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Ganesh
Technology , Education
Asked a question last year

What are the things one should know when they are starting a business ?

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Ganesh
Technology , Education

1) Talk is cheap

     No body cares about what you are planning to do until you do it. Even among friends we are sure that at least a couple of them say they plan on starting a new project and even gives a glimpse into what it looks like. In 100 over 60 people will give an idea about it , but only one will start it.

2) An idea isn't worth anything before it yields the result

     An idea is worth a million dollars only after it makes $1000000. Ideas are worthless unless they are paired with the right execution.

3) Nobody cares about your business more than you

     Your business is a part of your dreams and your goals. You might inspire people to join your cause but nobody will ever want to succeed as much as you do.

4) You don't need money to start a startup, you are the business in the beginning

     Business are started with one person and growing as the journey progresses. What you need to understand is in the beginning you have lots of time , that is the main resource.

5) Be ready to make sacrifices

     Something most people don't realise when starting a business is the amount of work and sacrifices which are needed to turn this into success.

6) Build smart from the beginning

     If the foundation of the company crippled it doesn't matter how high you plan on going, it's bound to fail.

7) People should free up your time so you can focus on your strengths

     Don't be an employee in your own business. One of the common mistakes people make is they trade their job to another one.

8) Fail fast and adapt quickly

     Be ready for things do not go according to the plan. You need to keep in mind that there are many things yet to learn. You need to rethink the way you look at failure.

9) Long term success depends on ability to manage your resources

     You have several resources like your time, willpower, your ability to work maybe some money and some people you know. So try to manage them.

10) The right mentor is worth 10 years of struggles

      The walked the road you are on right now, they know where the potholes and they know what's up ahead and you had be a fool not to leverage their knowledge in your journey.

     

 

Before starting a business, one must know 1.what is the demand of that particular thing or services. 

2. Capital investment required and the amount of profit expected in the initial years.

3. Ways to enhance the performance, making it proffesional.

4. Trained colleagues are necessary for help.

5.Competition in the market.

6. Entrepreneur having an interest in the innovative idea for start up is a great thing.