If you have begun contemplating leaving a stable job to start your own business, you perhaps already know that there are considerable risks involved. Starting your own business means leaving a regular income and tossing benefits aside. However, the potential for reward can be extremely alluring and reason enough to push you towards embarking on your entrepreneurial journey. The following are some important things professionals, especially women, should consider doing before delving into full-time entrepreneurship:-
It is all about the family
Many Indian women have entrepreneurial ambitions, but they cannot function if they don’t have family support, spousal support. The other side of the “business is a man’s domain” coin is that predominant social norms expect women to first and foremost look after their home. As juggling between both home and company can be challenging, family support is considered a core success factor for Indian female entrepreneurs. So, discussing your plans clearly with your family and seeking their support before you take the entrepreneurial plunge is peremptory.
Bootstrap your first year
Bootstrapping for the first year gives women entrepreneurs the financial flexibility to weather the ups and downs of the market. Most companies don’t make a profit the first year, and they will learn within that first year if they truly love owning a business That’s why it is incredibly important to think through your entrepreneurial leanings very carefully before you pull the plug on your current role.
Make a choice – start your business on the side or seek complete entrepreneurial empowerment
Some women feel that starting a new job does not have to be linear. However possible, consider ways to start the new business without leaving the old one. It may take a bit of effort, but you could find a proof of concept before leaving the security of a current job. Generally speaking, it comes down to a decision between “jump right in,” and “slow and steady.” That is to say, some feel it’s better to quit your job and start your business right away, while others will advocate for a more measured approach, involving building up your new business on the side before transitioning; Take time and choose wisely before you make a move.
Be prepared to succeed and at times, fail!
Business owners who succeed are those who are willing to fail. When you start a business, if you have done your research and have built your foundation, you may succeed, and you may suffer many failures. Be willing to embrace the lessons learned in failure and pivot as needed.
Be realistic
Many people believe that being their own boss and being in charge of their own hours means they’ll have more time for family and their social life. Unrealistic expectations blur the clarity of the way ahead. Freedom, is the most common reason people say they want to start their own business, but being disciplined, focused and a master of time management all the tools which will help you attain that freedom. In most cases entrepreneurs have to wear all the hats until they gain momentum in their business. Hence, seeking out a mentor and viewing the clear picture of entrepreneurship is advisable before you set out on the same path.
Research well, learn on the job and build a network of contacts
One of the best ways to ensure that your business is a success when you launch it is to learn as much as you can about your industry before you branch out on your own. Considering the dynamic nature of society, it is not possible to indulge into exhaustive learning. Therefore, learning while on the job, throughout your entrepreneurial journey is inevitable. Focusing on what is currently being done in the sector, what consumers are looking for, what gaps there might be in the market and more, will guide you to grow your business.
Further, creating a network of people that you can use as suppliers, staff members, contractors, and even customers when you begin your new venture will certainly help you to start more easily, quickly, and successfully.
There’s always an endless list of reasons for women not starting their own business. However, if you have even ONE reason that you believe in to start your own venture, go for it…but go prepared!
Avtar Madan
Himanshu
Shree Lahiri
Poonam Sinha
