Starting A Business

A never realized starting a business could be so difficult. There are so many aspects that I have to learn, and they are not regular job skills but more like managing skills, but the most important thing I've learned is not to rebuild the wheel, but to build upon it.

Legal

I have to know my legal restrainstants and requirements. This is to protect the customer but more importantly myself and my business. This includes many such as warranties, how to treat employees, sales, refunds, privacy policies, EVERYTHING. I think my school has some free lawyers so I am going to make a draft and send it to them to see what they think. I plain to build my models off of Apple, HP and Dell.

Financial

I have to oversee all the financial information. First is starting out with expenses. i have to pay for a phone line, internet access, and some banking fees. That will come up to about $100 a month so the company has to make atleast that every month to keep from going broke. Then is going to come, how to use excess money for reinvesting to help the company grow even larger. Every decision I make has to be a wise and well thought out one, no jumping off the bridge and hoping I land into water.

Employees

Good employees are hard to find. I have to search for certain qualities in employees or I feel is going to be a waste of time. The first thing is motivation. Employees have to be motivated to work without me breathing down their neck. I'm not mom and dad and don't have time to be either. The problem at my school is that many individual are not motivated. I have to chase them when I shouldn't and won't. I offer profits, much higher than they are making now, and if they choose to just sit idle, thats not my problem.

On the flip side, I want an employee that is sorta like a drone, or should I say not too smart or savy. Someone who is really smart and really motivated would learn the business inside and out and then create their own business. So ironically I don't want another me but I do at the same time.

Time

I've come to the realizaion that 24 hours in one day is not enough. If 6-8 hours are spent sleeping, that leaves 16 hours of being conscious. Then come track, class, cooking, eating, normal day to day things which prob take up a good 6 hours which leaves 10. The business day is only 8 hours which leaves about 2 hours for research and development, or time for me to really work.

I use to sing "Time is on my side, yes it is" when I was younger, but the truth is time is my number one enemy. It doesn't stop or slow down, and I can't go back, and it keeps getting shorter. So I have to learn to make the best use of it.

Customer Support

Customer Support is the most important part of a business because if we loose customers, we lose profit. So good customer support is neccesary to help the company grow by creating a returning customer and word of mouth.

Advertistment

Advertistment is a key element to get the companies name and products on the market. There are many ways to advertist, some free while others cost. But advertistment has to be update, informative, eye catching and constantly updated.

Work

Right now it is pretty much just me working by myself on projects, which make things a lot harder. So what I have learned is that a business has many parts to it. I would help if I had an HR person, a legal person, a R&D team, and some customer service, someone in advertising, but all the cost money too The main goal now is create a constant cash flow and return customers to help the company flourish.