tiểu luận how to start a business without experience

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC BÌNH DƯƠNG KHOA KINH TẾ BÀI TIỂU LUẬN HOW TO START A BUSINESS WITHOUT EXPERIENCE MÔN HỌC : ANH VĂN CHUYÊN NGÀNH GVGD : ThS NGUYỄN HƯƠNG SANG HỌ TÊN SV: PHAN CHÍ TRUNG MSSV : 17030029 STT : 04 LỚP : 20QT03 NGÀNH : QUẢN TRỊ KINH DOANH PROLOGUE “First and foremost, I'd want to congratulate Binh Duong University for incorporating English subject into the curriculum I'd want to show my thanks to subject professor Nguyen Huong Sang in particular for educating and imparting significant information to me during the course of my studies I received a lot of practical knowledge, as well as an effective and serious study spirit, during my time in his 2nd major English class This will undoubtedly be useful information, as well as a piece of luggage with which I will be able to confidently go forward in the future English major is a fascinating, incredibly helpful, and quite practical topic Ascertain that students have sufficient knowledge in relation to their practical demands However, many shocks remain because to inadequate understanding and capacity to comprehend reality Despite my best efforts, it is clear that the essay is tough to write without faults and numerous mistakes I hope you would examine my essay and provide feedback to help me better it " I'd want to express my heartfelt gratitude!" 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tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience TABLE OF CONTENTS HOW TO START A BUSINESS WITHOUT EXPERIENCE .1 CHAPTER 1:THE PRESENT SITUATION OF YOUNG PEOPLE’S ENTREPRENEURSHIP 1.1 Why is entrepreneurship becoming more popular among young people 1.2 The difficulties of starting a business .1 1.2.1 Leaving other occupations 1.2.2 Mobilization of funds 1.2.3 Creating a team 1.2.4 You'll need a long-term strategy .3 1.2.5 When confronted with the unknown 1.2.6 Loneliness 1.2.7 Developing company policies .3 1.2.8 Make a choice .3 1.3 Knowledge to start a business 1.3.1 Skills in self-study .4 1.3.2 Skills in networking 1.3.3 Optimism .5 1.3.4 Asking for assistance skills 1.3.5 Situational awareness CHAPTER 2: THEORETICAL FOUNDATION 2.1 What is the definition of a startup 2.2 Business 2.3 Market .7 2.4 Customer 2.5 Competitor 2.6 Business administration 2.7 Manage customer books CHAPTER 3: CONTENT ON WHAT TO KNOW WHEN STARTING A BUSINESS WITHOUT EXPERIENCE 3.1 How to Begin a Business 3.2 Things to know before starting a business 12 3.2.1 Do you have the capacity to work on your own 12 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tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience 3.2.2 Do you work as a product researcher or a business owner 13 3.2.3 Is the company concept appealing to customers 13 3.2.4 What distinguishes your company from others 13 3.2.5 Do you have the ability to multi-task 13 3.2.6 Do you have the necessary financial resources to begin working right away 13 3.2.7 What are your strategies for dealing with rejection and disappointment? 14 3.3 Effective employee management golden principles 14 3.4 Consumer demands and behavior are studied using a variety of methods 14 3.5 Effective Cash Flow Management Solutions 15 3.5.1 Plan your autoization process with the help of art 15 3.5.2 The cash cycle is constantly monitored 15 3.5.3 Minimize risk of selling on credit 16 3.5.4 Consider the investment's net present value and payback time 16 CHAPTER 4: CONCLUSIONS .17 tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English CHAPTER 1:THE PRESENT SITUATION OF YOUNG PEOPLE’S ENTREPRENEURSHIP Entrepreneurship is no longer a foreign concept; it appears in almost every context For young individuals, starting a business is an ideal, novel, and appealing kind of business In the Vietnamese market, what makes a startup so appealing 1.1 Why is entrepreneurship becoming more popular among young people Business trends are increasingly shifting dramatically The younger generation is following in the footsteps of successful entrepreneurs from the past Young people have the courage to think and act, and they have access to technology and communication via the Internet It is precisely the 4.0 technology that benefits STARTUPS Simply put, what would you think of if you wanted to advertise? Isn't it true that every second of a TV advertising costs a lot of money? Featured in a well-known publication? Alternatively, stand at the intersection and give pamphlets to every side street That's exactly how we used to it However, owing to the shift in the 4.0 business paradigm, everything has changed Customers sit in one spot yet have access to hundreds of thousands of different pieces of information Customers have the option of learning through any channel that suits their needs The most straightforward method is to use Google or social media sites to a search Direct purchasing is progressively being supplanted by online purchasing via electronic platforms As a result, e-commerce is rising in popularity, with millions of people shopping online 1.2 The difficulties of starting a business When we initially start a new business, we will confront a variety of problems that, although helpful, are also quite harsh and tough to overcome, especially when compared to those who start a firm from the ground up young and experienced Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English 1.2.1 Leaving other occupations If you want to construct your own and expand your own career to win, for example, you can nearly no longer handle other stages at the same time You may simply have to run your own nascent firm on a Sunday night deadline, but if you want to have a genuinely great career, you must forego the jobs that make you happy It's not easy to obtain a lucrative long-term opportunity on our own — especially if we've never run a firm before It's hazardous, but there's no other way to go ahead Consider and make proper decisions, and don't dismiss your intuition; these will serve as springboards for making your business simpler 1.2.2 Mobilization of funds Experienced entrepreneurs may find it difficult to get cash when starting a new firm, but they have a few advantages over newcomers It is the capital given from a prior firm or a consistent stream of revenue that is utilized to fund the new venture Even if their first firm fails, we may invest or connect with important clients to help them start a new one As a new trader, you and your entire family will be starting from scratch, which means you should arrange the network configuration step by step and consider all financing choices up front It is not easy for experienced merchants to obtain funds when they need to engage in one of the new advertising sectors when they choose one of them, but we have a lot of benefits for new businesses is a reliable source of variations utilized as money for new PR initiatives or capital given from prior PR operations 1.2.3 Creating a team It will be more tough if you have never worked in or managed a team before, but even if you have administrative expertise, putting together the ideal team to launch a firm is challenging It was really hectic and exhausting You must examine the cost of employing employees, the optimization of traditional culture, and how to make them entirely function in addition to selecting individuals with the appropriate key Assist clients as a member of a client team When you're under pressure to fill these roles as soon as possible, team development becomes even more challenging Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English Step 4: Draw a SWOT (Strengths, Weaknesses, Opportunities, and Threats) chart Now that you've figured out how to understand people, it's time to figure out how to understand yourself Making a SWOT map may help you re-statistic what strengths you have to compete, what needs to be conquered, and what must be conquered You will be able to plan your business more effectively and accurately if you have a clear knowledge of your potential, rather than becoming mired down in unachievable ideas If, for example, your strength is a reliable supplier of low-cost items with mediocre quality, you must focus on the pricing strategy rather than the quality when planning your sales to take advantage of the competitive advantage his works of art Step 5: Create a business structure model You have a fantastic concept and a massive plan, but are you capable of carrying it out on your own? No, you'll need like-minded people and a variety of specialists You can't allow things get out of hand at this stage; you need to build a company strategy in which the system is divided fairly and departments are coordinated to get the greatest results Let's get started on defining your company concept 10 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English Step 6: Create a Marketing Strategy Remember to advertise and convey your brand; this may appear to be an irrelevant phase, but it is crucial in deciding your ability to consume items Do marketing from the beginning; a long-term and adaptable strategy will make it easier for you to contact clients and develop your market; this is also one of the recommendations on how to write a smart company plan the very best! Step 7: Create a plan for human resource management Your company will grow, and you will be unable to supervise each of the tens, if not hundreds, of employees personally A system of expertise should be in place to assist you in planning how to manage, train, coach, and develop your employees' talents Step 8: Create a budgeting strategy Cash flow management is critical in a firm; if you don't know how to appropriately distribute it, earnings may not be enough to cover losses What fees are required, when should they be paid, when should they be collected, and so on All of these concerns should be addressed in a detailed strategy Step 9: Make a strategy for implementation After you've created a thorough business strategy, it's important to plan your step-bystep execution Make sure everything is on track, and if there are any adjustments, always plan ahead to ensure nothing goes wrong Here are nine step-by-step directions for creating a business plan that you should keep in mind as you begin to put it into action Hopefully, after reading this post, you will understand how to create an excellent business plan to help you advance your profession 3.2 Things to know before starting a business 3.2.1 Do you have the capacity to work on your own Many individuals believe that being in charge is a lot simpler, however this isn't always the case When you have no explicit instructions on what to do, things might be tricky A successful businessman combines three personalities: independence, 11 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English resourcefulness, and the ability to operate productively and effectively without the assistance of others 3.2.2 Do you work as a product researcher or a business owner Great ideas are the foundation of many successful enterprises However, having a brilliant concept isn't enough to ensure a successful company Many times, founders just cease focusing on goods, prototypes, and patents and disregard other areas of business growth Just because you create a fantastic product does not guarantee that buyers will flock to your company 3.2.3 Is the company concept appealing to customers Consumers aren't concerned with whether you're following your ambitions or not; they only pay for items and services that suit their needs and desires Your business will fail if you're in a niche that no one cares about 3.2.4 What distinguishes your company from others We don't need to come up with a novel concept in the short term; all we need to is take a basic look at the sector you want to enter and figure out where the opportunities are Make a list of the best strategies to address that need and put them into practice You don't have to take a risk, but you should provide your consumers a compelling incentive to pick your product or service 3.2.5 Do you have the ability to multi-task Self-employment is a lot of effort, and you may have to everything on your own at times You can start as a technician and work your way up to salesman, business unit owner, and so on Before you start your own firm, be sure you're prepared to handle a wide range of jobs, especially the more time-consuming ones 3.2.6 Do you have the necessary financial resources to begin working right away Setting up and maintaining a business might be difficult if you don't know when to start making money The earnings of small firms, especially independent units, fluctuate a lot And earnings may not appear right away when you launch a new product 12 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English 3.2.7 What are your strategies for dealing with rejection and disappointment It is extremely difficult to be rejected after you have invested However, as an entrepreneur, you are constantly bombarded with bad news, whether it comes from investors, dropping sales, or decreased traffic to your e-commerce site We will not only be squandering your time but also failing to draw any lessons from the experience if you ponder about matters that must be abandoned or are emotionally combustible The difference between success and failure is how you respond to the difficult questions ahead If you can't find an answer to a query or two, don't be scared to abandon your ambition To achieve your objective, you may need to take some extra actions 3.3 Effective employee management golden principles  Take command of your job and hobbies  Listen and communicate well  Getting people to care about the company's common objectives  Capacity assessment and orientation for staff  Reward staff on a frequent basis to keep them motivated  Make the office a pleasurable place to work  Employee Empowerment is number seven 3.4 Consumer demands and behavior are studied using a variety of methods Step 1: Market Segmentation Market segmentation - the division of consumers into groups of things with distinct common features - is required before diving into their demands and behaviors Age, occupation, gender, hobbies, personality, and so on may all be used to classify people Step 2: Examine the elements that influence user behavior Combine data from several market categories to establish each client segment's core value Determine what matters to this group of people What are the elements that make them vulnerable? After that, look at the environmental elements that influence customer behavior 13 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English Step 3: Analyze and synthesize consumer demands and behaviors, as well as customer experience and current trends Analyze and synthesize reliable information about each segment's consumer opinions and actions In-depth study on user experience and trending cryptocurrencies should be combined with the information acquired from stages and Find out whether there are any issues, hurdles, or hurdles in each consumer group Find out the unique characteristics/differences in their consuming habit, especially with the target or potential consumer group Step 4: Examine the channels of distribution and marketing communication After determining the most important elements influencing consumer requirements and behavior, the researcher selects communication and distribution channels that are appropriate for each consumer category, customizing the brand for potential audiences, and overcomes hurdles to guide them along the road of product loyalty at each stage of the purchase and experience process 3.5 Effective Cash Flow Management Solutions 3.5.1 Plan your autoization process with the help of art Modern cloud accounting software features user interfaces that allow it to communicate with other programs Banking, payroll, sales software, and even project management for specialized sectors are examples of these applications Business intelligence technologies are included in this program, which allow companies to thoroughly evaluate their financials and forecast cash flows 3.5.2 The cash cycle is constantly monitored The cash cycle refers to how long it takes a company to turn cash needed to generate inventory into cash from sales To track cash in and out, businesses must keep a tight check on accounts receivable, accounts payable, and inventory Accounting software may be used to report accounts receivable and payable by due date, providing a more comprehensive perspective of the maturity term This also aids them in developing a strategy for negotiating transaction conditions in order to improve cash flow efficiency 14 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English 3.5.3 Minimize risk of selling on credit If the nature of the business relies on the selling of products and services on credit, the company runs the danger of not being able to pay its obligations Many debtors also purposefully extend the payment time, causing cash constraints in firms This is a good technique for dealing with factoring Businesses may cash in on their bills by selling them to a factoring provider Factoring firms will pay between 80% and 90% of the invoice value in advance This money can be used to pay suppliers and company expenditures, with the remainder going into reserve Their cash cycle will be shorter in general, allowing new inventory to be turned to cash faster 3.5.4 Consider the investment's net present value and payback time Making the net present value (NPV) of the investments bigger than is the proper technique to increase earnings for the firm Subtract the project's original capital investment from the price to arrive at the NPV cash inflows' net worth (This will be based on the project's estimated cash flow.) 15 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience Lecturer: Ths Nguyễn Hương Sang Specialized English CHAPTER 4: CONCLUSIONS Although the use of digital transformation in startups in Vietnam is reasonably excellent, many new entrepreneurs are overly focused on technology and neglect to consider other elements such as the market To establish a profitable business, you'll need schooling, talents, and knowledge Personally, I believe that an open method is required for the creative startup ecosystem to thrive to its full potential within a legal framework that encourages and supports young people's inventiveness The larger business community should view itself as the midwife of start-up ventures, and there should be a system to encourage corporate responsibility with the purpose of fostering the creation of creative businesses Furthermore, capital and capital attraction policies must be open and attractive to a diverse group of investment capital flows for creative start-ups, investment funds must be diversified, and legal success prerequisites must be satisfied It must be easier and more economical to set up, invest in, and withdraw cash for creative start-ups 16 Student: Phan Chí Trung tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience tieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experiencetieu.luan.how.to.start.a.business.without.experience