Starting Business You Know OR Don't Know?

Discussion in 'Starting a Business' started by mhorner, Sep 17, 2012.

  1. mhorner

    mhorner
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    Is it better to start a business in something you know about and have experience in or a business that you don't have experience in? Every book, article or website I've read always suggest that if you are going to start a business, you should do it in a field that you have experience and knowledge about. Or at least in something that you can start off doing yourself until you grow and can hire employees. What does everyone else think?
     
  2. Fergal

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    Personally I believe that you are much better starting a business in a field that you know well. For example say you don't know anything about software development it would be very difficult to start a software business. Not only would you not be able to produce software yourself, you would probably find it difficult to write a specification for a software product that a programmer could understand and you would probably find it difficult to distinguish between quality well written code and code that is written in such a way that makes it very difficult to amend and update the software. This is just an example of one type of business, but the principle applies to many business types.
     
  3. masterbizcoach

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    Step 1: Write a Business Plan
    Step 2: Get Business Assistance and Training
    Step 3: Choose a Business Location
    Step 4: Finance Your Business
    Step 5: Determine the Legal Structure of Your Business
    Step 6: Register a Business Name ("Doing Business As")
    Step 7: Get a Tax Identification Number
    Step 8: Register for State and Local Taxes
    Step 9: Obtain Business Licenses and Permits
    Step 10: Understand Employer Responsibilities
     
  4. nashir

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    Ofcourse, we doing business that we know. Otherwise should be face loss.
     
  5. altcom

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    If you don't know anything, it is hard to sell the thing at the right price, get the right person do the right thing, and where to get client...end up it create thousand of question to stop you continue the business. The most important you may get cheat by people.
     
  6. andrewtarant

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    Starting a business is not a small thing but you have to first know about some factors which are highly affected to your business like finance,location,man power etc. Most important thing is that you have to start marketing regarding your business products promotion so you will get success as well as popularity in short time period.
     
  7. MoneyTrack

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    It makes much more sense to start a business in something that you know. However, that doesn't mean that you can't be successful if you have no experience. If you choose something that you have NO experience in, be sure it is something that you are passionate about the learning curve is going to be great, and the amount of time you have to put in will also be great.
     
  8. jcworlditsme

    jcworlditsme
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    Personally, I'd start a business which is related to what skills I've got, i.e. an IT business in my case.
     
  9. eelizasanchez121

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    I am also going to start my own company of IT.
     
  10. elly3173

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    When I started my online store, I didn't know much about retail business other than what I learned in the Internet marketing such as SEO, email marketing, social media, etc. Though it's a brave start for me because I didn't know much about how online retail business supposed to work, I think if you want to start a business that you don't know, you need to have an experience as a customer of the business that you have no knowledge at. For example, I used to buy a lot of things online so I get an idea on how online retail supposed to look like because of my experience with online shopping.

    This only won't make you far enough but regardless whether you have a knowledge in the business or not, you have to keep learning about the business you're in because everything changes really fast because of the technology and consumer behavior.
     
  11. 2misi.com

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    Logically you should start with business you are familiar with or have prior experience.
     
  12. PS9

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    Start with something you know. I've tried every business idea I could think of in the past 6 years; I've started and dissolved more corporations than I can remember, and I'm not joking.

    Where am I? Back exactly where I started, the first thing I did was computer related (fixing macintosh mainboards after high school). Then I tried music, game development, did a brief bit with computer hardware again as I needed the money, tried adult toys, and a bunch of other things. Eventually I went back to what I know, and I know computer hardware. Why? Because it made the most money. If we're being totally honest, the people in the adult industry selling the toys were a great bunch of people to be around, but I didn't know the industry so I wasn't going to make money.

    At the end of the day I have to make a living, it's far easier to make a living doing what you know.
     
  13. Abbey

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    If a person start business that he have no more ideas or know aoubt it then he is totally in loss and at last need to shut down business activities. otherwise fool person do that.
    Best thing is that need to get useful ideas & information related to business from senior person who have useful info about that.
     
  14. Ted

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    It is so difficult as it is to build a successful business. I am not sure why someone would want to start out with a big handicap like not having experience in the field you intend to run your business in.

    How will you know what your competitive advantage should be? How will you know how to position your business within your market? How will you know what motivates your customers?
     
  15. john_mclaren

    john_mclaren
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    Well said mhorner,

    But what about the ones who are self starter entrepreneurs and make there own path.In that case i think that the technical know how is the ought requirement for starting a new venture.
     
  16. eurekapsycrille

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    You can go to a business that you know in the first place. If you manage to get that business grow and gathered enough funds to start another business (just in case you want), then that's the best time to try something you don't know.

    Of course I know you know all the precautions when venturing to something you are not good at. It's already given that you will be cautious especially if your money is at risk.
     
  17. Jack Simmons

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    For me, starting in a business that I have vast knowledge in is a plus because I know most of what needs to be done and I am in familiar territory...
     
  18. Justin McCollen

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    Its really a plus if you run a business that you have sufficient knowledge in because you know its ups and downs...
     
  19. pawee

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    But if you are really interested in that business in which you don't have any experience yet, you can talk to someone or have a training to know the things you needed to know. If you’ll start a business because you have experienced on it but the market statistics suggest that there's not a good demand of it, would you still pursue?No, right? So why not give a chance to start on something you are not that familiar with and learn from it.
     
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  20. Mark T

    Mark T
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    But it depends - based on my own point of view.

    Normally, people start their business in a field that they think they have the skills and experience for it. That's given. But, it is not always a fact.
    Say for example - me.

    Personally, I didn't know anything about SEO / SEM before - no idea what was it and how it's done. Don't really know that it existed. My passion was in the music industry. My passion and love was about food business. My interest is in Psych [not to mention]. It was my field and plans to start a business on it.

    But then - when I learned about SEM / SEO, it sparked an interest on me to KNOW it and LEARN it. Definitely, it's not my field, not in-line with the business I want to start. Not in line with the skills and experience I have. Almost out of the line. I doubted that I may not succeed on this one cause it is not my field - I defer to that thinking and became pragmatic [by taking time to learn it] rather than dogmatic [basing on theory, opinions]

    And here I am - in the online marketing field. I learned, adapt, tried, and succeed in a way that I was able to start a small online business.

    In short, it's either you take the risk or not.

    Am I making sense? :D


    Regards,
    Mark T
     

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