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What are the things one need to consider when starting a new business?

Updated: Jul 15, 2021

There are many things one need to consider. Among the most important three questions are:

  1. Are there business?

  2. Can you do this business?

  3. Can you win this business?

Don't sit there and "think" or "create better ideas".

  1. Planning is nothing. Executing the plan is everything.

  2. Idea is nothing. Planning for realizing the idea and executing the plan is everything.

That said, best planning is preparation. Planning is to understand everything.

Give you one example. Let’s say if someone hand you 1 million used Nintendo Wii game discs for free. Lucky you! How do you make a business out of it?

Some people would sit on it.

Some people would understand the need to investigate all the players selling the disc, and understand the best way to price the product, to ship, to advertise, etc. This including whether to do a shop on Amazon or ebay, and how to get the best profit while keeping customers hooked on your low price and find you.

That is the plan. As you see, this is not plan. It is just investigation and reconnaissance.

Putting together a business is like a game or free style puzzle. There are rules, and then there are no rules.

Chang Liu is an entrepreneur, engineer, and CEO of start up companies. His created the seven parallel consulting company to help entrepreneurs and online business grow.

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