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How to start your own business?
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Posted on Mon, Aug 20, 2007 03:42

If you are young, ambitious and have such a strong desire to be successful in life... How to make your first step? How to set up your own business if you don't have enough money for that?

Please, give me some advice. Especially I'd love to hear from those who were not rich at the start at all and made themselves successful.
Regards & Thanks

El



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Posted on Sun, Apr 27, 2014 22:16

Quoting pianistMBA777:

First and foremost, education.  If you want to start a business, get an MBA in Business Administration with a concentration in Finance and Marketing, both.  My mother was raised by a wealthy family but they demanded everyone in the family get an education.  They rightly said: "How could we lead a company if we did not know how to do the job that we were hiring others to do?"  This includes administration people, sales people, bookkeepers, attorneys, consultant, CPA, Taxes, SEC regulations, etc.  We need to know enough to not get in trouble and not being taken for a ride.  First, WE need to educate ourselves.  Get your MBA but take your electives in law, psychology and everything else you need to succeed in whatever is your passion.  If you do not know something about what the consultants are experts are in, it is like hiring a servant to sweep and mop your home.  If you do not know how to properly clean, sweep and mop your own floor, the servant could hide the dust under the carpet many times and you would not know. 

Re the SBA. now THAT, in my opinion and that of hundreds of thousands of other people, is an agency that should be ABOLISHED!  They will make you waste months and months, only to tell you what any bank would tell you...if you do not have any collateral, you get zip.  Just ask any businesswoman, 99.9% will tell you the SBA is just a place where government employees get paid for doing "nothing" at all or at best, duplicating a bank's process for issuing a loan.  All they do is "guarantee" the bank 90% of the loan and SBA will not guarantee anything if you do not have, yes, COLLATERAL.  

Oh! and please choose to do something that you like and love so much that when you go to bed at night, you cannot wait until it is morning so you can get back to doing it!

 

   I personally believe common sense, good money management, and hard work will go further in the future than a conventional education, although health care will always do well. The world is changing and what worked in the past may not work in the future. I'll have to quote Jim Rogers "farmers not bankers will be driving Ferraris in the coming decades" Mr. Rogers is a smart guy and I find that he's been correct a huge amount of the time.  He is a man that I admire.  So pianist, I'll have to agree and disagree with you.  Education is important but with the current cost of education, I'd say a person would be better off saving that money and get into a good company where they can work their way up. 



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Posted on Wed, Feb 15, 2012 07:20

I have my own business, earthmoving and excavations as here but now it's all faltal, I emprenderme vebnta of things in the ancient Roman especially, I am registered to do so, but it is difficult to start selling currencies. any ideas??



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Posted on Thu, Apr 21, 2011 07:07

First and foremost, education.  If you want to start a business, get an MBA in Business Administration with a concentration in Finance and Marketing, both.  My mother was raised by a wealthy family but they demanded everyone in the family get an education.  They rightly said: "How could we lead a company if we did not know how to do the job that we were hiring others to do?"  This includes administration people, sales people, bookkeepers, attorneys, consultant, CPA, Taxes, SEC regulations, etc.  We need to know enough to not get in trouble and not being taken for a ride.  First, WE need to educate ourselves.  Get your MBA but take your electives in law, psychology and everything else you need to succeed in whatever is your passion.  If you do not know something about what the consultants are experts are in, it is like hiring a servant to sweep and mop your home.  If you do not know how to properly clean, sweep and mop your own floor, the servant could hide the dust under the carpet many times and you would not know. 

Re the SBA. now THAT, in my opinion and that of hundreds of thousands of other people, is an agency that should be ABOLISHED!  They will make you waste months and months, only to tell you what any bank would tell you...if you do not have any collateral, you get zip.  Just ask any businesswoman, 99.9% will tell you the SBA is just a place where government employees get paid for doing "nothing" at all or at best, duplicating a bank's process for issuing a loan.  All they do is "guarantee" the bank 90% of the loan and SBA will not guarantee anything if you do not have, yes, COLLATERAL.  

Oh! and please choose to do something that you like and love so much that when you go to bed at night, you cannot wait until it is morning so you can get back to doing it!

 



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Posted on Tue, Jan 04, 2011 21:06

Those are really good comments.

When starting your own business, before you do anything, you want to have an idea about what you want to sell (service, product), and choose something that you are really good at doing.



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Posted on Sat, Oct 23, 2010 03:54

Sweetheart, I helped many to start their own business, or simply to make it work, cuz starting a business or having one which does not produce income and costs you expenses is not better then having no business :) So at first chose what you are best in, at least the area, and recognise your own contributions, this will make it straight what you need to find for your business, cash, poeple, suppliers, products, sales channels, end users, etc... Remember having cash is not everything for successfull business, cuz if you dont know how to manage it, its better even when you dont have it, nothing to lose! I started mine the same way, and i was always tempted to ask my investor ( he only invested as much as it was enough to register a legitimate company and issue a license) but i always holded back saying its safer! This is how i own a business which is based on not investing but managing a certain area of a business. You just focus at one line, what you are good in, marketing, sales, advisory, etc, chose a product you love and open your company, sign agreement with product producer, take exclusivity rights and create your own distribution channels, you are going to be a millionare in no time :) If you wish to contact me i would be happy to help you more :)



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Posted on Sat, Oct 10, 2009 13:11

Since I am a business consultant--I will tell you the best thing to do is hire one. Get you a good and legal binding contract and agreement with your consultant with a bi-party disclosure clause in it.

A consultant will help you with your paper work, help talk to banks and investors, co-write your business plans and strats., give you an unbias second oppion and more.

Know how much you have to work with and what you want to do may not be the local market requires so be flexable.



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Posted on Wed, Sep 16, 2009 08:08

Noticed you are in AU.

Each country should have a strong desire to develop a environment for business as they want to lure outside investment from other countries.
I dont know how your country is organized but I would say check at the federal and local levels for any kind of small business support programs and understand the business registration process and any kind of fees that you would have to pay out.
I would also check with banks to see what is needed for them to provide you loans (if that is what is needed).
Check with other businesses in your area as most will be willing to share on what steps they took.
Bottom line is that before you dive in find something that you really love to do or will want to do because you will be investing alot of time and energy into it.



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Posted on Sun, Mar 02, 2008 20:17

*Check your state to see what types of grants for women through SBA.(will see you through getting business plan going ,attorney,advertising,CPA,etc.they will direct you),there are quite a few.Get business plan ready,know what you want to do.I find that having other business like minded professionals/Mentors,can help you with direction,they must be SUCCESSFUL in their business,in order to help you along,give advice etc.You need to ask questions about how they became a successful business owner.Pick brains...it can be quite fun !
Hey you can ask friends/family,they can also be financial backers in a new business,for financial backing.You can pay back @lower int rest rate, if agreed upon..Need a strong business idea you believe in ,that they can see your vision.And go for it!Best of luck!



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Posted on Wed, Feb 27, 2008 06:12

Quoting NoLoveNoLife:

If you are young, ambitious and have such a strong desire to be successful in life... How to make your first step? How to set up your own business if you don't have enough money for that?

Please, give me some advice. Especially I'd love to hear from those who were not rich at the start at all and made themselves successful.
Regards & Thanks

El



If you want some advice on starting a business, though this was advice given by a bunch of us for a grocery super market to a Russian lady the concept can be applied to other business.

Read the "starting a supermarkt- new ideas wanted!!!! " on the business forum

BQ



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Posted on Tue, Feb 26, 2008 06:18

I would say that its important to establish what you love and what your relly good at. Nine times out of time if you establish a business centered around something you love you are going to put 200% into trying to establish yourself as a successful business. I can give you more pointers, but its a lot easier if you figure out what you want to do first.

I'm not suppose to give you my email or website address, so if you are able to respond I would be happy to help you figure out what you want to do.

- Shontia



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Posted on Mon, Jan 07, 2008 19:04

In the States we have Government grants for all types of people. I know your commonwealth is set up a lot like our system. I would start there. They do have small business expo
s ( counsel expo
s ) you may even want to try your center link system. I
m not an expert on your system , but I have spent a good deal of time in your country. It will take a lot of research but being a single women ( especially if you have kids)can help. As the gentlemen said before use your credit and look into small business loans . Just don
t get yourself in to deep , slow and steady wins the race .. Best of luck to you .. Cheers !!



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Posted on Wed, Dec 26, 2007 18:47

Hi,

I'm not sure why nobody bothered to answer your question for the last 4 months, but I will.

1 of the ways is to work hard and save your money to invest in something that you have a passion for.

Another way is to use "Credit" as your launching pad. Being creditworthy these days can at least get you started and then you can put your passion and hard work behind that.

Still another way, is to lay out the plan that you have in mind for your business and then sell the idea to someone who is willing to invest in it.

You may also want to look into Government Grants. That money is right in your own backyard (so to speak).

Good Luck,
C.



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