This Sunday I met with young aspiring entrepreneur. He shared with me his business idea. He was confused that how to quit 9-5 job and turn this business idea in to reality. Today we see many people like this, who are dreaming for entrepreneurship but they don’t know what to do. In order to help them we are herewith few pointers for these new & aspiring entrepreneurs.
Before quitting job and starting business you must do one thing is analyze your financial situation. You will need money every month to fulfill your need like feeding mouth, EMI and other utility and household expenses. You must keep at least 6-8 month expense aside.
Another important point which you should take care of is, if your business fails what is your exit or roll back strategy. We advise that whenever you leave the job don’t burn relation with your employer. Keep in touch at least for first few months.
Tips to new & aspiring Entrepreneur
(1) Decide your line of business
Decide which business is most suitable for you. Search your soul. Getting success will be difficult if you are not with your soul and not passionate about your business.
Apart from this you must do research the market. Product study & market analysis always boost your confidence.
(2) Gain Work Experience
One should acquire skills and knowledge before getting instrumental for business. You must work first and learn the basics of a particular business. Do not just think of only earning money through salaries, but earn knowledge and experiences.
(3) Arrange for capital & resources
Capital & resource is top most requirements for starting any business. If you don’t have capital you can borrow from family or friend. We recommend building capital on your own. If require you can opt for small part time sales assignment believe me sharpening your skill on sales and marketing will help you a lot. Good salesman can become good businessman.
Apart from capital you may need place/office to start business. If you don’t have any suitable place/office we recommend taking office on lease.
(4) Getting Started
Entrepreneurship is journey & not destination to begin this journey you must complete several formalities. First you need to register your business. Another thing you need to do is obtain VAT/Sales tax/Service tax number and open bank account.
(5) Don’t be afraid of initial failure
Remember failure always teach us priceless lesson which school or university cannot teach. Failures are temporary setbacks, stepping stone to success.
Sufficient time is required to establish and run the business so make up your mind don’t afraid of initial failure and don’t carry away by success.
(6) Try and try until you succeed
You must continue your try till you get success. This reminds me about important lesson taught by Abraham Lincoln who failed so many time but never give up.
Abraham Lincoln could have quit many times but he didn’t and because he didn’t quit, he became one of the greatest Presidents in the history of US.
You must try and try until you succeed.
Remember “Quitter never wins, Winner never quits”.
(7) Think beyond money
Sometime entrepreneur should think beyond money. Remember customer is king rather than thinking about money one should think of increasing customer satisfaction & services which will always help in enhancing business.
Remember being entrepreneur is not just thinking or remodeling old business idea. It’s about brining creativity, innovation to business and servicing society and nation.
Just checkout following video “Muruganantham school dropout social entrepreneur from Tamilnadu brings idea to make low cost sanitary napkin, creating thousands of jobs for rural woman & helping nation and society.”
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