It is a blessing to have a good boss at your work place. But it is a sanctification to be your own boss. More and more millennials are seen to have started their own businesses. Whilst some have, unfortunately, not succeeded as anticipated, some have gone even to international arena and been identified as great innovators.
What does it take?
When this question is posed to successful entrepreneurs the answer always is, it doesn’t take much, but you must give it your all. Of course, the part “it doesn’t take much” is an understatement. It does take some money even you don’t need a physical place to have the business; but what it means is if you have the mind to do it, all else will fall in to place, or you will make them fall! So first make sure you have a vocation in which you are deemed to succeed. It doesn’t have to be the current one which you are working at. If you like little kids you can start up an bilingual Kindergarten. If you like repairing things you can have a repair shop at the side of the house. Or if you are a programming genius you can work from home and have your own software company or develop another social media app and be the second highest billionaire in the world!
Do your research
You need to know about the market, promotional methods, industry and also human resources in that industry in your country or area as one day you will have to hire support. For example if you are working on software so rare and you simply need a hand, you will face difficulties in finding a colleague. This can dampen your entrepreneurial soul. But even when faced with such situations going ahead is the beauty of it. Sourcing capital is another area which you must look in to. Don’t go for big ventures or rent large areas and expensive machinery. Always start small. You will always have space and time to expand. There are many ways to source capital now; the government helps small and medium businesses as well as you can start a go-fund-me sort of a campaign online. There are philanthropists who help young businessmen too.
Put your 100%
This is the most important fact. You can’t start up your first venture with second thoughts. Have a prudent plan for at least a few years. You will definitely face difficulties with economic ups and downs, breakeven issues, hiring people and so much more. You need to plan for whatever the situation that might come up. At the same time, entrepreneurs are risk takers. So you need to be ready to take up any issue that might come up unexpectedly. Whatever the business you are going in to, be it an cool playgroup in Hong Kong or a web development company, guarantee to yourself that it will succeed.
What are the strengths and weaknesses you have? Try to overcome these when making the plan. Take your previous experiences in to account and learn from the mistakes.