Every time, when you hear someone talks about being successful in business, our first thoughts are, “Man, He’s rich! OR maybe his family funded for him OR he never really knew what paying bills are like.”
Well, for a matter of fact in most cases it’s true, you need capital to run a business and expand it simultaneously.
Here are some tips that most of the aspiring start up owners in India fail to see or back off before there idea even be written down on a paper.
“You don’t have to be great to start, but you have to start to be great.”
- At least start something:
Often we have noticed that when we sit down with our team or partners, we engage in extreme mind boggling conversations. It’s mainly because we have a lot of idea, a lot of passion and lot of enthusiasm. It becomes useless as soon as we sit down to write what we really want to do. Do you know why we find it difficult to actually start with something? The answers is that, we are way to smart! And sometimes being smart is a curse. So choose your domain wisely by thinking it through, and create a benchmark to achieve a target.
Example: The above illustration is a demonstration on how you can break your goals down, based on a strict timeline. *Note: if you are keen on any additional support please contact our team for further assistance.
Related Topics: 5 most common mistakes that start-up owners make?
- Investments will come eventually:
Most start-ups stop pursuing their passion, by thinking way too much about the lack of investments. It is very important to understand that nothing including your business can be made from thin air. You need to make some initial investment to start.
Tell me, why would someone really invest in a business that you are scared to invest?
If you are passionate about the venture you are engaged in, then money will find its way to you. There is this great book and video series that will help you create a winner and confident mind-set required to start The Secret by Simon & Schuster, whichis a book known to many of us, but as we say who has the time to read them?
If you don’t, read. Start it at once. As per a research study conducted by Thomas Crowley, almost 85% of the self-made millionaires read a minimum of 2 books a month.
Now, that’s not a lot, so don’t wait get going!
- Say ‘No’ to Backup Plans:
This is a very common human behaviour to analytically think of alternatives, if fact it’s an instinctual behaviour that we showcase when we are threatened. We all do this that is thinking of a backup plan, “What if I were to fail? Don’t I have too much to lose? Who will pay my debts, if my business fails? I have taken a loan to do this business; will I be able to repay it on time? And so on…”
In fact, there is nothing wrong to be cautious rather than being careless. You only end up on financial losses only on the basis of poor decision making and lack of financial planning. If you really spend time think the above mentioned, I really don’t think you would end up in making poor decisions.
- Take Support from Start-up Consultants:
This is very new area of support; there are a lot of consultants that exists in the marketplace. Their expertise is mainly developed on meeting the expectations of the Tier 1 & Tier 2 companies, thus fail to understand the extreme aggressiveness of the start-up environment. Thus make sure you connect with specialized start-up consultants who focus mainly on your priority i.e. revenue generation and marketing. These options are far feasible than hiring employees in the organisation.
We would like to hear, what your challenges were as a start-up or do you agree with our blog post, do let us know on the comments below.