Sunday, December 20, 2009

pitfalls to avoid when starting your own business

                 People have a tendency to look out for a job to make a living. This can be substantiated by the fact that there are more people employed world over compared to the number of business organisations being run. Why does this happen? Common sense says that it is easy to get a job. It is an altogether different issue that the job is not in line with the qualifications one possesses. In such a scenario, it is very clear that the pay or remuneration that one receives doing a job is not commensurate with their skill and ability. Particularly, when there is recession around it makes all the more sense to stick to whatever job that one is doing.
                  There are people who love challenges. Enterprising ones looks for an opportunity in adversity. These are the people who start businesses and own organizations. The big bucks are too tempting to ignore. Let us face it that no one becomes big overnight. Legitimate business is no quick rich scheme. A good business is comparable to the growth of a tree. One has to sow the seeds, water them, add manure, wait for a few seasons, then it becomes a plant, give them some protection from insects by spraying insecticides, then they become trees. First they grow flowers and finally some flowers become fruits while the rest of them fall off due to high winds or rain.
                  I would just try to explain the example of a small retail outlet selling groceries, because a grocery story does not need the technical expertise of an engineer to run. Anyone intending to become a grocery store owner thinks that it just takes a few small steps like taking a prominent commercial space on rent, getting some interiors done and putting in the groceries will run a profitable business is taking things for granted.
                  You should first join a grocery store as a sales help or a cashier (if such a job exists) and work for atleast 6 months with little or no pay either as an intern or apprentice (whatever it takes). During this stint, you should try to get a feel of the environment, the consumers tastes, expand the acquaintance with the suppliers(vendors), co-workers, credit period extended by the suppliers, know the banker, talk to the bankers, the accountants and many more things that one can know only on the job. During this  period one would also learn the communication skills interacting with so many people. Remember never to lose your cool or disheartened because this is the primary  hands on training  which will help you avoid all the pitfalls in your future ventures. It would be even better if you can work for an year so that you can see all the aspects of one business year which would stand you in good stead.
                  Having learned the tricks of the trade, it is time to move on and start your own business avoiding the pitfalls that you had already seen during the training period. You can also succeed without all this training but it may take a few extra years to succeed after losing few lakhs(read millions) of rupees(dollars). Do remember the example of the tree where only few flowers ultimately become fruits. Here, you can decide to become the tree or to become a flower that would become a fruit. Everything is in your hands. 
                  

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