Basics of Starting a Business (Part One)

Introduction

• Speaker: Coach Hendra Hilman
• Topic: Tips for starting a business
• Importance of having a strong foundation for a business.

Vision

• A business is like a tree; it needs a clear vision to grow.
• Vision is the imagination of what the business will become.
• Example: Innovations like planes and cell phones started as ideas.
• Importance: Visualizing your business can help bring it into existence.

Foundation of a Business

• Strong roots lead to a strong tree; similarly, a strong foundation is critical for a business.

Components of the Foundation:

1. Vision and Mission

   • Vision: What you hope to achieve; it may be currently unimaginable.
     • Example: Amazon's vision to create a comprehensive online shop.
   • Mission: The purpose of your business and how you plan to achieve your vision.
     • Example: Disney's mission to provide a magical experience for customers.

2. Financial Aspect

   • Understanding potential turnover and profit.
   • Example: Buying clothes from a marketplace and selling them at a higher price to gauge profit.
   • Importance of knowing financial targets to reach business goals.

3. Quality

   • Providing the best quality products/services that match the price.
   • Consistency in quality across all offerings is important.
   • Example: Restaurant food quality should remain consistent throughout the day.

Conclusion

• Three key foundations to focus on:
  1. Vision and mission
  2. Financial understanding
  3. Quality of offerings
• Encouragement for entrepreneurs to focus on these foundations for business success.
• Thank you for attending!

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