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Startup
Guide
 Have
a big idea? Dreaming of ‘Kab Banega Crore pati’?
Driving down the road…and flash! You hit upon an idea that
could change the world. An idea that will put you into the annals
of history as a pioneer…but how and where do you start? I’ll
help you find out.
Start
small, make it big!
Taking
a plunge into your own venture? Want to start your own business?
Its not easy as one would think. There are a lot of pros and cons
that go into setting one's own venture. Just keep in mind that
life is not smooth sailing! It's a roller coaster!
Owning a business is not just another job. It's a totally different
lifestyle. You have to ask yourself whether you're ready for a
complete commitment to the success of your business.
As an entrepreneur, there will initially be certain drawbacks
- you will have less time for personal life and you'll probably
be using much of what you own as a security to raise money for
your business. If you are willing to make these concessions, then
let's move on to some of the advantages and disadvantages an entrepreneur
may face while starting their own venture -
Advantages
• Chances are that you will
make a lot more money than you can make working for someone else
• You are the boss and you will
make the decisions that are crucial to the success or failure
of your business
• You will be the boss of other
people
• You have job security - no
one can fire you!
• You can practice what you
preach! Being an entrepreneur will enable you to put your ideas
and concepts into practice
• Everyday is a new learning.
You learn not only more about every aspect of a business but also
gain experience in a variety of disciplines
• You will get to interact directly
with your customers
• You
will have the satisfaction of creating and running your business
• You will have no lack of restrictions
to work in an area / profession that is of interest to you
Disadvantages
• Be prepared for financial
risks
• The initial stages of the
startup will require you to work for long hours, and that is tiresome!
• You may end up spending a
lot of your time attending to the details of running a business
and less time on those things you really enjoy. In short you will
need to forgo a lot of things that you enjoy...but it's only a
matter of time! Your hard work and effort will give you the desired
results!
• There will be times when your
income will not be steady
• You will need to undertake
unpleasant tasks, like firing someone or refusing to hire a friend
or relative
• You need to learn many new
disciplines, from something as mundane as filing and bookkeeping
to inventory control, production planning, advertising and promotion,
market research, general management and areas with which you are
not familiar
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