Questions on starting a business/ become entrepreneur

@Oontan (49)
Malaysia
December 15, 2006 8:02pm CST
Can anyone share your point of views on the followings (on the assumption that you start from scratch, ie. does not inherit any treasure from the family):- 1. When do you think is the right moment to become an entreprenuer? (ie..work for 10 years before coming out on your own or start right after graduation) 2. What it takes to become an entrepreneur? 3. How should one start the process to become an entrepreneur Please comment ......
4 people like this
10 responses
• Malaysia
16 Dec 06
Anytime is a good time to become and entrpreneur. By being in mylot, you are already entrepreneul. Some ground rules or rule of thumb to follow if possible. Some might disagree, but caution is sometimes prudent. 1. at least 6 months savings to cover all personal or family expenses 2. at least 3 months savings to cover business expenses 3. indepth knowledge of business to attempt...all start-ups come with risks...knowledge reduces the risks 4. understand and visualise the end-game before starting the business and work towards the end. 5. Work out the objectives and concepts for the business and always check out the competition now as well as the future 6. Analyse the break-even point of the business and evaluate if the time frame is acceptable or not 7. Ensure sufficient cash flow for the duration of loss before break-even, i.e, loan from family, friends, bank, vc or govenrment funds. How should one start? Find a topic which one can be passionate about and is acceptable by the masses as this would reduce the need to market relentlessly.
• United States
16 Dec 06
First you have to ask yourself. What are you going to do sell a product or a service. If what type of service are you going to offer. What are your hobbies and what knowledge of the internet do you have. There are alot of things one must think about before starting a business. And it is goin to take alot of time. To build a name for yourself.
@Oontan (49)
• Malaysia
17 Dec 06
Thanks for the enlighting. You just gave great insights.
@mjgarcia (725)
• United States
16 Dec 06
I agree with everything gogogadget said. I'd like to stress that you do your homework on not only the business idea, but how to run your business. There are plenty of free online sites that teach you business skills for free. But you have to apply the knowledge. A lot will depend on the type of business that you plan to have. Is it a brick and mortor store? An online venture? A party plan? How you plan to offer your services will tell you a lot on what you need. http://www.networkingtimes.com/university/ sometimes they have free seminars on different business aspects. http://office.com/templates/page4.asp?docid=7 has some good articles. Those are only two that I can think of off hand that I've used. I know that there are a lot more.
@pongutas (61)
• Brazil
17 Dec 06
Weeeell... you will need money to star .. some good ideas .. more money.. some lucky and buuh .. you are e rich guy.. ^^
• United States
16 Dec 06
Don't rely on your business to produce enough income to live on for at least a few years. That means you, your partner, spouse, etc should have a job. If you have money enough to live on but no health care, you could put yourself into a real financial bind should anyone get seriously ill or have an accident. A job with medical benefits is important for someone to have until your business is consistantly making money. In my opinion, the single most important quality a successful entrepreneur has is the ability to keep going when they are losing money. Most beginning businesses actually lose money in the first few years. If you can't keep your chin up, and your confidence up, and keep researching, learning, and trying new things WHILE you are losing money - you won't make it.
@maevic (821)
• Bahrain
16 Dec 06
You can start as early as now. But you have to make sure you have everything you need: 1. THink of the business, which business you want to have or you think you can manage. 2. Do the feasibility study. This is a very important step that you should get serious about it. YOu should make a believable one especially with the data coz your business will relay on this foundation. Don't do the same FS you did in college... 3. After making your FS, you will see how much start up cost you will need to start the business and how much additional money u need to keep it going for few months in which you are establishing your business. 4. Also one of the important thing is the capital: Where you will get your starting money. dO YOU HAVE YOUR OWN MONEY, Barrow from the bank or from your parents? Or should you have a partner or stockholders, etc... You need a courage to be an enterpreneur: you should know when and how to take risk. Hope this helps.
@postbusf (121)
• Netherlands
16 Dec 06
Good luck to you!!!
@Desdemona (1305)
• Canada
16 Dec 06
WHy wait? Unless you feel you need more education and experience. I think the big thing that stops people from getting their business going is money. Depending on the type of business, money plays the most important factor. Forget about banks lending you the money. That is a shot in the dark, unless you have a ton of assets that equal the amount being borrowed. Investors can be tricky too. Most of the time they will only look at you if you have a unique product/service. Than they will want 25-50% of the business return. Anyways, my only advice is to have an advisory board to assist you. Most entrepreneur's forget or don't do this. It is good to have experieneced people guiding you through the first three years of your business. Best of luck!
@Signal20 (2282)
• United States
16 Dec 06
I've been thinking for awhile of starting my own business. Just can't get up the nerve to do it lol. I stumbled across this link the other night, seems to have lots of good information. You can also look up each individual type of company, to research what you need to start. http://www.entrepreneur.com/
16 Dec 06
some people will tell u that u can start a busines without money. That is not true. Befor u go into business, u have to do what we call feasibility sturdy.ie know details on the business. This include,profitability,financial involvement, assesibility etc.
@hcprasad (1013)
• India
16 Dec 06
1) You should have the basic knowledge of what you have intended to do and possible deep study in the matter. Better to get employed for 2-3 years to practical assessment. 2) It is the will and patience until you achieve. 3) Start will full fledged scale without any loop-holes.