5 TIPS ON HOW TO START YOUR OWN COM­PANY

India Today - - ENTREPRENEURSHIP - RAJWANTRAWAT/ www. in­di­a­to­day­im­ages. com

PUT YOUR­SELF FIRST

We’re wired to think of how we’re per­form­ing in re­la­tion to oth­ers but it’s ac­tu­ally per­form­ing rel­a­tive to your own po­ten­tial that mat­ters most. So while you are tick­ing all the boxes — more re­spon­si­bil­i­ties, more money, more peo­ple — you may still not be max­imis­ing on your real po­ten­tial. Un­der­stand­ing this is a large part of win­ning the bat­tle.

LEARN TO SAY NO

Say­ing NO when the go­ing is good is pos­si­bly one of the hard­est things to do. You walk into a plush of­fice each morn­ing. You’ve a meatier ti­tle and are man­ag­ing more peo­ple than you did last year. You’ve been pro­moted three times in the last five years and are earn­ing more than oth­ers in your peer group. De­cid­ing to walk away from all this and start some­thing of your own is, un­doubt­edly, go­ing to be one of the tough­est de­ci­sions you will ever have to make.

IN­TRO­SPECT

Chances are that the en­tre­pre­neur­ial bug is gnaw­ing away at you be­cause your 9 to 5 job is not re­ally what you want to do for the rest of your life. Those who fig­ure out their pas­sion lies else­where and come to this re­al­i­sa­tion early in life, have a real head start. Noth­ing beats in­tro­spec­tion when you de­cide it is time to make some big changes. Navel gaz­ing can some­times do you a world of good.

RISKY AF­FAIR

The sad re­al­ity is that most start- ups fail. The risk of fail­ure will, there­fore, rightly be your great­est fear. The first three years you spend on your start- up, even if you fi­nally shut shop, would’ve taught you way more than you’ll ever learn if you stay in your cur­rent job. The ini­tial stages give you in­valu­able lessons about un­der­stand­ing your con­sumer base, mak­ing your prod­uct stand out in an al­ready clut­tered mar­ket, build­ing op­er­a­tions from scratch and fight­ing to carve out a mar­ket share.

MONEY MAT­TERS

Be­fore you start any sort of busi­ness it’s es­sen­tial that you think things through— what will this mean for you, your fam­ily and your fi­nances? Once you have fig­ured out the fi­nances go ahead and set off on your new jour­ney.

- Suchi Mukher­jee, Founder & CEO, LimeRoad. com

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