3 THINGS BEFORE YOU EVER THINK OF STARTING A BUSINESS || Business Mind

[Music] what business idea have you been planning on starting or more like saying procrastinating on starting what skills have you been giving yourself you had the business idea last year passed all the previous years have passed and this is another year another opportunity what is stopping you from starting that business or maybe in the past you started your business and it failed in this video i want to share with you what you need before starting a business the most common excuse that we often give ourselves for not starting the businesses that we have in mind

is the lack of finance but you realize in this video that money is not the first thing that you need to start a business as a matter of fact money is the last thing when it comes to start a business statistics show that ninety percent of businesses failed in the first year and research has proven that the most part of those businesses fail in the first year because they had the finances because they had enough money to kick start and that's why they failed in the first year that may sound like a paradox but if

you stick to the end you're going to understand this if you're new here please hit the like button and subscribe let's dive right in there are three things you need before starting a business and that's ideas a plan and an inventory of your resources the problem why most businesses fail because they have money is that once we think we have the finances or we have the finances the tendency is we fail to produce these three vital things that require the success of a business ideas are the result of your thinking what is your business coming

to do what is the problem it's solving what is its competitive advantage how are you going to go about making that business valuable those are the ideas you need to think and come up with and the plan helps you strategize and say what is the route you're going to take with your business each step of the way meanwhile taking an inventory of your resources is evaluating what you already have maybe material wise financial wise or relationship wise that can help you in your business but once we think the problem is money the moment we have

money we skip these three vital things that guarantee the success of our business we think with money we can pay our way through the different challenges and day-to-day obstacles that come with running a new business but that's very far from the truth as long as you're creating a new business you need to grind and put in the hours to think to study to do your research to come up with a crisis-proof plan as much as possible and take an inventory of what you already have so that you can make the most of it you see

making an inventory of your resources will surprise you because you'll be able to realize how much you already have to start your business that you don't even need to sit around waiting for some money to come from somewhere because once you can take that stuff you can maximize what you already have okay this is what i have what don't i have okay i don't have these or that what can i do to complement these lacks you can just fold your arms and wait for money the truth is once you make the most of the little

resources that come from your personal inventory you are more likely to be a good manager than just waiting for a huge sum of money to invest in the business and once again that's why ninety percent of all businesses fail because they had the money those who don't have the money are forced to think and thinking always produces ideas that are far better than what money can do a simple test if you say what you need for your business is money do you have a clear answer for a question such as how much do you need

exactly think about that question you say your problem is money how much do you need exactly if you can't come up with an answer to that question in a split second that means that your problem is not money you haven't done your homework which is the three things i just mentioned about so if you don't know exactly how much you need then it means that you're just out you want money you need money but you don't know how much money you need and if i ask you another question if you received say a hundred thousand

dollars now ten thousand dollars one million dollars for your business what exactly will you do with it do you have a clear map of how you're going to invest every single penny if you still have a challenge coming up with an answer to that question then it's the more reason to say that money is not your problem the truth about money is money only sustains a business when there is already a structure and plan and idea for the money to just fit in and push it forward but of course this is not easy to understand

and for the most part he explains why even countries and even continents like africa are still way under developed today the reason money being poured out to these countries into this continent in the form of eight how did that come about you may ask post-second world war europe was torn and in flames and so this commission said and say how can we help this continent in europe to get back on its feet and so an idea came up they need money there is high inflation so we can send it to these countries this continent so

that they can rebuild what they already had and money in the form of aid helped europe rebuild back to get back on its footing and be economically developed again then after dirt when they saw that it worked for europe they turned to africans well if it helped europeans and europe built then maybe if we send aid to africa africa will be able to build well that was a bad idea because from 1970 to date more than 300 billion dollars have been flown into africa in the form of aid but up to now there is nothing

to really show tangibly for all this money the reason is simple money is not the first thing when it comes to building anything whether it's a business or a country europe already had an existing structure that was functioning before the war and so the money just came in to rehabilitate the systems that were already in place but when you try to pour in money into something that has no structure no system yet you might as well take a basket and go fetch water so your business is like a nation it's like a continent structure planning

resources ideas innovation study so wake up and do these three things before you even think of starting a business if you started a business then go back to the drawing board and make sure you have these things in place before you start seeking money remember money follows ideas and plans and good management so once you get these things in place and everything is functioning somehow the resources and the money that you need will make itself available it's just like digging a ditch as you dig and you move forward you're creating a path for water to

flow and come towards you that's how you build a business that's our time in this video thank you so much for watching i'll like you to drop any comments you have in the comment section below and check the video description for resources that will help you in your business journey and to say a big thank you to all our patrons and thank you for supporting this channel and helping us do what we do you also can support us check the link to our patreon page in the video description below don't forget to give this video

a thumbs up and subscribe if you're new here i'm buddhist you may see from wisdom for dominion thank you for watching and see you in our next video [Music] you