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7 Things To Remember If You Dream To Have Your Own Business

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7 Things To Remember If You Dream To Have Your Own Business

It is about 7:00 PM Sunday now, and you are getting a sick feeling about going to work tomorrow. You must get up early on Monday morning and get ready for the office. Now even the distraction of the idiot-box could not stop this anxious feeling.

A thought strikes that you may feign sickness tomorrow and take one day – just one smallish day off but the client meetings and responsibilities at your office will not let you do so. You want an extra day’s rest from the dog-eat-dog corporate world but you cannot do so.

This anxiety is simply because you are not able to tap your inner bliss and passion. You are not living up to your best potential. Rather than being in the moment you are living more in the past or future. When you live a fulfilled life you spread happy moments throughout each day.There is something to enjoy even on Mondays, your boss does not look any different on Monday! Does he? Maybe you are not pursuing what you always wanted to do!

Maybe you wanted to have your own business, or become an entrepreneur or open a restaurant near your favourite location. Maybe you wanted to be a writer? Think back, what dreams did you have growing up? I am sure it’s not the Dilbert’s cubicle you dreamt of! Maybe you always a wanted a business which allows you to visit Paris, London, Zurich, Spain, Portugal, whole Europe and live for an extended period of time there. Maybe you wanted to go to wild safaris in Africa, snorkel in Australian reefs or watch Monasteries in Japan.

“Know yourself and you will win all battles.” – Lao Tzu

Due to family pressure and social norms you had to school yourself for ‘a good job’. When I was in college I wanted to have a business, what business? I had no idea. I did start a sales business but could not stick with it. Why? Because parental and social pressure says you must have a ‘good job’. I got into a good job but I always wanted something more, something that gives me freedom and passion.

Think of this freedom like your relationship. Suppose your partner always taunts you for your clothes, what would you do? You will push back like “I don’t need your free advice; I am OK (which you are).” But if your partner bought you brand new Fashion-TV type clothes and marvels how good you look then chances are you will look into the mirror and think “hmm… now this is something I like.”  Which will make the relationship grow strong.

The imperial corporate world is built differently by its ‘champions’ and ‘leaders’, because they mean only business. “Work hard and go home, keep your feelings with yourself.” Most importantly the current profile and enormous responsibility at your office are not translating your dreams into reality. The only hope of getting out of the rat-race in a job is winning the lottery.

I know you can’t just leave your job and get set for your dreams, unless you have a good chance of consistent stream of income. I know it is not that easy – but yeah with correct knowledge and drive we can fulfill our destiny.

Now working at a Fortune 500 Bank in Loans and Credits Department for six years I was always tempted to compare successful companies or businesses and their successful owners to losing companies and their losing owners. I have worked right from the front-line desk guys who consult prospects for loans (and their dreams); to the cabins where dreams of entrepreneurs are presented and sanctioned. I can tell you what I have learnt from many successful entrepreneurs and what I am observing to be working best.

Here are the 7 Lessons I have learned:

 

1. Interact and validate your business idea

If you want to open a restaurant, then go out and meet some successful restaurant owners. Winners are good at heart. You will be surprised by their readiness to teach an open young mind. They can tell you critical information about the suppliers, buyers, market condition and more.

If you wanted to be a real estate agent, then meet few agents in your locality. They will be able to provide you some insider knowledge that you must know to start. They may offer you commissions if you bring business to them, and this way you learn in the process.

You can contact on email or phone first and then take 15-20 minutes appointment. Before becoming a success coach I interacted with lots of people by email and Facebook. Some responded some didn’t, that’s OK. But I met some really nice souls this way and they motivated me to pursue my passion of becoming a success and life coach.

Another shortcut, take your banker out on lunch and ask them, how the industry is doing? Are the loans or other accounts doing well? If most of them are bad, it does not make any sense for you to enter, as many professionals are not making money in the industry.

 

2. Start taking baby steps towards what you want

Do some free work for people and you will discover some new knowledge in the field. You do not have to see the whole stair case to go up the stairs, just climb one step at a time.

Author, Mike Dooley observed that in his earlier business of selling T-shirts whenever he was out for marketing, even if he didn’t sell anything, someone at the office would receive an order. So make a definite plan and start taking action from today.

 

3. Winners are students throughout life

Brace yourself to learn entrepreneurship, marketing, communications, and networking. There are some things that you can outsource, but marketing, communications and maintaining relationships with your clients – you cannot and should not outsource that.

Learn as much as you possibly can about the industry you want to make a career in. A lot of people assume learning stops when you graduate High School or University. Little do they know that is when the learning actually begins.

Reading
 

4. Take a course in communication and marketing

If you did not take the course on communications at your college then take one now. You will be amazed to know how to communicate from your clients’ perspective, what do they want and critical non-verbal communications and body-language.

Most of the companies start with these types of courses during probation so maybe you have already done that. If not then make some arrangements this weekend. It can make or break your chances of success.

 

5. Do not become cocky at your new business

I have made costly mistakes of loaning to cocky people, assuming it is a sort of self-confidence. Cockiness can get you a few dates at the Pub but not long-term repeat clients. Nobody cares how hot your business idea may be.

Venture Capitalists, unlike bankers, are ruthless to break through cockiness and decide if the idea is viable or not. Take care of your clients like your own brothers and sisters and they will take care of your business and expand it.

 

6. Maintain savings for at least two years before you leave your job

Generally speaking new businesses often take somewhere around one to one-and-half years to break-even. You may break into profit even earlier also but it makes sense to have at least two years worth of savings with you.

If it is hard for you maybe due to the high credit card debt in our society then you must first pay off the debt as soon as possible before you even think of leaving your job and becoming an entrepreneur full-time.

“Only the educated are free.” – Epictetus

7. Take your business as a part time hobby first

Now before you go full-time in your business. You must have family responsibilities and rent to be paid. So instead of going all out with that restaurant plan, why not follow another plan and open a food-truck first, this way you accelerate your learning. Or if you want to become an author, complete your novel in free time and try to get it published.

Famous fiction Author, Stephen King, did not leave his teaching job long before he started earning enough from his published books. Thereafter, he churned out over fifty popular fiction books.

You must test the waters first and take an overall view for what it takes to launch a business. You will find water is deep indeed, but like Mr. Darby and his uncle of the famed story ‘Three Feet from Gold’ said, you must persist before you see the success you always wanted. Do remember to have fun throughout the journey.

 

You can visit my website here. I can show you how to live a more fulfilled life!

Thank you for reading my article! Please leave comments below!
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Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

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how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

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How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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12 Things I Learned in 12 Months of Working on My Startup

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Image Credit: Unsplash

A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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