Starting a Business? Know a few things and avoid disaster!

When you decide to become an entrepreneur, you are practically deciding to give birth to a child. What becomes of it is solely your responsibility and that’s the most challenging and fulfilling part of it all. You need to nurture, love, and continually evolve what you are doing to adapt to the surroundings; you will need to stand firmly by your vision and value system.

It will require an investment of your thinking ability and mindfulness. It will require you to be proactive, and invest effort and capital. But here’s a heads-up – it’s going to be a beautiful joy-ride! A lot of highs will come intertwined with heart-breaking lows, but not everyone dares to transform their dreams to reality like you.

Here are some ground realities for you to keep in mind on this journey:

• Self-motivation and instinct
  You are about to enter an arena you have built for yourself and established the rules. Trust your gut and develop a conviction about your strengths and your product. You will eat, breathe, and sleep this vision for the rest of your life; hence, it becomes important to find motivation. Build new skills, adapt, stick to your strengths, and fight your battles with instinct.
• Find the right team
  You will seldom come across people who share your vision. When you do, stick with them. What is important is letting them be a part of this journey at the initial stage and letting them walk along with you. Pick a team that co-owns your dream and stands by the same values.
• Network for business
  Whether you bank on the network you have created or create one from scratch, you will need it. Your peers, subordinates, and customers remember the spirit, acumen, and values you brought with you and hence your business is perceived on the same lines. Remember, it needs to ride on a mutual benefit track. For this, networking must never be underestimated.
• Pick your customers
  Just as in life, you cannot please everyone in the business. There will be customers who will see your value and there will be those who don’t. Our suggestion: do not waste your precious time mulling over the pessimists or trying to please them. Move on. Stick to the ones who see the benefit in what you bring to the table and play by your strengths.
• Keep capital handy
  That brings us to the most important aspect of entrepreneurship: funds. Any new venture will require funding. But what is not a given is its availability at the right time. In today’s always-on world, strategic decisions need to be implemented within a blink of the eye. If you do not rise to the occasion, someone else might.