How to start my own business? Part 1. Five simple rules
So, you think that you are ready for your own business. Or - not yet thinking about it, but you did start reading this article? Then you already have a chance to become a businessman. "A journey of a thousand miles begins with a single step," as Lao Tzu said. Having opened this article, you took such a step. Is it enough to keep you going? In this article, Crowdholding presents 5 rules that you must take into account before starting a business.
So, where does any business start? Not a chance that you’ll guess ... With a desire, of course! But, as you know, the devil is in the details. If you only want to improve your financial situation, then don’t necessarily need a business. For example, any of the "trader" on the market is a businessman, like grandmothers who sell sunflower seeds. But this alone does not make a person rich. On the other hand, being employed can get you a very good salary. One of our friends, a young man, had a monthly salary of 240,000$. Moreover, business trips abroad, expensive hotels, company car ... Does he need his own business, with its headaches and risks? We believe not. Try to make a career in a large corporation, but also consider reading our 30 reasons to be an entrepreneur. The first rule that must be firmly remembered: "Being wealthy does not equal owning a business ."
Haven’t changed your mind yet? Then we’ll continue. There is a harsh statistics that claims that two-thirds of companies close operations in the first year of work, of those who survive - in the next year, two-thirds are closed. That is, the chances of surviving in two years - only 10% of firms as advocated in this article. Of course, there are firms that open only to close immediately. Another statistic: before you find a profitable business, you will have to try on average five to seven times. Be prepared for repeated defeats. Worse, the most profitable projects hold serious risk. Less risk - less margin. The second rule: "My business is always a risk, but not always a success."
If you are not afraid yet, then you need to decide on a project. The main thing in a project is the idea. Any successful business is always an idea that distinguishes it from others. Of course, you can open a kiosk at a stop and trade, like hundreds of others, with chocolates and beer, but you will not succeed in life like this. You can not go to business in the tail! If you see an innovation that can bring money - cling to it. Study it, explore it! Good advice: an innovation in your city is sometimes something that in another city is a long-known affair. Almost everything new is a forgotten old (or just little-known). Study business in other cities (countries), pay special attention to what is not in your city yet. This is even more simple because the idea has already proved the right to exist. No interesting idea - do not even bother. Read about how collaboration with the crowd leads to unprecedented innovation in our blog. Ideological competitors, you just eat. The third rule: "Successful business is always an innovation!"
If you think that we try to dissuade you, then you think wrong. We'll sweeten the deal. There is an opinion that a good start-up capital is always needed for one's business. In most situations, this is not the case. If, of course, you want to open a restaurant - yes, money is needed and considerable. But we would not advise you to start with a restaurant. Most of the world-famous businesses started literally from cents. Examples: Microsoft, Macintosh business, Coca-Cola, Kodak, Google and many others. Read the story of startups that launch products with minimum-low investments If you start the right business, then it starts to feed itself soon enough. Your task is to hold out for a short period of time, two or three months, on a starvation ration. As a rule, in a quarter it will be already known whether there is a prospect, and whether it is worth continuing the business, or whether it is necessary to cover it. The fourth rule: "For the starting a business you need minimal money, but efforts invested - as much as possible."
Well, if the circumstances have developed in such a way that you need money, you can always find them. The standard search scheme is FFF, that is, family, friends or fools. If none of the FFF methods worked, maybe you are on the wrong path? If friends do not just want to lend money, offer them a joint venture. If it didn’t work out that way, if we would be in your place, we’d had seconds thoughts about whether you need a business at all. But, there are exceptions. If you consider yourself a genius - take a loan from the bank, now it's easier than ever. Only take a loan that is the RIGHT one. This means that you should not pay an annuity (monthly), but at the end of the period. Only monthly interest is paid, and the effective rate should rise above 20%. There are such loans (although it is not easy to take them), ask in banks. You can still win a city or regional competition and get a solid tranche from the authorities. But here you need the ability to write business plans, and not everyone can do it. You can just come to a rich entrepreneur with the idea of investing, our friend got a lot of money and successfully works for the second year. Although your idea may be intercepted by others, we warned you about the risk - remember? The fifth rule: "If you need money for the business - they will certainly be found!"
Everything you read should help you just decide whether to go into business. It is clear that this is a story, but the stories are necessary. Success stories are born on Crowdholding where your can launch your startup and collaborate with the crowd.
In our time, we were also tormented by doubts, and we made our choice. But we know one thing, employment is not for us. Even for big money.
And, finally, the most important thing ... Good luck in business!
CrowdholdingCrowdholding connects the crowd with entrepreneurs, allowing you to give feedback and ideas for a future share.
First æternity Aepp Joins Crowdholding: Welcoming CryptoTask
Crowdholding Partner’s with Aeternity Ventures to support Starfleet Acceleration Program
Crowdholding May Update
Top 5 reasons to get YUPs! (Get dividends for holding YUPs)
Crowdholding April Update
Implementing Crowdholding widget to your website
ITF excelled with Crowd Wisdom
TailoredInk ICO Community Management
IronX ICO Social Media Marketing
Aerum ICO Influencer Marketing
Jarvis built with the crowd
ySign engaged the blockchain crowd
6 Ways to Earn Crypto For Free
Common Mistakes When Investing in ICOs
Connectjob joins Crowdholding
Week in a Nutshell & Smart Contract
Opporty joins Crowdholding
Getting to Know our Users
SmartCash joins Crowdholding
Bitcoen.io joins Crowdholding
What is a Smart Contract?
How to Create an ICO - Part 3 - Marketing
How to Create an ICO - Part 2 - The Two "W's"
How to create an ICO - Part 1 - The building blocks
Invest Time, Not Money
What alternatives are there to financing your business?
What is an ICO? And should you invest?
Blockchain technology : changing the world of business silently
Crowdholding’s Pre-Sale — A Case Study
How to become a Crowdholding supporter: Part 3 exchanging ETH for YUPIES
China ban on ICO’s : Not all Doom and Gloom?
How to become a Crowdholding supporter: Part 2 Buy some Ether (ETH) on Coinbase
How to create a task on Crowdholding
How to become a Crowdholding supporter: Part 1 creating a Ethereum wallet on MyEtherWallet.com
How to create a project on Crowdholding
Cryptocurrencies and their value
What is Crowdholding?
What is a White Paper? And do you need one?
What can CEO’s / Entrepreneurs learn from athletes?
How to start my own business? Part 3. Validating Your Business Idea
Top 10 career mistakes to avoid
6 Benefits of a Sharing Economy
How to start my own business? Part 2. Factory for ideas
Startup Promotion and Content Marketing Strategy
How to start my own business? Part 1. Five simple rules
The Year Capitalism could have Changed
Robots & Work: Jack Ma Predicted The Emergence of Robot-CEO
Startup Psychology: Why Entrepreneurs will save the planet?
Billionaire's School: it's hard to be the first
10 interesting sport startups that will rule 2017
30 reasons to be an online entrepreneur
How to chose a dating site?
You should know this striking marketing trend
10 reasons to join Crowdholding if you are a student
How did 67,000 people create the first crowdsourced melody?
Launch a startup with a partner, never alone.
Collaboration solves education problems with flying colors!
Hollywood movie from your smartphone?
Design your room the way you want it!
Hi, You're Hired!
Hi, Your business is now a unicorn!
Don't want to change the world for the better? You can stop reading now.
Sharing Economy is not a niche, it's the future
📊 What if karma was 🆚 worth something? 🤜🤛
Raise capital, preserve equity
5 marketing strategies for successful contact with Millennials
Why 75% of new products are doomed to fail?
Small Business Staffing Opportunities
What are Crowd Currencies?
Mass Collaboration leads to unprecedented innovation
Alternative Finance: Equity vs Crowdshare Crowdfunding
Co-creation between the crowd and small businesses
THE RELATIONSHIP BETWEEN IT AND CO CREATION
Corruption on Wall Street: The Stolen American Dream
To own or to rent, trends in sharing economics
Crowdsourcing a girlfriend
CROWDSOURCING IN FASHION
CrowdSourcing Trends 2020
Peer-to-peer journalism: What and how?
The Peer-To-Peer Marketplace Revolution
Peer-to-peer in the fashion industry
The relationship between Co-creation and Innovation
CROWDFUNDING AND VIDEOGAMES
Revenue-sharing vs Reward-based crowdfunding
NON-EQUITY CROWDFUNDING CHANGING FASHION BUSINESS
Blockchain application in Media industry
Blockchain Technology & Crowdfunding
Creative marketing through Crowdsourced Content
JOBS OF THE FUTURE
Alternative finance for small businesses
WHY CO-CREATE? – A message to the Crowd
Think Tanks and Benefits
Empowering Global Citizens to Improve Education
THE EVIL WALL STREET
Co-creation in Tech
Co-creation and Innovation
WHY CO-CREATE? - Benefits for Small Businesses
Co-creation in the Fashion Industry
Crowdholding vs Wallstreet
Make a brand your brand
Reward Distribution Rules.
Please read below how the rewarding structure works.
Voters get 35% of the reward
Commenters still receive the majority of 65% of the reward weight, while voters 35%.
You receive only 7 upvotes and must vote what you think are the best answers
You now have a limited amount of upvotes. You won’t see the other user votes until the task expires. If you vote the top half comments you will receive a portion of the 35%.
Top 50% upvoted comments get bigger share
Our algorithm gives top 50% upvoted comments more rewards than the bottom 50% comments.
Give me an example with numbers
Upvoters get 35 % of the reward.
65 % goes to the commentors.
Half of the reward is gained from bottom 1/2.
Upvoters get nothing
1/2 of the reward pool for this segmentis distributed among top 1/2
There is a task with 1000 Reward.
Let’s assume Top 1/2 recevies 70% of all upvotes.
Bottom gets 30 %. But because half of the reward goes to Top 1/2 that makes the final numbers more like Top 1/2 gets 85% (55.25% for commentors, 29,75% for upvoters) and bottom gets 15 % of the final reward.
If there’s 100 upvotes:
1 upvote that upvotes a comment in Top is worth around 12 Yups (circa 8 goes to commentor, 4 goes to upvoter)
1 upvote that upvotes a comment in Bottom is worth 5 (All goes to commentor).
Reminder about our Moderation
If you upvote a comment that’s reported as Spam or comment that should not be rewarded (eg. “Good job” comments) you will lose your right to be rewarded for this task.
We hope you like this new system and it brings you lots of fruitful discussions and reward you fairly.
Do you still have questions? Read more detailed explanation at our helpdesk
All the best,
Your Crowdholding Team