HOW DO WE START A BUSINESS?
This is based on my personal experience, so I will discuss something more practical than theoretical. When we start the business, we must pay attention to the following factor:
Strength and weakness of our product
We must understand the value of our product in detail. Make the main strength factor as a tagline of our product. When our clients or customer ask about our product we must be able to explain in a short word or detail depending on the situation. Don’t forget, we must be honest with The weakness of our product, don’t ever lie, once you lie and in the future, your customer knows the fact, you are done, trust is Everything in business. When You explain the weakness, also tell how to handle it. You can also explain the overall strength to weakness product summary, of price to feature overview.
Knowing the capacity of our self
We must realize the capacity of capital, resources, and networking that prepared for our business. Just Work based on what we have, do not overdo it. We must focus on the potential target of customers or users.
Rational Marketing Target
To be realistic, better we have a small number of real users than a huge number on paper. Based on my experience when we make marketing to 100 customers by brochure only 7–8 can be followed up and maybe 2–3 users will have a deal. So consider this calculation when you make a marketing projection unless you have a better marketing strategy that gives you a better rate of deal.
Risk first before Profit
When we start the business, it is important to be ready to face many risks. When we make the wrong anticipation, we are done. Think and calculate every decision you will make, profit will follow when risk is well managed.
Just remember, from 1000 start-up businesses, only 2–3% of them well established are growing. Just make sure you are competitive enough in whatever business you will create, Good Luck