Business lesson 101 – How to start your own business

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Hi kids!

They say that a big business always start small! This is 100% true.

Over the next few weeks we will be looking at how you can start your own business. We will start small, with the basics, and from there we will build onto it and grow it so that in the end you would be able to have the ideal business.

When you start a business there are 3 key components. So often it is referred to as the 3 C’s of a business;

C - Concept
C - Clients or Customers
C - Cash flow

This is then also where we will start. We are going to put these three things together and we are going to plan your business plan for you ideal business.

I can hear you… “What is a business plan”?

It is exactly what the words say. It is a plan for your business, the steps you need to take for achieving your goal and in the end to make a HUGE success of it.

In short we can say that a business plan covers the three C’s.

• What your business is all about - the Concept
• How it does it – Client or Customers
• What you need to do to get make a success of it – Cash flow

And now I can hear your next question, “Do I really need a business plan”?

The answer is YES! You plan your studies, you plan your weekends and you plan your holidays so why not plan for your business.

I once heard someone say that the richest place on earth is the graveyard as there are so many ideas and businesses who was never put in place or it failed because of the lack of planning.

For today we are going to look at CONCEPT.

You cannot start a business if you do not have a concept. A concept is the idea and the success of your business lies in your concept. You will often hear business people speak about the “unique value proposition“ of their business. What they mean is the concept of their business and what makes it “tick”.

To have a good concept you need to think about the following;

• What your business will be about
• What makes your business different and stand out
• It there a market need for your business
• What/who is your target market
• From where will you operate your business
• How do you think you can make money out of your business
• Who are your competitors and if any what can you do to better it
• What is your goal

Now, don’t think that if you have an idea others might think that it is stupid. So often it is the most stupid things in life which becomes the most successful.

Let’s take a look at Facebook.

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A group of Harvard students came together and discussed what they can to do to get in contact with other students by using their “.edu” emails and sharing their profile photos.

Mark Zuckerberg saw a bigger picture. He wanted to create an internet place where students can “get together” and that is how Facebook was born. Today millions of users all over the world use Facebook to communicate.

This was truly a simple idea which became a humongous idea.

Homework:

I know you don’t like homework but it is the only way I can test to see if you know what a concept is.

I want you to write an article about what you think the concept was behind Steemit based on the points I have listed above.

• No rush! Take your time to complete the task and do it well
• Make sure you tag me in your post and if you have a question or need help you can contact me through the Steemkids Telegram group
• Enjoy yourself!

Rules:

• You must be a verified kid (no adults)
• Your article must be more than 300 words if you want it to catch the eye of a curator
• It must be your own words, no plagiarism
• Use the tags; #steemgrowth #business #steemexclusive #finance in your tags
• Remember, it is your thoughts and not somebody else

See you all next Wednesday!

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