The First Step

Posted: July 26, 2010 in Personal
Tags: ,

At some point or the other, every professional that I know has thought about entering the world of entrepreneurship. Having a business of your own that you can run on your own terms, brings a renewed passion and enthusiasm. This is especially true for professionals who have spent a few years working in a “controlled” environment. Much like people like myself. The hardest part for us is to take the first step, find the “right” opportunity, create the right business plan, etc.

I have been working for more than 5 years now. I have had some great jobs and have a pretty solid career path. However, I have been struggling with myself for some time now as I have always been attracted to building a business of my own. Now that I am ready to take the first step into entrepreneurship, I thought I’ll share some of my own experiences and ideas for those who have been wondering where to and how to start. I am putting my thoughts in the form of questions that I struggled with before I decided what I wanted to do. (Details of that coming soon…stay tuned to my blog).

  1. Should I start my own thing or should I continue with my job? Probably the hardest question to answer. Frankly speaking, I dont have the answer to that yet. This question can be best answered by you. I was lucky to have landed an opportunity that initially requires only a fraction of my time. I can, therefore, give a 100% to my job and work on my own business on the side. If my entrepreneurial venture kicks off in a big way then leaving my job will not be a tough decision. My suggestion: think of small business opportunities in your areas of interest, hobby, etc. This serves a dual purpose in that it keeps you interested and you can do it in your spare time. Example: I have a friend who spends his free time writing reviews for video games. By spending an hour a day, he is able to generate a decent bit of revenue on the side. I guess the mantra then is “Think small, aim big!”.
  2. What would be a good business for me? Again, a question that is best answered by yourself. Like I said earlier, think about things that interest you or that you like to do in your free time. It could be reading a book, listening to music, surfing the web, anything in the wide world. There are opportunities everywhere, you just have to know where to look. Great example: Social media marketing! If you haven’t heard about it yet, WAKE UP! There are thousands of people making thousands of dollars a month by marketing on the social media networks like Facebook.
  3. How much money would I need to invest? Depends really on what you want to do doesn’t it? If you are a working professional like myself and have limited savings then the answer is quite simple isn’t it? I would look for opportunities that require no investment, or maybe only a few thousand (Indian rupees that is). The better question would really be, how much TIME and EFFORT would I need to invest to make my first buck! Running a business is not like working in a job that pays a fixed salary every month regardless of whether you actually work or spend office time updating your status on Facebook. The return of investment for your own business will be directly related to the time and effort you put in.

Let me put across one final thought before I say adieu and get back to “work”. Whether its your own business or a job, look for “the sign” that says that you should probably do something else. Now the obvious and most important question: What is “the sign”? THE SIGN: If you cannot wake up every morning with a million fresh ideas running through your brain on how do your job/business better, and end the day with another million things to reflect upon that could have been done better.

Adieu!

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