TIỂU LUẬN THINGS TO KNOW BEFORE STARTING a BUSINESS

6 The content presents what is needed or should be known before starting a business 6 6 things you need to know before starting a business: .... Start-up knowledge you need to know befo

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TRƯỜNG ĐẠI HỌC BÌNH DƯƠNG

KHOA KINH TẾ

BÀI TIỂU LUẬN

THINGS TO KNOW BEFORE STARTING A BUSINESS

MÔN HỌC : ANH VĂN CHUYÊN NGÀNH 1

GVGD : ThS NGUYỄN HƯƠNG SANG

HỌ TÊN SV: Vũ Ngọc Phúc MSSV : 18030932 STT : 32

LỚP : 21QT01 NGÀNH : QUẢN TRỊ KINH DOANH

MỤC LỤC

THINGS TO KNOW 1

BEFORE STARTING A BUSINESS 1

Chapter 1: 1

Preamble: 1

1 Creative ability: 1

2 Business Capital Start-up: 1

3 Perseverance: 2

4 Basic knowledge: 2

5 Essential Skills to Start a Startup: 3

Chapter 2 : 3

Theoretical Basis: 3

1 What is a startup? 3

2 What is business? 3

3 What is a customer? 4

4 What is a competitor? 4

5 What is the Revenue 4

Chapter 3: 6

The content presents what is needed or should be known before starting a business 6 6 things you need to know before starting a business: 6

1 Make sure you have enough capital to start selling your first products 6

2 Market research 6

3 Learn about customer needs 7

4 Choose the right business partner to work with 7

5 Understand your capabilities and accept failure 7

6 Find a mentor 8

Start-up knowledge you need to know before starting a business 8

1 Having entrepreneurial knowledge is extremely important 8

2 Start-up ideas 9

3 Start-up knowledge: Finding customers to test products 10

7 revenue models that startups need to know 10

1 Products/services are free, revenue comes from advertising 10

2 Product is free but need to pay service fee 10

3 "Freemium" 11

4 Based on expenses 11

5 Value added model 11

Start-up steps – What to prepare before Startup 12

Step 1: Define your goal 12

Step 2: Research the advantages and disadvantages of the business that may be encountered 12

Step 3: Find the right idea 13

Step 4: Get ideas from customer interviews 13

Step 5: Make a business plan 14

Step 6: Build a detailed plan 14

Step 7: Measure, evaluate 15

Step 8: Proceed to build the human resources team 15

Step 9: Mobilize and call for capital 15

Step 10: Corporate structure and personnel 16

Step 11: Set an operating budget 17

Step 12: Scale the business in line with the marketing plan 17

Step 13: Anticipate risk 17

Chapter 4: 18

Conclude 18

References section 20

1 Creative ability:

The first and most important factor when starting your path to wealth

is that you yourself must have a great creativity Because only creativity makes the difference between you and your competitors, only more creativity can help you see through the entire current market, find unmet needs,Then come up with your own business plan This plan does not have

to include unknown business ideas or completely new ideas that no one has thought of, but it should create a breakthrough and competitive advantage

for your business

The difference in products and services that you provide is an important fulcrum for you in this fiercely competitive market So, instead of competing for a piece of the pie with major competitors in the market that were born earlier, stronger, and more experienced than us, we can find a new piece of the pie ourselves - where we is the leader

2 Business Capital Start-up:

One of the other important factors when you want to start a business is start-up capital This is the nourishment for your business plan and a lever

for your success

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3 Perseverance:

Persistence is an important factor because in the process of starting a business, not everyone has success in the first start, there are people who fail many times but they still do not give up, still keep getting up to implement your ideas It is the determination and perseverance in that person that creates their later success as the saying goes: "Failure is the mother of success" Indeed, reality has proven that successful entrepreneurs are those who have a higher spirit of determination than the average person to overcome obstacles, have more passion and perseverance than people to rise

up from failures failure in a short time

4 Basic knowledge:

Nowadays, if you want to do anything in any industry, you also need

to have knowledge of that industry, so if you want to start a business in a certain field, you should also learn about the surrounding knowledge around that area For example: you want to start a business by opening a recording studio for singers, you need to have basic knowledge in vocals, how to mix music and know how to use some basic instruments… Or you want to become a musician If you are a big fashion wholesaler, you need to have basic knowledge about fashion trends, sales

Understanding the basic knowledge and expertise in the field we operate or many different aspects of the business such as products, human resources, technology, markets, systems of relevant legal documents is An important stepping stone to help you avoid failure in lack of expertise and unintended reasons So if you intend to start a business, first fully equip yourself with these knowledge

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5 Essential Skills to Start a Startup:

- Market research skills

- Financial management skills

– Authorization skills

- Strategic planning skills

Chapter 2 : Theoretical Basis:

1 What is a startup?

Startup, this is a term for companies that are in the start-up stage in general, it is often used narrowly to refer to technology companies in the start-up stage Entrepreneurship requires innovation and creativity The basic characteristic of entrepreneurship is the breakthrough to create something that is not available in the market or create a better value than what is already available, such as being able to create a niche new in production, a new business model, or a new type of unique technology

2 What is business?

In Vietnam, the term business used in the Law on Companies and the Law on Private and Business Enterprises can be understood through the following signs:

- The operation must be performed independently Entities to conduct business activities on their own behalf They decide for

- Conducted by subjects with the aim of making regular profits

From that, we can understand business as the activities of investment, production, purchase, sale, service provision, Conducted independently by business entities for a profit measured in monetary terms The production activities will create material wealth to serve the needs of consumers

3 What is a customer?

Customers are individuals or organizations that businesses are marketing efforts towards They are the buying decision makers Customers are the beneficiaries of the quality characteristics of products and services

4 What is a competitor?

Competitors are businesses that serve the same target customer segment, the same product range, and satisfy the same customer need Knowing about competitors will help businesses visualize the general picture of the market and industry in which the business operates

5 What is the Revenue

A business will have 3 revenue groups:

- Revenue from selling goods;

- Business correspondence from other investment activities;

- Revenue from financial activities Goods can be products or services

For a service company like a restaurant, the calculation is similar, equal to the sum of customer bills For service companies such as hiring cleaners, hiring security guards, the revenue will be equal to the total value

of sales orders

Revenue from financial activities: it is possible that at a certain period

of time when businesses do not use up all their equity, they will lend them interest

Revenue from other investment activities such as investing in the stock market, gold, real estate, etc., are the fields that are not part of the main investment field of the enterprise

6 What is the Assets?

Enterprises must of course have Assets, specifically, = Short-term assets + Long-term assets:

- Current assets: include cash and cash equivalents, short-term investments, short-term receivables, inventory and other current assets

- Long-term assets: including fixed assets (machinery, .), real estate, long-term financial investments and other long-term assets

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Chapter 3:

The content presents what is needed or should be known

before starting a business

6 things you need to know before starting a business:

1 Make sure you have enough capital to start selling your first products

Starting a business you have to accept the fact that you will have to pay a lot of fixed costs to maintain business operations such as: office rent, electricity, water, payment for goods to partners, expenses marketing… and these are not small amounts of money

Maybe, until 1 year later, you will have your first profits, since turning to starting a business

Make sure you keep the business running for 6 months Those who have a family, or have a job around the time of starting a business will easily get through this stage

But most people don't have that advantage Therefore, before starting this race, you should have a savings in the bank, enough to support you and help you feel secure to focus on work

2 Market research

Market research is essential for any new company Is there a market for your product? Is there any competition? Do people need this product? The first thing you need to think about is what product or service you are going to offer What will you sell in your business? How will you reach your customers…Sometimes, the difference between success and failure can be just choosing the right job and business line for the market conditions

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3 Learn about customer needs

Many entrepreneurs focus only on marketing and sales and forget to understand the needs and tastes of customers Understanding the needs and wants of customers will be a great success step to bring the company to consumers in a favorable way

Business is not like a game, so learn the rules Don't rush into a business unprepared or assuming you already know everything

Make a specific plan, learn about the problems and desires of the target customer It is never too late to innovate, expand or adapt to create exactly what customers want and require

When you do that, your company will become one of those rare companies that don't need to sell products, because people are always looking to buy them

4 Choose the right business partner to work with

In case you need to find a business partner to start a business, you must make sure to choose the right one and in accordance with the development orientation of the company

Business partners need to have the same ideas, vision and goals for the startup idea to have a common voice for cooperation However, a partnership requires a written binding, as well as a plan to dissolve the partnership, ahead of time

5 Understand your capabilities and accept failure

When starting a business, it becomes very difficult to get rejected at any time However, as an entrepreneur, you always have to face a lot of bad

Answering the tough questions ahead is the difference between success and failure

However, if a question or two you can't find the answer to, don't be afraid, falter from your dream You may have to take some extra steps needed to reach your goal

6 Find a mentor

We can ask for advice, but it's not always helpful Mentors will be people who know the business well, they know how difficult it will be because they have been through it Using their knowledge and expertise, your job will be a little easier

Starting a business is not a task for the gullible, it takes dedication and hard work These 6 tips won't make you successful overnight, it will make your way a little easier

Start-up knowledge you need to know before starting a business

1 Having entrepreneurial knowledge is extremely important

Young people starting up today, before embarking on the implementation of their ideas, please make sure that you are fully equipped with business knowledge as well as basic business management knowledge

to be able to control and operate your business well

These are the reasons to encourage sales for young people who want

The right factors: Just because you need to meet the differentiator does not mean you have to find ways to make the product/service seem unrealistic and unrealistic

In addition, the startup idea must be suitable for your financial capacity; suitable for its own ability and suitable for the market; customers you are targeting

Prospect factors: after clearly grasping the above two factors; you need to take into account its long-term level How long will this idea exist and develop?

Are the profits you expected? Does the current market have the potential to help you succeed?

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3 Start-up knowledge: Finding customers to test products

In fact, finding customers first is probably the most difficult step of a B2B startup

To avoid falling into a vicious cycle where customers force you to spend all the initial spending to test and they want to see results before doing

Have the courage to ignore those customers Startups that succeed at this step often know what they have and what their customers need to put them to the test with you, which is mutually beneficial

You can calculate based on the minimum cost to perform the service, but never forget to return the necessary conditions such as: payment (to make sure you have the cash flow to test the solution), customer feedback, preferential payment conditions if any in return

7 revenue models that startups need to know

1 Products/services are free, revenue comes from advertising

This is a common pattern among tech startups at the moment, like Facebook's, where services are free and revenue is known from advertising through clicks

2 Product is free but need to pay service fee

In this model, the product is given away for free and the customer has

to pay for the set-up, custom customization, training manual and accompanying services

This is a good revenue model, but you should note that it is essentially

a service sale where the product is counted as part of the marketing spend