When you start a business, your mindset should be to make a difference, to improve the quality of life and not just to make money. Money will eventually follow, just focus on quality issues, whether you sell a product or a service. So, let's not dream success, get up and make it happen.
You are motivated, passionate, enjoy new experiences, willing to take risks, and want to be the king of your own kingdom, then starting your own business is a great option for you. And once you have decided to start a business, let's not have an exit strategy, come what may. Be decisive - right or wrong , make a decision. A business is for over comer, it is for patient and persistent. And if you have these qualities, then indeed it's worth starting your own business. And when you start a business, your mindset should be to make a difference, to improve the quality of life and not just to make money. Money will eventually follow, just focus on quality issues, whether you sell a product or a service. So, let's not dream success, get up and make it happen.
However, before you take the plunge, you should exercise caution and prepare yourself for the reality. It may not always be as you expected.
So, let's first take a look at the advantages of starting your own business.
Independence:
You are not working for another person, but for yourself. So you will no longer be required to report to work. You will be in charge of your own destiny. And guess what..You will eventually have the opportunity to shape your own destiny.
Lifestyle flexibility:
When you own a company, you get to choose when and where you work. On some day you want to spend time with your family during the day, in that case, you may run your company from home. And It's a fairly easy job with today's technology. Similarly, you can set your own schedule and convenient time to work. This way, running a company provides you with certain lifestyle advantages.
Financial rewards:
Having your own business is risky because there is no one to share the loss with you. But you'll also make more money because you won't have to share as much with others. You will almost certainly earn more than if you were someone else's employee. The harder you work, the more money you will make.
Opportunity to innovate:
Since it's your own business, you can choose your own course. You don't have to work on other people's suggestions any longer. You can put your talents and ideas to good use, and putting your ideas into action can give you personal satisfaction.
Opportunity to create employment:
Business generates opportunities not just for themselves but also for others. As you begin your own business, you may need a helping hand or two to complete various business processes.As a result, new work opportunities for others are created. Creating job opportunities are something that you can enjoy and feel proud of.
With so many advantages there are a few disadvantages also. Let us have a look at them:
Financial Risk:
One of the most common concerns is financial risk, as you may experience inconsistent income in the first few months. It's important to keep the financial goals realistic. It's also possible that you won't make much money in the first few months and sometime may will lose it. Because of the unpredictability of profits, you must be prepared. You must begin budgeting and putting aside as much money as possible.
Uncertainty:
Your Company’s success is not solely dependent on your efforts. However, it is also affected by external factors such as the state of the economy, the entry of new competitors into the market, changes in customer preferences, and so on. To overcome this, it is critical to plan ahead of time while keeping all of these factors in mind. However, it is not always possible to predict what the future holds for you.
Stress:
Starting you own business from the scratch is too much work. When you first start your own business, you must handle everything, from operations to marketing, on your own. With an unstable income, you must put in more work hours, which adds to the stress. To deal with this tension, you'll need to be more organized and focus on your time management skills. And that will assist you in working more efficiently.
Time Commitment and sole responsibility:
Often, you are not able to hire people to work for you if your business is new. Hence, you'll need to put in more hours to get your business up and running. Furthermore, with no one to assist you, the entire burden falls solely on your shoulders.As a result, you must be willing to devote more time and accept full responsibility.
The majority of people start their own businesses in order to improve their overall quality of life. But working for yourself does not necessarily mean independence, financial gain, or satisfaction.You need to plan and research well on what business you want to do. Ensure that you are well prepared. Your passion will pave the way for your success. The years 2020-21 have provided us with numerous exceptional learning opportunities. We have adapted to many changes, so it is critical to adapt, just as you must now adapt to the digital transformation. Make an effort to respond to challenges in a positive manner and work hard in uncertain times of adversity.
You should never be disappointed if things don't go as expected when you first start your company. You must be passionate, focused, and prepared for any outcome - positive or negative. Most importantly give your business some time to succeed.
