Hi guys, I am back…Hope you like my articles!! Thanks for the feedback received so far – it’s really overwhelming and encouraging…At the start of this new year, I am discussing a very important topic and I am sure that this is also many people’s New Year Resolution too, i.e. “To Be or Not to Be – An Entrepreneur”. I am not an expert on Entrepreneurship but written below
are my insights and views on this very controversial topic, or you may say a life changing decision for one and all that wanna sail the ship of Self Employment (and I would like your comments on it too)
- Do it with a purpose – It’s like you are cajoling with an idea and are looking for the right moment to drop the hat of being employed and dive into the ocean of creating employment i.e. to become your own boss and an entrepreneur. My only piece of advice is do not do it as it’s the “in thing” or as a “style statement”. Do it only if you have a specific purpose for becoming an entrepreneur. Remember, becoming an entrepreneur can be a life changing decision and can have catastrophic effects if things go wrong – Honestly, you can’t afford to get this wrong so beware, think 100 times and then if your heart still says, Just do it!!! Do not wait for the right time and moment, think hard and if you get positive vibes – then do it and make the rest a history in itself!!!
- Do it ONLY if you feel strongly about the idea / product / service and if you have a burning desire / passion to excel – This is the heart of the matter. Become an Entrepreneur or start on your own ONLY & ONLY if you have a strong will to succeed despite the circumstances and the odds. Starting a business a few decades ago was a different ball game and today it’s a totally different match. Earlier it was indeed a Test Match and now it’s all about 20:20 you see!! The most difficult part about being self employed is accepting the reality when you see your peers who are employed and making much more than you when you run a business or start-up!!! So guys, if you have a deep passion for the work and IF MONEY IS NOT THE ONLY CRITERIA TO START-UP THEN & ONLY THEN HIT THE ROAD!!!
- Support – If you are looking to start-up, ensure you have the full possible support from your spouse, family (in-laws included J ) friends, neighbors and all possible humans whom you interact with!!! Reason being - doing something on your own is really draining. As humans, we are really weak at heart and need all the possible support. Ensure you have great relations with customers, partners and suppliers as you will need all their help & support while you start-up!!!
- Its all about money, honey – No, am not talking about your sales or revenues – am talking about Capital!!! In this capital scarce world ensure you have the requisite capital before you start-off. Take the worst case scenario of being without any damn sales for a year and have that money in your pocket before you start on your own. Think 100 times and plan but guys get this right as you can’t afford losing steam a few months down the line due to lack of capital. Also, try to get the right bankers, funders or Angels / VCs to be with you who understand you, your business and the business model in totality. You might also need some good contacts to raise money overnight (maybe as a stop-gap) so good financers, friends and relatives are a must when you start-up!!
- Cash Flow Management – This is one of the most critical and difficult part of starting-up. Efficient Cash Flow Management is the make or break for any start-up. Ensure, you hire the best talent for this or you yourself as Promoters are really good at this. Salaries, rent, expenses, suppliers, conveyance, allowances all need to be tackled smartly and damn efficiently as usually the sales cycle and the recoveries are not on track in a start-up and with proper cash flow management the demand indeed has to meet the supply!!!
- Human Resources – Last but not the least, people management is the name of the game. Either as a promoter you will need to manage people (and devote more than 50% of your time to this) or hire a brilliant HR / Team Manager. It’s a known fact that be it any business, it’s all about people, people & only people. Getting the right team at the inception is as important as starting the business. Ensure you brainstorm on this and get the right team in place as your initial team can be the make or break for your start-up. Ensure this!!!
Happy Entrepreneurship & awaiting your feedback as always