet connection (now that I've said this, I wonder if it's at all possible right now to start a business without using a computer or smartphone once). You need good "people skills." The list goes on and on...
     
    djbaxter likes this.
  17. YourRetailCoach

    YourRetailCoach Member

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    Having a passion is important to start a business, though; it is very difficult to make the business work for you. You need to have below skills. For example:
    • Organization
    • Planning
    • Advertising
    • Decision making
    • Risk taking
     
  18. Pauline Greening

    Pauline Greening Member

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    I'd go for passion as the first thing to have. Having passion means making the business work even in the bad times, your passion is your motivation that with all your efforts it will survive. So I'd say second is effort then comes budget, knowledge and other basic skills.
     
    djbaxter likes this.

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