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Starting your own business is taxing. Be as it may, the launch is worth it, and you will do everything in your capacity to nurture and flourish it. Following are important things to keep in mind when starting your business venture –
- Face Your Fears
Being an entrepreneur is not a walk in the park. This is why many people never make it. In your entrepreneurial journey, you will have to overcome several hurdles. Come to think of it, you will always find something that will keep you away from becoming your own boss – financial, family, time, responsibilities, chances of success, etc.
Worrying about the risks of business is normal, but burdening yourself with excuses and chances of failure will slow you down in the journey and keep you away from your entrepreneurial dreams. Look at it in this way, entrepreneurship demands that you address the many hurdles, face them, and find a solution.
- Keep Your Daily Job
The changeover from an employee to an entrepreneur is gradual. While you are still building your new home, you need to have a place to take cover. In other words, when you start your business, don’t quit your daily job.
Let’s face it, you won’t be able to make a million-dollar turnover in a month. The regular income from your daily job will keep the wind in your sail until you start earning a steady income from your business. Once you are confident and can rely on your business for earnings, you can be the captain of your ship.
- Keep Your Ears and Eyes Open
Behold, a lot of advice is coming your way! Starting your own business is a big deal, and you will be talking to many people about your ideas. Observe their body language, read into their comments and reactions. Are they supporting your views? Do they also believe it is a good idea?
Being receptive and accepting will get you a long way. Talking about your entrepreneurial ventures with experts and business veterans is a bonus! They have first-hand experiences and are the better judge of the situation. You can also model yourself their way with words and demeanor.
Every advice counts. Who knows, someday you will be on the other side, being someone else’s mentor.
- Anticipate Your Expenses
After your ideas begin to take shape, you need to anticipate every expense that you will incur in your entrepreneurial journey, especially the ones that turn up at the start of your business – location, office rent, furniture & fitting, marketing and more.
It is wise to not fixate on a final number, suppose you calculate Rs.1,000 for furnishings & fittings, be prepared to quadruple the amount. You must anticipate a calculated number and get ready for unexpected costs, rather than falling short of funds.
After calculating all your expenses, make a business budget and a personal budget. Understand that you will also need money for home rent, healthcare, commute costs, etc. At this point, you might even have to apply for a business loan. Study all the financial options thoroughly before you invest money into your business venture.
- Understand the Intricate Legal Formalities
This is probably one of the most important steps on the entrepreneurial ladder. Legal procedures are complicated, and understanding them for your own business is not a piece of cake. You need a sound understanding of the law. For instance, you must know how to register for GST, and how to check GST registration status.
The laws will depend upon the size, type, and industry of your business. Consider keeping a business accountant in the loop.
Understanding the state rules, employer laws, and business & tax liabilities, will save you from a bundle of penalties and will keep your ship from sinking.
- Speak Up
This is probably not everyone’s cup of tea and will require you to come out of your comfort zone. You probably might have a million-dollar idea, but if you keep it to yourself and can’t sell it, what good is it?
As a new entrepreneur, you will constantly require to build a network and market your business. Good communication skills, ability to confidently speak and convince consumers about your ideas will do wonders for your business. If you want to climb up the entrepreneurial ladder, you cannot afford to be shy.
- Prioritize
Investing time in designing logos, business cards, and stationery is probably not a good idea in the beginning and let’s face it, it won’t even matter. Instead of making a brand, try to build it.
At the start of your business venture, you will have to figure out what is high on your list of priorities. In the initial days, when the money is especially tight, you don’t want to back the wrong horse. Choosing your priorities wisely will help you climb up the ladder.
- Stay Informed
This is probably a potential game-changer. Successful entrepreneurs and voracious readers are synonyms. If you want to reach Fortune 500, you can’t do it without books and research. There are a plethora of books in the business genre.
Don’t like to read? Listen to audiobooks, watch videos, stay informed, stay educated. If you want to be your boss, you need to know more than everyone else around you.
- Passion and Wisdom
When the going gets tough, the tough get going. In your entrepreneurial journey, you will often reach a dead-end or a Catch 22 situation. In such unprecedented times, it is only your passion and dedication that will keep you going.
It will drive you towards improvement and keep you from stumbling. Wisdom will keep you sane and help you trust your business acumen, your skills, and your strengths.
- Know the Power of Timing
This will probably matter a lot in the coming years. Of course, you want to set up your business when the market tide is flourishing and favors your industry.
However, understanding the detrimental role of time will help you to stay decisive, an important characteristic of an entrepreneur. A decisive entrepreneur is calm and cool under pressure, can take charge of a situation, and not the other way round.
Climbing up the entrepreneurial ladder is a unique experience. Not many reach the top. Can you climb up against all the odds?
