Tuesday, 18 June 2013

A reality check on business

By RK Rishikesh Sinha

Today I have sat to write, my mind is blank, but there is deep urge to write something. It is about BUSINESS. It’s been over 3 years that I left job and has plunged into business. Today, my understanding about business and knowing the man behind those businesses intrigues and excites me. I awe them and have great respect for them. Earlier it was too bookish and the knowledge and understanding that I had was limited to black and white. But it is not the case now. I believe nobody can understand business, unless and until one dirty his hand and burn himself and bear loss.

Looking back something that fills my heart with proud is to the fact of SUSTAINENCE. The business must sustain. Profit and wealth has not been my priority when I started. I think I have cleared my first orbit. The second orbit that is of scaling up the business is a challenge, a big challenge. And it is more challenging than the one when I set off for the first orbit. Especially in the e-commerce segment, India is witnessing a wild shift. Deep inside, there is a feeling of contentment and anxiety knowing that “I am in the right place and in right time”. But how to scale it up the business is a million dollar question. Business literatures do tell, the scaling up a business is a rebirth of a business.

Stretching the article not further, here are some of the tips (that I feel is important), one has to get acquainted with while starting up a business. Especially for those who have spent 5-6 years in job (it has been in my case).

  1. You are carrying a social risk: Understand the fact that a government peon can get married in India. If you are  pondering to start a business, you may not be considered in the marriage market. This is one aspect. Another aspect, your social life would be put up for scrutiny. Like your business, your life may become hell or heaven with social upheavals. Get an honest answer.
  2. Your personality type: Check and re-check your personality. What is your psychological make-up? Some people have the tendency of no-risk taking. If you have a risk-averse personality. It is better to get stick to your job.
  3.  Multi-task: Since you will not be able to hire specialized people for specific job. Get exposed to multi-tasking. You will be wearing multiple hats – a telecaller, an accountant, a marketing guy, a programmer, a designer, sales guy, a writer, an analytics guy…the list is long.
  4.  Finance: From the day one, keep an eagle eye on finance. Appreciate finance. Appreciate money. Develop a philosophy with money. In many seminars attended by me while in job, this was cited as the primary reason of failure for startups.
  5. There will be loss: Since it would be a startup, and you will be a newbie. Bear it in mind, there will be loss, though meagre it may be. You have to try to lessen it. 

As I am writing this, lot of things coming up in my mind. And somewhere it is navigating me, guiding me, INSPIRING me, to do my job better. A new tip: do write.

Battle ready!
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