Things To Remember When Starting Your Own Business

I have always believed that the only way to secure your financial future and living is to start your own business. However, this is very hard for someone coming from the middle, lower-middle and poor class of Indian society.

The resume-driven society says, ‘if we work hard and go to school, we’ll get a job and will do great’. That conventional thinking is slowly but definitely changing. “Now, more than ever, we need to be entrepreneurial to be successful; we need to create a job to keep a job.”

When we only devote our time to the daily jobs and work for someone else, we’re putting all our eggs into one basket. If we want to guard our financial future regardless of how the overall economy is doing, we need to be in charge of our own life.

Thus in this post, I will discuss some points, which we should remember before starting a business of our own.

Manage your emotions

“Let emotion inform, but not form, your decision – Bhagvat Gita

Our emotions are a significant part of who we are but not all of us. We are larger than our emotions, most of which contribute to our outer layer of material, not to our spiritual core. Unless we have our objectives clear and emotions in check, we can’t build a profitable business.

While we are supposed to be confident, if we go overboard, we will be getting in our own way.

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Don’t try too hard to be original, be unoriginal

So many people believe they need to reinvent the wheel, yet if they do, they’ll be knocked over by the same wheel. It is better to rather, work on improving an existing idea. It’s better to use creativity to improve an existing product or service rather than wasting time in inventing something new.

Look around there are so many things which still can be improvised and can be presented in much better way. Take an example of today’s FMCG giant Patanjali they just taken over complete FMCG industry in India in a matter of 12 years.

To make it profitable, KISS (Keep It Simple, Stupid)

Albert Einstein once said; “If you can’t explain it, you don’t understand it well enough.” Though it is often misinterpreted as “If you can’t explain it to a six year old, you don’t understand it well enough.” What Einstein was making at was an appropriate use of “keep it simple, stupid”.

Take it in this way, if your idea is not simple, you’re stupid. Build a business that is practical and not complex. Create a simplified product or service that sells X product to Y customer for Z profit.

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Choose your partners carefully

A partner is someone who can compliment you. He has to be honest and passionate about the business as you are. Assess if a partnership makes sense before you jump into it. But if it’s something that is necessary choose your partner, not on the basis of how well you know him/her but how well they can fit for the role you are looking for.

Remember you started the Business to Make Money

Some people either start a business with just a motive to earn and others just want to create a product forgetting about monetary benefits. Both of these models are not sustainable.

For entrepreneurs like us who have minimal resources, who start a business around the little cash available. Our ideas, then, need to be focused on making money. We should just focus on business ideas that could turn a profit quicker and didn’t have much startup costs. But in the process, we should not compromise with our idea or the level of service we decided to provide.

Hope for Best Prepare for Worst, Worst always happens

“Whatever can happen at any time can happen today.” ~Seneca, On the Shortness of Life

People tend to forget the second part of this phrase, There’s a rationale these phrases are used together. It’s important to prepare for the worst. There’s great value in critical thinking, in understanding what could go wrong and working to mitigate potential disaster.

Every decision should be evaluated properly. Make a plan for the worst so you’re not caught off guard if it happens. Come up with three alternatives for every decision so that you’ve taken all results into consideration.

Be greedy to save money

If you desire to begin a business, you need to transform the way you see and use money. There has to be a clear distinction between senseless expenses and necessity that can be bargained for, or partnered on.

If you will look around, even the organization you work for they reserve cash for bad times, the only organizations get out of the crisis are those who have reserved cash in pockets. Remember Cash is King

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You have to reach out, Customers won’t come to you

You have to constantly market your business, create a network, and keep talking about your product/services. The better your product does mouth publicity the more people use it. Find new ways to market your business.

Put yourself out into the world. Always be marketing yourself without being a used car salesperson. Register into clubs, network constantly, and find diverse ways to get your business in front of people.

Don’t act too courageous, having a bit of fear is good.

Be afraid of never failing. If you have not failed enough simply means you have not tried enough. The idea of not trying should scare you.

You should be afraid of waking up the age of 40, 50, 60, and saying I wanted to achieve that but couldn’t due to… You should be afraid of watching TV and saying hey man this was my idea…

“What you should not be afraid of is getting failed.

New Gen should Stop listening to well-wishers, and start listening to their heart.

We all have dreamt of having our own business at least once in a lifetime. We all wish to become our own boss, work as per our own set time. This dream is possible whether you are a college pass out or is currently in a job.

When you are just out of college, you have extra time, passion, and many ideas. These are the primary ingredients to run a successful business.

What if you are already occupied with full-time job?

A universal truth is that a major part of the population will never be able to start their own business. These people will dream but do nothing. For people who already have conventional jobs, it’s not too late to start an entrepreneurial journey. We should just take a look around and see that by serving someone else we’re just putting all eggs into one basket that we own or hold.

Conclusion

Having our own business gives us an opportunity to secure our financial future regardless of the bad economy and crisis. It enables us to be in control of our own life. That doesn’t imply that entrepreneurship is easy, but it permits us to make our own fate. Every hour of work can be for us and that’s a major change. We live and work for ourselves.

Ashish Agrawal

Ashish is passionate & enthusiastic about coding and developing new skills. He has over a decade of experience in the Software & IT industry. He loves to code, design websites, and finding automated solutions to everything.  He loves writing on topics like investment, nutrition, leadership, etc.