I am myself an Entrepreneur there are few things which struck my mind. I would like to share with you. Never start a business for the sake of just doing something different and because your close relatives and friends are making millions so why not you ?
Entrepreneurship is something which comes from within and it takes hard work and far sighted vision to succeed. It may sometimes so happens that few things may not work your way and you may end up no where, this is especially for those who quit their present job to start their own business. We all are human beings and we can do our part with full devotion, rest has to be left on time and luck. At starting stage you may incur heavy losses instead of profits and decide to quit and start up again as an employee. You will land up no where because you will not be able to show your present employer what all pains you went through while you were starting your business and why you failed. Therefore its very important to think wisely.
Few people think start up with few things and rest will be taken care of. They forget to decide who will take care of the rest of the work. Management team should be very strong for the business to succeed. They are the ones who recruit proper working professionals for the required positions. I have seen start ups taking maximum project much beyond their limit to progress fast. The advance cash flows very easily but when the time for successful completion of project comes things go Topsy turvy and nothing works well. Pressure mounts and everything goes wrong and at the end a bad reputation is created about the company.
We raise our living standard thinking we are entrepreneurs and its below standard to travel without A/C car and we need luxurious items at home too because we are big people now, how come we compromise with small things. If you are thinking this way you have dug a well and you are half drowned which you will realize later when things don't go the way you had planned them.
At start up stage you don't need a big office, lots of staff nor do you need Air Conditioners. You should spend wisely because its you who has to take care of all small stuffs and grow. If the company's capital will be spend on a big office and other stuffs you will be left with little or no money for paying staffs for first couple of months. You don't have any source of income right, then how will you pay them. No one is going to work free of cost for you. Think judiciously. Have a big heart and a broad mind because people around you will talk all nonsense about you and your start up so you should be prepared to digest all the negative words. You need to be focused and work single minded towards your goal.
We start up with a particular business and then realize that it has no market or the market is very saturated in that segment , we finally plan to do something different and we end up no where. Be focused and don't waste your time and energy trying something in which you don't have any expertise.
Few people are focused just to make wealth and they lose focus on work and they fail.
Start up entrepreneurs fail to assess the market and enter the market with poor marketing strategy.
I am not criticizing the budding entrepreneurs but i want them to have a clear focus and work with heart and soul towards success of business. All the Best.
