5 facts you must know before you start a business

Independence, To hell with reporting to someone., Desire to earn more money are the key reasons people give when they look to start their own business. But majority of the people also fail when they try do their own thing.

Inspiration to be independent comes from lot of sources. Major source is when we see some one we know who has made it big or read about some one who left his or hers high paying ob and became a millionaire by doing organic farming. Or we read about Steve Jobs who did not complete his college education , but became a successful innovator and entrepreneur. Whatever the inspiration to do your thing is, if you don’t tread carefully , you are most likely to fail. So think before you jump.

Here are few FACTS which will help you in thinking clearly before the Adrenalin of being independent kicks in:

Fact 1:You don’t earn money from day 1. So you need money to survive

If you are used to having money credited into your account first week of every month , then you must realize that it takes time for you to earn money when you start a business. So you must be able to survive for few months without a income. The questions you need to ask yourself before you start a business are : a) When will my business start earning money?. b) Can I survive without a income till I earn money from my business venture.c) Do I have enough savings to survive?

Fact 2: You need to gather knowledge about the business you want to invest in

Knowing about the business before you start in is important. Do enough research on the subject. Read about it, know who the competitors are , know the future. When you research , you gain knowledge on the subject and that just makes you better. So read, research , ask questions before you put your money into it.

Fact 3: Hard work is still the key for success

For all the people who get inspired by stories of college drop outs being a millionaire or a poor guy becoming rich, please note that they worked hard for their success. This work ethic does not change whether you work for somebody or for yourself. The biggest satisfaction you receive is that the money earned when in business will be yours and yours only.

Fact 4 : It is not a 9 to 5 job

Unlike a regular job, when you are working on your won there are no timings. In fact you tend to work more when you are working as a business owner or entrepreneur.

Fact 5: Never trust your friend in taking care of your money like the way you do

Lot of people fail to do this. They trust a friend or a close associate who has sold them on a idea of making money. The most common thing they believe in is when the friend or associate tells them ” Dont worry, I will take care of your money as my own”. And once the business fails the same friend or associate will say ” I am sorry but I tried my best”. The biggest truth you must understand is that ” Its your money and you need to take care of it. Nobody else will”.

I hope the above facts help you understand what it takes to start a business and not blindly believe in all the success stories published in Social media or any other media.