Had enough of working or have a great idea and want to start
out on your own? Man, the entrepreneurship bug has bitten you. Now that the
virus is there, start treating it and allow it to grow for your benefit. If you
do not work on it you will regret it throughout your life. I keep hearing many
persons saying, I too had the same idea, but…. But what? Why did you not work
on it, some felt people would laugh, some felt, they did not have the money,
while others, just kept giving excuses or reasons to cover their failure to nurture
their idea or dream. You do not know when an idea would come to your mind, but
if you definitely have a dream to start off on your own, start preparing for it
now. As it is always, finance plays a very big role in such decisions.
Start by planning your contingency funds i.e.health
insurance, term plan and expenses for around 2 years. Ensure that you do not
have any outstanding loans or have provided for them. Once this is ready, next
would be funding for your idea or business. You would need some money ready to
rent a place, phone and other expenses. Once money is there, half your battle
is won. An entrepreneur needs to work with a clear mind and money should not
the first and only tension. Entrepreneurship is a very rewarding, as you are
your own boss and you can keep the benefits of all you hard work. Also remember
that 90% of all businesses started fail in the first 2 to 3 years of starting,
so you would really need to have researched your business idea and worked out a
through business plan. From those which have failed, 50% have failed because of
lack of financial resources. So as you can see, finance plays a very important
role. Don’t assume that funding is easy, that is the most difficult part.
Give yourself atleast 2 years planning both from
business as well as finance point of view, before you start on your entrepreneurship
journey. It would be best if you could start your business on a part time basis
along with your job, this way, finances would not come in your way. The reason
is simple, income will take time to come when you are on your own. So why not
start planning your finances now and start planning for your entrepreneur
journey now, don’t wait till the bug bites you.
1 comment:
This is a very interesting view of it, I bet many people who buried their ideas before even trying them out find it, in part, relatable. The majority of people I know say they didn't have enough money to spread their wings, and they didn't want to wait until their saving accumulate.
I decided not to be one of them and save just enough and a bit more, using mostly the tips from blogs like Linda's one.
Yours is like a motivational kick for me, I applaud you.
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