Dare to start your own business
To start your own business, think out of the
box and dream big because our dreams push us forward, to do something unique,
some think new, which was not done earlier by our parents, brothers, friends,
and relatives. Always think that you are unique and that nobody is like you,
you are the luckiest person in the world because you have a power of positive
attitude, what you think nobody can think like you. You are great.
The hardest thing in the world is the beginning of any work
and the easiest way is to think. Thought is the foundation of the beginning, so
now a step that you have already started, that is to say thought.
Now who is your strongest enemy preventing you from starting
any work or own business, that is to say nothing but your fear, a
fear of failure. So, fear is your strongest enemy, so obviously friends of fear
would be your enemy. Now who are they, think about it, it could be your
parents, your friends or someone who demoralized you and prevented you from
"starting". But why they demoralized you, could be some of them encourage
you to "start", yes it is possible.
But these people are very backward, because when you share
your ideas for a business with someone from above, they think from their point
of view, they relate it to their experience, they can underestimate your power,
etc. So, the first business rule is never to share your ideas or
your business plan with your friends or anyone.
Now here in this article, we are going to try to figure out
which one is the best, one job or one business, what is needed to start your own
business, how to select the best business, what type of investment required for startup, when to start or invest, what are the rules for becoming
a successful entrepreneur, how to deal with the client and what
to do for a sustainable business.
It is true that starting a business is risky, but if you
look at the current state of the labor market, wages, and the cost of living,
finding a job is not so secure. Therefore, believe me, getting a traditional
job is riskier than starting a business.
In this article, we will compare the advantages and limits
of salaried employment compared to own business. This article will definitely
give you answers to all of your questions, viz. Why do
people start their own business?,
What inspired you to start your own business? , am I capable of starting my own
business?, how much to start your own business?, when is it
time to start your own business?, how to start my own
business from home? and much more.
Own business vs job
My business definition is to sell something to make money,
and then divide that money into assets and liabilities. Convert more money into
asset and less in liability and this management
helps the sustainable business. Smart businessman able to sell anything and
convince the customer to buy something that was not really necessary at the
time.
Employment or job is also a type of business,
here you are selling your knowledge and your skills, to get earn money in the
form of salary. But here, the income is fixed, you don't have the freedom to
make your own decision, you have no control over the culture of your office,
your boss can be good or a political actor, you have to wait for the holidays,
so your life is not yours at the office, someone controlling your life in
office, growth is dependent on your performance and the wishes of your boss and
is also limited, but life can be cooler, stress free compared to businessman.
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Now here you can see, what was your investment,
it was 10 years of your school and college education and then no other
investment, 100% profit, because to get a monthly salary you don't have to
invest money directly what you invest is your time. Here, competence is your
asset and liability can depend on your lifestyle. Education was your one-time
investment, then you add free experience and make money until you get employed.
But nowadays, there is no job security that is the downside, otherwise life is
happy if you conclude that you do not have many expectations of life and that
you do not want to become rich. If you don't want to get rich, job is the best
option.
The good thing here is that your employer will cover
everything related to your insurance, medical expenses, and other
responsibilities. If you are government employee, you will get a pension, so
your life is secure but within a fixed limit. You will always be in the middle-class
category; you will never get rich.
Now if we see having the own business part
i.e. want to become an entrepreneur, you need extra effort, you need investment,
you have to spend a lot of time succeeding, you have to be a hard and smart
worker, you have to maintain good relationships with people, you have to study
the current market situation and demand and trend, so you need its unlimited
quality but you will own it, you will have freedom, no gain limit, it will
depend on how hard you can work and grow.
You have your own control over your work, you can make the
decision you want. But you have to manage everything by yourself, you have to
manage your insurance, medical and retirement plan.
So, below is a broad summary
Job
|
Own business
|
Fixed income/ salary i.e limited earning money
|
No limit of earning
|
Increment very less – unnoticeable
|
Depend on profit, may be huge rise, double, triple, 10 or
20 times more than salaried person depend on hard and smart work
|
Work time restriction – generally 8 hors per day set by
your employer, you don’t have control over it
|
No time restriction, less or higher depend on you and type
of your business.
|
You are employee and working under your boss/ employer
|
You are owner, you are boss
|
You have to follow the rules set by employer – you are
follower
|
You set your own rule and others has to follow
|
If you want to implement your idea, your boss has to give
the permission/ approval
|
You can go beyond the limit, you can implement any idea to
make profit for you, ultimately you are owner
|
You must answer all questions raised by your boss
|
Nobody dare to ask you
|
After retirement, source of income is uncertain.
|
No retirement, its on your wish to retire from your work
|
Own identity is not much visible in society
|
Your own identity in society
|
Learning opportunity – limited to your depratment
|
Learning opportunity – multilevel, all department
|
Risk of job loss
|
Risk of business loss
|
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Why do people start their own business?
Service / work i.e. being hired doesn't give you job security
in today's world. While for businesses, if we move quickly to today and for the
foreseeable future, not only are you competing with people around the world
because you can outsource anything anywhere now.
If your work earns you € 40,000 a year, plus benefits,
including paid vacation, time off, weekends, etc. To do some work, they can
spend € 200,000 up front to automate or
even a million euro up front to automate, work, they fire you. We can say that
this is just the beginning of the automation stages where big companies are
trying to be leaner because they don't want to have to pay for your benefits
like pensions, vacations, expenses medical, etc. Therefore, they try to
automate everything they can.
If you are a good entrepreneur now, you are in charge, you do
not have to hope and pray that your boss does not go out and find someone on
the other side of the world to make your work cheaper and you don't you have to
hope and pray that your boss will find a way to automate your work or hire a
robot and without going too far you don't have to drop everything and leave
everything to start a business .
Starting with business life, work is relatively easy, and it
can be a comfortable and easy time, with few responsibilities. Now this can be
a pro or a con, depending on your personality. If you really want to stretch
your skills and be pushed out of your comfort zone, this may not be the way for
you. You may think that your talents and abilities are wasted in your standard
9 to 5 work. The structure and rigidity of having a regular paycheck and
knowing what to do and when to be there is an element of comfort for many VIPs
. It is not a bad thing and it is purely normal; it is just human nature to
want security.
For others, the idea of a
fixed time, a fixed salary and no flexibility resembles a noose around the neck
and are not constraints with which they are comfortable. This stability is also
found in the linear path of the company to success, where if you put time, you
will progress and be promoted to better positions. This is considered a safe
and stable path, with little risk of backing up. Another important factor is
downtime.
In a corporate or standard work role, when you are not at
work, you have done your 8 hours for the day, so it is free time. You can
relax, spend time with your family or enjoy your leisure time. No one expects
anything from you until you return to work, and it can be a healthy,
stress-free way to live. You can maintain an excellent work / life balance by
doing the things that make you truly happy in life.
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So, let us see how to be an entrepreneur in comparison. Now
there are several great plans that can make entrepreneurship so attractive to
the right person. First, is the potential for great reward. There is no limit
or cap on your earning potential, and your reward is purely the result of your
hard work. Of course, that does not mean that the reward is guaranteed.
Entrepreneurship carries a significant risk, and that risk is that you spill
your blood, your sweat and your tears, and there is no reward and the business fail.
Start-ups present an intrinsically high risk of failure, if
you are not averse to risk and are excited by the possibility of significant
rewards and profits despite the inherent risk, you probably have an
entrepreneurial mindset. Another great thing is that you have the freedom to
work where and when you want, and the power to make all the decisions. You are
the boss and the responsibility end with you. If you want to take your laptop
to a cafe and work, you can do it. If you want to escape for family events or
spend more time with the children at home, everything becomes more possible to
control. You have flexibility and freedom. But that does not mean they are all
cappuccinos and downtime. Entrepreneurs can work huge hours, often double what
they would do in the corporate world, and then add weekends as well. Many of
them report working while they have dinner, while they are at the gym and even
while asleep - dreaming of their business. The work of an entrepreneur never
really stops, you are always on time. This can have the opposite effect and you
end up having to sacrifice a lot of your personal and social life to follow
your passions.
The other key factor in entrepreneurship is that you can do
something that you are really passionate about. You will never be bored and can
fully commit to your work, which is rarely achieved in the professional life of
the company. You may be able to find the ultimate in job satisfaction by
following your dreams and passions. Of course, the difficulty is that in many cases
you will have to do without income first, and perhaps live off any savings you
may have, while going into debt to start your business. You don't get super
benefits, medical or any other pension fund. You are financially independent.
This can make it difficult to start a business with a mortgage and children to
feed, but in many cases, you can start small and grow to mitigate some of the
risk. And finally, keep in mind that entrepreneurial skills are timeless. Some
entrepreneurs start businesses just for the purpose of selling them and they
start over. Unlike a standard corporate job where your skills could be related
to an industry, entrepreneurship will develop your skills in all aspects of the
business, which can easily be continued in other future businesses.
What inspired you to start your own business
Your desire to do something different from others, your big
dream and your passion to set an example for others, you don't want to follow
others because you are here in this beautiful world for a purpose, you are here
to become leader and not follower, you want freedom and you don't want to let
someone decide your lifestyle, you want to build your personal brand value
because you are unique, etc. A big dream, a passion, and a unique character to
become rich with a respectable brand value motivate you to start your business
because you cannot achieve it by serving for others. You don't want to put your
efforts into making others dream for life for a few cents.
As you can see, by looking at business life and
entrepreneurship, one is no better than the other. It all depends on your
personality, your risk profile, your motivation, and your passion for doing
something different. If you need to feel secure and have stability in your
life, then the career path in business is for you, and it is the majority of
people. But if you can accept the risks, want to double up with the biggest bet
of your life, and live life in fasting, then you might be ready to be an
entrepreneur.
We make a living doing work. This work is called our business.
We all want to do the work in which we get more money and have to do less work.
But this is often not possible. Therefore, we must choose a business that we
have the capacity to do and that interests us.
What requires for starting your own business
Big dream, vision of life, dedication and passion, these four
things are necessary to become a successful businessman and become rich, you
may be surprised that, without investment, there are some business. You may be
right, investment is very necessary, but there are many business where
investment is not required or negligible, such as becoming an agent or broker,
consultant, selling your knowledge, etc. requires no capital investment. But
here we will cover more on the big dream, to become a rich man.
So, first of all, it's a big dream or a big idea, so, from
where you will get a big dream or a big idea. Do not depend on others, nobody
will give you, it is already with you, your hobbies, your passion itself are
your big dream.
Now, what about vision, something you want to achieve and to
what extent. If you want to start your own business, then at the initial stage,
i.e. before starting the business, you need to decide your goal, to what
extent.
Now, what is passion, it can be your interest, your hobby, or
your anger. Believe me, anger is a very powerful thing, you must be an angry
man, because anger can develop the quality of stubbornness. Anger can make you
the most passionate person about something.
You also need a support and mentor team to guide you. You can
hire a professional consultant who is expert in your planned business. You need
to develop multitasking capacity by collecting information while surfing the
Internet.
Develop professionalism and be presentable so that you have to
organize the business card, website, professional email to treat the client in
a professional manner.
Be perfect in legal obligations, comply with all legal
requirements related to your business. You have to register your business and
manage the taxation, best legal expert for this.
The last one is the investment, it depends on the type of
business you want to establish and your life goal. No one can decide what your
passion or dream should be and how far to expand your vision.
How to select best business
As we said before, your dream and your passion decide the
type of business you can start. So, you need to collect all the information
about your own business. You could get 90% information from the Internet. But I
still give you some ideas on what type of business is best for you.
In business, we have to sell something to get the money, we
will get the money after the sale, so the best business will be what you make
or provide services or whatever, there has to be a minimum delay. Let me
explain with an example. Suppose you make delicate bottles or disinfectant and
it took 6 months to sell 100%, then business is not going well. Suppose you put
3 months to sell the whole lot, then it is not a good deal either, if you can
sell the whole lot in 1 month, then the business is pretty good, when you sell
the whole lot in 15 days it is acceptable, it only takes a week to sell the
whole lot, then the business is very good and if you produce in the morning and
sell all evening, this is the excellent business.
So, in summary, the business in which it takes very little
time to sell all of the aggregate inventory is a great business.
When is it time to start your own business?
When to start a business ???, ideally, there is no specific
time to start your business, but it should start once your business planning is
complete and you are fully satisfied with it. Business planning should be based
on your capabilities, market conditions and demand, current trends, customer
identification and relationships, and more.
But since it is planned to start your own business, the most
important thing is that it must be related to a hobby or a passion, then only
you can work hard and support your business with pleasure. The second thing is
your vision, it means you have to decide how far you want to fit in your baby
carrier, the limit of your height. Always dream big, then decide the goal of
your life. Because without a goal or if you are not clear about your goal, you
cannot find the right path and orient yourself less throughout your journey.
Let's try to understand with the example, suppose you want
to build a house, then you first need to decide how high it would be, how many
floors would be theirs, because it will design the foundations of your house.
Once you have built the house and want to elevate yourself, the foundation will
not support the load and the building could collapse. So, you must define your
target vision / objective of your business before start-up.
If you want to invest in the equity market, the recession in
the global economy is the best time to invest. This is the time when you can
get a valuable share of reputable organizations at a very cheap price. Or if
there is no slowdown in the world economy, then whenever there is a rumor of
bad news against a very reputable organization and the stock price drops by 30
to 40%, so this is also the best time to invest in it.
If you are a university graduate and want to start your own
business, you need investment, dedication, consistency, time and experience, so
it is best to do a job initially for 2-3 years. , save money, gain experience
and start your own business. You can start something with your work slowly and
secretly, part time until you are ready to quit your job.
Now it was still philosopher language and you are not
satisfied, so the direct and practical answer is "Start your business at a
time when the global economy is in a period of slowdown or national
recession". There are two main reasons behind this idea, one is that you
will get inexpensive row materials and low investment value. Second, due to the
economic downturn / recession, your competitor may not be able to prevent you
from starting your own business.
The recession is the perfect time to start a business with
extraordinary ideas and real vision and determination. If you start a business
in recession and it survives indicates that you have successfully created a
service or product that truly meets the needs of consumers, you probably have
your price structure in place and you certainly have a lower cost base , that
means you will have a lot less competition. When the recovery ends up coming
and despite the fact that there are all kinds of absolutely horrible headlines
out there despite the fact that there is a world in trouble but you manage to
manage your business in relation to others , so before the rise of the others
you will be one, two or three years ahead of them. If you can survive the tough
times, you will thrive in the good times.
If you start your own business in younger age, you have
fewer obligations.
In summary, when all people are afraid to invest in the
market due to the global or national economic downturn, this is the best time
to start your own business or invest in the market.
What are the rules to become successful entrepreneur?
A successful entrepreneur means managing the business
sustainably while balancing work and life. Who loves work because this
particular business is his life dream, it was his passion. We cannot say that
someone makes billions of moneys in a very short time, so they are a successful
entrepreneur. Consistency in growth and sustainability with the enjoyment of
life creating respect and values is important for becoming a successful
entrepreneur.
Now if you want to become a successful entrepreneur, here
are the rules
Rule # 1: Never discuss your ideas and your business plan
with your friends or relatives, they can demoralize or sell your ideas or
become your commercial competitor by implementing them before your
implementation.
Rule # 2: Stay away from unhappy or sad people, as they can
make you unhappy or hopeless. You have to help them, but don't try to spend a
lot of time with them or try to share your knowledge with them. Their negative
spirit can infect you.
Rule # 3: Be selfish, if you want to run your business
sustainably, you have to be 80% selfish.
Rule # 4: You must be a 50% bad man, that is, not too
honest. Let me explain, someone tells you to go to the forest and bring a good
tree. What will you do, you will go into the forest and then you will start to
cut the tree straight. Of course, straight trees are always cut first. So
always keep in mind that this person should not be too honest because they are
screwed first.
Rule # 5: Be up to date with the current market trend. Don't
depend on just one type of business, there should always be a backup. Suppose
there is a loss in one business, then another business must support you to
maintain your life, so diversify your business.
Rule # 6: Be interdependent, it is a combination of
dependent and independent. You run a business, so how do you get away from your
client's company or your competitors?
Rule # 7: Don't disclose your weakness to anyone, or your
competitor could ruin you.
Rule # 8: You must invest constantly to ensure your
retirement and pass your business on to the next generation. You must also
invest to develop your children, your wife and your loved one to remain
interdependent to manage your business after retirement.
Rules # 9: Destroy all your competitors who are dangerous
for you.
Rule # 10: Always work to become the leader in your business
type with continuous innovation.
Rule # 11: Always maintain the ethics and the value of your business,
be respectable.
There are so many rules for becoming a successful
entrepreneur that you can learn with experience.
Things to keep in mind while making the choice
Today, many people around the world work in professions for
which they are not qualified. Therefore, we have to think carefully when
choosing a business. The most important thing to pay attention to is how our
nature and our interest work. The second thing is physical capacity. The third
important thing is whether we have the right tools or capabilities to adopt
this business and succeed.
Am I capable of starting my own business?
This is a valid question, and most people are stuck in it.
Because people learn from their parents, relatives, friends, society and from
personal experience. Then whatever plans you have to start your own business,
people discuss with their parents, friends and relatives. If these people are
in the business category, definitely support you, but if they're in the service
category, that is, employees, then 90% of people will demoralize you and
prevent you from realizing your desire.
So, believe in yourself, there is nothing wrong with taking
suggestions from others, but you have to make a decision for yourself because
life is yours. How can you make the decisions of your life? You have a big
dream and a strong desire to do something, you have passion so no one can stop
you from reaching the top of the ladder, only thing, first to decide, how far
you want to grow because it will decide the foundation of your business.
So, dream big and start your own business, the hardest thing
in this world is to start anything, but once you start, the roads open
automatically.
How much to start your own business?
Before you start your own business, your planning should be
risk-based. You have to take risks, but it has to be calculating. Do not put
all your money on one time, start with a small one taking into account that in
the event of loss, you or your family should not suffer seriously. Before you
go into business, you must have a backup plan. If you have planned a part-time
business with your job or another business, it will be better.
Conclusion
It is better to start your own business and success depends
on your vision, your dedication, your passion, and a big dream. Starting a
small business with a part-time job or with your job is a good idea because of
the low risk. If you are a graduate, get a job for 2-3 years first, have
experience and save money, plan business simultaneously, collect all relevant
information about marker trend, global and national scenario , surf the
Internet, collect information about your expected customers, then start small
so that, if it does not succeed, you can defend your efforts. The recession is
the best time to invest and start your own business. If you want to invest in
the stock market, the recession or the slowdown in the global economy is the
best time to get the cheapest stock value. Best of luck and dare to start your own business.
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