Any risk in starting up a business without experience

[SUPERNO]

Sometimes we have the funds to throw around into any investment of our choice regardless of the business requirements. If you have the money to fund the business that you love but you do not have the qualifications and experience needed for the business just the passion for it, is there any high risk involve in establishing such business.
There are big risks involved in setting up a business without experience but those risks are minimal because you can learn a business and even be better than an owner of a business with experience as you will learn from experts experience.

 

[Samuel72]

Yes of course there's a very big risk starting a business without experience it's like taking a step into the unknown without any direction. You my end up losing all your money or you might end up being scammed. Before investing in any business you need good experience in the business and you also need a professional to assist you.

 

[Mataracy]

Sometimes we have the funds to throw around into any investment of our choice regardless of the business requirements. If you have the money to fund the business that you love but you do not have the qualifications and experience needed for the business just the passion for it, is there any high risk involve in establishing such business.
There are big risks involved in setting up a business without experience but those risks are minimal because you can learn a business and even be better than an owner of a business with experience as you will learn from experts experience.

Before one can start any business idea is need and good planning without that ,failure is inevitable.
More idea is require whenever somebody want to start a business and one mist not sees himself as an island of knowledge because business is more than that.

 

[sincerem]

Business is all about experience and risk taken. If you don't have experience how can you cope with the risk or challenges involve around your business in the future? You need experience and passion for any business option you choose. It will guide you to achieve success at the long run, and manage risk and develop strategies to make reasonable amount of money from your business.

 

[Overcomer]

Yes cuz Business it's all about taking risk and it's also about experience. U need to have the experience first, before you start a particular business so that you'll know how to cope with the business pattern But if you're doing it for the first time, you'll need to be very careful and apply knowledge and sense so that you'll make the profit and also gain and not loosing.
alot of people always start a business but because of lack of experience, patience and contentment and good management, the business fall and they end up loosing instead of gaining meanwhile some people are still doing the same business and gaining.

 

[Mellorando]

Yes a lot of disadvantages goes with that did you go into a business without having full experience on what you're doing trust me end of closing of your business or running out of businessthat is why it is encouraging to spend not less than two years to learn a particular business do you intend to do from someone else and see how things are being handled around when you are due for starting up your own then you can leave this will give the person social awareness and how to manage it customers

 

[Doradorwa]

No matter the amount of money you have to throw around never invest into a business without knowing the genesis and the foundation of the business and don't ever think of having your own business without doing a proper business survey. If you do you might later regret it when you don't have money again.

 

[Sammyesx]

There is always a risk in starting a business, whether with experience or not, because there is no business that has 100% guarantee, but the thing is the more experience you have on a particular business the lower the risk attached. Though if you don't start from somewhere you won't get the experience, but to be on a safer side only start a business you have experience on.

 

[Alexandoy]

A business owner with no experience is like a child who is entering a lion's den. Business has many potential problems and if you are ignorant of such then you will surely be a victim sooner or later. Even if the business is going great you may not be aware that a competitor may be doing under the table smear on your business.

 

[Chibson]

Starting a business without experience and idea of the kind of business you are going to is very dangerous. A lot of people start businesses because they have money to start a business, even though money is important and maintaining a business but having proper knowledge of the kind of business you are into is better.

 

[Yhubee]

Well,experience helps a lot in a business. A person with more experience about a particular business may tend to do well than a business owner without experience. Definitely someone must always start from somewhere,and so I will advice seeking help from people with a long standing experience and taking them as mentors, learning tips from them and then applying it to the business

 

[Stena]

Experience remains the best teacher. Especially when you're going into sole proprietorship, you will need to go in there with your experience. You have not learnt the art of hair dressing nor practiced it, but you love the business and have even started running it, such a business is bound to fail. Experience is what makes you see challenges as opportunities, you must have encountered them before or learnt about them, and as such, when they show up, it is easier to overcome them.
No matter the amount of money you have to run a business, if you have no background knowledge or experience on that business, your expenses are all waste.

I think it is kind of different for those who run multiple businesses. I know of a man who is wealthy and own several businesses. It is certain that he his oblivious of the nitty gritties of all those businesses, but what he did was to employ managers who knew the rudiments of the business.
This is what some business partners do, the other party may contribute the knowledge and the other the finances, and the business is sure to thrive.

Bottom line, experience is very vital to the success of every business.

 

[funmi]

Personally I do not start a business that I do not have a practical knowledge about, this is because if there are challenge one will be able to handle it but if one refuses gather some practical experience on the type of business one intends to start then any little.challenge might bring to an end the whole.business. I have always helped my parents out with selling of gari and some other farm produce and since then i have been able to gather a lot of practical experience in the trade, now am still doing very fine in the business despite the challenges that we do face in the course of running the trade and even some of my competitors that started selling because they saw me doing the business and imagine that is will be making a fortune out of it because of the way I have been managing my business very professionally and they all admire from afar and decided to join the trade. But today many of them has again switched to other kinds of business. And some of them got seriously indebted and have packed up.the business. They are still paying up debt currently. Practical experience is key.

 

[eldavis]

It's not advicable to start up any business with little to no knowledge about it, the risks involved are just too much, anything could go wrong. A friend of mine started a crypto business of buying and selling and he was scammed some days back in his second transaction. When he was about starting the business we adviced him to meet experts who have been in the business for years but he felt it was just something that requires buying and selling.

 

[Kendy]

The risk attached in setting up a business without a prior experience could be likened to hitting the road with a car when you have not had a driving experience. This would indirectly mean that you're either on a suicide mission, perhaps you might be on a high drug dose or you might be mentally unstable. In business, it is not possible for you to have all the needed experience because even professionals in the field are still in the process of learning but at least you should be able to know the basic requirement in setting up a business and managing it skillfully. A business cannot thrive without knowledge and experience. Imagine starting a poultry farm without even knowing the necessary requirement in keeping the chickens warm, especially on the first day which you were supposed to put on the lights so that they could be warm, then for a novice who has no idea would not even care about this fact and the following day all the chickens might be found dead and he would start blaming it on the products or the company where he had purchased the chickens. Experiences is of essence and at times, these experiences does not have to come directly from your dealings, it could be from the experience of a third party.

 

[TOZZIBLINKZ]

Yes of course , there is a greater risk of starting a business without having full experience . If the business is of a service providing kind , it is 100% advisable to gain proper experience and knowledge about the business . If you choose to establish a service-providing business without acquiring the requisite knowledge and experience backing you up possibilities are you will end up disappointing your client and spoiling your business reputation . So in order to avoid consequences like this proper experience and knowledge must be acquired before opening a business .

For example an individual with sufficient capital decides to open a barbing salon business , he therefore furnishes the area and also the room in which he is to carry out the barbing salon activity , he further equip the room with a great size mirror , a clipper sterilizer , hand towels for cleaning , and a large comfortable size cushion for waiting clients etc . All these listed above are important to entice a client to think that the individual owning the barbing salon outlets is definitely ready to start business. But what happens when the client decide to tidy his hair from such individual and then discovers that he or she has no knowledge about hair barbing . The client after this will feel disappointed , and might not want to bet you're nice such individual anymore .