How to start your own business? How to become an entrepreneur?

 

It can seem tough to launch a business. It is possible that you believe you lack the necessary skills. You may believe that you lack a strong sense of entrepreneurship and that 9 out of 10 new businesses fail. There is a process involved in starting a business, and if you follow these stages, things can get easier to handle.

Legal Disclaimer – This article is for general information purposes only.

Just Simple Steps: How to start your own Business

How to start a business?

1.       Business Idea

2.       Information Gathering

3.       Business Planning

4.       Brand Design

5.       Business Registration

6.       License

7.       Tax ID

8.       Finance

9.       Business Website

 

Business Idea/ideation

What is the actual process of Ideation?

At least 10 ideas should be generated throughout the ideation process, and the best idea or the top two or three should then be determined. This is the first main step you must take when you are going to start a business of your own. You need to have a more refined business plan for what you intend to do. You may have concepts or ideas related to any business field.

·         Grocery

·         Furniture or supermarket

·         Property and land sale businesses

·         Businesses related to the IT field

·         Tuition classes

·         Tuition class centers

·         Motor mechanical field etc.

It is best to keep your concept a secret once you have decided on it. Maintain its secrecy and strive hard to achieve it. You might occasionally consider and work for the opinions of others but you should not abide by their advice. Make your own path. Another important fact is to make sure that your business idea should be stable for at least 10 years of period to the future from now. 

Information Gathering

Information Gathering is related according to your business idea. In this section, I recommend you collect specific details before you start the business or your work. You can search or collect ideas from,

·         Internet

·         Reading

·         People

·         Friends

·         Colleagues

·         Relations

It is better if you can gather ideas from all those resources. Categorize those and match the contents with your idea. When you are planning, the above resources will assist in classifying what are the pros and cons of your idea. Sometimes they may possess some kind of background associated with your idea. Whatever you require to operate your business as an assistant can be found online or on social media. People share their experiences and accomplishments there.

No Job, Only Business

People are hesitant to launch their first business when they don’t have sufficient funds during the initial stages of a business. Despite your lack of income, still keep your idea to launch a business because there are countless resources available that don’t require even the most basic financial support.

But if you are still having a Job

The majority of the people are willing to launch a business while they are employed by corporations. But they seem much more difficult to manage their time frame to fulfill their needs towards the business. You will not have enough time to manage your business outside of work hours if you work an 8 to 5 job.

CLICK HERE to learn how to earn money online anywhere / anytime.

Plan your Business

This does not mean that you have to write a comprehensive business plan. Make sure to make some basic plans about what business you are starting and what your business is going to sell such as a physical product or digital product or service and what the value that the product is going to give to your customer. You should also think about the name that you will use for your company.

Branding Design

This includes the logo and the tagline or title of the business. This is the visual branding of your business, mainly the color scheme, fonts or other design components, and final layout that you will use. Intentional brand design gives a more professional and appealing appearance to your business and always keeps engaging customers with the business.

 

Register Your Business

This is what lawfully and formally launches your company. However, it would be preferable if you did your own study on how to properly start a business in your particular state or nation. To begin the process, you must first register your business name. However, you can legally do business under your name as an individual without having to register your business or comply with basically any other legal requirements, you can just perform business as yourself.

Business License

What is a business license? It is important to consider the industry you are in when determining the answer to this question. You can search for whether the country needs the license requirements. In most cases, the small business administration of your country will guide you.

 

Tax ID

Every business needs to have a federal TAX ID number and this is important for when you are paying taxes. In most cases, you just have to fill out an online form. It is essentially functions as a kind of identification number for your business or company and also when you are going to open a bank account, better to have this.

 

Business Finances

The most crucial factor is that you need to keep your personal and professional financial records entirely apart. The easiest way to do this is to open a business bank account. It is capable of handling all of your commercial transactions. Additionally, create a manual bookkeeping system for your daily activities using spreadsheets, software, or an app. It will be worth it to you to save records even in the first two or three years from the start. After you can come up with your own system which is particularly designed for your business only.  

 

Website for your Business

This is the public face of your business even it operates locally or online. Sometimes customers would prefer to learn more about your business rather than in person. They tend to accomplish those by visiting your website. Make sure to create a simple and professional website indeed. Because those are often the most effective than complicated and fancy ones. A simple website can provide everything the customer needs without distracting them. If you are not handling an online business, three contents are enough including the home page aka landing page, about us, and contact us pages. You can add some of your prior work as well as a testimonial section on the home page.

 

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What is an NFT? What is the difference between tokens and coins?

 

Traditional methods of conducting business are gradually being replaced by digital wallets that can store money and cryptocurrencies. It is crucial to understand the workings of various currencies.

That’s why they introduced NFTs and Cryptocurrencies to the world.

What is an NFT?

It is also known as a Unique Token or a Unique Digital Signature.

NFT stands for Non-Fungible Token.

Fungible refers to something that can be exchanged or substituted and will hold the same value. It is interchangeable like dollars, gold, Bitcoin, etc. Non-fungible means that the asset is unique and cannot be replaced. It has characteristics that distinguish it from other assets within the same category, such as a paintwork, a house, and a piece of music or a trademark. Some assets are physical and tangible and others are digital and intangible.

A token is a digital certificate stored on a secure, decentralized database called a Blockchain. What is a Blockchain? CLICK HERE to learn.

NFTs are digital assets, publicly verifiable, and represent unique pieces of intellectual property authenticated on a Blockchain. It cannot be exchanged for other tokens or assets of equal value. Here is a popular place to browse a variety of NFTs indeed. It is a website called opensea.io. You can even upload your own NFTs or you can buy NFTs from there. Generally, all the transactions are being processed through Ethereum.  

How do NFTs work?

This generates a digital certificate for your digital treasures such as an original artwork, a piece of music, a video game, and so on based on Blockchain technology. This certificate gives your artwork a unique identity. NFT majorly exists on Ethereum Blockchain which is a distributed public ledger that records all the transactions.

If you own multiple artworks, then you have a chance to transform them into NFTs. Because of this, your artworks are protected from reproductions or any kind of forgery and also gain additional value for your stuff. Also, it contributes to increased sales as everyone is easily able to buy the artwork without any fear.

Where they can buy it? 

You can buy or upload your artwork to a non-fungible token marketplace such as opensea.io, and then your artwork becomes a non-fungible token (NFT). Anyone who owns an NFT can list it for sale.

But you have two options to sell your NFT. You can directly sell it at a fixed price or you can sell it through an auction.

All the transactions involving the creation, acquisition, transfer, or sale of NFTs are documented in a Blockchain. This document is a permanent statement that functions as an authentication certificate that is publicly accessible to anyone. A person who purchased an NFT from its original owner, may sell it. Additionally, the buyer has the option to sell it to still another buyer, and so on. This popularity of NFTs creates new opportunities for new art platforms. Motivating people to buy artworks from internet platforms and promoting copyright or originality of digital assets.       

However, the only valuable thing with NFT is the one that can’t be replaced. NFTs are digital files that can represent ownership of anything. Most of the NFTs are kept on the Ethereum platform but can also be found on other Blockchains.

NFTs are quite different from cryptocurrencies.     

What are cryptocurrencies aka Crypto?

This is defined as a virtual currency that utilizes cryptography to secure and verify transactions and regulate and control the generation of new currency units. Cryptography is the process of hiding or coding information.

It is decentralized and unaffected by third parties, meaning it is not issued or governed by any government or central authority, unlike the other traditional payment systems that banks or governments manage. Conducting transactions internationally is not subject to an additional fee or delay. To get started, simply register for a cryptocurrency account or create a digital wallet on a website that utilizes Blockchain technology.      

Bitcoin and Ethereum are examples of cryptocurrencies, which are fungible tokens. If you exchange Bitcoin or Ethereum with each other, you will get the same value or item in exchange for your money.

What is the difference between NFT and Cryptocurrency?

You could trade your NFT for another but since each NFT is unique, you could lose or gain value.

Cryptocurrencies can be exchanged for one another, each having its own exchange rate. For instance, Bitcoin can be exchanged for Litecoin. NFTs and cryptocurrency transactions are both kept in the track of a Blockchain, a peer-to-peer ledger that is controlled by a computer network. They are collaborating together to validate the data and produce new information blocks. Cryptocurrencies are based on Blockchain and use the same technology and rules.

Some people use cryptocurrencies the same way they use dollars to buy things or get paid for a service or product. Probably the Crypto is much less stable than stocks. They can gain or lose money in a short time.

Crypto is not the same as non-fungible tokens (NFTs). But they are very close relatives. In contrast to cryptocurrencies, NFTs are not changeable. Cryptocurrencies and NFTs both are digital assets and they are built with the same programming language and coded with the same underlying software. Both are kept safe in digital wallets.

Finally, most of the time you need cryptocurrency to buy NFTs.

What is the difference between a Token and a Coin?

Crypto coins are similar to dollars and cents, whereas tokens are more like vouchers or coupons. All coins may be considered as tokens, but not all tokens are considered as coins. Coins have their own Blockchain whereas tokens are built on an existing Blockchain.

Cryptocurrencies aka crypto coins have their own unique Blockchain. These currency coins are primarily meant to be used as a means of trade and a way to store riches. An instance, BTC is the currency used in the Bitcoin Blockchain as same as Ethereum has ETH on its Blockchain.

You can have a coin as a token but on a different chain. When Binance first introduced its coin, it was a token on the Ethereum network. Ethereum token on Binance is not the same thing as actually having an Ethereum coin. You don’t own Ethereum, you just own an Ethereum token that is supposed to be backed one-to-one.

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