Idea, time, motivation. Actually I have no experience of this but I just guessed those 3 ingredients would come handy.
I think that starting your own business isn't such a hard thing in general but developing it successfully isn't an easy thing at all. Personally I don't want to have my own company in future because that will demand really much time and work from me, also managing business is a rather stressful thing and I'm not that type of person who overcomes it easily And you need to be a very patient person who has passion for what you do because your company won't become successful and profitable fast too.There are also so many even basic general things for this like finding 'your' sphere, having enough knowledge about business tools/strategies and what you're planning to do, creating a professional and reliable work team, developing an effective management system, investing in different tech innovations for improving the general quality of your work and communication with clients https://idapgroup.com/for-business/ , building a network for your clients/customers, investing in good advertising... And having a start capital is a necessary thing too. P.S. No, I've never managed my own company but I understood all these things rather well from my older brother's experience.
Most importantly you need a skill Not any skill For a successful business You need a skill that cannot be easily replicated You need partners you can trust You need partners with similar goals Do not get this confused with family as many people think family members are almost instantly trustworthy and have similar goals Patience, discipline is implied if you struggle in these areas you mustn’t start a business until you can master the two. Money should only be a secondary goal. Your primary goal should be the vision of the company. Ex: Elon’s vision of space travel (pretty extreme but you get what I mean) People look at business like a lottery which is not the case. If I can compare it with anything, it would be going to the gym. You get what you put in. At the same time you have to do it the right way lol. people succeeding in the gym isn’t just working out. Proper gym results: correct amount of sleep, training, and nutrition Proper business result: correct amount of effort, risk-taking, and even mental awareness. I went to 4 years of business school I didn’t think much of what I learned can be applied to current world of business, I even studied at SIM in Singapore for international business but I felt everything I learned was corporate related. Most people when they refer to business they’re usually talking about a more personal endeavor ♂️
Know your path. Industry? Capital? Partners? Suppliers? Competitors? Locations? New ideas? Ads? Expenses? License? Know your customer/suppliers/competitors, build relationship with them. Trust or no, black & white is important.
You'll need to know black and white/documentation > what people say as you're protecting yourself. In the line of business, it's a dog eat dog world. You also need to understand that competition is healthy. It's needed for every business and its up to the owner to pick up the pace and adapt. If you're dealing with something niche, be sure to know what your client or customers want. Passion in what you're doing is a must too as it'll push yourself to do better in what you're dealing with.
No thanks. IMO, the extra money potential isn't worth the time/effort/stress. I'd rather make my money with a safety net larger businesses provide and either invest the money (probably going to go for just raw land somewhere) or stick it in the bank. If i ever do open my own business it will be something completely unrelated to my career path (I'm in pharmacy school), and it would be more of a... occupying my time once I retire and already have my nest egg settled sort of thing. Current ideas are... A nickle arcade I'd open a martial arts dojo A ceramic studio All 3 are passions of mine and would be things I would enjoy doing when I'm no longer working. The latter 2 are things I will probably do anyways and by making it into a business I can open it to teach people, and the arcade just being something I think more places need. Most arcades I find are 25 cents to a dollar per play, and people spend so little time there. If I got 5 times the games for my money, I'd be willing to spend a lot more time there.... and if I cover the roof in solar panels I don't think there'd be much expenses since it's just raw electricity.
Starting and running a successful business requires mostly diligence and focus. If you are not able to work on it daily and grind daily without distraction then it is hard to achieve. You don't need a "great idea" but rather something that solves a problem. You can take someone else's solution and just make it better also. Or if you don't want your own product, sell other peoples products. If you do not have startup money, start with dropshipping (it has to be a good product and well made) etc. There are no set rules on how to make money, you can invent a new method on charging people money. It is actually quite a creative field. You just have to be hard working and also know when a ship is sinking. It is normal to fail. (I once started a silver quality charm bracelet dropshipping business but I had no finances to support marketing and finding the target audience, I made it too hard for myself - also it requires more experience. I should had chosen 1 product to sell that everyone needs - teeth whitener for example). Don't make it hard for yourself. You just have to give value to people (because jewelry is not necessity then it is much harder to sell - you have to convince people that they need it rather they just need it). Kinda ranting here, sorry if it is messy. I hope you can pick up something from here.
