Time
I want to start a business but it calls for a lot of time…to begin with at least there might be no definite working hours. You might have to work 24×7…are you ready for it?
The main problem here is that we do not regard time as a resource. When we think of launching a business, we think we have to mobilize men, money, materials but we rarely think about time as a resource. Once we realize that devoting time to business is the biggest contribution that we can make we put things in proper perspective and are able to plan things better.
Goal setting that too setting SMART (Specific, measurable, achievable, realistic and time bound) goals is important for business success. It is pointless when you set goals and don’t know by when you have to achieve them. It is like setting off on a journey not knowing when you will reach a certain place.
Money
Lack of adequate finance is one thing that stops people from getting in to business. Most small business owners pump all their savings in to their venture or borrow from friends and family because they do not have security to offer.
Let money not be the biggest constraint for you; here’s how you can overcome this roadblock:
- Join hands with a friend or partner so the two or three of you can pool in resources
- Connect with a venture capitalist or angel investor
- Set up an online business which will bring down your investment and set up costs several times over
Balancing Your Current Job with a Business
Giving up a job and plunging in to business is not very easy. As a lady who runs a customized tailoring business confessed to me recently, “I cannot imagine giving up the security that my salary cheque as a technical writer with a prominent company gives me. The day I can give that up I’ll launch my own store. For now, I’m content doing both.”
Makes sense…definitely makes economic sense. How does one balance a job and a business?
Find a way…like the lady concerned traded her annual pay hike for an extra day off at work…so she could get Friday, Saturday and Sunday to run her business. You will have to make such choices and tradeoffs if you want to keep your job and do business too!
Unsure About Your Ideas for Business
I want to do something of my own- is a resolve that most business owners set out to do business with. But what is that “something”. Ideally it should be something that you love, know a thing or two about and it absolutely must solve a problem that people are facing.
You don’t really have to look far beyond your own life for answers. Like Bethany Frankel did with her Skinnygirl margaritas, she found a way to help women have fun while keeping fit.
“I don’t know is a huge possibility,” says a spiritual Guru, Jaggi Vasudev and I do believe saying that one doesn’t know gives one room for self-discovery and experimentation but that shouldn’t last forever as it only amounts to confusion. This will do more damage than good to your business.
Work-Life Balance
Striking a work-life balance is difficult for entrepreneurs as they tend to get consumed by their desire to make their business profitable super quickly. Burning the midnight oil might be necessary at times but you can achieve more by being organized.
Plan your week/day, leave room for emergencies or contingencies, exercise, eat five small meals a day, check your mails only twice a day, keep away from social networking sites on a round the clock basis, multi-task without biting off more than you can chew and don’t allow somebody else’s priorities to take precedence over your own.