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where will you begin if you want to open your own company?

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Lieu Nguyen's picture
1317719119
Answer5 hZWZmplmknCblJiExaBkb-GkoGOYcFLJpMWoq4DHo5ifmatXc6xsmGVrUr98qKellJ--oJ_Tj6PNo5mMrs7PxrDF3N-wn8KdpcbWzNPUU3DZa55siJyl1JvYnqemiHCnbWVtb1qlm9CVcpPXoaWgfYeArlVx12ptnlqkkdTG0dSGn8Ogl2rcrJ6Uk52Gy5-pz6XfkdqvoMtan6hycKBXpaiZrKmhqKCHa6RqnHJYl6OnnNaslc2UWZ-rbmOch5mWm4ad2Z5om1vFxtbS1sWamYhsz2yWca3j

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  • Paul Wong's picture
    Paul Wong
    1331721798

    Thank you Lieu for the great question :) I'm sure as you continue to develop that entrepreneurial desire in you, you will find the answers you are seeking. Here are my thoughts on how I would start a business if I could go back and start over:

    1. Enjoy the journey of understanding yourself deeply - your strenghts, passion, figuring out how to create something valuable for the market and profiting from it. It's a journey, not a one time lucky hit. Don't be in a rush but also be urgent about this journey at the same time. Seek mentors who you feel are going in the direction you want to go, ask them for lunch regularly and learn how they got there.

    2. Dream big and be willing to start small. Start very small. Continue to work in a job you love while exploring how to build the business. Learn how to build an audience. Start a blog (wordpress.com) or e-newsletter (mailchimp.com). Figure out a way to help your audience regularly and consistently. Your audience follows you wherever you go because you have won their trust. When you do officially start a business, they are your first customers.

    3. Develop winning habits. Entrepreneurs burn out quite often. Talent and creativity is important but just learning to stay in the race may be more important. Develop healthy physical, mental and emtional habits. Master your time by analyzing and making small adjustments regularly. Master your finances, learn to budget and live within your means. When you eventually do switch to be an entrepreneur you will be very grateful for those personal habits - in fact, they will influence the habits of your team/company.

    4. Go without borrowing or outside investment for the first 1 or 2 businesses. Money can buy you time but it will not take away your weaknesses. Go into your first 1 or 2 businesses just to learn & explore. If you desperately need finance for your family or yourself, stay in a job. Don't risk your family for your dreams (or greed). My mentor once wisely said to me ,"Feed your family before feeding your dreams." It was not what I wanted to hear at the time but I am so grateful because I can look back without regrets.

    5. Start now. Don't over analyze. Start the journey now. Ask yourself - What do I love doing so passionately I would do it for free? What do my friends/relationships really appreciate about me? How can I turn these strengths and passion into a sustainable service/product that pays me? Start by providing free services for friends or charity. You will learn so much from their feedback.

    All the best to you Lieu and I would love to hear how you are doing on your entrepreneur journey :)

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  • Thai Nguyen Gia's picture
    Thai Nguyen Gia
    1330498412

    e very first beginning should be your own answer to this question
    "Does this new company of mine help my CURRENT moneymaking business in any way ?"
    1. Do you have a moneymaking work? If NO, why on earth do you want to open a company.
    2. If Yes, in which way does this shiny new company help that in which stage of money making? Officialize the bills, invoices so that you can charge more money? A reason of existence and a place to report tax so that you can continue making money? An organization so that you can hire more people and slot them into established roles in making money business?
    The second stage is determine the stage, the place that a new company help you. THat determine its function.

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  • Huu Tuan Nguyen's picture
    Huu Tuan Nguyen
    1331885688

    Many thanks Paul's answer. That is really helpfull for me.

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  • Nhu Huynh's picture
    Nhu Huynh
    1330661061

    The palace, where you know map, people, and market :D

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  • Hi Lieu,
    Your question can be addressed differently according to the current experience you have.
    As your profile, I think you are very young so Paul's advice is very thorough.
    I just have some short advice for your first steps: take time to explore the area/industry you have passion about; continuously develop your entrepreneurship in anyway you can (having a mentor is a very important & very effective way to learn), acquire sufficient knowledge until you think you can analyze & identify business opportunities (understand/analyze the market, competitors, customers,...) to make sure your business idea works and your business plan sounds. Then, start something to experience it, if you can, considering all the benefits as well as risks you will have/face with.

    Good luck.

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