With start ups sprouting in every corner of the world, it is essential to know a few things before starting your own business. While the business schools cover the syllabus, the real world is a whole different ball game. Getting out of a job that gives regular pay checks to building something that guarantees no success is a major risk. Being an entrepreneur is no less than being on a roller coaster. Here are a few things that’ll help you with the ride:
  • There is no such thing as too much planning. Making a business plan is really crucial no matter how tempting it is to skip making a formal plan. Making a formal business plan goes a long way to execute the vision of the business.
  • You have to develop your expertise in every field. As a start up, you will have to manage every aspect of the business in the beginning from sales, marketing to customer service and IT work.
  • The vision you started off with is never going to be the end result. As you start working, your ideas will evolve as the real issues start to kick in. You will also grow, that will help make better decisions and understand the market and adapt to it.
  • You will stop having a social life. When you manage your own business, you never really have fixed working hours. There are endless hours of idea crunching will often mean skipping dinners and missing parties.
  • Not every day is going to be a success. With success, come regular failures. Embracing the failures is an important step towards success. There are often going to be hits and misses during the execution and getting used failure is a part of the journey.
  • Working with people who handle stress the same as you do will help working as a team lot better. It is important to support each other as a team and helping understand each other’s stress pattern will make work efficient.
  • Hiring friends is not the wisest idea. Though it might seem like a fun setup to work with your friends, it can actually complicate the running of the business. Putting out your ideas can get tricky when your friends are working for you as it creates a rift between the personal and professional life.
  • Learn to draw a line. Ignoring your family can happen very easily when you are starting out. Maintaining proper work and family balance gets essential. Family is of prime importance even though it might seem like a hurdle in the middle of all the work.
  • Money will eventually follow. While concentrating on the end result keeps us going, it is necessary to focus on building an excellent product that makes people want to invest in it.
  • It is really easy to over invest when you are building something from scratch. It is important to not overspend and save enough for necessary expenses as there won’t be a fixed pay check flowing in for some time.
We, at House Of Naari, understand the struggle of starting out on your own. We wish you all the very best for your venture.