5 facts you must know before you start a business

Independence, To hell with reporting to someone., Desire to earn more money are the key reasons people give when they look to start their own business. But majority of the people also fail when they try do their own thing.

Inspiration to be independent comes from lot of sources. Major source is when we see some one we know who has made it big or read about some one who left his or hers high paying ob and became a millionaire by doing organic farming. Or we read about Steve Jobs who did not complete his college education , but became a successful innovator and entrepreneur. Whatever the inspiration to do your thing is, if you don’t tread carefully , you are most likely to fail. So think before you jump.

Here are few FACTS which will help you in thinking clearly before the Adrenalin of being independent kicks in:

Fact 1:You don’t earn money from day 1. So you need money to survive

If you are used to having money credited into your account first week of every month , then you must realize that it takes time for you to earn money when you start a business. So you must be able to survive for few months without a income. The questions you need to ask yourself before you start a business are : a) When will my business start earning money?. b) Can I survive without a income till I earn money from my business venture.c) Do I have enough savings to survive?

Fact 2: You need to gather knowledge about the business you want to invest in

Knowing about the business before you start in is important. Do enough research on the subject. Read about it, know who the competitors are , know the future. When you research , you gain knowledge on the subject and that just makes you better. So read, research , ask questions before you put your money into it.

Fact 3: Hard work is still the key for success

For all the people who get inspired by stories of college drop outs being a millionaire or a poor guy becoming rich, please note that they worked hard for their success. This work ethic does not change whether you work for somebody or for yourself. The biggest satisfaction you receive is that the money earned when in business will be yours and yours only.

Fact 4 : It is not a 9 to 5 job

Unlike a regular job, when you are working on your won there are no timings. In fact you tend to work more when you are working as a business owner or entrepreneur.

Fact 5: Never trust your friend in taking care of your money like the way you do

Lot of people fail to do this. They trust a friend or a close associate who has sold them on a idea of making money. The most common thing they believe in is when the friend or associate tells them ” Dont worry, I will take care of your money as my own”. And once the business fails the same friend or associate will say ” I am sorry but I tried my best”. The biggest truth you must understand is that ” Its your money and you need to take care of it. Nobody else will”.

I hope the above facts help you understand what it takes to start a business and not blindly believe in all the success stories published in Social media or any other media.

Top things I do once I come back from a business trip

I travel a lot for work. Its a bane and boon. Boon is that I get some ME time to do few things I like to do. But when I come my family who has missed me ( they really miss me) demands my attention. There are lot of things to be done. Below is a list I do when I come back.

1. Hug my wife and babies. After I come back from a trip , the tiredness of my travel is taken away by the hugs from my wife and 2 daughters. Nothing recharges your body like a HUG. I hereby declare that everyone should hug their family atleast once a day and once before sleeping.

2. Take my little baby who is one and a half year old from my wife. My little baby misses me the most. So i take her away from my wife and help my baby and wife to sleep. My wife is super tired taking care of the baby .So its only nice to get my deposits in my wifes good husband bank high.

3. Laundryyy. I am the laundry man of the house. I love doing this. Clothes used in my trip needs my attention. And my elder daughters too. She forgets to get her clothes washed during weekends and i end up doing this. But I love it.

4. Grocery shopping. Imporant thing to be done. Otherwise no food for the week. I dont slack on it either.

5. No cooking day. Its a strict policy in my house. Weekend is for everyone. So no cooking, just lazing around. Everyone gets a holiday on weekends. So its usually a take out or going out to eat.

After all this if there is time and if she is fully relaxed then some time for a massage maybe. Who knows I might get lucky.

In the end , if we are working for the family, its important to spend time with them. Otherwise whats the purpose of our lives.