Should I Study a bit before starting a Small Business? Where? What?

Discussion in 'Starting a Business' started by anaumi, Oct 27, 2013.

  1. anaumi

    anaumi
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    Hi. I'm considering leaving my career and opening a small business instead. Would you recommend that I take a managerial or a business course before I start? Mini MBA? Basic business accounting? Any recommendation on where and what sort of course I should do?

    Also -would you recommend an industry specific courses or do you think a generalised course would do better?

    Are there any specific skills like Accounting and financial planing that I must have?

    Any thoughts on the subjects are much appreciated.
     
  2. Fergal

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    Welcome to Business Advice Forum anaumi. A lot would depend on the type of business you are planning on starting. Can you please tell us a little more about that?
     
  3. Rocky

    Rocky
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    What industry are you currently working in? What kind of job you have? And your current qualifications? And as Fergal said what is the kind of business you want to start. All these would help us in helping you find the right answers.
     
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  4. anaumi

    anaumi
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    Thank you for your response.

    I'm thinking food industry - restaurant, cafe? bar maybe? I haven't decided on exact plan there yet. Until now I was working in advertising. Art direction side, digital department management. My BA and MA are both arts based.
     
  5. anandshah

    anandshah
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    Hello anaumi,

    Yes you can but you have to learn first of all.
     
  6. marriott

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    Before starting any business planning and study is very essential to achieve your business objectives.
     
  7. anaumi

    anaumi
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    Thank you gentlemen. you advice was...concise and Invaluable.
     
  8. Changed Creation

    Changed Creation
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    Hi Anaumi

    Yes I definitely think you need some training or mentoring, but that said, you will learn the most when you do it. So yes start, but start without risk. The one thing I have learnt the past months studying with my mentor, is that you must keep your business risk as low as possible. This means you must start without borrowing or taking a loan. Risk in business, is the ability to loose capital. So if you start with nothing, and you develop your rainmaker skill, by making money out of nothing, then if you loose you have lost nothing!

    That means I would suggest you start something part-time, so that you can learn and practice the business principles, preferably with a mentor, but still have an income that supply's your daily bread! This is also so that every bit of money you make, every seed that you harvest can go back into the business. Many business owners start a business and so soon as they make money spend it on themselves, and don't allow the business to grow with everything made. The idea of starting a business for me is to make one free. I didn't always practice this, even with all my previous training and experience. Business for me was a way of earning daily bread and keeping myself busy with something I liked. My perspectives have changed a lot since my last business training. I now think a lot bigger:) Keep us posted!
     
  9. Mark T

    Mark T
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    You should first learn how business works before you take any managerial courses or training.. thus, taking a business course - either business administration courses or entrepreneurial courses. You should draft your career path, know the right career path going to your goal of having a business. That should be your first step.


    Regards,
    Mark
     
    #9 Mark T, Oct 31, 2013
    Last edited: Oct 31, 2013
  10. Business Attorney

    Business Attorney
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    In some businesses - a food service is certainly a prime example - studying business is only a small piece of the puzzle. In those businesses, you really need hands-on training.

    In any business, you should have a good understanding of accounting. You don't need to be your own bookkeeper but you should understand the concepts, such as double entry bookkeeping, profit and loss, cash flow, amortization, marginal costs, fixed costs and the like.
     
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  11. marriott

    marriott
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    To start any business practical knowledge is must. We provide Strategy Development & Implementation
    Project Management.
     
  12. Changed Creation

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    A lot depends on what you want to do, but there are a few essential questions that every single business have to deliver on. Answering them will help you develop a step by step plan for the business and help you focus developing each level as your business proceeds through each. Personally I am very picky about what training programs to enter into because too few are level specific. That is why one program benefits "A" but for "B" is a total waste of money. Training for Start-up skills is lacking. Another problem is that many people who offer training have never even had a successful business. Traditional business training e.g. MBA is also not geared for small business, because they were essentially developed to improve big business administration. As soon as the business has started and the first money is made the focus shifts to 7 skills that focus on the money making process. And then again other skills for the 3rd level. For now your focus must be on mastering the start-up skills.One of the first is the rainmaker skill I have spoken of previously in this thread. It is very limiting to explain such complex issues (not difficult) via short posts. At most I can give you an awareness of directions you can follow, but you need a more hands on approach. Send me a message to which I will gladly reply if you want to know more about this.
     
  13. amwarner

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    You do have a choice to study or not but the bigger question is, if you were to leave your job, do you have enough money to sustain yourself for for at least a year or two. Because if you're thinking of just leaving your job to start your business and don't have any money saved up at all, you're in for a long ride. Alot of businesses, take months even years to see a profit and that's why it's best to still work in your day job while trying to build your business.

    Or course, you want to get in the food industry which would require alot of hands on training to get it up and running correctly. I'd suggest that you make sure you have money saved to sustain yourself. A full years salary or even more just to make sure that you don't screw yourself over.
     
  14. AK Sharma

    AK Sharma
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    Hello

    Before starting business you must have clear idea what kind of business you are going to start. Are you looking for restaurant,sports,IT or more. Who will be your target audience and what are the different path to reach them. Do you expand your business locally or worldwide. what type of manpower it requires.
    Firstly try to find out the answers to these question.
    Then you can get answers to your questions.
     
  15. medicalbillingso

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    To start a business, you need to study MBA for overall business plan. But one thing you should conform yourself what kind of business you start, then plan for that study, it may help your business development process.

    Thank You
     
  16. amwarner

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    I appreciate your answer and participation but I strongly disagree with this point. I don't believe you have to go to school to start a business. Or go to school and study for a MBA to know how to write a business plan. There are many people who started businesses without doing those things. School can teach you some things but it can't give you experience. And experience comes from actually doing.

    I myself went to school for something completely unrelated to what my business is in. Alot of people have started business successfully and didn't go to school for it. So I would have to disagree with your point, yet you are entitled to your opinion.
     
  17. MasBro

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    I went to a few classes when I first started and it was a waste of time. Lots of people out there think that since they owned a popsicle stand and made a little money they can teach you how to start your own brokerage firm. You know best if you're ready.

    You need an MBA? Really? I think that eliminates 98% of business owners.
     
  18. spyindiaankur

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    Study doesn't always mean to take degrees and diplomas like MBA, though they are very useful for business knowledge. One can also have this knowledge from his family business, society or some other source.
    Study means whatever business you are going to start you should first study about that business in detail. Do market research as where is the demand, supply channels like raw materials and other things and product cost and pricing etc.
     
  19. anaumi

    anaumi
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    OK, Its been a while, but that you all for responses.

    I decided to work in food industry for about 6 month or so. I figured that i will have clearer idea what courses i need to take and what knowledge I can pick up while working.

    As for MBA. After some research, I feel that most of what is taught on that course can be learned from reading one of the numerous books on the subject. Infact most of the authors imply that true value if doing that course in a good university would come from "making lifelong networking connection"... so bugger that.
     
  20. socallimos

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    Read blogs, articles, etc. Share your questions on related community forums and must me search and browse internet for your related business
     

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