How to start a small business?

Question

I am an MBA, I want to start my business with a small capital of $35000. What are your recommendations? Which business is good for an amateur? Should I do job before start my own business?

Answer 1

Be sure to check out the Small Business Administration http://www.sba.gov/ Although they dont have any free money, they can assist you with your business plans, assist you in seeking loans, assist you with resource planning and allocation, as well as a variety of other stuff. They are simply an incredible resource.

Answer 2

I think you should spend some time and money on books on the principles of success. They don't teach this in university.

1. First, what is your dream? If you don't know where you want to end up then it doesn't matter where you end up. So what is your dream? If money was no objection, if you had it all, what would you do now?

2. Then write down your goals because the mind doesn't know what is real and what isn't. It knows when you make a decision. The subconcious mind is like this:

Imagine you are the captain of a ship. And in the bottom is the engine and where workers will steer the ship. They cannot see anything, feel anything except through your words, your belief, your emotions, your goals and dreams.

So, whatever you tell them to do, they will do. They will work for you. That my friend is the subconcious mind.

3. Make the decision and don't back off. And the how is not as important as the why. Sure, strategy is vital but not so, for you to wander around making a decision or not. Make the decision and start now and life will bring you what you want.

4. What business? That depends on its support system. You need a business which has the best education system in the world, the best mentorship in the world, where you can sit with the most successful entrepreneurs who have already done it and you can counsel with them all the way, everyday, and they are a phone call away. They will have a vested interest in you and that's good for you! No one is going to help really in a big way if the have no vested interest in you.

So find a business, where you don't need to spend all that money. Find a smart business. A Biz net business and a company which has been going for a long time and can let you have te franchise without investing major capital. Not even a few hundred because this will not be about the business but about how fast you grow inside.

Your wealth is determined by your self image. Do you have a mulit-millionnaire mind?

You want loads of money? Then find out what the people who have loads of money do? I mean those who are Time and Money free, very successful and duplicate their successful principle.

What business? The one will drive you into the future. Eccommerce.

Answer 3

Think of all your interests & ask yourself if any of those could be expanded into a business. Just keep in mind...what's your expertise? What are your interests? What could you imagine yourself doing?

By researching the prospect of starting your own business -- what it entails, what you need to know, helpful hints, etc -- you'll feel better prepared to take that plunge.

I found some book titles that are relevant to your specific question:

* 101 Internet Businesses You Can Start from Home by Susan Sweeney
* The Best Home Businesses for the 21st Century by Paul Edwards
* Selling Online: How to Become a Successful E-Commerce Merchant by Jim Carroll
* I Could Do Anything If I Only Knew What It Was: How to Discover What You Really Want and How to Get It by Barbara Sher
* I Don't Know What I Want, But I Know It's Not This: A Step-by-Step Guide to Finding Gratifying Work by Julie Jansen
* The Best Internet Businesses You Can Start by Marian Betancourt
* The Shoestring Entrepreneur's Guide to Internet Start-Ups by Robert Spiegel
* Making a Living Without a Job : Winning Ways For Creating Work That You Love by Barbara Winter

I also posted some article links in the source box.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 4

Offline, that isn't much money to get started, but online it could be huge.

I recommend you start by checking out the page below, and signing up for TOPS. (no cost) You can then look into expanding that resource under the direction of one Erich Winnecke, who makes more than $700,000 a year from his business.

After you learn his methods and begin to make a profit, (which will be almost immediately with that kind of capital to spend), you can expand to repeat the process indefinitely by marketing different types of things on the internet.

There is really no limit to how much you can expand. In fact, over half of the richest people in the world made their billions on the web, and here is a zero-risk way to break into the system.

You could do this with no capital at all, but it would take more time.

Here's to your success,

Answer 5

Good luck, as a business owner myself, I can tell you that owning a business can be very rewarding, as well as very challenging. As for what to start, you're the only one who can answer that question, it should be something that you're familiar with, a need that you see that you can fill in the marketplace. If you can't think of anything, then working for someone would probably give you a good idea, I worked for my dad before starting my own company in the same industry. While working for my dad I was able to make business contacts within our industry, and learn the business. When I started my own company, it was immensely helpful to have that knowledge, I knew the seasonal changes our industry goes through, I knew the products I would need to sell, and I knew the sales managers of the companies that I would buy from so that I was in a better position to negotiate better pricing from them.

Answer 6

I will suggest you to plan an advertisement strategy for your business. Today starting a new business is not that big challenge but actual challenge is to advertise that business in a better way. Start a business which has scope in your area. Whenever someone thinks to start new business first he/she should consider area (country, state and target customers) then make a proper strategy for new business.

Answer 7

You have an MBA, you consider yourself an amateur, and you only have $35,000 to start? What were you doing in the business school? Perhaps you should wait a few years before starting your own business...

Answer 8

a successful business is about solving customers problems. In other words, it's about:
1. Finding and taking away pain
2. Bringing convenience to customers

WHen you have your business idea, I recommend the following:
1: Take the first step with the resources you have now – it’s about taking action with the means at hand. You don’t have to wait until everything falls into place.

2: How much are you willing to lose – what are you willing to lose. To act on your ideas without risking it all, you start risking what you are willing to lose. That means, if you lose that money or time, you will not lose sleep, curse yourself or commit suicide.

3: Learn from what you experience – the key to success is learning from what you are experiencing. Measure and re-act. Start new action, Stop what’s not working and continue what’s working.

Answer 9

Some of the things you will need is to publish the name of the business in a paper as part of filing with the recorder's office, and you need a business license for the activities that you will be doing... I'd suggest getting books on it because there's too much to say.

Answer 10

Select the Business that you think you like to have, and see if you can get employment there, that will give you some experience. If you like it you could get the SBA to help you they have many experienced People that will give you good sound advice and help you when you first start on your own business