76.Success in business

Q.1 Why do some people open their own business?

Q.2 Is it better to have your own business than work for a boss?

Ans-Oh, I am sure that people do it for a variety of reasons. Some of them are just destined to become entrepreneurs 'cause from an early age they dream to leave something behind or even change the world with their product or service. They want to get involved in the community, inspire others and together with them improve the industry they work in. But the majority of people set up their own companies for more down-to-earth reasons such as making more money or having more spare time. I also know people who are thinking about opening their own business because they are tired and want to stop working or if it's impossible, at least, work from anywhere setting their own deadlines and having more flexible working hours.

Q.3 What do you need to start a business?

Ans-Well, I guess a good business idea, a strong business plan and the drive to see it through, first of all. And then a dozen of steps, in the second place. The steps I would recommend to take first are to research the potential rivals or partners within the market, let people interact with the product or service and get their feedback in order to see if there is a need to improve something. Then, it's very important to assess the finances and find ways to get more resources if needed, for example, to start a crowdfunding campaign online or seek a bank loan or line of credit. One more thing I consider essential when you start a business is branding yourself and advertising. Oh, and starting building a team, of course, as it's the team that makes any business either successful or not.

Q.4 Do you agree that nowadays it is easier to set up a business than in the past?

Ans-In my opinion, it is. In order to set up your own business, you have to find suppliers, distributors, partners, manufacturing facilities, employees. You have to register your company. You have to make a business plan, do market research, and create a sales funnel. Due to technological advancements nowadays it's easier than ever. First of all, startup cash always has been one of the biggest barriers to starting a business, and it's still a barrier today, but that barrier is much lower than it used to be as there are platforms that connect angel investors with startups, and there are crowdfunding platforms such as Kickstarter that let you reach your supporters for investment capital. Also, over the last 15 years or so, there have been a number of national reforms that have reduced the time and the costs of starting a business. What's important is that it's now much easier to advertise your products, even for free It's much easier to find staff as you are no longer limited by physical location. This means you can reach a wider talent pool. Finally, almost everything can be done online. Now there are numerous tools, platforms and applications for almost every possible business need that were not available even two or three years ago. For example, to register the company with government, you just scan some documents and upload them in an online system. So I'd say now there's just one major hurdle on the path to setting up your own business: deciding to take action.

Q.5 Do people in your country like to work in big companies or small companies?

Ans-Well, I guess it depends on people and their preferences. I know both types of people, the ones who like to work for a big company and the ones who opt for working in a small business. The former are driven by a chance to learn really a lot, have lots of perks such as the canteen, the gym and many trainings and have room for upward or sideways growth opportunities without having to leave while the latter are ruled by an opportunity to enjoy greater flexibility, get closer to the mission and move up quickly. Many men, many minds.

Q.6 What challenges and difficulties do people face when they try to have a successful small business?

Ans-Oh, I guess there are quite a lot of problems owners of small businesses experience on their way to success. One of the most important hurdles they face is hiring the right people because it is a good team that makes a business either successful or not. I would also name managing time and money wisely as well as balancing quality and growth as quite important challenges. One more important step on the way to a prosperous small business is dealing with customers, I mean retaining them, getting new ones and diversifying the client base.

And the last thing I would like to mention is thinking outside the box or, in other words, being open to innovation and changes 'cause it will always help to be ahead of the game.

Q.7 What makes some companies more successful than others?

Ans-In my opinion, the key to their success is, of course, that they sell high-quality products that meet their customers' needs. But equally important is the fact that these companies usually have brilliant marketing strategies and big marketing budgets that help them raise brand awareness and create brand loyalty all over the world or locally. Some companies are more successful because they invest heavily in creating a special brand image or doing marketing research in order to tailor their messages to the needs of their target audience.