Getting Started with Entrepreneurship

So, ready to start new venture, but don't know where to actually start? This page will clear all your doubts. Read it fully.

1. Resign from your job

You can't be an entrepreneur if you can't live without fixed salary every month. In future you will have to spend many months without salary. Therefore you must prepare your mind accordingly.

Next reason, you can't be disloyal to your employers. If you can't give your 100 percent to them, don't work. Resign gracefully so that they find a suitable replacement.

2. Find a consultant, mentor or guru

You need a person to take care of many things that need some brain and just keep you focused on your business goals.

You will not be able to do anything initially because you will be kept busy in answering many demoralising questions raised by your own family, friends and prospective partners.

3. Join a short term management course

Don't do any MBA. It will kill your motivation and reset your mind for a job in MNC or large company. Education loan will ensure you never come out of fixed salary cycle. Invest whatever money you have in business, not MBA.

There are many government institutions looking desperately for candidates to fill up vacant chairs at their entrepreneurship development programmes.

4. Prepare a Business Plan

It is a useless exercise because all your plans will fail since you will be dealing with unpredictable people. You will always need more money than what you plan for. 

However, planning will help you in mitigating the adverse impact of risk factors. It will also give you better understanding of business and help you in dealing with banks and investors.

5. Create your business identity and legal structure

Register company name, logo, trademark, domain name, social media profiles and more such things.

Now, you may actually fall in love with your enterprise

6. Tie-up funds, infrastructure & resources

All success stories across the world are results of successful relationships (deals).

You must understand that Google, Facebook & Twitter are not just websites. They have huge technology infrastructure, offices with thousands of people working 24x7 across the world and backing of large investments players who create markets for them. They operate from the most business friendly country in the world.

Similarly, all Indian online success stories comprise of foreign returned engineers from top institution and backed by foreign investment players. They are created to be ultimately taken over by a foreign brands. Even for that just few dozen deals happen every year.

In India, you are definitely not lucky enough to get everything. You have to innovate to create things.

If you wish to move to next stage without backup arrangement (twice what is required) then be ready to face tough times ahead. Your life may be in danger.

Thousands of business ideas die at this stage itself. They go back to regular job and keep frustration and regret alive in their heart.

Whereas "entrepreneurs with purpose" take risk and start doing things without resources.

8. Implement Corporate Governance System Standard

Develop either an online or manual system that fulfills all requirements of CG system standard. This will reduce your costs substantially, improve chances of success and protect you from legal disputes.

This will also help you in building relationship with investors, suppliers, employees and customers.

9. Implement your business plan

Your 90% of time will be wasted on useless things. Keep patience. It happens because everybody will try to fool & loot you. Investors, suppliers and customers will bargain hard, employees will delay things and competitors and government procedures will try to kill you.

There are more than 100 business laws with over 1000 legal compliances. You are responsible and liable for even negligence on part of your junior employees. There is no single legal expert in country who can guide you everything.

10. Monitor progress and correct things quickly

Business runs of performance. Don't trust  people blindly. Your eyes must be on business operations 24x7. If you find anything wrong, correct it immediately. Replace your suppliers and fire unethical, misbehaving or non-performing employees immediately otherwise they will fire you.

When people around you see little success, many of them will try to follow you and increase competition. Existing ones will ensure that you don't stand at all. 

Our cloud based "Enterprise Management Solution" will enable you to record transactions and events so that you can take right decisions at right time.

Our Partnership Benefits

We will partner you in your dream project right from planning to successfully growing your enterprise.

Our team members will guide you how to arrange finance and necessary resources. Our local marketing tie-ups, will get you ready clients to make quick profits.

We will offer you our unique cloud computing platform to launch any IT enabled business service or just manage your project so that your success is ensured.

Our risk management solutions and exit policy will ensure that you do not make any loss in your dream business or social venture.

We will take certain percentage of equity shares as our fees. You pay us, when you make profits.

Send your business proposal at startups@lifeforeveryone.com. We will respond to selected proposals that match our business policies.