6 Reasons To Be Mindful Of While Starting A Business

6 Reasons To Be Mindful Of While Starting A Business

This is a first person account of an entrepreneur -- Vishal Sharma, who says that passion is intrinsic to starting any venture, be it big or small. He provides an insight on how to blend the rough with the smooth that he faced in setting up his own start-up company.
I am a first generation entrepreneur who has met with a considerable degree of success in my own start-up journey. Having established my footing in this sector, I am approached by people belonging to various circles often seeking suggestions on how to start their own ventures. A majority of them come from impressive backgrounds, are professionally well-settled by virtue of their working in reputed global organisations and possess some great skills in their respective core areas. Therefore, they seem to be perfect candidates to become entrepreneurs. But as I see it and have understood after my long entrepreneurial journey, this is exactly where the problem starts.
My first question to all such persons is the same – what motivates you to leave a stable professional life for one that is less predictable and filled with risk?  The answers resonate the same kinds of messages: boredom due to a monotonous and predictable life; bosses are myopic and unbearable; if I can do what I do for my employer, I sure can do the same for myself, my skill-set is not commensurate with my compensation and growth prospects are limited.
None of the answers indicate why these persons want to initiate a start-up. Unfortunately, 99 per cent of the people who say this, rarely take the plunge. So, many of them feel disheartened when I say with extreme candor that they should stay where they are, the path towards an entrepreneurship is not a bed of roses. The 1 per cent that tries its hand at entrepreneurships often fail at the stage of inception itself. In my view, the lack of conviction that resonates from these aforementioned responses is nothing but people desperately in need of a break – even a long sabbatical to rejuvenate themselves. And if they still feel they want to climb into the entrepreneurial boat, they should go for. What most people lack, however, is the patience, determination and ability to plan. It’s easy to become overwhelmed in the early stages of starting a business. The key is to have a working plan to stick to. Use something simple to guide you along the way.
Owning a business is a challenge, but here are six tips that will make the road to success easier.

  • Follow your passion and don’t let go. Your business probably stems from something you’re passionate about, but over time, the day-to-day running of the business makes it hard to keep that passion alive. Daily remind yourself why you started your business.
  • Cash is king. Running a business is an art and a science. Understanding the money dynamics is critical to business success. If you know how your business is doing at every moment, you can celebrate your success or plan for how to get more cash.
  • Hire smart. Hiring a team is most important aspect. Take time to hire the right people for the right job & skills. Hire people who love work & have similar passion so you can focus on your dream and evangelize your passion.
  • Communicate with partners. Partners can be a great way to bring complementary talent to grow your business but, it’s critical to communicate values and expectations. You can also use it as an opportunity to brainstorm new ideas or talk through problems in a less stressful space.
  • Protect yourself from the unexpected. Think about roadblocks you might hit along the way. Expect the best but prepare for those unexpected hiccups.  Set up systems and processes in your and make sure that things won’t fall apart if you step away for a moment.
  • Ask for help You don’t have to be alone! As business owner, it can be lonely making all of the decisions. Ask for help. Find other entrepreneurs to learn from. Someone a few years ahead of you can provide invaluable advice. Someone just starting can bring energy and creative ideas.

Running your own business is one of the most exciting, and challenging, adventures you will embark upon. Take care of yourself as you set the tone and culture of your growing business. Protect yourself to ensure the business will survive the ups and downs. Running your business can be fun with a little bit of planning and with processes to make things run smoothly. Take time to set it up right so you can get back to doing what you love.
About the author: Vishal Sharma is Founder & Director of Talluk, a start-up for social networks in the neighbourhood. Vishal embarked on his entrepreneurial journey in 2012 when he founded a private limited company TESS Overseas in Bangalore. Subsequently, he founded Talluk along with Sudhir Goyal in early 2015.
Disclaimer: The views expressed in this article are solely those of the author. MYB takes no responsibility for, and will not be liable for, the information provided by the author.

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