I turned an #entrepreneur 18 years ago. I was fresh from college with not much work experience and very little or no business sense. I struggled as a first generation entrepreneur and have learnt many lessons on the way while paying for those mistakes and learning. #thread
I have experienced many ups and downs in the business and the general economy so far. But nothing can be compared to the current #COVID2019 crisis. The entire world is virtually shut down and definitely the tremors shall be felt in every business.
But there are some lessons from this fiasco. I am trying to put a few and please add more learnings.
1) No business or work can survive a worldwide Pandemic. So you aren’t in the boat alone. Have patience!
2) Always keep a small fund aside irrespective of your turnover or size.
1) No business or work can survive a worldwide Pandemic. So you aren’t in the boat alone. Have patience!
2) Always keep a small fund aside irrespective of your turnover or size.
3) Never run a business completely dependent on Bank Loan, CC or investors. The pressure of loan, interest and repayment will be worst than losing business. Create your own CAPITAL.
4) profits aren’t permanent, fixed costs are. Keep your vanity and fixed costs low.
4) profits aren’t permanent, fixed costs are. Keep your vanity and fixed costs low.
5) It’s easier to get loan enhancements, bigger term loans for plants. Always keep an honest assessment of repayment and financial capabilities. As a Golden rule follow this “ the core business should be profitable”. You can’t forever run on enhancements and top ups.
6) Do not fall in the trap of a very fast rise in volume of business. Yes it’s important to grow and be bullish but sometimes the age old wisdoms are much better. Understanding, assessment, and calculation of risk factors is MORE important.
7) In such Bad times judge people and staff. There is no better assessment of character than a bad time. And remember them. Such learnings will come in handy.
8) Most important.. Always have some savings handy. Money that can be used within minutes. #StaySafeStayHome
8) Most important.. Always have some savings handy. Money that can be used within minutes. #StaySafeStayHome
Here is another thread I wrote 2 years ago about my entrepreneurial journey.. for those interested to start a new venture ..
