5 TIPS ON HOW TO START YOUR OWN COMPANY
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.
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.
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.
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