Entrepreneurship may sound fancy and edgy however there is a lot of hard work and dedication in that word. Having a new start-up is nonetheless risky and offers very little security as compared to a well-paid white-collar job. It may seem to be a courageous act to have your own start-up, however, there are numerous problems and various types of challenges one might have to face.
In the beginning there might be confusions in a startup such as what product/service, where to get/sell and how to do it. Then comes the big question of investment. Whether it should be personal funding or borrowed from a bank. After that there is the estimation or expectation of returns. This is a tricky part since correct speculation and trend reading is highly sensitive and only the correct assumptions will get the better returns. These are only the factors which work at the beginning of any new startup but later the most important factor becomes self-motivation, dedication and discipline. To have a setup and running that in a steady manner requires passion and a lot of rules. Here are ten such mantras which will help in boosting any new start-up:
It should be decided whether it will be a single person show or a partnership. Sometimes having a partner helps in skill sharing as well as risk bearing too.
An ideal business model should be one which generates cash quickly. If the break-even point takes too long to come then the reserves might burnt out soon.
While operating on a start-up one has to be very cautious about cash flow. One must be very careful to keep a strict vigil that not even a penny is wasted.
Another important thing is while running a start-up taking a salary is not certain every month. There might be cash flow issues and hence there might be months when business is down continuously. In such cases one should cut down on personal expenses and avoid parties with their family and friends, as much as possible.
Running a business requires many skills. There might be jobs which a person is capable of doing by himself/herself and for others they might hire services. It is always advisable not to spend money by outsourcing jobs which can be done by the entrepreneur himself/herself.
One should be open to learning new skills. It will help in cutting down expenses and also will help the entrepreneur to know their product inside-out. For example- in most cases people hire a C.A to file income taxes however if the entrepreneur does his taxes himself he will have a better overview about his finances.
It is always advisable to invest less and get more returns. While looking for office spaces or furniture or even computers, new entrepreneurs must look for second hand or low cost options. It is not always necessary to spend money on luxurious item or fancy setting in the beginning.
Investing wisely in a domain or buying an online space is a must in today’s age of digital marketing where physical and online presence both are necessary.
When the business is up, there might be lucrative possibilities lurking in every corner. The decision of whether to seize them or not is essential. Seizing certain opportunities might result is a loss or might result in capital getting blocked for a long time. Such situations must be avoided.
Persistence is the keyword in starting up something. Generally, people do not want to associate with a new startup or there might be vendors or suppliers who do not seem responding well to small quantities of supply. In such cases a personal touch is needed to gain their trust and increase business with them.
Keeping these points in mind one can easily venture into a start-up and have their own business running in no time!
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