How to start a business?
The game of risk and reward.
With 10+ years in business now, I am asked repeatedly how I started my own business. Often end up giving a one-line answer ‘ it just happened'.
Now I feel it's my responsibility to share people the little secrets behind starting a business.
At first, let me tell you business is the art of taking risks. Some succeed and many fail. Each one has its own appetite for doing business. It surely requires the ability to solve a customer problem and make money in the process.
For those who fear starting a business usually don't have the belief about themselves. They look for alternatives to getting a job. I say, there is nothing wrong about doing the job. The major difference between business and job is risk appetite for money.
While risk is evaluated, rewards are in proportion to it. Higher the risk, the higher the reward, and vice versa.
So if you someone who is deciding to start a business, then I would make the below checklist.
Business idea 💡- what is the idea?
Investment💲- how much money needed to start?
Team 👥- who are the people behind the idea?
Business model - how will you make money?
Market research - know the market potential
SWOT analysis - Strength, Weakness, Opportunity, Threat
Objective - why exactly you want to go after this business idea? Vision, mission statement.
I often believe the best way to start a business is by following 3 principles
Start lean, agile.
Be ready to fail and pivot.
Be quick and listen to paying customers.
Every entrepreneur is carved for his/her own path. They make choices that sometimes work and most of the time not. But one thing that is evident in business people is they are hustlers.
“Never give up attitude.” - Try and try again till you succeed.
If you smart, you will learn to build a viable business that makes a lot of money and be part of a thriving community of entrepreneurs.
If you are looking to start a business, will be happy to share the business canvas I call ‘ drawing book’ for all entrepreneurs.