5 things to remember before starting a business
By Jitendra Kejriwal
Are you someone who is looking to start your own business? Well, you are not alone. According to estimates, there were 582 million entrepreneurs in the world in 2021 and the number must have gone up, especially since the economic shocks inflicted by the Covid pandemic have eased since then.
For those who have worked things out or made it big in the business world, starting a company and running it successfully is the easiest thing to do on the planet. However, such people are hugely outnumbered by those who have tried but failed. While every business has a different recipe for success, following these five principles can certainly brighten your prospects.
Famous American business magnate and philanthropist John D. Rockefeller once said, “If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success.” In a fast-changing world led by technology innovation and digitalization, going for a tried and tested business model makes little sense. Hence, before starting your venture, do think of new ideas and pick up one of them to build your own model.
Acquiring domain knowledge is a must before starting a business. If you don’t know your industry inside out, it’s better to spend some time figuring it out, rather than jumping into the ring. Every industry or business has its trade tricks and secrets that can only be learnt with time and experience. So, don’t be in a rush; gather enough knowledge and experience before launching something of your own. Apprenticeship can be a great starting point for you.
Be focused but be open
Ask 100 businessmen and women and over 90 of them will tell you that the beginning of their journey was filled with surprises. From unanticipated hurdles to unexpected success, a lot can happen when you go down that road. In fact, this holds true for every entrepreneur — from a software developer to a pizza seller. So, being focused is crucial but being flexible and open to ideas, developments and possibilities can help you achieve greater success.
Doing things by the book may sound boring but it is the best way to succeed in business. From applying for licenses, seeking clearances, filing returns, to repaying loans, you must always be particular about following the rules. Taking shortcuts or playing clever may sound exciting but can practically derail your operations and mar your personal image even when you aren’t really guilty. After all, you don’t want the CBI or the ED knocking your door at midnight with your neighbors watching.
Patience is a virtue that most successful people either have or acquire. No success story is scripted in a day. The trick is to just keep doing the right thing and wait. According to Bill Gates, Microsoft’s journey wasn’t easy. There was a point when Gates succeeded but found himself working on the “bleeding edge of consumer software development and information technology faced with stiff competition from a variety of companies”. However, Microsoft, and Gates turned out to be incredibly successful in the end.