Salaried/Employed folks wish to start their own business. Lure of working for self, sky is the limit for growth, freedom of time etc etc makes it look lucrative. Being in business, this is what I have learnt over few years. Hope you can learn something from my experience. 1/n
1. Early 20's are good for you to explore, make mistakes, find your passion. But too many mistakes can soon take you to early 30's without any growth. Learn from experience of others and figure out what you want as early as you can. 2/n
2. If you are stuck in a job and waiting for right time to quit, then right time will never come. Sometimes you have to take a leap of faith trusting in yourself.
3. Whatever business you want to do, ask yourself: Is it scalable? If not, find a way to scale it. Else drop it. 3/n
4. More liability = more pressure. Less Responsibilities = Less Pressure. Try to take these risk while you are unmarried. If married, have at least 1 - 2 years worth of salary saved with you so that you can work without worrying about bread and butter. 4/n
5. Avoid doing business in family. Avoid business requiring partnerships. You can only rely on yourself and the 100% you give. Not anyone else. Team is so much over rated. Sometimes you will have to be a one man army. 5/n
6. People with salaried and officers background are down to earth and well mannered. Business is a dog eat dog world. Learn to be shrude while doing business. If you are not, people out there will sell you to sharks without a thought. 6/n
7. I have seen years long friends backstabbing their partners in a heartbeat. Just because you are nice and have ethics does not mean other person will have them too. My friend was backstabbed by his business partner of 5 years. 7/n
I have seen a businessman in my building boasting about 20cr in seed funding and having worked in DRDO as a scientist now switching into his 5th business within 3 years. Like I said dog eat dog world. Know who you are in business with. 8/n
8. My most important lesson - Never partner up in business based on family or friends recommendation. These are some of the shittiest deals. You will end up making losses and ruining the relations too. Never put cash/equity in such business deals. 9/n
9. Before putting a single paisa into any business or partnership:
- Negotiate the T&C of the business with whom you are working.
-Vet the terms and conditions from a trusted lawyer. Pay the lawyer fees. And listen to his advice.
-T&C should be enforceable by law.
10/n
- Negotiate the T&C of the business with whom you are working.
-Vet the terms and conditions from a trusted lawyer. Pay the lawyer fees. And listen to his advice.
-T&C should be enforceable by law.
10/n
10. Keep a good young lawyer on retainer. In business you will run into many problems. Even when your family knows this politician and that politician, when the time comes, nothing works. Only a good lawyer on retainer guides you best legally. 11/n
11. Always be humble. Sometimes people are bully. If you can, be a bigger bully. But first remain humble.
12. If your business rely on other people, sooner or later you will be extorted. Always have a back of a backup plan. 12/n
12. If your business rely on other people, sooner or later you will be extorted. Always have a back of a backup plan. 12/n
13. Be good with good employees. Be good with good businessmen. Reciprocate good things with good people. Honor your commitments. Business runs on your honesty and integrity. Don't commit what you cant deliver. 13/n
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