Management & Capital Raising Consulting

Canada | UK | Hong Kong | India

Management & Capital Raising Consulting

Canada | UK | Hong Kong | India

Starting your own business

STARTING YOUR OWN BUSINESS: WHAT IT COULD TAKE?

RESEARCH, PLAN & ACT BEFORE STARTING YOUR OWN BUSINESS - Nitin Kumar, Founder of VanLonChan

The reason you are thinking of starting your own business is you want to change certain parameters in your life. You may have a good earning job at the moment but you might be lacking the freedom and flexibility; or you might not be making enough income and feel you are working hard and burning out yourself, or you see an opportunity to capture, a problem that needs to be solved.

 

Whatever the reason is, it is clear that you want to change the current situation. Some people do it, some keep thinking about it, some plan for it but a few act and do it. I always suggest aspiring entrepreneurs to have thorough research, plan but most importantly – Act!

 

If you are fascinated by other’s success story and imagine success means driving a flashy car, having a big house and relaxing on the beach then sorry to disappoint you it might not happen in the first 5-10 years of being in the business. Why? Firstly, you need to be smart and sensible with your business decision making and cash-flow management. As business grows, entrepreneurs become responsible to ensure their teams grow both professionally and financially, and it becomes a duty to keep check on business’s growth in terms of revenue and profits. An Entrepreneur may start alone but it becomes a family once team starts growing and parallelly responsibilities of an Entrepreneur start growing too.

 

Along with a great business model, it also takes lots of hard work, tight budgeting, staying emotionally strong while staying focused on your goals. Entrepreneurs know well that no one is going to help them, except them.

 

There are many reasons that some entrepreneurs become much more successful than others and what we have realised as one of they key reasons is “Why”. Why do you want to start your own business? Is it just about money?, or Is it a solution that can solve a problem? Or, Is it you want to prove your capabilities?

 

The stronger your Why, the passionate you will be to achieve your business dream.

 

There will be days when you might be fighting all alone, your family might not be supporting you, there might be a day someone may make fun of you because you did not make money at all or you drive a 20 years old car as your focus is to keep cash in the business. Unfortunately, in today’s world, success is misjudged by many people in terms of materialistic success – where you live, what car you drive or do you have your own house. You might face criticism by people who may judge you on these parameters when you are walking your business journey. All you need is to understand how big is your Why!

 

What do you need to do in such a case?

 

Stay Focused! No one can beat your mindset unless you allow those thoughts to overcome your dream.

 

If someone challenges you, now you will have another Why to make your business successful – proving those people wrong who misjudged you. You are not here to please others or convince others, but you are here to uncover your own potential, your capabilities, by offering solutions, and by facing challenges that will make you stronger, day by day. That what will make your life meaningful.

 

Staying strong – both physically as well as mentally is the key to stay focused. As long as you are focused and you are taking action after careful planning, you would grow your business. Remember your Why when you feel low, remember what you could achieve when you overcome obstacles you are facing during your business journey.

 

Take challenges, become stronger, prove your capabilities!