Setting Up a Business

The goal in setting up a business is no other than to succeed. It is in the thinking that we buy something, whether products or services, for a dollar and we sell it for two. This is the simplest practical mindset any businessman has. We succeed at the end of the day if we get our $2 and we fail if it goes below $1. If you are to think of it deeper, it is a simple concept to understand, however, a very complex practice to execute. And if you have the practical mindset then what you expect to see are the results.

There are a lot of things that we need to consider in setting up a business. We may see it, in as simple as, things that we can control and things that we can't. As much as possible, we make sure that we have everything under control otherwise we will end up in losing what we have strive to establish for a long time. However, it is also wise to understand that we can't control everything in our business because there are external causes and reasons outside our will. This is the simple reason why a lot of businesses, however, big or small, fail.

It may sound ambitious, but I strongly believe, that our second means to justify the end to reach success, particularly, in the field of business is to have almost everything under control. Why almost? Because, I still believe, that there are circumstances that are outside our will. You can think of external events that you really don't want to happen but they do happen: calamities, accidents, robbery, and the likes. But despite these, the aim of a businessperson to be successful is to focus on the things that one has control over with and avoid the the things that is beyond one's control. We need to try to eliminate risks of losing.

What are things that we can control and what are otherwise? We need to consider the capital (where, how much, and how we get the capital) , the type of business that we are interested in (what type of industry are we going to venture, be it product or services, how big or small), a detailed feasibility study of the business (the business sketch) the market where the business is located (where consumers are, accessibility, marketability), the short term and long term stability of the business (profitability, sustainability, flexibility), people that are going to be involved (employees, investors, consumers, employers) and all risks that will come along the way (possible causes of failures). Roughly, an examination of these factors are essential in the execution of a successful business.