Startup Guide
Startup Guide
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Guide
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
