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> Starting a business or start up

Furfur
post Nov 16 2018, 02:33 PM, updated 5 months ago

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Just curiosity, how many people here pondered about starting a business before but don't know what to do or where to start?

What's the obstacle stopping you to take the first step?
MUM
post Nov 16 2018, 02:52 PM

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while waiting for responses, I googled and found these...hope they can provide you with some info while you wait for responses....

why people does not start a business
https://www.google.com/search?source=hp&ei=...1.0.X4inunLHiD4
fairylord
post Nov 16 2018, 03:10 PM

what to share?
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Knowledge to the idea
Q.V.RK
post Nov 16 2018, 04:18 PM

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In my opinion, having common sense and not blinded by the adrenaline of starting a new business.
Furfur
post Nov 16 2018, 04:37 PM

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QUOTE(MUM @ Nov 16 2018, 02:52 PM)
while waiting for responses, I googled and found these...hope they can provide you with some info while you wait for responses....

why people does not start a business
https://www.google.com/search?source=hp&ei=...1.0.X4inunLHiD4
*
Read that article. Just wanted to see replies from people here smile.gif

QUOTE(fairylord @ Nov 16 2018, 03:10 PM)
Knowledge to the idea
*
What kind of knowledge? Does this mean by learning about it will be way to move forward?


QUOTE(Q.V.RK @ Nov 16 2018, 04:18 PM)
In my opinion, having common sense and not blinded by the adrenaline of starting a new business.
*
Agree with you. How would you define common sense in this context?
dem0nic
post Nov 16 2018, 05:46 PM

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Yep. I can see people around me. They’re all have the same problem, they don’t have the capital.
yklooi
post Nov 16 2018, 06:00 PM

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QUOTE(MUM @ Nov 16 2018, 02:52 PM)
while waiting for responses, I googled and found these...hope they can provide you with some info while you wait for responses....

why people does not start a business
https://www.google.com/search?source=hp&ei=...1.0.X4inunLHiD4
*
WOW.....your link has so many results for that topic..... shocking.gif


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fairylord
post Nov 16 2018, 06:17 PM

what to share?
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QUOTE(Furfur @ Nov 16 2018, 04:37 PM)
Read that article. Just wanted to see replies from people here smile.gif
What kind of knowledge? Does this mean by learning about it will be way to move forward?
Agree with you. How would you define common sense in this context?
*
I meant the knowledge might open your vision of target or dead end.

When u understand the idea and necessary knowledge to work it out, you either work it out perfectly or you foresee too many hurdles cause you stop.

This post has been edited by fairylord: Nov 16 2018, 06:19 PM
Q.V.RK
post Nov 16 2018, 10:01 PM

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QUOTE(dem0nic @ Nov 16 2018, 05:46 PM)
Yep. I can see people around me. They’re all have the same problem, they don’t have the capital.
*
Capital doesn't guarantee success, and having a lot of money to begin with is one of the reason that a lot of businesses failed. Truthfully, I started mine with just under 10,000 and end it's first financial year with revenue around half a million. Knowing that my capital is limited, I tend to be prudent in my spending, and diligently learning for new ways of doing the same thing, and I know sales is vital to the survival of my business, so I divert most of it into promotion.

It even disciplined myself, I started to wake up early, plan my day ahead. Learn to build courage along the way, because that's the cheapest way to promotion and marketing. Meeting prospects face to face, a lot of rejections but I am shameless. Haha.

But, these are many years ago already. Now, there's people to everything. I can't do everything myself, so I find the best person to substitute myself in a lot of responsibilities.

This post has been edited by Q.V.RK: Nov 16 2018, 10:02 PM
RyuGW90
post Nov 16 2018, 11:46 PM

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I think I came across such title on this forum
dem0nic
post Nov 17 2018, 10:42 AM

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QUOTE(Q.V.RK @ Nov 16 2018, 10:01 PM)
Capital doesn't guarantee success, and having a lot of money to begin with is one of the reason that a lot of businesses failed. Truthfully, I started mine with just under 10,000 and end it's first financial year with revenue around half a million. Knowing that my capital is limited, I tend to be prudent in my spending, and diligently learning for new ways of doing the same thing, and I know sales is vital to the survival of my business, so I divert most of it into promotion.

It even disciplined myself, I started to wake up early, plan my day ahead. Learn to build courage along the way, because that's the cheapest way to promotion and marketing. Meeting prospects face to face, a lot of rejections but I am shameless. Haha.

But, these are many years ago already. Now, there's people to everything. I can't do everything myself, so I find the best person to substitute myself in a lot of responsibilities.
*
You’re absolutely right. But i am not talking about it being success or failed. Those two things are determined by YOU. If you put your effort into it, and know your business etc.

My point is that people nowadays don’t even have any savings to even start a business. Not even 10k. They accumulate debts at young age. I’m talking about people around my ages 23-30. Which is not good at all to do such thing.

Good for you really. Mad respect. Started with 10k and first financial year of half a million revenue. That is actually a legit way to do it. Kudos. Not everyone willing to do the same way.

Ecnerwal
post Nov 17 2018, 10:53 AM

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QUOTE(Furfur @ Nov 16 2018, 02:33 PM)
Just curiosity, how many people here pondered about starting a business before but don't know what to do or where to start?

What's the obstacle stopping you to take the first step?
*
Determination, ambition, willpower, discipline, focus.
Without these, don't bother. It's just a dream. All talk.

Money, can always find.
Partners, network can always find and work on it.
Employees, skillset can find and hire.
Place can always find and expand and relocate to better later.

However, don't ever be blinded by power, ego, selflessness, and idiocy. This is different from being determined. Alot of bosses /business owners get frustrated easily when they don't get things their way, or misunderstood, or fail. They always lash out at partners, employees or family.

Keep to the 5 factors I mentioned above up there, and whatever you want to start, can get there.

But don't take this literal.
Pure determination isn't enough. Those 5 points are just the start.

Proper research, understanding of your business landscape, competitor, opportunities, finance capabilities /stability /risks, your assets (tools, $, employees, skillsets,..) and consistency comes along the way.

Business isn't a short term thing. Unless you're here to try a short stint, short trend /fad, then you can ignore all these.
Just go Genting or play stock market, or sell insurance or MLM, or crypto.

This post has been edited by Ecnerwal: Nov 17 2018, 10:54 AM
Ecnerwal
post Nov 17 2018, 10:55 AM

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QUOTE(Q.V.RK @ Nov 16 2018, 10:01 PM)
Capital doesn't guarantee success, and having a lot of money to begin with is one of the reason that a lot of businesses failed. Truthfully, I started mine with just under 10,000 and end it's first financial year with revenue around half a million. Knowing that my capital is limited, I tend to be prudent in my spending, and diligently learning for new ways of doing the same thing, and I know sales is vital to the survival of my business, so I divert most of it into promotion.

It even disciplined myself, I started to wake up early, plan my day ahead. Learn to build courage along the way, because that's the cheapest way to promotion and marketing. Meeting prospects face to face, a lot of rejections but I am shameless. Haha.

But, these are many years ago already. Now, there's people to everything. I can't do everything myself, so I find the best person to substitute myself in a lot of responsibilities.
*
Respect. Well spoken. Keep it up. You're not alone.
yklooi
post Nov 17 2018, 11:20 AM

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Capital doesn't guarantee success, but having an abundant capital does ensure a better chances of success...
and having not enough money to begin with is one of the reason that a lot of businesses failed.
NightHeart
post Nov 17 2018, 07:05 PM

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There's only 2 things that stop people from taking the 1st step;
1. Capital - no capital can't do anything
2. Fear - got the capital but scared of this, that & many other things

Capital, network, people, skills, knowledge & experience to start a business are best obtained during employment. That's why it's good or highly advisable to work for others several years first before venturing out on your own. If you fail in employment, very likely you'll fail in business too.
icemanfx
post Nov 17 2018, 11:02 PM

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90% of new business failed in first 3 years.

cfkoon
post Nov 19 2018, 05:22 PM

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10% of new business dont fail in first 3 years
jimmyng
post Nov 20 2018, 02:31 PM

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100% of business fail when they don't even start
hz428
post Nov 20 2018, 02:52 PM

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most likey
1. dont have a proper plan or
2. no capital
3. maybe the plan is outdated
4. maybe not confident
5. personal commitment too high.


so what you think TS? any suggestion for kick start in Malaysia from register company to set up, and keep the operation running?


cute_miao
post Nov 22 2018, 11:40 AM

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a lot ppl say me gila when i started my biz

back to 8 yrs ago, i still rent a small room in kl.then i keep aquarium plants.i buy from shop, n resell them

then i work hard to think how to market it. selling thru diff platforms n i have some idea then bout my customers.

i work on my idea..n now, i own my farm, supplying back to the shops where i took stocks last time

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