I belong to the special of group of people, who were employed for many years, thinking about starting own business and finally started own business. Very often I am asked a question, How do you feel now, after having your own business? what is better job or business? or get comments “that’s great! you are doing your business now, you are happy. I have answered most of this curious questions, but back of the mind some where I have listed few points about who can do business? what do you need to start a business? What do you expect out of business? Does it take you closer to aim of your life? and many more.
What is better – Job or Business?
This is the question I am asked very frequently, by those who find difficult to choose between Job and business. My answer to this question is both are good, you need to find out what will you enjoy most. One may compare a job and business on parameters like earnings, security, future prospects, Freedom etc. Lets see all this parameters in both options one by one.
Above table may confuse you. you will not be clear if one should business or continue with job after going or believing in information in above table.Actually, all these parameters are secondary. Most important thing that you need before you start business is “The Burning Desire” to succeed in your own business.
So this gives answer to one of most common question that arises before you start business i.e.
What do you need to start your own business?
Capital, Idea, manpower,knowledge, experience are important thing that you need to start business,but most important thing as described above is “The Burning Desire”. Other non material things you need are – believing- your self,your dream, a well thought business idea and patience to get desired result.
Dream – To start any business you need to have a dream. Dream of successful business model. Dreaming is to some extent is natural (may start from your inner feeling). Clearer the dream, easier the path to success. So be clear what is your dream actually.
Burning Desire – you will find lot of literature on power of your strong desire. People have lot many dreams related to success, business, relationship, money etc. but not all dreams are backed by “burning desire” to full fill these dreams. You need to check if your business dream is backed by burning desire. Be alert, some time dream regarding business comes out of things like bore dome or temporary failure in job. Some times people think to start business as they find difficult to move ahead with job. A house wife may think she is free with her house work now, and she doesn’t have anything to do and think to start business. These are not dreams or dreams those are not backed by strong desire. Do the business only if you find that its your passion. Don’t start business as there is no comfort in your current work.
Documenting Business Ideas & Plans – There are thousands of ideas that comes and goes out of mind every day. Not all ideas are valuable business idea. To get more clarity on idea, you should write down your business idea along with plan to start & run said business. This should start with business idea and end with proposed financial performance.I have seen people discussing different business ideas (often inspired by other’s success) for years and can not start business. I don’t say that there ideas were not worth implementing,but they lack to relate it to their strength & passion.
Know your Strength & Weakness- Ideas those are inspired by other’s success need to be checked if they are good for you depending on your strength & weakness. Some one may earn millions with simple business ideas, even then it may not be good for you as it may not your cup of tea. Eg. If some one is earning a lot money by selling tea from a road side stall, this simple idea may not be suitable for you as you might feel odd to stand and serve on road after doing a blue collar job. So, think about your strength and think about business idea which is in your favorite zone. Remember, matches are easily won on home pitches.
Source All Required Things- List down the things you required like capital, land & building, manpower, raw material etc. find out best source from where you can get all this material. You can include it in to your document of business plan.
Set Business Process – Also decide and write down operational plan so that you will have more clarity on type of manpower and other resources you may require.
These are the things that one should do before Launching Business.
So, this is my thoughts for those who is thinking about their own business. This is an extract of my thoughts and discussions with some of business people. I am not a management professional or inspirational writer, as stated this has come out of experience of my self & others. Do let me know your comments.
ALL THE BEST to you.