powered by globallinker

Want to start a business? A primer on things to evaluate before you dive in

Want to start a business? A primer on things to evaluate before you dive in

Business Development

Anirudh Gupta

Anirudh Gupta

14 Jun 2021, 10:33 — 4 min read

Many people see those 14-billion-dollar unicorns and get excited. It is good from an inspiration point of view, however going into details is important if you wish to truly become your best.

1. Commit to entrepreneurship

The first and foremost thing (at the cost of repeating myself) is “Are you committed to be an entrepreneur?” Our journey got easier when a long-term commitment to the process was made. The process is to do, learn and unlearn. If you really enjoy the process, you will be able to work the long hours it takes to build the business.

Also read: Entrepreneurship: A commitment to realise a vision

 

2. Identify your strengths in relation to the industry

All of us are unique and have our own unique attributes. Generally, all of us want to grow in our profession/business basis a set of skillset, mindset and strengths. If those strengths help us build a business it would be useful.

In most industries having a sales attribute is of value regardless of the designation. A CEO who cannot sell, cannot scale the venture. In some industries, by virtue of being cyclical, vendor relationships are more critical.

3. Customers come before profits

This is the heart of being client centric. This has helped us weather the cycles Equity markets regularly subject us to. A good litmus test for us is “Will we recommend this to a family member or buy it ourselves?

This is as per our belief that the world is a family, and our clients deserve our best judgement. Hence, we look at tested ideas which are top performers in the category.

Also read: Customer-centricity: The bedrock of successful businesses

 

4. Payments are the lifeline

People may test your patience in regards with payments. The important thing is to be firm and clear on expectations. If a relationship which has gone sour you will need to consider legal action. India’s legal system is also improving and has laid the foundation through a strong contract law and through setting up of insolvency and bankruptcy courts. Infrastructure is improving with proprietorships and partnerships coming under it. The payment amount pending needs to be equivalent of 30,000 rupees.

This will enable many entrepreneurs to look at business building in the right way.

 

5. Have funds for a 36-month window

Having funds at a fixed expense level for a 36-month window helps to stay the curve. Business drivers keep on changing, regulations change. In times like post covid recovery, having some savings gives a cushion to take care of business in a proper way.

May you become a wealth creator for yourself and your loved ones.

 

Also read: The secret to healthy finances? Setting business & personal goals

 

To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.

Image source: shutterstock.com

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

Comments

Posted by

Anirudh Anand Gupta

I am looking to connect with other business owners. Invite me to connect

Join a growing community of 350,000+ SMEs. Create your account now.

Already a member?

Log in

Join a growing community of 350,000+ SMEs. Create your account now.

Already a member?

Log in