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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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22 Comments

22 Comments

  1. satish

    Aug 12, 2015 at 12:00 pm

    Hi,

    when I first start reading your article I was shocked because it seems like I am reading my story from starting.

    All the condition , situation you have mentioned is totally right.

    Your article give me boost to take one step forward to fulfill my dreams.

    Thanks.

    • Mohinish Nirwal

      Aug 13, 2015 at 2:35 am

      I am glad Satish you are moving forward with your dreams..
      Thanks.

  2. Britney

    Jul 12, 2015 at 9:42 pm

    Great post! Thank you for sharing. I applaud your courage to pursue your true passions. My favorite points are #3 and #5. Being a 2014 college graduate, I quickly learned that life learning never stops. As you stated, a person must stay humble to continue to learn and grow. I wish you much continued success!!

    • Mohinish Nirwal

      Jul 13, 2015 at 1:38 am

      thanks Britney,
      I appreciate your attitude.
      thanks
      Mohinish

  3. Tony Kates

    Jul 8, 2015 at 1:49 pm

    I agree with every item on the list especially #3 “Winners are students throughout life”. The only way to win is to learn and the bigger lessons are learned when we failed which means you have to go out there, keep on trying, keep developing yourself and learn from everything.

    • Mohinish Nirwal

      Jul 9, 2015 at 2:32 am

      hello Tony,
      You are spot on. Winners are always on learning curve. And it usually not one subject.. Your thoughts?
      Thanks
      Mohinish

  4. Heather

    Jul 7, 2015 at 2:58 pm

    Hi Mohinish,
    Great post – lots to think about. I’ve run my own small consultancy for nearly 7 years now and can definitely say that #3 – continuing to be a student – has been key in helping me to build the business and adapt to different challenges and opportunities that have come my way.

    I couldn’t start small and build – I had to just make the leap – because my freelance business was in direct competition to what I did as an employee. And I certainly didn’t have 2 years savings as a cushion – although I did have around 6 months. Now I’m in the process of starting a new business, so it is slightly ‘back to the drawing board’. I came across your post at good time!

    Thanks,
    Heather

    • Mohinish Nirwal

      Jul 8, 2015 at 2:09 am

      well good luck for you new endeavor Heather.
      Thanks
      Mohinish

  5. David

    Jul 6, 2015 at 5:19 pm

    Great post thanks!

  6. bestessaysforsale.net

    Jul 6, 2015 at 12:37 pm

    I read this article and must admit it is really great! Thank you for your job!

  7. Radzone

    Jul 6, 2015 at 12:35 pm

    Your post was a great one to look at first thing on a Monday morning. It helps keep the dreams alive. Only one point that I “might” take exception with – it’s the point of having a 2-year cushion since most endeavours take about that long to get going. It’s true it might take that long, but having a fallback plan may allow some to cruise through the plan because there isn’t a sense of emergency. As Hernán Cortés said in 1519 – “Burn the Boats!”. I say go for it.

    • Mohinish Nirwal

      Jul 8, 2015 at 2:13 am

      Yeah I agree with that Radzone, but sometimes when people have to put food on the table they need to have savings. Secure the food part and unleash yourself in other. You can have passive sources of income also.
      Best wishes
      Mohinish

  8. Esther

    Jul 6, 2015 at 8:03 am

    Hi Nirwal,

    Thank you so much for this great post!

    I mostly hear about validation with your future prospects. But it is so true what you write, learning from those who are already successful in what you want to do can be priceless.

    But not everybody dears to reach out to experts. Which brings me to the point that having the right mindset is crucial throughout the 7 points you described.

    What do you think?

    Cheers,

    Esther

    • Mohinish Nirwal

      Jul 8, 2015 at 2:16 am

      Yeah whenever we reach out of our comfort zone our palms are sweaty. But with right mindset and courage an entrepreneur moves forward.
      Thanks
      Mohinish

  9. Dr.Manu

    Jul 6, 2015 at 7:00 am

    Great post and practical approach…Thank you

  10. willy braun

    Jul 6, 2015 at 6:33 am

    Great post

    Love reading the articles

    I have a question.

    What if you already started a business love it too but you didn’t take the these steps and now you find out that the water is way deeper then expected and it’s really hard to keep going. Is it possible to still come up from under it and become successful?
    And what would be most important steps to take?

    • Mohinish Nirwal

      Jul 8, 2015 at 2:37 pm

      hi, sorry for late reply.
      It will be very difficult to specify any action steps without taking a detailed look at your business. However I must add that before you entirely give up – bring in some expert and let him take a look. or if there are other people in your industry who are successful then you can reach out to them. But don’t take adverse decision without exploring all options.
      Thanks
      Mohinish

  11. Heitem Ak

    Jul 5, 2015 at 4:17 pm

    Great Post!

    “You do not have to see the whole stair case to go up the stairs, just climb one step at a time.”

    Sometimes you can try to jump an additional step or two, but if you do it too often, you’re asking for trouble!

    Heitem Ak

  12. KC Stafford

    Jul 5, 2015 at 3:22 pm

    Great post with good information! Thanks for sharing.

  13. Lisa

    Jul 5, 2015 at 12:51 pm

    Excellent post. I think I will be adding #4 Take a Marketing Course to my list of action items very soon…

  14. Anthony Metivier

    Jul 5, 2015 at 7:43 am

    Wow – great post. These are powerful tips that go beyond the usual.

    Validation is a huge one that I think so many people miss. The question is: How do you validate in baby steps if you’ve only got limited time to get just one part of it off your plate?

    • Mohinish Nirwal

      Jul 8, 2015 at 2:40 pm

      Hi Anthony,
      sorry for late reply.
      If you are not able to take out time for validation part then you can outsource or delegate it. Let your assistant collect all the data but you must do the analysis of it on your own. I hope it helps you.
      Thanks
      Mohinish

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