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Old 21st March 2009, 02:10 PM   #1
MorpheusReturns
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Location: Austin, Texas
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Default Before You Even Think About Starting A Business

As a business consultant here are the main questions I get from people looking to start their own business and also some advice I give them before even thinking about starting one.

Before you get started though, first things first. I wrote a book specifically to help people eliminate any subconscious blocks they may have towards money called

The Morpheus Protocol
Eliminate prosperity blocks, self sabotage and addictions.

Getting rid of any blocks you may have is the key ingredient to starting a successful business.

Here are some questions I get from clients who are looking to start a business along with answers:

Q - What is the number one mistake people make when starting a business?
A - Starting the wrong type of business. In other words starting a business that doesn't allow the person to utilize their natural talents.

Q- What is another mistake people make when starting a business?
A- Starting off under capitalized.

Q - What if some one doesn't have enough money to start a business but really wants to start one anyway?
A - There are things you can do if you don't have the money to start a business like putting together a business plan and approaching people you know that have money who believe in you to help capitalize the business. Also, if you have already started a business under capitalized and you are struggling, put a business plan together so you can see what your business is missing and fill in those positions with qualified people after you get capitalized.

I could write a lot more here but if you have more questions feel free to contact me.

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Old 26th January 2010, 12:57 AM   #2
elorland
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Code:
Q- What is another mistake people make when starting a business?
A- Starting off under capitalized.
can you plz elaborate on this,,how much % of money in excess you shud consider having before starting?

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Old 26th January 2010, 03:06 AM   #3
webroot
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Default re:Before You Even Think About Starting A Business

in my opinion after arriving initial business idea and plan..one should think in a pessimistic way this will highlight possible reason of failure....and you can correct them.

One golden rule for any type of business is;
market demand / competition = what you get

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Old 28th January 2010, 12:36 PM   #4
ErnstG
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The other big mistake it to start a business that not enough people need enough to pay for. You might do it well, and like doing it, but you need enough paying customers to make a living.

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Old 5th February 2010, 03:40 AM   #5
icondosmanila
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That's how people perceive before venturing into business. They never consider how much they need in putting up a business. Planning should always include financial aspects. Not to say all people, but those who never consider how much their business needs. Though each type of business needs different amount of money.
Also, the fact that most business locations if not enough to generate potential customers. A big mistake for a business to establish their location in a crowded people, but few potential customers, The fact that not all to crowded places has the demand for your product.

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Old 22nd February 2010, 05:59 PM   #6
May
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Default

Quote:
Originally Posted by MorpheusReturns View Post
As a business consultant here are the main questions I get from people looking to start their own business and also some advice I give them before even thinking about starting one.

Before you get started though, first things first. I wrote a book specifically to help people eliminate any subconscious blocks they may have towards money called

The Morpheus Protocol
Eliminate prosperity blocks, self sabotage and addictions.

Getting rid of any blocks you may have is the key ingredient to starting a successful business.

Here are some questions I get from clients who are looking to start a business along with answers:

Q - What is the number one mistake people make when starting a business?
A - Starting the wrong type of business. In other words starting a business that doesn't allow the person to utilize their natural talents.

Q- What is another mistake people make when starting a business?
A- Starting off under capitalized.

Q - What if some one doesn't have enough money to start a business but really wants to start one anyway?
A - There are things you can do if you don't have the money to start a business like putting together a business plan and approaching people you know that have money who believe in you to help capitalize the business. Also, if you have already started a business under capitalized and you are struggling, put a business plan together so you can see what your business is missing and fill in those positions with qualified people after you get capitalized.

I could write a lot more here but if you have more questions feel free to contact me.
I appreciate you helping all of us with questions. I will keep you in mind when i have questions

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Old 13th April 2010, 09:20 PM   #7
cfoservices
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Default How do you determine if you have enough money

Quote:
Originally Posted by elorland View Post
can you plz elaborate on this,,how much % of money in excess you shud consider having before starting?
To address this question it is always a good idea to prepare a financial forecast with "what if" scenarios to determine what your capital needs will be at different levels of sales volumes and at different expense levels. If you are uncertain how to prepare such a forecast, hiring a Part time CFO is usually a good resource for this. Most part time CFO's as one of their CFO Services prepare these types of forecasts.

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Old 3rd May 2010, 01:38 PM   #8
jumbojim
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I would say the biggest mistake ANY business makes is: not truly understanding the needs, desires, and frustrations of the market. If you can nail the marketing, the rest of the business almost takes care of itself...

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Old 10th May 2010, 09:49 PM   #9
cfoservices
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Originally Posted by jumbojim View Post
I would say the biggest mistake ANY business makes is: not truly understanding the needs, desires, and frustrations of the market. If you can nail the marketing, the rest of the business almost takes care of itself...
I would go along with that Jumbo Jim. I was being interviewed on a local radio station in Boston recently and what I said was if the marketing plan is successful the business will be successful.

The key is finding the solution to the problem. Good post Jumbo Jim!

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