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Old 26th April 2012, 03:19 AM   #1
therebelmba
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Default What Is The Holy Grail Of A Small Business?

Hi Guys,

Instead of getting my mba through academia, I'm doing my own thesis by asking what happens in the real world. As a small business owner/future small business owner, I was wondering when you had/have an inkling of starting a small business and you have no clue where to start what's the one question or top two question you want answered?

ie. Should I form a LLC? or How do I bootstrap this venture? or What color best works for my office?

Thanks guys,

therebelmba

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Old 26th April 2012, 10:28 PM   #2
Logan
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What business will make me the most amount of money for the least amount of work

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Old 27th April 2012, 06:44 PM   #3
therebelmba
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Thanks Logan great insight I was thinking people start businesses because they're usually a great hobbie or something they're good at awesome thanks

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Old 28th April 2012, 12:56 AM   #4
Logan
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You're welcome, I think those are important factors. I've often said here that there are three things that factor into a successful business -

1) Do something you have a passion for
2) Do something you have experience with
3) Start small - everyone does - look at even examples like walmart

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Old 6th May 2012, 02:52 PM   #5
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Logan is right.

Here is my list what you need to be prepared for when starting a business:

1. A commitment to success. Almost has to be an obsession.
2. Long hours
3. Time away from home. The need for a very supportive spouse and family
4. Periods of great frustration
5. Periods of when you are in fear of the unknown and the fear of failure.
6. No automatic salary. Unsteady income.
7. Incredible amounts of energy needed
8. Always being upbeat and enthusiastic
9. Racking your brains out to come up with new and different ideas
10. Courage to implement those ideas
11. Understanding personal liability
12. You must love what you do and be very passionate about your product or service.

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Old 9th May 2012, 11:30 AM   #6
AngelBiz
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My first question would be - do you have what it takes to be a small business owner? Remember, small business ownership is not for everyone. It's hard work.

Read this post for list of traits one needs to possess to be successful in small business.

http://www.smallbizviewpoints.com/20...usiness-owner/

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Old 28th June 2012, 03:04 PM   #7
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Ask yourself "What am I passionate about? What do I enjoy doing so much that I'd do it even without pay?" If you can manage to answer that question, you may have just found the perfect business for you.

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Old 20th July 2012, 06:20 AM   #8
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Whenever you are starting a business, I think the most important question you should ask yourself is - Are you willing to fail and try again?

The reality is businesses do fail, (a whole bunch of them do). No matter how perfect we think the idea is, the possibility to fail is always there and we must brace ourselves so we would be prepared and ready to try again, and again, and again.

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Old 20th July 2012, 10:34 AM   #9
toy maker
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Default start up mind

When I thought about the commencement of work, a few questions I had in mind
- That the technology is affordable and fast to learn
- There's always a new generation of customers
- To be my wife to join
- That children help us when they are on vacation
- To non-existent fashion trends that can impact the sale go down
- Shelf life and easy storage

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Old 18th September 2012, 01:55 PM   #10
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In my mind, the best business ideas are ones that can fail and not bankrupt you in the process. I always have tried to do things that don't cost much to start, and you can do right away. That way if you fail, which sounds a bit pessimistic but its always a possibility, then your not really out too much, and you can move on to something else. The key for me is never give up, one plan goes belly up and I move right on to the next. Sounds pretty simple, but there are alot of people who never ran a business before, take out a big loan, it fails, and bye-bye life savings. I would hate to see that happen to anyone. My two cents.


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