In my course, both Young people want to start their own business online. What would be good to do? Ask questions about how to do own business in 2022. I am telling you based on your own experiences and what you have read.
I want to admit in advance that I am not an economist. After arriving in Yangon in 2002, I went from having no capital to establishing AELC in 2013, and based on my experiences during the current business operation, I have read, Based on the knowledge of business literature, how to start a business for young people who want to start their own business? Sharing what to do. Before starting a business, you need to think in advance. What do you need to think about? At least four points must be considered. They are:
- 1. Types of Business
- 2. Market Area
- 3. Investment Types
- 4. Break Even Point
Number 1: Types of Business (own business in 2022)
You will need to start thinking about the type of business.
etc. Start thinking about the type of business you want to do. When I think about it, my hobby, Just select the type of business you want to do. Don’t lose sight of any industry that is influencing the environment.
This means that other people open phone shops. I don’t want to open a car showroom. According to the situation of the times, we have to consider the needs of the consumers (Customer Need), but if I don’t want to do the work, Creative Thinking, Because creative ideas are often weak, they are often weak in satisfying their customers. In other words, the ability to provide customer satisfaction is often weak.
Number 2 is to consider the Market Area… (own business in 2022)
Regional your business To what extent do you aim to be local, international, etc.? Types of Business and Market Area are directly related. This means that he who will open a small shop will be in his own market area. If you want to build a water treatment plant, you can consider not only your township, but the entire country. If it’s the media industry, you can think about not only your country but also international.
After thinking about the market area, is your business a new market? Is it an old market? We need to think about this. If it’s a new market, your business, You have to make your product familiar to the customer, and if it’s an old market, what percentage of the businesses that have the most market share in the current market? You need to think about how much you can get.
If you are in a position where you have to take back a share of such a market, do you want to take other people’s market share to your side? Or attract non-users who have never used it at all? These need to be considered.
Number 3, Investment Types. (own business in 2022)
Do you borrow what you want from others and do it? To think about whether to do the same with others. This factor is also related to the type of business. If the business you have chosen is large and you have little capital, you must choose one of the second two options. If that is the case, you need to have a solid business plan.
You need to calculate the possibility percentage as close as possible. Another thing is to leave a reserve for risk. If you have 100,000, you can’t invest it all at once. A business can make a profit. For that, we need to be able to follow up if something happens.
Number 4, Break Even Point… (own business in 2022)
It is the break even point. If you choose Investment Types with your own money, you don’t consider the break-even period too much. For those who choose the other two types, you have to calculate the break-even point.
(People working with their own money actually have to consider the break-even point). Then either from others, If you take the money from the bank, the interest rates that will increase for him will affect your Profit & Loss, so you have to think about clearing it as soon as possible.
How much profit can be made in one unit and how much in a year, in how many years it will pay off, must be calculated. (How to calculate is academic, so I left it because it would be too long).
I hope that the basic points that must be considered before starting a business that I mentioned now will be beneficial to a certain extent for young people who want to start their own business. I will continue to write more topics related to business. “Let young people start their own business properly and grow and succeed.”