What are some very necessary things which you would need to run a business

Discussion in 'Growing and Managing a Business' started by manishsqrt, Jun 5, 2015.

  1. manishsqrt

    manishsqrt
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    According to your experience what are some of the most basic necessity that you must fulfill in order to start or run a business.Please share your experience.I know capital, infrastructure are few things that we need, But i want to know in terms of principles, methods, beliefs, theories etc.
     
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  2. MichaelXH

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    Depends completely on the business -- for some things, you don't even need a significant amount of capital.

    I would say having drive and a flexible plan are the most important things. Drive is necessary. You have to dedicate yourself to your business, you have to have a passion or at least the energy to put in the hours and effort even when things aren't going well.

    Having a plan is also important, but especially when you're getting going, it helps a lot to be flexible. If you can think critically and strategically and revise your plan week-to-week, you'll find ways to improve your business all the time.
     
  3. tsubibo

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    Choose a business that you feel passionate about. All the capital and preparedness will not help you if you do not love what you are doing.
     
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  4. chad23

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    You need determination, realistic plan and thick skin. Without strong intention to build a successful business you won't be able to start. As was mentioned above, you should also have a plan. I will add that you need a plan which is down-to-earth and based on realistic estimations. And thick skin is absolutely necessary to get through failures and negative criticism every businessman receives.
     
  5. Portal88

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    You need honest, trust, realistic plan, and high spirit
     
  6. david14beck

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    I think before starting a new business, you should have enough knowledge about your new business.One of the most factors i know is Business Marketing and Business Insurance. Business marketing is important to run and increase sales of your business. and the other part, Business insurance protect your business from bad debts and losses.
     
  7. 60degreeDigital

    60degreeDigital
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    As for me, business is about taking calculated risks. TO excel in your domain, it's necessary that you yourself posses a very good understanding of the business. You also have the capability of enduring hard times.
    Your own determination will be decisive in making your business elevated to new horizons.
    Business needs your time, money, patience, intelligence, farsightedness & most importantly your own will to thrive.
     
  8. sandrew272

    sandrew272
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    Creating your business plan at the beginning will help guide your vision and direction as you continue along you entrepreneurial journey.
     
  9. Business Attorney

    Business Attorney
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    Hard work, the skills and aptitude needed for the specific business and a little good luck.
     
  10. MahaKarthi

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    Any business starts with the core idea. You should have proper planning and strategy well in place to ensure a good start. There are so man business consultants who give world class solutions to help in setting up any business and also take it to desired heights of success.
     
  11. ashutoshkhuana11

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    I Personally recommend you that know your Customer is the most important step. Secondly deeply research own your product which you want to sell in the market, Know your competitors weakness and strength. So make a strategy and proper planning before you start.
     
  12. Missfortune81

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    The two most important things you need when starting a business is time and money, in my opinion. You also need to have patience because it does take time to become successful. Also have a good laptop that you can work on anywhere. Or maybe a good Ipad or tablet. You need social media accounts for your business and you should update them as much as possible.
     
  13. david14beck

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    Well but it depends on your business, Whats type of it is ? who are the competitors?whats is target audience? i think we can give you a better advice after this clarifications.
     
  14. Corzhens

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    I would say you should have an ample knowledge of the business, not only of the nature but also of the ins and outs particularly the problems inherent to the business. New entrepreneurs thought that capital is the most important element of the business but it's really the know-how. Check out the failures and you will know.
     
  15. asbrown

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    A ridiculous amount of planning and modeling. Projections on what you hope to achieve, breakeven models to show what you must achieve, contingency plans on how costs can be scaled down if necessary, or how surpluses can be used to drive gross profit. Everything anchored to a clear timeline, and quantified metrics. All of this has to be grounded in thorough regulatory, market knowledge, and an understanding of what will drive potential customer behavior.
     
  16. spyindiaanu

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    I think for starting new business you need full planning, how to invest, how much, all things are cleared which place suitable for the product delivery and how we get more profit. When you start any business you study all the happening condition and situation while you work. If you start online business their is also planning how you start your organization, how many competitor in the business which you starting to work. Keep mind in all things which helpful to start and standup in business.
     
  17. Damien Lee

    Damien Lee
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    Firstly, you need to have courage. This may sound strange but I've encountered folks that are absolutely terrified of working for themselves. Secondly, you need to be passionate about the product or service you're offering. Without passion you will give up easily when the going gets tough. Thirdly, you must have a work ethic as lazy people never succeed in business. Even if you encounter a lazy business person and he is doing well, it's mostly because there are others working in that business that are contributing to it's success.

    Lastly, you must be resilient. You will encounter very difficult days during the course of running your business. If you're the type of person that gives up easily, there is no point in starting a business.
     
  18. jteezymob

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    It depends where you live. Contact your state about the normal usual processes that any business goes through. It is hard there, and expensive. You can get fined a lot of money (thousands of dollars) if you don't get a license. They're very strict and they don't have a sense of humor about it. The worst part about it is, even if you don't live in the state but are only using contract people there, you have to get a license.
     
  19. rodsmith

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    You must have plans for everything, not only for your work but for everything like what you have at the initial and how can you drive the maximum benefits by having the limited resources. Also, you should always be ready for facing some intricate issues and you should have a proper understanding of how you can resolved them.
     
  20. CrowdedHighways

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    I think a successful business is a combination of team, innovative ideas and the initial capital. I also believe that each of these components holds an equal importance. In the 'team' I also include the people that you know that might help you get ahead.
     

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